Here at Rental Beast, we want real estate agents of all ages and experience levels to be able to take advantage of rentals, so here’s an important thing we want to clue real estate agents into: the power of no co-broke listings. Here’s 4 ways to find no co-broke listings.
Why are no co-broke apartments important?
Many real estate agents shy away from rentals if they have co-brokes involved. Having to co-broke on a homes sales transaction can still be lucrative; however, having to co-broke on a rental is a whole different matter. And that’s ok! But, don’t let the difficulties of working with co-broke apartments obscure the benefits of working with apartments in general. Here’s some stats that we think are particularly important: A third of Americans, almost half of the US adult population, rent rather than buy homes; the rental market has $12 billion dollars in possible leasing commissions; 57% of all eventual buyers seriously considered renting, while 50% of all eventual renters considered buying.
Beyond the popularity of a renting lifestyle, there’s serious advantages for real estate agents. Rental transactions take place in days and weeks–not months like home or condo sales. And, current renters are highly likely to become first time homebuyers and reach out to the real estate agents that helped them find their current apartments. Rentals are a great way for real estate agents to sustainably grow their business and thrive in real estate.
You can read more about why we made a whole platform dedicated to simplifying the rental process here: Why Rentals Matter Right Now
No co-broke listings allow you to take full advantage of the rising trend of renting and make livable salary at the same time. So, what are you waiting for? Use these 4 ways to find no co-broke apartment listings and get ready to make rentals an integral part of your real estate strategy.
4 Ways to find no co-broke apartments
1. Drive around your neighborhood looking for yard signs
Looking for apartments placed on sale by landlords can be tough. Sometimes the best thing to do is keep your eyes peeled for signs. Without access to an MLS and more formal methods of advertising, landlords often market their vacant units through simple methods– Craigslist, strategically placed signs in the properties yard, or flyers in the windows of local businesses. On your way to work or the coffee shop, keep your eyes peeled for these flyers and call up the property owners when you have a chance. Ask the landlord if they’d be willing to pay a fee– a month’s rent, or half a month’s rent are standard–for your services as a real estate professional. Remember— convey your value by lettering landlords know that you can offer some great marketing schemes (beyond yard signs!). Also make sure to remind them that, with your robust client screening process, you can find well-qualified tenants suited to the apartment. Vacant units are expensive, a smaller landlord will appreciate your help!
As you might have heard by now—the real estate business is a relationship business. Build a sphere of tenants, landlords, and a network of other agents you can share information and leads with. This method might take a bit longer to carry out, granted. Start with your brokerage, and see if you can find a mentor. Go to different networking events and chat with other real estate professionals. Once you have this network, you might be privy to how other real estate agents find no co-broke listings, where they might be in a neighborhood, and they might pass on some no co-broke listings onto you.
3. Build relationships with the landlord
Once you’ve worked with one no co-broke apartment, reach out to the landlord and let them know that you’d love to have a more permanent partnership with them. When you’re an exclusive agent representing a landlord, you might get other agents come to you with clients hoping to rent in the apartment building you represent. While you will have to co-broke with these agents, you won’t be spending time finding, talking with, and qualifying clients. Instead, you can work on filling other units in the building, or getting clients matched up with great apartment buildings elsewhere! To build strong relationships with landlords, make sure that you mention how you can help market the units in their apartment complex through your ability to post on the MLS, and how your client qualification process can help get them the best tenant for their apartment.
Of course, building a strong relationship with landlords requires that you find a landlord without a listing agent willing to work with you! So, get started with Rental Beast’s database of over 7 million listings not found on any MLS.
4. The Rental Beast database
Don’t drive around looking for yard signs. Don’t wait for a friend of a friend to let you know that their friend is looking for a real estate agent. Join Rental Beast and have exclusive access to over 7 million off-MLS apartment listings, all with no co-brokes attached. We believe in the staying power of rentals, and how they can be an important component of any real estate agents business, and help them access first time homebuyers. But, we understand that, with co-brokes, rentals can be unappealing. (After all, you’re doing a lot of ground work only to split a months worth of rent.)
All Rental Beast approved listings on our database are sourced directly from property owners and managers. If the landlord is paying a commission, it’s all yours. And, if the landlord is not paying a commission, you’ll know right away. The filtering systems in our database make it easy to identify which landlords pay fees, so you can search just through listings that do pay fees.
Having access to find no co-broke listings makes it easy for rentals to become an integral part of your business.
To learn more about the Rental Beast platform or to request a no-obligation demo visit Rental Beast for Real Estate Agents.