Eddie Edwards, Rental Housing Expert, Nutritional Team Builder (The Rental Housing Centers)

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Rainmaker
4,505,576
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

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. 

Aug 07, 2017 01:59 PM
Rainmaker
885,883
Pete Xavier
Investments to Luxury - Pacific Palisades, CA
Outstanding Agent Referrals-Nationwide

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.

Aug 07, 2017 01:38 PM
Rainmaker
5,768,176
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

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.  

Aug 07, 2017 04:50 PM
Ambassador
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Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

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!

Aug 07, 2017 04:26 PM
Rainmaker
1,768,106
Lyn Sims
Schaumburg, IL
Real Estate Agent Retired

No one wants to do them. I know I wouldn't take a referral on one.

Aug 07, 2017 02:16 PM
Rainer
19,797
Eddie Edwards
The Rental Housing Centers - McLean, VA
Rental Housing Expert, Nutritional Team Builder

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

Aug 07, 2017 05:29 PM
Ambassador
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Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

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. 

Aug 07, 2017 04:48 PM
Rainmaker
4,579,553
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

The problem is the hassle for so little compensation! Most don't get involved!

Aug 07, 2017 03:24 PM
Rainmaker
1,431,851
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

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.

Aug 07, 2017 02:21 PM
Rainmaker
808,903
Kasey & John Boles
Jon Gosche Real Estate, LLC - BoiseMeridianRealEstate.com - Boise, ID
Boise & Meridian, ID Ada/Canyon/Gem/Boise Counties

That is tough. Agents don't really do rentals in my area and property managers do not have to be licensed. -Kasey

Aug 07, 2017 02:18 PM
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Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

       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!

Aug 07, 2017 02:08 PM
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Anna Banana Kruchten CRS, Phoenix Broker
HomeSmart Real Estate BR030809000 - Phoenix, AZ
602-380-4886

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.

Aug 07, 2017 01:55 PM
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Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

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.

Aug 07, 2017 07:27 PM
Rainmaker
1,673,215
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West - Carlsbad, CA
Presence, Persistence & Perseverance

Not interested; a very poor ROI for the time spent.

Aug 07, 2017 04:55 PM
Rainmaker
538,994
Dave Halpern
Dave Halpern Real Estate Agent, Inc., Louisville, KY (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert

Agents cannot purposely operate at a loss.

Aug 07, 2017 04:25 PM
Rainmaker
2,426,731
Anita Clark
Coldwell Banker Access Realty ~ 478.960.8055 - Warner Robins, GA
Realtor - Homes for Sale in Warner Robins GA

Some brokerages have a property management section that provides rental referrals to their agents. Start there.

Aug 07, 2017 03:41 PM
Rainmaker
5,580,934
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Google search....

Aug 07, 2017 03:22 PM
Rainmaker
1,708,245
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

I am not interested and I prefer Zillow in getting tenants. They don't charge me.

Aug 07, 2017 01:42 PM
Rainmaker
4,346,721
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

I have to see what otheres have to say!

Aug 12, 2017 03:50 PM
Rainmaker
4,433,809
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

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.

Aug 09, 2017 04:15 AM
Ambassador
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Katerina Gasset
Get It Done For Me Virtual Services - Wellington, FL
Get It Done For Me Virtual Services

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. 

 

 

Aug 08, 2017 07:58 PM
Rainmaker
946,423
Jennifer Mackay
Counts Real Estate Group, Inc. - Panama City, FL
Your Bay County Florida Realtor 850.774.6582

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!

Aug 08, 2017 09:34 AM
Rainmaker
3,071,034
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Wayne Martin nailed this one!

Aug 08, 2017 06:46 AM
Rainmaker
598,824
Nathan Gesner
American West Realty and Management - Cody, WY
Broker / Property Manager

You can go to www.narpm.com and search their directory of Property Managers in the upper-right. 

Aug 08, 2017 06:44 AM
Rainmaker
3,386,578
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

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. 

Aug 08, 2017 06:15 AM
Rainmaker
4,799,732
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Good luck, since I won't take them.

Aug 08, 2017 05:35 AM
Rainer
32,142
Manuel Angeles
Integrous Real Estate Capital - Los Angeles, CA
Premier Real Estate Investment Capital

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

Aug 08, 2017 12:57 AM
Rainmaker
4,270,299
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

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.  

 

Aug 07, 2017 10:14 PM
Ambassador
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Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Eddie Edwards - this indeed is a challenging task!

Aug 07, 2017 09:20 PM
Ambassador
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Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

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.

Aug 07, 2017 08:26 PM
Ambassador
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Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

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.

Aug 07, 2017 07:52 PM
Rainmaker
7,052,123
Roy Kelley
Retired - Gaithersburg, MD

Rental leads have no value to the majority of agents.

Many offices do have property management services but most generate their own leads.

Aug 07, 2017 05:20 PM