Share the secrets of the hardest job in real estate.
I've heard most of the licenses taken away are due to Property Management. For that reason, our office only allows the agents to property management their personally owned properties.
We have a seperate account for security deposits. We accept them in two payments for most homes. Half with the first month and half 15 to 30 days later. This can backfire with renters looking to never pay after the first payment, but in our town it is common.
We don't run credit. Our owners understand that renters are renting for a reason. For that reason, we don't charge for applications. No fee brings us many renters first.
We give out $150 to $200 to renters agents who bring us clients with pre-filled applications. We do the rest. We pay with the proceeds of the first month's rent. Most others in the city pay $100.
We charge 50% of the first month's rent from each new tenant and 10% of each rent.
We do not charge anything else from the owners. We prepay vendors. We deduct all vendor charges from the following month's rent without upcharge.
We charge $5 a day for late fees and give a 5 day grace period. Rents are due on the first.
I'll add more as time goes on.
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