An Important Part of the Housing Market
The early adopter train has left the station for most multiple listing services and REALTOR® Associations (not all) on rentals. But it’s not too late to make a place for this growing aspect of the housing industry.
For brokerages and agents, rentals may not bring direct coveted commissions, but they are increasingly an expressway to homeownership and the next client.
Industry forecasters report that home prices are up nearly 13% as compared to the same time last year while rents are stable or dropping. This makes rentals an increasingly significant path to success for brokers and agents. The majority of first-time homebuyers are in a rental at this moment, preparing to one day purchase a home.
So Where Do MLSs and Associations Come In?
Rental support for agents can range from market statistics to technology tools. As with buying and selling support, the goal is to help subscribers and members succeed, seamlessly.
MLSs Can Harvest the Rental Market Opportunity for Subscribers
When you think about the many segments of the real estate market – you think of new home, resale, rental, and commercial. Each of these categories is enormous. The commercial market is solidly locked in by CoStar – but the new home and rental markets are totally open. The problem has been related to the definition of the MLS – offers of compensation.
There are two companies that are making inroads with rental solutions to help MLSs develop market opportunities for rentals. One is Rental Beast – a rental MLS system for lack of a better description. With Rental Beast – compensation is handled differently, but agents can help customers find rentals and more importantly, market rentals on behalf of investors. It is a great upstream opportunity that builds relationships between Realtors and renters and landlords.
Another great company that we are seeing performance success from is RentSpree – in areas like Bright MLS, and statewide with the California Association of Realtors (and many other markets). RentSpree has an easy, affordable rental application process that can be offered as a service by Realtors. Consumers pay the application fee – and there is a revenue share back to the partner MLS or Association.
RentSpree is Unique
RentSpree is the creator of a universal tenant screening process, renter management, and rent estimate report that enables any member to automate his or her screening process within minutes.
RentSpree was the first to offer a digitized version of the California Association of REALTORS® “Application to Rent/Screening Fee” (LRA form). In doing so, brokers and agents can provide rental clients with a one-stop tool that automates all steps of the rental process. California is among a half dozen states where real estate agents handle the most rental listings.
They continue to create strategic tools like rent estimate reports and income verification. Some of the nation’s largest MLSs and Associations work with RentSpree, including California Association of REALTORS®, Florida Realtors, CRMLS, and BrightMLS.
The rental market is emerging and it carves a gateway to homebuyers. With the right technology, Associations and MLSs can elevate their services to members and subscribers.
If you are interested in help improving or launching your rental strategy in your MLS or Association – please contact WAV Group. We can coordinate an Information session for your directors and help facilitate your path forward to success. Click here for more information.
