5 Steps to Starting a Successful Rental Division

Emily Williams
Published: 01/23/2012
Posted by: RET Staff

In Part 1 of this article, we shared the top 4 reasons that you should consider starting a rental division. The RentJuice whitepaper we used as a reference was pretty compelling, so we’re sure you’re ready to start a rental division of your own. In this article, we’ll cover 5 of the steps you can take to do just that.

This is all courtesy of the same terrific RentJuice whitepaper, which you can download here.

Step 1: Build an inventory. If you want to start working with rentals, you need rentals. There are a variety of resources to help you with this.

• Check your MLS

• Connect with local property managers

• Look at online ads

For a closer look at each of these, read the whitepaper.

Step 2: Get credentialed. Accessing credit reports is an important part of assessing potential renters. In order to be able to pull these reports, you need to be properly credentialed. Use a screening solutions company such as NTN Online to get started with obtaining your credentials.

Step 3: Put together a team of rock stars. Natural talent will only take you so far. One of the ways to prevent turnover and retain top rental professionals is to implement a training program. Also provide access to the technology tools they need to be successful. It is a great strategy to train all residential real estate agents on rentals to refine their prospecting habits of calling rentals along with expired listings.