Why listing your rental on the MLS isn’t working
Although the MLS (Multiple Listing Service for Real Estate) is not often used for rental listings in Vancouver nowadays, Torontonians continue to face real frustrations when using a Real Estate Sales Agent to fill their vacancies. Here is why! When you hand over your furnished, or unfurnished, rental to a Real Estate Agent or Broker you are relying on the fact that they will be able to use their expertise to help you thrive in the rental world. Though a sales agent will excel in the world of selling & buying real estate, when it comes to the fast paced world of rentals they don’t always get it right. The residential Realtor and the MLS, both tools that are very powerful in the realm of sales transactions, leaves you wanting when it comes to finding the right tenant, or rentals, quickly and efficiently.
Here are the top 5 reasons why a Sales Agent’s approach doesn’t work for the rental industry.
The strengths of Sales Agents and Brokers lie in the complicated, lengthy and time-consuming process of finding, buying or selling your dream home. However the world of rentals works in the exact opposite way. Quick paced and ever-changing, in the rental industry you have to move quickly, respond even quicker and be on top of moving pieces at all times to avoid vacancy. What Realtors do in weeks and months leading up to a sale, a Leasing Agent must accomplish in hours and days to ensure a timely and successful lease. At Rent It Furnished our leasing specialists work around the clock and are in constant contact with our property owners and our tenants to ensure that no opportunity falls between the cracks.
Tools like the MLS are black holes for rental properties, especially furnished rentals. Because only other licensed agents can access the contact information on the MLS, the listing agent is actually depending on other sales agents to provide them with tenant leads. So not only are you not reaching your target audience (the actual tenant who is actively and often urgently searching for a new home), but you are waiting for two realtors to coordinate. We know from experience that in rentals, this waiting time is often a deal breaker. We believe that you need to get your listings in front of those who are searching. At Rent It Furnished we give prospecting tenants direct access to our available listings on our public website and access to their own agent who specializes in rentals. Tenants contact us directly and things move fast!
We are dealing with two different business models and Real Estate Agents make a larger commission on the sale of a home. Based on that alone, the relatively small commission on a monthly rental doesn’t exactly inspire them to make your vacancy a priority. Most agents won’t even take on a rental unless the lease is of a full year for which you must sign an exclusivity agreement and pay one full months rent as commission. What’s worse is that many realtors will suggest an above market listing price to get the listing, often resulting in prolonged vacancy. We can’t overemphasize the importance of pricing correctly or a tenant will not submit an offer, as is customary in Real Estate sales. We know that a vacancy is the worst place for an owner to be in and we ensure a proper analysis of the rental market for optimal pricing on furnished and unfurnished rentals. At Rent It Furnished our business IS rentals, so every listing is a priority!
Because rentals are not a primary focus for a Realtor or Sales Agent, listings often on the MLS can be quickly forgotten. If a vacancy occurs, the owner is told the market is slow or a small pricing reduction is suggested. The problem, however, remains unaddressed. Relying on another Sales Agent to specifically look for what your rental is offering on MLS is not a proactive strategy. Ensuring a successful tenancy and reducing vacancy requires expertise in the rental market, fast reactions and the active monitoring of the listing. Adjustments must be made quickly and pricing can change monthly. We don’t simply put your listing on our website and hope that it moves itself – WE move it. Our Rent It Furnished Team monitors and communicates efficiently to make sure that all of our listings receive the attention they require.
The world of Real Estate Sales and Property Leasing are incredibly different. As Leasing Specialists we know exactly what needs to be addressed in a rental listing and how the rental industry works. We move quickly and efficiently to avoid vacancy because this is where our expertise lies. Asking a real estate agent to move your rental is like asking an Italian Chef to make you sushi – some skills are transferrable but in the end you won’t get the same results!
Contact a Rent It Furnished agent in your city today or visit us at www.rentitfurnished.com for more information. Find out how we can help you move your furnished or unfurnished rental in Vancouver, Toronto and New York!
Written by Kirsti Heitz