Customers rely on real estate agents to purchase or sell a home, condo, loft, or penthouse. They never think about using them to scout for rental property.
Realtors must inform buyers that the company sells ‘for rent’ homes. The rental market doesn’t stray too far from the ‘for sale’ market. Agents understand the real estate market on the sale and rent side. Specifically, they know the neighborhood, pricing trends, and market statistics in the city. Additionally, they analyze leasing contracts and explain legal rights to tenants. Realtors will approach the rental property search as if the renter is searching for permanent housing. The rental real estate process contains different steps, and realtors ensure those steps (references, employment, credit, deposit, etc.) are complete before move in day.
This isn’t news for realtors, but it is news to customers in the real estate market. How do agents highlight this knowledge base?
The obvious answer is offline and online marketing. Referrals, social media, the company website, newspapers, magazines, commercials, website ads, blogs, flyers, business cards, and brochures are a small example of many advertising options out there for real estate professionals. Do promote your services on affordable outlets. Don’t limit yourself to offline and online marketing strategies.
Alternatives to marketing
It is possible to inform realtors about the rental side of real estate without advertising. Examples are speaking engagements, networking events, press interviews, press releases, conferences, and event sponsoring. These strategies focus on the message.
Professional attitude determines whether online and offline marketing strategies work. The professionalism from the listing ad to the first meeting and the first home search the last meeting carries weight. A prompt, informed, honest, and nice realtor gets more customers than realtors who don’t have those qualities. Those realtors are upfront about the reality of renting without sugarcoating the process.
The qualities must transfer to customers too. The money isn’t worth dealing with rude or picky tenants, so cut those stressors loose, have standards, and concentrate on tenants who appreciate your hard work.
In addition to promotion and attitude, these tricks make renting easier for clients while making you look favorable.
Turn credit check application fees optional instead of mandatory
With so many competitors vying for renters, paying money excluding obligations (payments, deposit, realtor) turn away tenants. Those tenants focus on property owners who don’t ask for application fees. Even so, cut costs by getting the credit check application yourself or use a free application from Experian, TransUnion, or Equifax.
Tell property owners to give tenants time to move in
Yes, tenants must move before the lease expires, but tenants cannot move in ASAP. Moving items occupying the space into the new space takes time. Therefore, property owners should not expect them to move in immediately. Include a timeline to move in that doesn’t overlap the current lease and incorporate it in the lease.
Justify the rent cost
Ensure both tenant and property owner understands why the rent is expensive. What are both parties getting in return? Property owners use the rent cost to cover expenses while gaining revenue. Renters expect value for the cost such as maintained property and nearby amenities (shops, restaurants, etc.), and nearby necessities (libraries, schools, hospitals, etc.). An agent job is to entice both parties to form a partnership as landlord/tenant.
The stigma is real estate agents associate themselves with home purchases
Realtors must advertise rental properties too. Inform residential property owners, potential tenants, and businesses about how your services will help them. In turn, the exposure and sales will increase.
DISCLAIMER: This article expresses my own ideas and opinions. Any information I have shared are from sources that I believe to be reliable and accurate. I did not receive any financial compensation in writing this post, nor do I own any shares in any company I’ve mentioned. I encourage any reader to do their own diligent research first before making any investment decisions.
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