Since launching in 2016, RentSpree has served 1.1 million rental units nationwide, Lucarelli said.
Miami real estate agent Yansey Valdes entered the real estate industry in 2010 and has found success by focusing on leasing.Without a network or a clear revenue-generating strategy, Valdez joined For Rent1 For Sale1 Real Estate In Fort Lauderdale, he immediately began working in rentals.
In his first year, Valdez closed an average of three leases per month and earned about $70,000, well above the industry average for new real estate agents.
In January 2023, Valdes established his own brokerage company. residential real estate, where he continues to assist clients with sales and rental listings. Reside Realty has a team of five brokers and currently closes approximately 10 leases per month, generating approximately $100,000 in annual revenue for the brokerage business. Valdez attributes much of his success to his focus on leasing and is now passing on his expertise to new agents.
“Rents are great because they allow you to work right away,” Valdez said. “No matter what the economy is like, the need is always there. There’s always someone who needs a rental. From there, you start talking to people and developing your sales skills.
“Ending a lease is similar to selling a home, but on a smaller scale. You need to talk to the client, conduct a consultation, find what they are looking for, show them what they are looking for, sell their property, write an offer, accept the offer, Seal the deal.
make money
Compensation practices vary widely across the United States, but agents representing landlords typically charge a fee of 5% to 6% of a unit’s annual rent. The commission may also be shared with the tenant if they have an agent.
Alternatively, if the rent is lower, the tenant’s agent may only receive a flat fee rather than a shared fee. Regardless, even in a referral-fee-only market, Valdez still encourages agents to join the business.
“Even in these markets, I still tell agents, ‘The pay may be low, but it’s good for you because you get to talk to people and meet people, which is always beneficial, as opposed to you just waiting.'”
Lucarelli highlighted two reasons why an agent might want to focus on leasing. First, agents can earn commissions on rental transactions, although less than commissions on sales. Second, by working with tenants and landlords, agents can establish a sphere of influence. When those tenants and landlords eventually become buyers and sellers, he said, they are more likely to turn to agents they have worked with before.
“I used to be a real estate agent,” Lucarelli said. “I’ve observed that the most successful agents in my office are doing a lot of leasing deals. It’s their dirty secret because they never talk about it, they don’t get the agent’s support, and they don’t have any idea about how Tools or information to process these rentals.
market reality
As of January 2022, the median home sales price in the United States ($433,100) was nearly six times the median household income ($74,580), according to a report. visual capitalist based on United States Federal Reserve data.
Because of these economic realities, renting remains a popular and practical option for most Americans.According to statistics, the average age of first-time home buyers is 36 years old national association of realtors.
Real estate agents can provide significant added value to landlords and tenants. For renters, agents can provide a streamlined guidance process to ensure a smoother home search experience. In an era when online listings may be outdated or inaccurate, agents can also provide updates and potentially identify off-market opportunities.
Additionally, agents can provide a layer of security and expertise by assisting tenants with paperwork and helping them avoid scams. For landlords, agents simplify the tenant discovery process, saving time and effort.
Rental properties remain in high demand for families who prefer to rent or are unable to obtain home ownership.
February 2024 data from core logic Data show that rents for single-family homes increased 3.4% annually, the fastest increase in 10 months. Rental growth in New York City was twice that rate, at 6.9%, followed by Seattle (+6.8%) and Boston (+6.4%).
Major markets such as Honolulu, San Diego, San Francisco, Detroit and Houston also grew faster than the U.S. average during this period. Conversely, prices in Miami (-3.1%) and Austin (-1.3%) are down year over year.
CoreLogic believes that these trends “may again indicate that Americans are slowly migrating back to larger, more expensive coastal metros.” In contrast, cheaper metropolitan areas such as St. Louis, Charlotte and Orlando are leading the way in rent growth Nationwide February 2023.
Customer accommodation
To Gary Malin, Chief Operating Officer CorcoranIt is important for a real estate agent to be able to meet the needs of their clients.
“We’re in the hospitality business, right?” Marin said. “We’re not in the residential real estate business, we’re not in the sales business. It might be a vehicle for people to make money, but we’re in the hotel business. If you want to create value for your customers in the short and long term, it’s important to be familiar with the market.
“It’s important to be able to help customers with every need they may have. Just because someone has sales plans today doesn’t mean they won’t be a rental customer tomorrow. So I think it’s important to adapt to the overall market.
Anthony DelleCave has been focused on leasing throughout his entire real estate career and now runs a highly successful team with Corcoran in New York City, closing over 500 leases annually. DelleCave attributes his success to building strong relationships within the rental community.
“I’ve stayed true to my path, which is the rental business, and grown with that business,” Dale Kraft said. “Through this activity, I have developed many relationships within the rental community with landlords, brokers, management companies, managers, and everyone who drives the rental business in New York City.
“The sales business just grew on its own. It was similar to sowing seeds. We would plant rental seeds all over the garden and wait for them to bloom. When they bloomed, they would either be rented out in large quantities or they would eventually turn into sales. So, I never focused on it. About sales; I focus on sales. I’ve never really done any sales or anything like that. My sales business is strictly based on leasing.
