Despite rock bottom housing prices, rentals continue to be a hot commodity. As the mortgage market tightens, many prospective buyers are unable to qualify for financing. On the other side of the coin are sellers who may be planning to ride out the low prices by renting their property for the time being.
In either case, now is the time to position yourself as their go-to resource. Real estate agents are most often used to complete purchase transactions, but there is no reason why rentals can’t be a lucrative part of your career.
Finding Rental Clients
Perhaps the biggest challenge to working as a rental agent is the lack of awareness that brokers can help renters as well as buyers. To tap into the rental market, you need to make connections with both renters and landlords.
Generally, rental agents charge a finders’ fee to property management companies or landlords. That means that your first step is to find property managers in your area. Searching online or through the yellow pages may help you find larger property management firms in your office. To find individual landlords you might need to send the word out through your networking contacts or social media sites.
Once you have created a list of potential clients, you need to create a compelling pitch. Focus on how your services will benefit the landlord—not only will you be actively working to fill vacancies, you can also pre-screen potential renters and streamline the rental process.
When a landlord agrees to use your service, be sure to have a written agreement stipulating the extent of your services as well as the finder’s fee. Laws regarding these fees may vary so be sure to check with your state’s licensing board to ensure that your agreement doesn’t run afoul of any state or local ordinances. The finder’s fee itself can be negotiable, but many agents charge the equivalent of one month’s rent.
Advertising Your Services
When it comes to advertising, here are some of the best (and cheapest!) ways to get your business off the ground:
Social Media: Just as you spread the word about your new listings via facebook and twitter, so too can you share the rentals you represent. Post profiles online or tweet the essentials. Also, play up the fact that renters pay nothing for your service. Everyone loves a freebie!
Direct Mail: Mailings work best to drum up property management and landlord clients. Postcards are an inexpensive way to get your name out there. Once you have established some success in the market, include some stats to really get their attention.
Cold Calling: I know, this is the one everyone hates, but cold calls can get results. Use it for larger property management firms. Ask if they use agents to fill vacancies. Then request a meeting or phone call with the person who handles those accounts.
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Maryalene LaPonsie is an accomplished writer who has extensive experience reporting on education, career advancement and workforce development topics. She specializes in sales and marketing consultation as well as general copywriting services.
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