As a real estate agent, you likely expected you would be showing houses and representing sellers or those in the market to purchase a home, business or property. However, you can also find satisfying work by helping landlords and property owners to fill their vacant rental space. In fact, many property owners lack the time and savvy to make a quick turnover when a tenant leaves, and this means losing precious income.
An individual property owner is not likely to have a management staff who handles all the necessary aspects of finding, vetting and securing a tenant. This is where you come in. Offering your skills and resources as a real estate agent can make you a little extra money, expand your professional experience and provide a service that is in demand.
Putting your skills to work
Finding tenants can be an overwhelming process for someone who owns multiple units or who might have another job besides handling their investment properties. However, you know the market, and you probably come in contact with people every day who are not ready or even interested in buying a home. You can still find them homes if you are working with an owner of rental properties. More and more property owners turn to real estate agents to help them do the following:
- Create attractive ads and use your marketing skills to get the word out
- Network with other agents to locate potential tenants
- Expand the search for tenants beyond the local region, such as renters who are relocating to your area
- Use your resources, such as the Multiple Listing Service, to promote the property
- Schedule viewings of open rental units as you would for a house that’s for sale
- Screen potential tenants and perform background checks
- Create a lease with terms that comply with state law and meet your client’s goals
Just like when you sell a house, your pay is based on your success at filling the vacancy. You and the property owner can work out an arrangement for your commission, such as a flat rate, a certain percentage of the total annual rent or the equivalent of a month’s rent for the unit. You might even find that owners of luxury rentals are more interested in using a real estate agent since you are more likely to have connections to people looking for high-priced rentals.
Working with property owners to fill their vacancies can be an interesting and rewarding addition to your experience as a real estate agent.