AGENTS! If you have clients looking for rental homes * Have them LEARN the process!

By
Property Manager with Gibson Management Group, Ltd.

A featured post regarding an agent (leasing) not providing a cel phone # earned a contrary comment from me and got me thinking why a VOICE on the phone may not get you many agents' cel phone numbers.

 

If you are a real estate agent advising clients who are moving elsewhere and looking for a RENTAL home, they may well find the local rules and procedures are NOT the same as with BUYING a HOME.

1) FIRST * rental occupied homes most certainly require notice and RARELY have lock boxes on them.  Some planning is required to show them - contact the residents, arrange for keys, etc.  PLAN AHEAD.  Since these issues are time consuming, get them out of the way ahead of time.

2) SECOND * doing homework on lease terms * available/move-in dates * PETS should be done PRIOR to scheduling a showing.

Our local MLS did not allow the Rental Section to have an AVAILABLE DATE of NOW until last year!!!  Most area property managers no longer list their properties there

3)  PREVIEWING by agents is normally not done.  If a real estate agent calls me to PREVIEW a rental home for their tenant prospect client, I advise them to have their CLIENT preview the home on my website * there are 30+ photos of the home VACANT and usually floor plans.  There is a Google map option for them to chart distances from properties to their work * schools, etc.

4)
  BE PREPARED by coming with MONEY.  I am now advising prospect callers to come to property viewing appointments with completed rental applications and their checkbook if they think they are interested in a property of mine. 

I will take a personal check for move-in monies * application fees, first full month's rent and security deposit * if the move-in is more than 2 weeks a way; otherwise, I'll require bank or certified funds.

I am now requiring confirmation phone calls an hour before I meet a rental prospect and I have returned to the OLDEN days of requiring a real estate agent to come to my office to pick up and return unit keys if their client wants to see a vacant unit.

I require completed rental applications for all adult applicants prior to showing prospects occupied homes and most real estate agents can't get past this procedure or my need to know who I am taking into my residents' homes if for no other reason that liability and security.

The rental market NATIONWIDE for rental homes in good locations is going to be tight for the next several years as homeowners moving for employment, education, etc. are NOT buying. 

There will be good areas of compensation for agents to want to specialize in TENANT LOCATION and REFERRAL work * IF they learn and understand their local LEASING PROCESS!!!

 

Posted by

Wallace S. Gibson is a Certified Property Manager with over 50 years of property management experience and expertise.  She maintains a specialized property management business in Central Virginia serving Albemarle, Greene, Fluvanna and Louisa counties  

LandlordWhisperer

View our available Charlottesville, Albemarle and Lake Monticello rental homes online with photos and floor plans

"...to be a Virginian, either by Birth, Marriage, Adoption, or even on one's Mother's side, is an Introduction to any State in the Union, a Passport to any Foreign Country, and a Benediction from the Almighty God...." Anonymous

 

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Rainmaker
374,753
Sally Lawrence
Advantage Real Estate - Tehachapi, CA
Broker, CHS, e-Pro, SFR, REALTOR®

I think I prefer our local leasing process.  I simply refer my rental clients to the appropriate property managers and collect a referral fee.  YOUR process sounds unpleasant.

Jan 29, 2011 10:44 PM #1
Rainmaker
1,278,094
Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA
LandlordWhisperer

Sally * our RENTAL market is VERY BRISK and our MLS treats property managers as second class citizens while it takes our $$$.  We have adapted, thankfully!

Jan 29, 2011 11:12 PM #2
Rainmaker
2,379,288
Anita Clark
Coldwell Banker Access Realty ~ 478.960.8055 - Warner Robins, GA
Realtor - Homes for Sale in Warner Robins GA

I do both rentals/sells, and because of the military presence, rentals don't stay on the market too long here.  Our local process is similar to the one Sally uses in her area. 

Jan 30, 2011 12:08 AM #3
Rainmaker
1,278,094
Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA
LandlordWhisperer

Anita * BUSY SMART agents hand them off to a professional property manager with a rental listing portfolio with or without a referral fee and keep track of them as BUYING prospects...Those agents are HARD to find which surprises me greatly!

Jan 30, 2011 12:26 AM #4
Ambassador
2,759,312
TeamCHI - Complete Home Inspections, Inc.
Complete Home Inspections, Inc. - Brentwood, TN
Home Inspectons - Nashville, TN area - 615.661.029

Here in TN, you must be licensed to handle rental or lease properties. Many folks do it thinking they can do it under their current license but can't. Little do they know that they are opening themselves to lawsuits and can lose their license...

Jan 30, 2011 11:36 PM #5
Rainmaker
1,278,094
Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA
LandlordWhisperer

Good points Michael.  My comment on the original post was that property managers work 40+ hours a week * usually 5 days a week * NOT giving out their cel # and talking to real estate agents on the weekend is one of their BOUNDARIES! 

Jan 30, 2011 11:53 PM #6
Rainmaker
504,451
Lora "Leah" Stern 914-772-4528
Coldwell Banker, 170 N Main Street, New City NY 10956 - New City, NY
Real Estate Salesperson

Sally, I'm learning that the rental process is definitely very local and varies greatly by neighborhood.  Your process makes sense but  far less friendly than ours.

Jan 31, 2011 02:32 AM #7
Rainmaker
374,753
Sally Lawrence
Advantage Real Estate - Tehachapi, CA
Broker, CHS, e-Pro, SFR, REALTOR®

Leah,  I think our process is quite friendly.  I have several property managers that I trust to handle my clients.  And yes, Wallace, I do keep them as buying clients.  THat's part of the reason I trust the property managers that I refer to -- no worries that they will try to "steal" my clients.

Jan 31, 2011 05:44 AM #8
Rainmaker
421,509
Michelle Francis
Tim Francis Realty LLC - Atlanta, GA
Realtor, Buckhead Atlanta Homes for Sale & Lease

Wallace, 

I LOVE your process as I know it is fully for the best interest of your owners you represent.  I know tenants are surprised at how brisk out rental market is in Atlanta.  

Since the cardinal rule is my leasing book is a good tenant is better than NO tenant, it's critical to have a good process in place, as well as having the tenants KNOW the process.  

All the best, Michelle

PS - Sally, we routinely get agents referring to us to lease and PM, as we do not try to "steal" their clients and appreciate their faith in our services. 

 

Jan 31, 2011 05:55 AM #9
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Rainmaker
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