Are All Real Estate Agents Qualified To Do Rentals?
Lately with the changing market we have been getting a lot of inquiries about rentals. Home owners that can't let go of their properties for current market values are looking to rent them for awhile and people that can't afford to buy are looking for rentals. So are all real estate agents qualified to do rentals? The answer is NO WAY!
Rentals come with a different set of liabilities. There are fair housing laws and lead paint laws that have to be followed and a lot of real estate agents don't take the time to get educated on it all. Also, when you're working with a renter that's out there on their own searching Craig's List and newspaper ads for rentals while you're doing your best to find them one, you risk not getting paid a commission at all when everything is said and done. Know how to handle rentals if you plan on using them to supplement your real estate career. Here are some simple things you can do:- Take classes at your local board or real estate school about Fair Housing & Lead Paint
- Research and know your rental market
- Set expectations upfront with your rental clients on how to search for properties and how you will work for them
- Work out an agreement to represent them to make sure you don't get cut out of your commission in the end
If you are not going to take the time to learn about rentals and how to handle them, don't waste your time trying to do them. It will be a lawsuit waiting to happen. There are plenty of agents that would be happy for the referral so toss it over to the one you know will do a great job on it.
Just because someone has a real estate license it does not mean they are qualified to handle rentals for you!
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