I actually live in a resort town where rentals are a mainstay. I do rentals because I turn around and sell my clients a home. All but two of my sales was a result of forming a relationship through a rental. I am now listing rentals and having the time of my life. In an area where rentals are prevelant you can make a very nice living off of rentals; I dare say it's possible to gross $10,000 per month. I'd do rentals all day long as opposed to sales. No fuss, no muss and I know my market so my renters are happy renters. It's a great short term fix for potential buyers who need to save money and who don't know the area all that well.
I know many Realtors who focus on either the buyer or listing side of the business, and they seem surprised when I say I still sometimes show rentals.
I only show rentals when I have time, the prospect has a clear vision/idea/timeline of what they are looking for, and they have a timeframe (not much different than when I show properties for sale).
I recently showed two prospects rental properties, so this is a Tale Of Two Rentals.
- Rental 1: she had relocated, he was heading this way as soon as the house out of state sold. We looked at a handful, they knew what they wanted. We had found what they wanted, and they were just about to get into a lease, when a home came up in the community they were about to lease in. I showed it to them Friday night, and yesterday afternoon, we wrote an offer.
- Rental 2: they were unfamiliar with the area, and I showed them a few weeks ago; they liked the second house they saw, but I wanted them to see two more just to make sure they would be happy with the house they chose. We could not get into lease, as their demands were too much for the owner to accommodate (I blogged about this; the tenants wanted new appliances). I thought we were going back out again, they emailed me they had found a house that would work for the time being, but asked me to keep in touch with them as they will be buyers in 9-10 months.
So, why do I show rentals selectively? Because it helps me build relationships with buyer prospects and future buyer prospects!
Carol Zingone is a full service Broker Associate proudly affiliated with Prudential Network Realty in Atlantic Beach, FL. I help buyers and sellers locally, regionally, and internationally. With hundreds of happy buyers and sellers over the course of my career, I'm thrilled to help first time buyers, military buyers, seniors, investors, 1031 exchange properties, short sales and REO's. I have spent hours honing my expertise, including the designations of Certified Distressed Property Expert (CDPE), Graduate Realtor Institute (GRI), Loss Mitigation Certification (LMC) , Short Sales, Foreclosures, REO's, (SFR), and Senior Real Estate Specialist (SRES). Recently honored as the Realtor of the Year for the Northeast Florida Association of Realtors for 2009, I pride myself on providing excellent expertise to all buyers and sellers. Search the MLS via www.carolzingone.com for Jacksonville and area listings!