Why Realtors Need To Understand Rentals
As Realtors not only do we have the opportunity to help people buy new homes and sell their current homes, but often we have the opportunity to help clients who are looking to rent as well.
Yes, I said opportunity! I know often times it can take as much time to help someone find a new home to rent as it does a new home purchase.
As an expert in your marketplace understanding the current trends when it comes to rental properties is important for many reasons.
- When home sellers are on the fence about selling their home or leasing it you will need to have conversations with them about current rental rates, the competition which will include area apartments, and whether property management will be necessary or not and how all of these factors will affect their bottom line.
- Affordability is key when talking with your clients about renting or purchasing a new home. Depending on their ability to buy and what rental rates in the area are, you will be able to help them determine if home ownership is right for them…right now.
- When clients are relocating to your area, and boy have we seen so much of that here in the Dallas area, you will need to educate potential clients who are relocating on how rental rates vary from region to region through out the United States.
One more important thing to remember about your clients who are looking for a new apartment or home to rent, when you are a trusted resource to them and stay in touch for all their real estate needs, they can turn in to tomorrow’s home purchaser and will be a great source of referrals for you too!
Apartmentguide.com puts out an annual report about rental rates and trends across the United States that I find extremely helpful when staying on top of rental trends. Some of the key factors it helps you understand are affordability, rental property availability, and I refer back to it when potential clients are moving in from out of town to get an understanding of what rental rates are where they are coming from.
