Real estate agents prepare to work with real estate landlords from the moment they enter real estate school. However, once a landlord hires you, it’s a new ballgame. Now, you must prepare to serve them well. It all starts with research.
Preliminary Real Estate Training
Before you know how to do the research required to work with a specific landlord, you must have several tools and learn how to use them. Real estate agents should continuously work on mastering the Multiple Listing Service and other REALTOR® tools.
Using the MLS, you can find properties for rent, prepare Comparative Market Analyses, set up listings, research tax records, and accomplish many other tasks. All real estate agents should take real estate training courses that aid with research, including:
– An introductory course
– Advanced searches
– Data and CMA courses
– MLS courses
Besides the MLS, many other tools are available to you as a real estate agent. You can use the REALTOR® Property Resource (RPR) to check properties and receive reports via smartphone. This tool gives you a property report, mini property report, and a report on its neighborhood.
In addition, you should acquaint yourself with the REALTORS® Valuation Model, a tool that creates valuation reports based on data from MLS listings.
Be ready to use all these tools before the first time you get The Call from a landlord. Find out more about The Call in the REALTOR® course, Roadmap to Success: Landlords.
Conduct Property Research
Immediately after a landlord agrees to entrust you with leasing their property, you need to start researching the home online. What should you try to find out? Here’s a list to get you started.
– The age of the home
– The location and neighborhood
– The floor plan
– Available parking
– Whether taxes are paid
– Past sales prices
– Updates and remodels
The more you can learn about the home, the better equipped you will be to present its advantages to prospective tenants. What’s more, you’ll know the challenges of overcoming any disadvantages.
Find Out About the Landlord
You not only need to know about the property, but you also need to find out about the landlord who owns it. You need to know who the landlord is, their goals, and their background. Where can you find this information? You can look in several places.
– Social media
– Public property records
You need to know all you can about the landlord and their approach to life. This information will protect you from someone unscrupulous. Also, you may discover something through property records that will change the rental situation. For example, if the landlord is in the middle of a divorce, they may lose the property before you can lease it.
Check Out the Community
Researching the community can give real estate agents even more information about the advantages and disadvantages for the tenant. Here are a few benefits you may find that will help you lease a property:
– Employment opportunities in the area
– Nearby schools
– Public transportation
– Access to highways and major thoroughfares
Use these tools to learn more about the community:
– Realist: on the “Neighbors” tab and the “Neighborhood Profile” tab, you can find information about demographics, businesses, and recreation.
– Walkscore.com gives you a score for the neighborhood that tells if it’s easy to get around it by hiking, walking, or biking.
Research the Current Local Market
Last but not least, you need to research what’s happening in the market where the property is right now. Real estate agents always need to stay up to date with trends in the market. However, when you are preparing to work with real estate landlords, you need to dig deeper to find out the current state of the market each time. Here are some of the things you need to determine:
– Is it a landlord’s market or a tenant’s market?
– What is the absorption rate?
– What is the turnover rate?
– How many houses are up for rent in that neighborhood?
– How long have the houses up for rent been on the market?
– What is the difference between the average listing and leasing prices?
Get the answers to these questions, and you will be ready to prepare your presentation and list the property.
Real estate agents need to prepare thoroughly before making their presentation to the landlord. Once you do the research, you will know what you need to know about the landlord, the property, the neighborhood, and the market. Then, you can give a winning presentation and find the right tenant for this landlord’s property.