About 5 years ago, I noticed a trend developing in the world of Real Estate- Rentals. Obviously there have been rentals in real estate for as long as there has been real estate, but this was different. As the market, ahem, did what it did and as people went through harder and harder times, a perfect storm was created. One where there was a massively increasing inventory of rental properties available via homeowners, who would have, but could not, sell at break-even, were faced with the nicest of their options- rent it. Then, add in the massive demand for these properties by displaced homeowners who could or would not go that route and were facing Short Sale or Foreclosure. The resulting front that moved in is today’s rental market- high inventory feeding a furious demand.
I was fortunate enough to lay down a solid foundation for a rental “division” of my business early on. I am proud to say that currently, at 50+ rentals, not only is that division thriving, but I am actively working on making it a trend setter. Rental clients (owners) AND their Tenants are treated with the same respect and reverence as any other transaction. Technology is used (leveraged actually) and everyone’s happy!
That being said, I have noticed another trend recently- a slightly more disappointing one. There is an exceptional number of Realtors who are begrudgingly taking rental listings, Tenants and in some cases, property management because they “need” the business.
They just need the business. The funniest part is that I regularly hear the phrase, “I don’t usually do rentals,” from these agents, but somehow they all seem to deliver this line as if to indicate that rentals are beneath them. These realtors are so busy making sure I know they are too good for rentals, they are not noticing that they are doing a terrible job at them. Leases are written wrong, MLS profiles are misleading or inaccurate, Tenants are treated poorly or in ways that border on unethical, all because these people have failed to educate themselves on how to properly handle a rental in today’s market.
I am seeing desperation leading to poorly executed work, which leaves everyone involved unhappy. If you are going to do something, do it right. Educate yourself on facts, processes and talk to others who have done so. It makes you better at your job, allows you to properly serve your clients and shows that you are a business person who recognizes market trends and consistently stays on top of them.
Soapbox out!