It might seem like a conflict of interest for realtors and rental property managers to partner with each other; however, there are many benefits to both parties when realtors and property management companies work together. Working with a property management company can help you grow your business as a realtor. If you're looking for a new way to retain clients and make more sales, keep reading.
Property Management Companies Bridge a Gap
When the market is good, business is good. When the market suffers, your business as a realtor probably suffers, too. Sometimes it's feast or famine in real estate. When a house doesn't sell, you lose a client. You also lose money.
What if there was a way to keep your client, even when their house doesn't sell? You could also reduce the financial impact on yourself when sales are slow. Here's where a property management company bridges the gap for both you and your client.
A Realtor Partnership Program
Partnering with a property management company gives you a solution to offer clients when their house stays on the market too long or doesn't sell no matter what you do.
Does the home need repairs? Is it overpriced? Do your clients have a price in mind, and they won't accept any lower offers?
Rather than lose the sale and the clients, become the hero. Offer your partnership with a property management company to put the house on the rental market.
But how does it work? Do I lose the sale and the client by changing their "home for sale" into a "home for rent?" No, not with the Realtor Referral Program. It works in your (and your client's) favor.
How Does it Work?
Your clients have a house that won't sell. Maybe the market is bad, or the house needs some work - or both.
You might also work with real estate investors. When they buy homes as rental properties, they'll need a property management company to manage the properties. If you bring them a one-stop solution with your services to help them purchase more properties and a property management service to manage the properties, your business will grow.
You bring them to your partner property management company with the idea to put the home on the rental market as a short term practical solution.
While a professional property management company manages the property, wonderful things happen.
- Rent: Your client's property might not be ideal for the market as a sale. But as a rental, it could be perfect. Your property management partner evaluates the rental market and sets the best rental price for the home. Instead of the property continuing to sit empty (indefinitely) while you wait for a sale, it earns income for your clients.
- Repairs: Professional property management companies handle property inspections and maintenance for all properties under their management. Your clients are now landlords. Their property must provide a safe environment for tenants. If they were reluctant to make repairs to sell the home, some repairs might be necessary for the home to house renters.
The property manager handles all the repairs. Rent paid by your tenants offset repair and maintenance costs.
- Rest: Give the "for sale" market a rest. Give the home time to build equity. Wait for the market to improve. Give your clients the opportunity to earn income without having to manage their property.
When do you get your client back? When they're ready to put the house on the market for sale again.
The Realtor Referral Program Guarantees You Keep Your Client
We've explained how your client wins in this scenario. How does it benefit you as a realtor?
You win in two ways:
- You earn a referral bonus for bringing your clients to the property management company.
After your client signs with the property management company and the home has its first tenant, you get paid. The property management company guarantees this fee in return for the referral.
- You get your happy clients back when they are ready to sell.
Putting the property on the rental market is a short-term solution to bridge a gap for you and your clients. Part of the guarantee with your property management company is they send your clients back to you when the market improves, and they're ready to sell the house.
The Realtor Referral Program Helps Your Business
Keep more clients when you partner with a rental property management company. Plus, earn a little bonus money when you refer a client and their home.
JMZ Management is proud to offer the Realtor Referral program. Our full-service property management services can help your clients get through a tough time when their home sale doesn't go as planned. We do everything from pricing the rental to finding tenants and collecting rent.
As a realtor, when you have this type of partnership as part of your services, you'll stand out above other realtors in the market. It's a hassle-free solution for you and your clients.
Click the link below to find out more and join our Realtor Referral program!