Starting a career in real estate can be one of the most challenging endeavors you ever undertake. Many agents just starting out work for months on a single deal, waiting for the day they can reap the benefits of their hard work.
That process can stretch the financial strength of an agent and push them out of a real estate career before they ever get a chance to excel. To avoid such a scenario, starting agents should consider the leasing business.
Leasing provides the opportunity for consistent revenue while building your client base and enhancing your experience. Leasing can be the saving grace for many starting agents looking to pad their pockets (or pay the rent) while they are waiting for sales transactions to come to fruition.
I would have never made it more than a year if I didn’t have apartment rentals to help keep the lights on. The leasing business is one that many sales agents were unfamiliar with in a good economy, but in recent times, it has been a saving grace for many. Below are some rules for leasing that every agent new and old should practice.
Rules of The Leasing Business
An Opportunity for Service: Any agent can pull rental listings off the MLS and schedule a showing. Use this opportunity to show your client the best experience possible. Listen to their needs during your initial consultation.
Ask the questions they aren’t when showing a unit. Show apartments under their budget. Negotiate the rent or the terms if it is prudent. Show them that you have their best interest in mind throughout the entire process. This will lead to referrals and future business down the line.
A Listing is a Listing: Rental listings are easier to obtain than sales listings, but they shouldn’t be treated as such. Always be a professional and don’t treat it different because it’s a rental. Whether it’s the listing appointment or a showing, treat the occasion as an opportunity to show off your knowledge of the property. Accentuate all of the positives and unique characteristics that otherwise might have gone unnoticed. Always know your product better than anyone else.
Make it Easy: Know everything beforehand so you can help your client make a quick, but informed decision. Rentals are often rented within the first seven days in a hot market. Knowing the application process, the terms of the lease, applicable restrictions and other insights to make it easier for your client to make a decision.
The theme of all of these tips is – do not treat a rental opportunity any different than a listing or a buyer opportunity. Eventually, that landlord will sell and that renter will buy. Make sure they remember their time with you when that day comes.
John Michael Grafft is a broker with Prudential Rubloff and the director of leasing services at Rubloff Rentals. He can be reached at: