Not all landlords opt to avail of the services of rental real estate agents. They may like doing the advertising and maintenance themselves, particularly those who have only one or two properties for rent. Some simply doesn’t have the budget to do so. But for those who want to hire a rental agent, they would prefer someone with experience and can get the job done.
For those landlords who are just starting to search for agents to hire, you should expect them to ask you various questions, so be prepared to answer them. I’ve listed down the common things landlords ask rental agents before they hire them.
“Do you have partnerships with other businesses and service providers?”
Damages and issues may occur during a tenant’s lease. It cannot be avoided completely. The agents are responsible to fix these certain damages but it does not mean that they will do the actual work. They will hire the experts whom they trust can get the job done.
Most likely, your agency has a network of service providers that they partner with. When there are damages that need fixing, you will automatically call them. Be prepared to have a list of the companies that you work with to show them that you have ready solutions for possible issues.
“Can you provide statistical data that can prove your success rate in closing deals?”
Sometimes, no matter how much you try and impress them of your skills and what you can do, they will not be satisfied until they see proof that you were able to fill in vacancies in the past. Show them factual data with a specific number of clients that you have found tenants for. It’s good to also have a list of clients that continue to avail of your services.
“How will you advertise my properties?”
This plays a major reason why landlords would like to hire real estate agents: they are good at advertising properties. They have the knack for knowing what people want and they usually have a large network of agents, landlords, and tenants that can be beneficial.
If the landlord asks you this, enumerate and specify your marketing strategies. Do not just say “I’m going to post it online.” That is too vague. Say “I’m going to put up a property listing at Padleads because then I can easily syndicate it to other rental websites to gain traffic. A lot of people will see it because the web pages it will be syndicated to are frequented by home hunters.”
Mention that you also conduct open houses and virtual tours in addition to advertising online. Let them know that you will study which market will likely go for the kind of property they have.
“How do you tell if a tenant is good?”
An experienced letting agent already knows what to look for in a good tenant. Not only will you look at credit scores and income, but you also have to check out their background and past rentals. After acquiring the information, you go the extra mile by verifying the accuracy and authenticity of the data.
A high number of tenants who have completed their lease and renewed it is strong proof that you know how to choose reliable tenants.
“Do you have records of satisfied clients?”
Nowadays, it is very common for customers to leave feedback about their experiences. And with the internet being accessible to everyone with a computer and a smartphone, the landlord can check past customers’ feedbacks. It should be highlighted on your web page and social media.
“How much do you charge?”
It is best to present a breakdown of what your services you will include and how much it would cost them. They would prefer it if there is transparency in the expenses so that they will not be caught off guard when it’s time to give you what you are due.
“How much do you think I should charge for rent?”
Experienced letting agents must have an idea of rental rates in different areas. Even if you don’t have properties in a certain area yet, it would be a competitive edge if you study rental prices on different cities and states.
If you were able to study that landlord’s property beforehand, it’s good to already have a price in mind based on specific features of the property and the area it is located. Point out the parts of the property that will give them a reason to charge more or less, like the number of bedrooms, the land area, or even surrounding establishments. If you can, show them similar properties that have the same market value as theirs so you can easily compare the rates.
Remember to always be prepared for these kinds of questions. This is when a landlord will evaluate your skills as a letting agent because they want someone prepared and experienced. A good first impression plays a very significant role and you only have one chance to make a good impact.