Many Realtors avoid rental properties due to the lengthy application process, loads of paperwork, and lack of commission. However, with the rise of online rental applications and screening reports, representing a rental property has never been easier.
In addition, don’t forget that today’s renters are tomorrow’s buyers. Show your industry expertise and satisfied renters will turn to you when they are looking to buy their first home, giving you access to leads in the future. Representing rental properties can also put you in favor with landlords, who will look back to you to sell their house or buy additional income properties.
Reason No. 1: Get In Contact With Future Leads
To paraphrase from Glengarry Glen Ross—the good leads are gold, and they’re only for closers. Rental housing is usually temporary, with 70 percent of renters occupying their rental for five years or less. When your tenants decide to move out, guess who they’re going to consult? That’s right, the courteous, eager, smart agent that gave them their previous property.
According to the NAR, 73 percent of buyers say they would either use their agent again or recommend their agent to a friend. Using these numbers, we can safely assume that renters would put up similar numbers.
Additionally, you can get in contact with different landlords, and as long as you keep giving them good tenants they will trust you. Finding good tenants is easy if you use a good screening report. Which brings us to our next reason.
Reason No. 2: Online Rental Applications Have Made It Easier Than Ever
In the past, the rental process was nothing short of a nightmare. Scanning and faxing rental applications only to get them back incomplete and conducting your own tenant screening is a painful process. Especially when you get a fraction of the commission you’d see if you were dealing with a buyer. Many seasoned real estate agents will tell you that dealing with rentals is simply not worth it.
However, with RentSpree’s online rental application, you can take care of the application and tenant screening in one step. Incomplete applications are a thing of the past, as all the necessary information needs to be filled out before the user can successfully submit the application. In addition, a full screening report, including credit, background, and eviction history, is included with each application.
This online rental application solves the problems faced with rentals in the past, so now you can get all the benefits without any of the drawbacks.
Reason No. 3: Start Your Career Off With A Bang
Becoming established as a Realtor is arguably the hardest part of being an agent. Around 95 percent of new real estate agents will quit within two years. Handling rental properties is an excellent and fairly easy way of getting your business going as an agent.
Because the stigma around rentals causes many agents to avoid them, there are a plethora of properties to work with. Not only will this get you accustomed to the real estate industry and dealing with transactions, but like we mentioned above, it will introduce you to leads for future deals, whether they be landlords or tenants.