The Changing Resort Rental Market
It's hard to believe that I've been a Rental Agent here at French Real Estate since 1993. "The times they have been a-changin."
I recall starting out part-time worrking Saturdays & Sundays while I did my Monday-Friday real world job. There were lots of agents here on Saturday; a lot less on Sundays. There was no internet, and potential rental tenants had to drive down to see the properties. Or you had to have long telephone conversations to review properties with them. And if agents didn't truly clarify the plus and minus of a particular property, it was a potential disaster on check-in day.
We maintained a log book of rental properties, and each agent had to page though the book to check for available weeks. Compare this method in historical context with "the Dark Ages." But I built up a rental base in the past 16 years ... I continue to have many rental tenants who have rented that entire time with me.
Changes slowly improved the rental operation, and the "interactive rental web-site" was the most significant factor in an improved and better operation. It took a number of years to work out the "bugs," but every step was better than the one before. Obviously, nothing beats experience; and a big part of that for agents who both sell and rent property is "to know your properties well." Now I can always say: "every property I'm talking with you about ... I've been in it."
Of course, that gets accomplished over many, many years. But the number of visitors coming down to see rentals (before renting) is greatly reduced due to the internet. One can now see exterior and interior pictures for all properties. They can identify location and specific amenities. They can send off an email rental inquiry. That all works well, but there's still nothing like the real thing: "the telephone conversation to answer questions right away."
I always ask new perspective rental tenants who email me to call when they finalize a decision on one or more rental properties. That final telephne conversation prevents future problems. As my Broker, Robert French, always says: "Every Owner was once a Rental Tenant." I enjoy both the sale and rental process ... Why ... Because you form lasting relationships. I now work with Owners who rent their property who bought the same property with me, and who rented a lot of properties with me before that. The rental cycle is an interesting aspect of the resort market. It has its highs and lows. It makes for a very busy 10-12 active summer weeks.
The Rental Market in Ocean City links directly with the activities of the City, with the boardwalk merchants, the beach employees and vendors, the downtown stores, the various bike and beach gear and other rental businesses. We're all in it together in a resort like Ocean City, New Jersey ... or any other reosrt market across the country, or the world.
So what is the most difficult challenge as a Rental Agent ... "finding & maintianing the right keys - that work!
Dap
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