Here at RentSpree, we love the motto "work smarter, not harder." However, any good real estate agent will tell you that there is a lot of hard work involved in real estate. Whether it’s scheduling your showings, creating listing presentations, or making sure your tenant verification is on point, being a real estate agent is not for those with a poor work ethic.
As someone who runs their own business, your reputation as an agent is everything. The last thing you want to have is a reputation for being lazy. With that being said, here are a few practices that all agents should avoid.
Depthless Tenant Verification
It’s no secret that tenant verification is essential. However, it is one of the easiest thing to "go through the motions" about. In fact, according to a TransUnion report from 2014, only 43 percent of real estate agents run a credit report prior to selecting their tenants.
Even when agents do pull a credit score, they will often ask their clients to provide their own tenant credit reports, or ask their brokerage’s lender to pull their credit. While these both may seem like the easy way out, there are plenty of issues with these methods - as mentioned in these previous blog posts.
Thankfully, you can still get quality tenant verification reports without having to break your back or bank. Finding a service that combines the online rental application and tenant verification processes is a must.
Slow Replies to Emails and Phone Calls
In addition to a subpar tenant verification method, some agents will put off returning to calls and emails for over 24 hours.
Between scouting neighborhoods, filling out transaction paperwork, and implementing marketing strategies, your schedule can get hectic throughout the day. However, you have to find time to do the little things, which includes keeping in contact with your clients.
While it can be mundane, it is best to set aside 10 minutes of every hour strictly for keeping up with your calls/emails. While this might not always be possible, if you manage your time properly you can do it.
Lackluster Listing Presentations
Your listing presentation shows what value you will bring the home seller. What kind of marketing strategies you will use, what you plan to price the house at, and everything else you can do to ensure that their house goes for the best price possible in the shortest amount of time.
Yet, some agents have the same listing presentation that they’ll use for every house, or will hastily put together some scraps of paper last minute. How does that show your value? You need to make sure that you treat each listing presentation as a unique project. Just as you wouldn’t sell two homes the same way, why would you create the same listing presentation for them?
Refusing to Represent Rental Properties
While it may not yield the same commissions as a sale, leases are much less complicated transactions and can be a quick form of income. In addition, you no longer have to worry about the hassle that comes with collecting applications and tenant credit reports.
There are services out there that allow you to collect rental applications online with tenant verification reports attached. You no longer have an excuse to treat rental properties like a red-headed stepchild.
The Bottom Line
While it is important to employ every option to make your job easier, sometimes nothing beats good old fashioned hard work. That means going the extra mile in things like listing presentations, tenant credit report collection, and communicating with your clients.
If being constantly busy at your craft is something that you can’t stomach, maybe you picked the wrong profession to get into.