BEACH NOTES ... January 23, 2012 ... Ocean City, New Jersey

Working with Rental Tenants at the Jersey Shore ... in Ocean City, New Jersey

So I'm doing several workshops for "new agents" to the rental business here at our real estate agency in Ocean City (NJ) ... Keller Williams Oceanside Realty.  And as I'm drafting some notes, I thought it might make a short interesting blog.

For many new agents, the rental business represents a fast way to get to know the real estate market as well as to make new contacts (a quick lead generation exercise) plus to make some quick cash as one slowly learns more about the real estate market and the role of a real estate agent.

Having spent 19 years in the resort market here in Ocean City (NJ) in both rentals and sales, I certainly have an "understanding" ... and having been a high school principal and a teacher in the public schools of Pennsylvania, I can teach a decent workshop ... but what is the best way to reach this group.

My first thought for them is they should "shadow" another agent a few times.  Observe what they do, how it appears to be going, and what they think of the particular process being utilized ... What went right, what went wrong?  I also quickly want to tell them to ask four or five questions when they talk with a perspective rental tenant ... and then get off of the phone as quickly as possible.  Why?  The questions will make them look like a pro ... but any questions asked by the perspective rental tenant will make them look like a first-timer.  Better to get back to the tenant with good solid responses from the questions you asked.  And do it right away ... and via email if possible.  Request that they call you back ... give them a cell phone so it could be after their work hours ... which would continue to be "the agent's work hours."

You have to get into the rental properties, take good notes, and "learn the product."  If possible, try to visit 5-10 rental properties every day that you are in the office ... or even better, visit 10-20 on a day that you don't come to the office.

Get a map of your major location ... for me that has always been the Northend and Gardens areas of Ocean City.  Drive around, learn street names and locations, and see the rental properties in terms of their specific locations.

Finally, ask a lot of questions all the time ... but make them well-thought out ones that make sense for those whose time you may be taking up.  The plus is that the more time spent on all of this the better you will be at the "rental business in our lovely resort community of Ocean City, New Jersey.          dap