5,104,931
That's a hard one to answer... we get paid virtually nothing to do a rental in the Charlotte area, so most top agents don't touch them.
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Ron and Alexandra Seigel
Carpinteria, CA
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Kathleen Daniels, Prob...
San Jose, CA
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Pete Xavier
Pacific Palisades, CA
-
Fred Griffin Florida R...
Tallahassee, FL
953,617
Many don't see the value in it and it can be difficult if one does not have a winning process. I had a "backward process" that most ran away from, but that didn't stop me from earning a rather high 5 figure income with some serious hustle during a 90 day work period on leases alone.
Sell the potential of a winning lease process and frame their mind that success can be had despite low commission on certain lease properties and other potential negatives with handling leases.
Normally on leases with a low co-op commission I would do the best I could to convert that into a referral fee and send prospects right to the listing agent.
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Kathleen Daniels, Prob...
San Jose, CA
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Debe Maxwell, CRS
Charlotte, NC
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Lyn Sims
Schaumburg, IL
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Nina Hollander, Broker
Charlotte, NC
5,772,575
Eddie,
Not many want them. Those that are worth an agent's time are luxury rentals, then there is value there, because those renters will end up looking for a house.
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Sandy Padula & Norm Pa...
, CA
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Debe Maxwell, CRS
Charlotte, NC
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Pete Xavier
Pacific Palisades, CA
5,230,113
They just don't pay enough - it's a ridiculously low number for the effort put into showing the tenants.
When I market my own rentals (personal properties), I market to the top 10% of agents in Charlotte to "Bring me a tenant and I'll make the paycheck worth it! No pocket change from this broker!" LOL
The best agents bring me the best tenants and my husband and I reward them nicely!
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Pete Xavier
Pacific Palisades, CA
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Fred Griffin Florida R...
Tallahassee, FL
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Kathleen Daniels, Prob...
San Jose, CA
1,844,301
No one wants to do them. I know I wouldn't take a referral on one.
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Debe Maxwell, CRS
Charlotte, NC
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Nina Hollander, Broker
Charlotte, NC
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Pete Xavier
Pacific Palisades, CA
19,797
Okay, thanks to the agents who responded. The responses are typical of our area also. Not many agents do them because they think there is not the ROI on the time spent. Sorry, but I totally 100% disagree, I've been doing rentals for 33 years and make a very good income but I also have the system streamlined. #1 ALWAYS Charge the client a retainer fee! When you get a retainer fee you know the person is going to rent. I have in my agreement not to show more than 5 properties. I always start my appointments at 10 AM in the morning. Fewer people make a decision after working all day. I rarely show more than 3 and I place 99% of my clients in 1 day. I hear that some markets simply don't pay so I get that. I also sense many of the comments aren't looking in the future. As I told one other agent I listed a 1.3 million dollar home from a past rental client. When so many people turn them away they stick to the ones that helped them. The other thing we are doing as a group when we do not work with these people is turn them off from our services. When we say to them we don't do rentals not because we can't but we just don't want to help you it sends a very bad message and trust me I know this for a fact. We are grooming these people to eventually not work with us at all. Most of the people I help are surprised I helped them because so many agents have turned them down. Guess who gets all of their referrals from their friends. Me! Rentals are a great tool to grow business if you do them. You are dealing with real live people who just like us need a home. When you do rentals you STAND OUT because no one else does them. You get immediate attention. ITS GREAT! BTW, I am not in the property management business. Again, if anyone is interested let me know. It only takes ONE rental to sell that person a home later on.
Eddie
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Debe Maxwell, CRS
Charlotte, NC
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Pete Xavier
Pacific Palisades, CA
3,345,091
Very few agents in my area do rentals. I do not. Most rentals are not on the MLS ... Craig's list is the top site used. I wish you all the best with your endeavor.
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Debe Maxwell, CRS
Charlotte, NC
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Pete Xavier
Pacific Palisades, CA
5,216,409
The problem is the hassle for so little compensation! Most don't get involved!
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Tony and Suzanne Marri...
