NEW YORK (MainStreet) — Are your clients reluctant to sell their homes in a down market? Well, you’re in luck: Fannie Mae reported that the single-family home rental was the fastest-growing sector of the rental market from 2005 to 2010 – and it’s still growing.
While it might not be the best time to sell a home, you can certainly use this opportunity to help your clients rent it out. Becoming a leasing agent involves a smaller commission, but you’ll also be able to nurture clients until they’re ready to buy a home down the line. Here’s how to expand your agency’s service offerings and navigate the world of rentals:
You already know how to sell
Leasing isn’t too far removed from selling – you’re set if you’re already a licensed real estate agent, aware of the laws involved and of how to facilitate a real estate transaction. You also know that closing a deal involves more than writing a listing and holding a showing. Now just apply your knowledge to rentals.
Build your inventory
To start advertising and leasing properties, you need rental properties. Contact local landlords and property managers, browse rental search websites and use the MLS search engines as a resource. Reach out to landlords and property managers who have advertised their listings to see if they need any help filling their vacancies.
Get the necessary documents
Collaborate with the property manager or owner to get the paperwork you need to help them lease the property. Have them sign a contract for your services and make copies of the lease or rental application as well as any other documents the property owner requires renters to complete.