Rentals are more common in today's market.

By
Real Estate Agent with Preferred Real Estate Services

 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!

 Good luck! 

 

Comments (4)

Alix Pinzon
Open Mortgage, LLC NMLS # 2975 - Downey, CA
(562)743-6086
Hi Rachel, As you know, the spirit of Active Rain is to help each other.  The best way that I've found is by hitting each others' website, to improve internet search rankings.  I checked out your website, and I liked the picture of the Lincoln Memorial. If you have a second, please reciprocate the favor by checking out my website at http://www.southerncaliforniaappraisers.net/
Jan 21, 2008 06:27 AM
Clint Haynes
Peoples Home Equity, Inc. - Mount Juliet, TN

Keeping in touch with renters is a great way to keep your pipeline full.  The Spring and Fall are the two times of year that the vast majority of leases expire and people will either decide to renew or possibily purchase something.  Keeping in touch and lending good advice will turn renters into buyers.  Good Post!

Jan 21, 2008 06:30 AM
Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News
Rachael, I work with renters and handle listing rental properties.  I leave the actually property management to the professionals.  I have enough trouble as a landlord myself dealing with the issues with my own properties to want to take it on full time.
Jan 21, 2008 06:32 AM
Rachel Clem
Preferred Real Estate Services - Fredericksburg, VA
Clint- I agree!  The more people that know your name the better!
Jan 21, 2008 06:59 AM