In today's market Sellers have been forced to rent their homes and/or take them off the market. Some areas have suffered a reduction in home sale prices. This puts some people at risk of foreclosure. All too common do we see an overpriced home that the Seller cannot afford to reduce.
This opens a niche market for agents willing to do the work. You may offer this service for Sellers or for new clients that want to rent. People rent for many reasons. Some have credit issues, true. However, some rent because they have just moved to the area. Some rent because they do not realize that they can buy. Make sure you ask, "Why are you deciding to rent vs. buy?" An experienced Realtor will be able to recognize if you need to get the client in touch with a lender.
But what if they truly cannot (or do not want to) buy right now? Keep in touch. Remember, Renters can turn into Buyers. Plus, Renters have friends, family and co-workers that could potentially be referred to you. So always ask for that referral!!!!
Property Management is another service that you can offer a client (Seller). This is very involved and not to be taken lightly. Along with the monthly Property Management Fee you receive you must consider the level of work required. You have to prepare monthly and year-end statements. You are entrusted to make decisions for the care of this property. During vacancy who will maintain the lawn? What happens if the roof leaks? Who will service the appliances? Put alot of thought into this type of venture before you dive in. If you are uncomfortable offering Property Management Services-refer them to someone! A professional Property Management Service is well prepared with an arsenal of office staff, contractors, etc...
Typically, renting a property is easy and they go fast! It may not be a huge paycheck-but it is a valuable service to offer your client. Who knows- you might like it!