Spam prevention
Rainer
8,679
Monika Boston
Adirondack Real Estate LLC - Warrensburg, NY

I do assist renters looking for a home, and they are usually thrilled to find an agent that is willing to help.  This can lead to good referrals from them to friends who need to buy or sell.  It's sort of sad to see how shocked they are to receive good service! I will admit it can be hard to chase down those tiny rental commission checks, and many times they do not cover the cost of time invested.  But I see working a well-qualified tenant as an opportunity to win referrals.  My advice would be to have a conversation early with prospective renters regarding their qualifications to lease, so you will know if your time will be well spent.  And of course, devote the largest part of your business to buyers and sellers.

 

As far as lease agreements, be sure to make an extra copy for any tenants you are representing.  I like to highlight important terms of the lease on the copy, like payment deadlines, contact information for maintenance, how to get the security refunded upon move out, etc., and then go over those with the clients.  Also go over the importance of the move-in condition disclosure they must complete.  Especially if the rental market is hot, impress upon your clients the need to make their application complete and honest the first time they submit it. 

Jan 12, 2015 10:15 PM
Rainmaker
909,348
Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

I list rentals. You have to take them seriously even though many of the people who call aren't serious. Also should be evry familiar with fair housing laws, section 8, etc.

Jan 12, 2015 05:52 PM
Rainer
359,046
Nina Rogoff
Boston, MA
Wix Websites for Real Estate Agents

 Hi, Hank...we have an extremely small rental market in my community. (26 rentals through MLS in 2014). If the renters are a family with children, I will represent them only for those properties that have a delead certificate or were built after 1978. Same thing if a property owner wants me to list their rental. 

The most important thing for renters to understand is that they must fill out every single line of the rental application. My office will not do credit checks on applications that are incomplete. That means getting all the phone numbers and account numbers that are requested!

When it comes time to negotiate, your agent should be able to tell you what your state requires a landlord to provide (if anything in particular). For example, in Massachusetts, a landlord does not have to provide a refrigerator. I often talk with property owners and try to help them realize that if they want a good, long-term tenant they can encourage that by buying a refrigerator or giving the apartment a coat of paint, making sure the apartment is thoroughly cleaned and that everything is working properly. Good tenants will take pride in their home. Give them an apartment that makes them feel good to live there!

Tenants have to understand that the rental market is often related to the end and the beginning of the school year. If you are going to move out at another time of year and "break" your lease, your landlord is most likely going to expect you to pay the remaining rent unless he can quickly find another tenant. On the opposite end of things, many landlords are willing to extend a lease on a month-to-month basis for a tenant who is trying to buy a home. 

It's important that tenants and landlords remember that a rental relationship is one which requires courtesy and compromise on both sides, as long as the items in the contract and according to the law are being met.

Jan 12, 2015 02:05 PM
Rainer
279,878
Dipti Thakkar
LAER Realty Partners - Andover, MA
On a team with Praful Thakkar

Rarely.

May 23, 2018 11:24 PM
Rainer
273,037
Richard Robibero, e-Pro, ABR, SRS
Panorama R.E. Limited - Toronto, ON
Selling Your Home as if it were My Own!

I do them and it's not always about the money up front. That being said I do quite a few rentals in my neighbourhood and the rents are high.

But if interested in the finances I recently I rented a home for $3,000. Two of the clients that came in did not like the house but liked what I had to say "especially helping them negotiate a lower rent". Those two renters resulted in additional rents of $1,500 and $1,800. So altogether about the commission we get for listing an avergae condo. All in the span of one week.

Not to mention that one person said, and I quote, "Thanks so much Richard. We'll probably end up buying in a year and will definitely give you a call".

 

I think the best advice I can give is to work with winners. Have them fill out a rental application explaining that all landlords require it and do your own preliminary investigation. If something looks fishy don't work with them.

Jan 13, 2015 08:38 PM
Rainer
62,704
Hank Dugie
Brockway Realty, LLC - League City, TX
Mr. League City

Thank you for all the feedback Vera Gonzalez James Brockway Gabe Sanders Nina Hollander Nina Rogoff 

Jan 13, 2015 01:45 PM
Rainer
112,947
Vera Gonzalez
RE/MAX Suburban, Inc. - Sterling Heights, MI
Gonzo For Real Estate

Yes I do. I give them standard lease app upfront. I tell them they will need letter of employment , W2s,and paystubs. This will save you so much time. The only issue I run into alot is the response time from others taking up to a week or more. Which is unacceptable especially in our marketplace where most rent is prorated. They don't usually wait for first of the month.

Jan 13, 2015 10:09 AM
Rainmaker
4,319,419
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Rarely, Hank Dugie . Not a stranger renter for sure. However if someone is from sphere of influence, past client or a strong referral, may be.

Jan 13, 2015 01:16 AM
Rainer
37,533
Julie Tulowitzki - (480) 369-8188
HomeSmart - Gilbert, AZ
Your Friend in the Arizona Real Estate Business

Definitely!  It's a good opportunity to meet new people who will tell their friends and family to call you the next time they need an agent.  Treat people right and the referrals will follow.

Here's a link to a recent blog post I wrote on the topic:

http://activerain.com/blogsview/4568034/not-ready-to-buy--lock-in-the-perfect-rental-to-tide-you-over

Jan 13, 2015 12:51 AM
Rainer
148,989
James Brockway
Brockway Realty, LLC - League City, TX

I look at rentals as the first step of a future sale transaction.  If they are renting today, they may be getting ready for a purchase in a year or two, and if you treat them right, they may refer you to a buyer.

Jan 12, 2015 11:21 PM
Rainmaker
5,096,966
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

I don't. I refer them to agents in my area who do nothing but. If I do a rental here, I'm lucky to see $100 at the end of the transaction--- and it takes many hours to get a rental done. My time is worth more than $100/hour. I have done a few high end rentals that paid me $1,000 in commission for clients who were definitely buying a year later. But just not enough money in it for me to spend the time.

Jan 12, 2015 10:35 PM
Rainmaker
4,434,127
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

I have rental listings. Landlord expect good credit, an application filled out , job references and landlord references.

Jan 12, 2015 09:19 PM
Rainmaker
630,251
Ajay Pandya
e-Merge Real Estate Unlimited - Columbus, OH
Realtor Ajay Pandya

Yes, I do.

Jan 14, 2018 08:43 PM
Ambassador
6,364,089
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

Only on our own properties.

Nov 07, 2017 11:27 PM
Rainmaker
3,071,489
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

We don't focus on rentals

May 07, 2017 05:14 AM
Rainmaker
4,800,082
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

There's little money in rentals and lots of headaches and lawsuits, so I try not to.  Though I will occasionally help friends or past clients and some others.  Otherwise I refer to another agent in my office.

Jan 13, 2015 06:57 AM