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Oh NO, Rentals in Our MLS!

Yes, its come to this..Rentals in the Daytona Beach Area Associaion of REALTORS MLS! I have one thing to say about this hot topic...

It's About Time!

I know that most people enjoy doing sales..heck I tend to agree..but having rentals in the MLS can sure benefit REALTORS in very lean times. My boys ate because I did rentals...when others were kicking back..I did several rentals in one month to be able to pay my bills. I too would have rather done sales vs. those rentals but I wasn't going to be one of those REALTORS...if only I had some buyers....

I have sat back and listened to all sides..I can see the concerns over property management vs. renting a property..I personally can't imagine taking on property management..but I can see myself placing a tenant and landlord together..... the reason being is that when I started in real estate..... for as long as I can remember the rentals have been a part of the MLS.

I like the fact we have rentals in the MLS..I like the fact it gives REALTORS another source of income besides getting a part time job out of their industry..and I really appreciate the fact Daytona Beach felt we needed the change...I thank you and I bet...

The Landlord's and Tenants Thank You!

Do you have rentals in your MLS and hows it working for you?

As of today...76 Rentals in our MLS..I don't think its a fraction of what is on the market today!

About the author- Midori Miller is a licensed real estate associate with CENTURY 21 Sundance Realty, Real Estate Trainer and Manager. If you are interested in a career in real estate please contact me! All calls and inquiries are confidential. CENTURY 21 Sundance Realty is located in Volusia County with 3 office locations to better serve the public. Daytona Beach, Ormond Beach and Ormond by the Sea. midorimiller@yahoo.com

Posted by Florida Real Estate Trainer | Daytona Beach After School Training | Midori on 11/18/2008 07:50 PM

Comments (16)

Rentals in the Sales Strategies / Tactics Channel

rentals in our mls, rentals, property management, keep realtors in our industry, midori miller, daytona beach real estate training

Originally posted at: Daytona Real Estate Training: Oh NO, Rentals in Our MLS!

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16 Comments on Oh NO, Rentals in Our MLS!

NOV

2008

We've had rentals in our MLS for quite some time. Many people are turning to real estate agents now to assist them in this area of the business. You don't make much money off working a rental, but renters can turn into buyers...and landlords can someday become sellers.

Midori ~ We have rentals too, and there has been an increase recently. I'm not sure though how that translates to income? Unless of course you mean for the property management companies?

Midori, We do have rentals and it's not a problem. When we do a property search we can use an option that includes or excludes rentals from the results. In our market right now a lot of homes for sale are also listed for rental.

I can't believe you didn't have rentals in your MLS before now. We have rentals, but they're in a completely different subsection of the MLS. I do not personally handle rentals, but I like to pull up comps for home owners when they ask about renting verse selling.

Believe it or not, we JUST got rentals in our MLS a couple of months ago and boy, am I glad. I agree with you that a couple a month would be a great supplement to buyers! It was such a headache to find them before but now it's great!

Midori,

We've had rental's in our MLS for at least 2 years...U didn't have rentals???

I have had a lot of success helping rental clients; many of them have turned into buyers and some of my best advocates have been renters who were not in the area long enough to rent but who referred several million dollars' worth of business to me. Rentals have been very, very good to me and I have met some great folks working them.

Okay, they don't pay a lot, BUT we are getting paid to get in front of warm bodies and increase our SOI instead of spending money and pestering strangers!

Midori, there is nothing wrong with honest work that helps pay the bills and put food on the table.

Midori,

We've had rentals in the mls for a long time. I've rented a few from time to time but find that many of our "sellers" don't like the idea of paying one month's rent for commission. I'm sure many of you know this but make sure your rental agreement includes a clause that if the landlord sells it to the tenant after the rental agreement is over, and they were brought together by an agent's efforts, then he/she/they will owe you a full commission on the sale. On the last one I did, I put in a 2 year protection clause.

We too have rentals in our MLS. In fact, I just rented one of mine...but I rented it myself! The biggest challenge I have with them is the co-op fees that some agents offer. I've called on those that are 10% of one month's rent. At $1000, that's $100. Then split it with my Broker....there's not much left, and if you had to show a renter 4,5, 6 or more places, you really don't make much! The agents have all told me it's "company policy" to only offer that co-op. I think they are keeping most of them money themselves, and doing a dis-service to their clients.

On the flip side of all of that, if you can walk (possible in my market) or only have to show a few units, AND you are not having any sales, then $60-75 might be better than nothing, right?

I always insist with my clients on a larger co-op fee, which they challenge me on. Then, when we rent their place in a couple weeks, they ask, "How did you do that do fast?" Hmmmmm.

Money talks and ------- walks!

NOV

2008

Rentals and FSBO's on the MLS... times they are a'changin. How do I feel about it?? As I mentioned, I love the marketing, social media and blogging aspects of RE much more than actually dealing with buyers and sellers - - so it's something more to write about for me!

We have rentals in our mls. I always try to help when someone calls for rentals but many agents do not want to be bothered with them.

Totally agree, great post. I work for a company that does property management as well. They have always encouraged us that if we have time to help out with leasing and helping tenants. IF we get a lease they compensate us. Not much but enough for our time.

Midori - Here in Lakeland we have rentals in our MLS. I have referred rentals for clients who decided to rent before buy and vice versa. I think it is a great source of income for real estate agents alike.

I'd rather do rentals than go and get a part time job in another industry! But that is me..so I am very happy to see rentals in our MLS. I have fond memories of my rentals..a few became buyers.

We have rentals in the MLS and luckily the split is normally 1/2 of one months rent, I am not the biggest fan of them but some times it is easy income. My firrst rental last spring is already talking about what neighborhood they eant to look at after the first of the year, so i do try to stay in touch wit my renters and hopefully they will become buyers.

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