In the past, many tenants found places to live on their own. At the same time, only a few real estate agents offered their services to tenants. However, tenants and agents have become more attuned to the benefits they can offer each other. Consider the following advantages tenants and agents can gain from working together to find the ideal home for the tenant.
Benefits for Renters
It’s important for you, as an agent working with real estate tenants, to understand why renters would want to work with an agent in general and with you specifically. This not only helps you sell yourself to them, but it also guides you in providing the services that are important to them.
Zeroing in on the Ideal Home
When renters look for a home on their own, they may have to search for and view an incredible number of rental properties before they find one that is acceptable to them. In fact, they may end up settling for something they don’t really want, just to be done with the process.
However, as a realtor working with real estate tenants, you have the skills and market knowledge to find them their ideal home. First, you ask questions and get to know the tenant, their needs, and their preferences. Then, you tap into your vast sources, sorting through and narrowing down the options to find rental homes suitable for them. In the end, they usually find a home faster and without having to view places that would never appeal to them.
Negotiating the Rental Price
All too often, renters who search on their own don’t realize that the asking price for a rental home may be negotiable. They may accept the asking price without even questioning it. Yet, once you point out the listing price is probably not set in stone, they are often more inclined to use an agent for the transaction. In addition, you can present yourself as a good negotiator, pointing out examples of times when you achieved excellent results through your negotiation skills. Then, they will be more likely to choose you as their agent.
Advising on Rental Agreements
Renters may not be aware that they have choices when it comes to the rental agreement itself. Besides that, they may not understand the rules they are agreeing to when they sign or what their rights are as a tenant. As an expert in working with tenants, you can explain all the parts of the agreement, advise them of their rights and options, and negotiate the terms of the contract.
Benefits for Agents Working with Real Estate Tenants
As a real estate agent, you may wonder why you should be working with real estate tenants. After all, you may have gotten your real estate license in the first place because you wanted to list real estate for sale. Yet, there are several reasons why you might want to consider working with renters.
Build Your Referral Base
One problem many new real estate agents face is that they don’t have much experience or any past customers. There is no one who can send them referrals. One way to overcome this dilemma is by working with real estate tenants. Renters are less likely to demand that the real estate agent they choose has extensive experience. Therefore, you can serve them well, impress them, and gain the referrals you need to build your business.
Have a Larger Pool of Potential Customers
When you choose the option of working with real estate tenants, you will discover that the pool of potential customers is vaster than you ever imagined. One reason for this is that the most experienced real estate agents rarely choose this path. Therefore, there are more clients available in this sector for new agents who are trying to gain experience and get referrals.
Learn the Local Market and Neighborhoods
As you take the tenants to various rental properties, you can learn the neighborhoods in your local area well. This prepares you for finding properties for sale for buyers or marketing the advantages of the neighborhoods for sellers. As you learn about the local rental market, you are not only building expertise for working with real estate tenants. You are also gaining knowledge about the market for buyers and sellers.
Practice Realtor Skills
Throughout the time you are working with tenants, you gain practical experience in many skills you will need in all phases of your real estate career. Some of these skills include:
– Reading, completing and explaining contracts
– How to market properties
– Following Fair Housing rules
– Negotiating terms
Choose Your Career Path
When you start out working with real estate tenants, you set yourself up for whatever career path you choose. With the knowledge, skills, and experience you gain during this time, you will have more insight into what type of real estate career you would prefer. You could continue to work with tenants, become a buyers’ agent or a sellers’ agent, work in commercial real estate, or seek out investment companies to serve.
Gain Financial Rewards
While listing real estate for sale may bring bigger rewards, working with real estate tenants usually brings faster and steadier payments. In addition, you will probably have more customers, so there will likely be a larger number of payments. So, you can certainly benefit financially from working with tenants.
How to Learn about Working with Real Estate Tenants
Learning how to work with tenants is the first step to gaining these rewards. However, you need to know where to start. Fortunately, you can advance your training with real estate training courses. Learning real estate methods, rules, and skills will prepare you for working with renters. Choose the Roadmap to Success Tenants course for specialized real estate training in a convenient online course. Then, you will be ready to find your first tenant the rental home of their dreams.