Real Estate Rentals

for-rent

Every agent I know is looking for new opportunities for generating additional revenue.  At the same time I hear again and again that many agents are not interested in working on rental properties because there’s “not enough money in it”. Driven by this ambivalence, many MLSs are ignoring the rental market. This perspective is a HUGE mistake, in my view.  Let me share some “fun facts” with you to help you understand why I say that… First: Did you know that experts are now predicting that rental properties will constitute up to 40% of the overall residential real estate market over the next several years? Current trends further suggest that up to 25% of the residential market in 2012 and beyond will be comprised of domestic and foreign investors creating rental properties from the distressed real estate inventory. Second: Are you aware that leading online rental sites collectively generate over 40 million visitors every month?   To put that in perspective, Zillow only generates about 25 million visitors per month.  Along these lines, have you ever noticed how every mobile app for the large portals are now focused on BOTH for sale and rental properties? Third: Zillow just purchased rentJuice for $40,000,000!    They don’t invest that much money just for their health!  They recognize the important shift in consumer’s thinking and they are going to capitalize on it! Fourth: What do you think will happen with renters over time? As the market continues to strengthen, and many reach a time when they want to have a family and backyard, they will inevitably want to purchase a home.  It’s important for brokers and MLSs to WELCOME renters so that when they ARE ready to buy a home, you will already have a relationship with them and they will be comfortable searching for properties with you and on your website. WAV Group has been talking about the need to jump on the rental market for some time, yet very few in organized real estate have responded to this important and urgent need.  There are exceptions of course; Kudos to Utahrealestate.com who now overtly markets both for sale and for rent properties!   Utahrealestate.com is already the number one property site in Utah and they are going to likely maintain that position by offering this important new feature!  Great job WFR MLS! It’s about time for every Broker and every MLS in the United States […]

{ 1 comment }

Rent to Own Graphic

The world has changed.  Many consumers that used to want to live the “American Dream” of homeownership have given up on that dream – at least for now – and have turned to renting, instead of buying.   They may have lost their home, or simply don’t believe that buying a home is a good investment anymore.  Still others simply cannot afford to buy a home because they have lost their job or they have been forced to take a lower paying job just to keep food on the table. Are we just going to abandon these folks because they aren’t buying a home “at this moment”?    We may not be trying to ignore them, but in fact we are by not providing any options for them to learn about rentals from organized real estate. 

{ 0 comments }