Scottsdale, AZ
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Debe Maxwell, CRS
Charlotte, NC
1,502,998
I do rentals, but only as a favor to friends or friends on here. We get paid anywhere from $0 to $200 or if we're REAL lucky, a small percentage of the first months rent! Basically, probably won't put gas in the car. The only way to make money on rentals is to either 1) own the properties or 2) manage the properties.
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Kathleen Daniels, Prob...
San Jose, CA
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Debe Maxwell, CRS
Charlotte, NC
809,258
That is tough. Agents don't really do rentals in my area and property managers do not have to be licensed. -Kasey
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Kathleen Daniels, Prob...
San Jose, CA
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Debe Maxwell, CRS
Charlotte, NC
2,684,109
What Nina Hollander said.
In Tallahassee, the MLS coop fees are typically $50 or $100 for bringing a tenant for a rental property. It is not cost effective for me to show rental properties.
As far as managing a unit for a landlord, I have been there done that; unless I have a minimum 200 units there will be no ROI.
Best to you in your quest!
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Kathleen Daniels, Prob...
San Jose, CA
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Nina Hollander, Broker
Charlotte, NC
3,587,960
Sorry we rarely do rentals. When we do we lease for a specific long time client. How about approaching property managers? They're the agents interesetd in rentals.
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Debe Maxwell, CRS
Charlotte, NC
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Nina Hollander, Broker
Charlotte, NC
3,988,007
Great question. Our rentals do not pay well so very few agents work them. Maybe finding out who the new agents are in a market area will give you better chances.
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Katerina Gasset
Provo, UT
1,725,996
Not interested; a very poor ROI for the time spent.
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Debe Maxwell, CRS
Charlotte, NC
544,014
Agents cannot purposely operate at a loss.
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Debe Maxwell, CRS
Charlotte, NC
2,462,840
Some brokerages have a property management section that provides rental referrals to their agents. Start there.
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Debe Maxwell, CRS
Charlotte, NC
5,583,278
1,712,676
I am not interested and I prefer Zillow in getting tenants. They don't charge me.
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Nina Hollander, Broker
Charlotte, NC
4,936,705
4,434,127
No idea. I have called agents in Pa when I get leads out of my service area . I do this to help the prospect and do not expect any referral fees but many agents still do not want to do rentals.
3,043,274
It depends on where you are looking for rental agents. Different parts of the country treat rentals differently.
We have really good rental commisisons in South Florida, especially for horse season. We can rent out stables and paddocks too and we get up to 20% commissions on rentals during the season. The annual rentals are good pay as well, especially in the high end.
So here rentals work well, but I know just up in Orlando, the agents make at the most $100 referral fee for rental tenants so it is not worth the work or the gas for them to work rentals in that area. Same state, different area.
989,652
I would target prop. mgmt companies. I can tell you first hand that agents in my area want nothing to do with rentals even if you offer a commission!
3,071,489
599,274
You can go to www.narpm.com and search their directory of Property Managers in the upper-right.
3,416,038
Rentasl have become a greater pain then worth what they pay. I work with single family and condo rentals but no more apartmnets. I take the listings but not clients looking for a rental.
4,800,082
41,871
Where are the properties located ? We are nationwide buyers and lenders with an extensive rolodex of investors who would be potentially interested in acquiring these properties. Feel free to send me an email - manny@fundingwarehouse.com
4,572,183
Hi Eddie -- it's all about W.I.I.F.M. - right? The business model you explain in one of your comments to another member is certainly interesting and I'm glad to hear that it works for you.
Although it is not a signficant part of my business model, I do work with leases(typically representing clients who are landlords) but also with some prospective tenants depending on situation. Due to the prices in our area there are a high percentage of renters and leasing can be a viable source of income for some.
4,319,419
5,049,450
That's tough because there usually is so little value, and if you are busy with sales it does not make sense. There are property manageent companies in our area, and some agents, that specialize in rentals.
6,393,609
Every city has a firm that specializes in Property Management. I get enough aggravation dealing with my own rentals and would send you over to Candlewood if you asked me to manage someone elses property.
7,836,164
Rental leads have no value to the majority of agents.
Many offices do have property management services but most generate their own leads.