We built Rental Beast University so real estate agents of all skill levels could expand their capacities and sharpen their skills on their own time. Our course offerings include My FirstDeal BootCamp, Social Media BootCamp, and a Renters to Buyers Webinar series. And, every Rental Beast University student is given access to personalized feedback and one-on-one coaching from a seasoned real estate expert. Our coaches like to share their knowledge with our students. Check out this article on the rental listing job interview.
Have you considered becoming a listing agent? Some property owners and landlords might feel out of their depth and need the help of a real estate professional to price their units correctly and find qualified tenants. When you work with landlords, there is always the potential that you could be in charge of matching tenants with apartments on a regular basis. But, before you score an exclusive listing, start matching renters up with great apartments, and collecting your commission, you need to deliver a listing presentation that’ll crush it.
Similar to obtaining for-sale listings, rental listings follow many of the same guidelines for success. Never obtained an for-sale listing? No worries. A listing presentation is like a job interview in many respects. You have one shot to make an impression with the hiring decision maker(s) and help them understand what you bring to the table and how you will make their life easier. Scroll down to check out why many property owners are looking for listing agents and how you can put your best foot forward when you go to the rental listing job interview!
Step 1: Understand Why The Property Owner Wants an Agent
Access to Qualified Tenants
The owner’s main goal is to rent the property as quickly as possible with ready, willing, and able tenants. They may have tried listing on their own, posting their property for rent on Craigslist, receiving a phone call all hours of the day and night, showing their rental often at inconvenient times, and may be exhausted by their marketing efforts. As an agent, you can can take over handling these calls, setting up showings and use the power of your brokerage to market their property!
An issue some owners run into is that they simply don’t have the proper knowledge with the screening process and unfortunately find out after the tenant has moved in that they have an unqualified or problematic renter on their hands. You, as their agent, can provide guidance on the screening process/rental application, the best options available to determine the fitness of a renter, and how to stay complaint with the Fair Credit Reporting Act. Also, as a Rental Beast agent, let the Landlord know that you have access to our online application, Apply Now. Free to Landlords and agents, Apply Now can provide them secure access to the credit and background check information they need to make an informed decision.
Assistance Preparing proper and Legal Paperwork and Reviewing Leases
Another subject to mention is the rental transaction itself and the lease paperwork involved. Unless the landlord has a real estate attorney at their disposal to draw up lease paperwork, there is value to the landlord to have an agent who will guide them with either preparing all the proper lease paperwork and/or reviewing leases prepared and presented by tenant’s agent.
What do you need to do to prepare for your rental listing job interview? Here are some guidelines to help you prepare in advance of your meeting:
Prepare For Your Listing Interview By Deciding:
Dual agent or Designated Agent?
Decide beforehand if you are going to act as a dual agent. Make sure that being a dual agent is permitted in your state or by your broker. To stay safe and always check with your brokerage before you decide to act as a dual agent. And, while you’re asking, check with your broker about how . This means that you will be representing both the landlord and the tenant. The advantage is you can earn both sides of real estate commission. However, there are possible challenges—one party may feels you didn’t represent them fully and took sides, and may be hesitant to pay you full commission.
If you decide to act as a designated agent (only representing the landlord) and a renter presents with an interest in your listing, you can choose an agent in your office to work with the renter as their designated agent. Your broker would still be a dual agent since you are both from the same broker.
Get Your Marketing Plan Up to Snuff
Be prepared to discuss how you plan on marketing their property and what tools you have to get as many qualified eyes on their property as possible!
Be Ready to Help Them With Pricing
Search Rental Beast’s database for four recently rented, four current for rent, and if possible, four under-agreement rental listings within one mile, as close in size and specs (amount of beds and baths) and print them out – you will present these to the owner during your discussion about how to set the rent price.
Keep in mind, the owner has the final say regarding the rent price. It is your job to advise, educate and recommend on rent price. However, remember, the property owner don’t have to adjust their price per your recommendation. If you feel the price the owner has settled to list their property for is still too high for the market, then think critically about representing this listing!
Be Ready to Walk Them Through the Commission Structure
Be prepared to explain to the owner that the standard real estate commission earned is one month’s rent paid to your broker. If there is a cooperating broker representing a tenant, your broker will provide that agent’s broker with their percentage of the commission.
Make Sure to Have All Your Paperwork
Before you leave for the rental listing interview, make sure that you have all the paperwork you’ll need. Prepare and print two copies (one for the client and one for you to take back with you) of your Consumer Notice, Rental Listing Contract, and any other paperwork your broker may require. You will bring this to your listing appointment for the owner to sign. Your goal is to leave the appointment with a signed rental listing contract.
To learn more about how you can use rentals to build a sustainable business and how Rental Beast University can develop the skills you need to succeed, request a no-obligation demo at Rental Beast for Real Estate Agents.