As a real estate agent, once you decide you will be working with tenants, you need to prepare yourself. This preparation has a social aspect and a learning challenge. What’s more, you must begin outreach. Here’s how you start learning real estate skills for tenants and putting them into practice.
Build Your Network
You may have already begun to build a network of people in the real estate industry and other related fields. However, if you haven’t been working with real estate tenants, you probably need to shift your focus. Begin to stretch your network to include property managers, landlords, and anyone who might rent out properties or offer related services.
You’ll also want to meet and connect with real estate agents who do the same work as you do. This could be a realtor working with real estate landlords. Or it could be an agent who is working with real estate tenants. Add all these new contacts to your database and regularly keep in touch with them.
After you connect with landlords and real estate agents on the rental side of real estate, begin to request leads. A landlord may send a tenant your way if all their rental units are full. A realtor may send someone to you if the person wants a home that is in your geographical area and not theirs.
Or they might send you a lead if someone wants a home in the price range you specialize in, more or less than what they typically help lease. It doesn’t hurt to ask, and you may be surprised to see how building and using your network pays off.
Begin Searching for Leads
Searching for leads is an essential part of your real estate training. You can learn more about finding information in the Roadmap to Success online real estate courses, such as RTS: Tenants. Basically, finding leads will involve looking in areas that suit your geographic location and neighborhoods where you want to specialize.
Determine which types of leads would be most advantageous for your own unique business. Then, pursue those types of leads. For example, you should be looking in upscale neighborhoods if you want to help tenants find upscale apartments.
Quick Responses Win Customers
You need to be ready for the first contact with a potential renter. You increase your chances of gaining them as a customer by responding quickly. Therefore, you should decide early what you will do when a potential tenant reaches out to you.
The best way to get back to them quickly is to set up autoresponder emails. Then, when they communicate with you for the first time, they automatically receive a friendly email. The autoresponder can welcome them to your business, tell them about you briefly, and recommend the following steps they can take. The email should explicitly tell them what you can do for them in their search for their ideal living arrangement.
Ask Questions Right Away
Learning real estate includes learning how to ask the right questions. At every stage of leasing a home, there are different questions you need to ask. Make lists of questions to ask leads, prospects, and clients.
For instance, you might ask a new prospect:
– Do you already have a real estate agent?
– Are you concerned about your credit?
– Do you plan to move within the next few months?
By listing questions that you need to ask them, you will already have them in your mind when the situation arises. Instead of stumbling over your words, you will come off as competent, confident, and helpful.
Learn about Leases
As a part of working with real estate tenants, you will be helping with leases. Therefore, you need to find out as much as possible about them. Learn about the types of language that are used in leases. Know what each of the parts of a typical lease means and how it impacts the renter. You can learn these things through real estate training courses like Roadmap to Success.
Know Your Boundaries
Many real estate agents just starting out fail to set proper boundaries with customers. So, before you even have customers, you should think about the types of limitations you need to develop. Without boundaries, you could put yourself at the beck and call of someone who takes advantage of you.
To avoid the pressure from overly demanding clients, consider setting a retainer fee when you show rentals. In this way, you let them know that your time is worth something, and they need to think carefully before using more of it.
Time for Action
After preparation, you will be ready to move forward with working with real estate tenants. However, preparation continues throughout your real estate agent career. Continue learning real estate skills and concepts all along the way. However, when you feel your network is ready and your skills and knowledge are sharp enough, you can begin to really push forward until you help your first tenant find a home.