WHAT TO DO

Might be a good opportunity to start or expand a relationship with a local property management company.  There's business down the road, or maybe referral fees.  Good luck!

We do not do property management at our office, but we have helped to advertise properties for our out of town clients who are looking for a tenant (no charge). We collect the application and then turn everything over to them, so that they can make a decision about who will live in their property--not us.

I just consider it a special service that we provide. Hopefully, they'll remember in the future.

Doesn't your MLS have a section for Residential Lease Properties? 

I'd pass it to a property management company and get a referral fee. You can set up an open ended contract so that anytime you give them business they will pay you a referral. Good luck.

I don't handle rentals myself, but I do know an agent who helps people find renters.  She charges 1 month of rent as her fee when she finds someone acceptable to the owner.  She then turns it over to a property management company as she does not want to handle the continuing maintenance of a rental.

Prequalify the living @#%* out of the potential renters.  Waiting an extra month for good renters is way better than rushing and getting sub par tenants.  I've done this and regretted it more than once.  Pull credit, verify income, etc.  If you're not comfortable do what Ray says and start a relationship with someone who does this for a living.  I personally hate placing tenants, even for my own rentals.

Terrie, you admitted you have no experience in property management, and it's not a slam dunk.

I'd suggest first that you talk to your broker and find out if property management is a service your office may provide.

Then, pick up some education; you can get some online and there is a GRI module for PM that is good.

THEN, decide if you want the headache challenge of residential property management.  :)

I don't do property management, and I usually refer it out.  But then I wonder about that, as I know that company will get the listing down the road.  I just feel that property management has to have a system and has to be done right, and I think you need a big portfolio of rentals to make it profitable.   Just having a few rentals can run you ragged and not make you much money.

Sarah

Try working with the local rental agencies, or even place a free ad on Kijiji on your clients behalf with his number as the contact.

Since you do do rentals yourself , possibly working with your client to find a potential renter might work out as a future listing.  Lots of luck.

Bill