Why you should consider rental property management
As we begin to approach a slower season, you may have fewer leads, listings and transactions coming in through your pipeline. But that doesn’t mean your winter income needs to come to a halt. Picking up leasing and rental clients is a great way to keep busy during slow seasons and help bolster your finances anytime. Here are a few reasons why you should consider leasing and rental property management.
Investment homeowners often use real estate agents to help them find reliable tenants. Much of the tasks you excel at as a real estate agent cross over into leasing a property. You’ll be expected to market the property by taking or commissioning images of the space, creating a listing online, scheduling viewings and screening tenants for the lease. Realtors typically receive a leasing fee (a percentage of the first month’s rent) for this work.
If the homeowner chooses to hire you on for property management, you’ll continue to receive a small monthly fee for acting as the point-of-contact between the tenant and homeowner. The tenant will be contacting you if they have any issues with the home such as a clogged drain or broken appliances. You’ll be able to hire professionals to tackle those tasks, but you’ll be expected to coordinate the repair.
Why should I consider leasing and rental management?
If they’re happy with your services, the tenants and landlords you work with could come back to you as buying or selling clients. It’s a great way to help build your business, bolster your sphere of influence and expand your opportunities for client referrals down the road.
Leasing higher-priced rentals
Thinking of entering the leasing and rental market? Try targeting higher-priced properties that have been sitting on the market for a while. These homeowners may be interested in a short-term lease while they wait to relist their property after a change in the market. Owners of luxury rentals often seek the services of real estate agents for marketing since the tenants they hope to attract typically aren’t the ones browsing Craigslist and Kijiji for their next home.