First-ever Rental Expert Series Report Looks at the 2023 Rental Market
As part of the new Rental Expert Series, Rental Beast has created the 2023 Market Report, which includes 2024 market predictions, sentiments from property owners, and 2023 rental data. The program is designed to provide real estate professionals with valuable insights, data, educational content, and more to help them succeed in rentals. Report Summary In 2024, home prices are expected to remain flat or slightly decrease, with projections showing a downtick of less than 2%. Home sales are anticipated to slightly increase, supported by new construction, while existing home supply remains sluggish. Mortgage rates are predicted to range from 6% to 7%, and housing affordability challenges are likely to persist. Rents are expected to rise slightly, with some variations in projections, driven by high demand for rentals. The multifamily sector is a key focus, with an influx of new inventory potentially leading to increased concessions to boost occupancy. In the last quarter of 2023, the sentiment among property owners regarding median rent indicates a cautious or stable outlook, with 75% expecting rents to remain the same through June 2024. Despite a competitive housing market, 26% of property managers report a decrease in rental applications. Rental data for 2023 in 12 metropolitan statistical areas (MSAs) indicates a general downward trend in median rents for various property types throughout the year. Three-bedroom homes are still, on average, the priciest rental type, ending Q4 with a median price of $2,199. However, if you're splitting the rent with roommates, it's more affordable than a one-bedroom, which came in at $1,735 in the final quarter of 2023. Residential Rental Statistics This snapshot of the 2023 residential rental market illustrates key indicators like average rent prices, days on market, and percentage change of available listings to provide insights into current trends and market dynamics: Median Rent and Concessions Quarterly median and yearly average rent changes compared with percentage of listings with concessions: In 2023, rental data shows consistent trends for rental listings with concessions. Colorado Springs led with the highest percentages throughout the year, reaching 48% in Q2. Atlanta also maintained relatively high levels, while Boston consistently recorded lower percentages. Overall, the national average in MSAs analyzed for rental listings with concessions in 2023 stood at 18%. Get More with the Rental Expert Series The Rental Beast 2023 Market Report is a critical resource for real estate professionals navigating the ever-evolving rental market. Sign up for the Rental Expert Series here to stay on top of the rental trends and get insights about the market. To view the original article, visit the Rental Beast blog.

Unlock the Secret to Keeping Clients
Welcome back to our "Tips and Tricks Tuesday" series, which highlights articles around a monthly theme. October's theme is "Never Lose Another Client." Read on for tips and tricks on maintaining long-term relationships with your clients: In the competitive world of real estate, keeping clients happy and loyal is essential. Rental Beast offers tools to help you maintain strong client relationships and reduce the risk of losing them: Swift Lead Responses Client retention often hinges on how quickly you respond to inquiries. If you respond to a new lead within the first minute, your likelihood of contacting them increases by over 200%. Having an automatic lead response system set up to dispatch an email as soon as a lead enters your pipeline is critical. Rental Beast users can set up a customizable rapid response using the client communications tool to improve the chances of retaining clients. You can also set up reminders and be CC'd to ensure you stay on top of contacting leads. Tailored Qualification Questions Qualifying your lead as soon as they come in helps understand a client's needs, which is the foundation of exceptional service. You can proactively guide them toward the ideal property or determine if they qualify as a buyer, giving them confidence in your abilities as a real estate professional and strengthening your client-agent relationship. The Rental Beast client communications system lets you send a qualifying questionnaire to the lead as soon as they come through, allowing you to determine the best path forward for your first contact. It also allows you to take notes and keep a digital record of past communications so you don't have to track them manually, saving you time and money. Lease Renewals That Work for You Staying on top of lease renewals allows you to reconnect with the renter and the property owner. If your client is not renewing their lease, you can help them find a new place and the property owner find a new renter. According to a report by the National Association of REALTORS®, 89% of homebuyers would use their agent again or recommend them to others. By maintaining relationships with those renters, once the lease renewal date comes around, it may be time to buy a home, giving you the perfect opportunity to check in with them. Adding your clients and their lease dates to the Rental Beast platform sets you up for automatic reminders and success. Start using Rental Beast today to refine your client retention strategies and witness its positive impact on your real estate business.

How to Accurately Price Your Rental Property
Accurately pricing your rental property is crucial to attracting the right tenants and maximizing profits. Setting the right price can be challenging, but by following a few simple steps, you can ensure that you get the most out of your investment. Know your market The first step is to research your market. Examine supply and demand for the rental properties in your area – if demand is low, but supply is high, you may need to price your rental a bit lower to be competitive. It would be best to do a comparable market analysis of nearby properties to understand how to price your rental. Don't go based on this number alone, but it's a great starting point. You can find this information by researching online and looking at various rental listings. You can also pull this information from your MLS or use software such as the Rental Beast CMA tool to compare properties and their pricing. Consider the property's unique features Once you understand the rental market in your area, think about your rental property's unique features and amenities that may increase the rent's value. What makes your property stand out from others in the area? Does it have any amenities that other properties don't have? Does it have upgraded kitchen and laundry appliances? Does it have good parking options for the tenants? Highlighting these features can help you attract tenants and set your property apart from others, so it's essential you factor them into the rent price. Factor in costs Next, you must factor in all the costs of owning and maintaining a rental property. Calculate all the expenses, including mortgage payments, taxes, insurance, repairs, and maintenance. Once you know how much it costs to operationalize a rental, you can determine the minimum rent needed to cover them. Remember that if you have more than one property, this can impact the minimum amount of rent depending on your financing for each property. For example, if you have two rental properties but only one has a mortgage, your minimum amount may change for both because the rent of the mortgage-free house goes further. You should also decide if you want to include utilities in the price. Set a competitive price After you've researched the area, done a comparative market analysis, assessed the property's features, and determined the minimum amount of rent, you can set your price. Once you have that rental price in hand, do one more check of the area and see how it compares to the rest of the neighborhood. If it's significantly higher than the average in that area, consider adjusting it to be more competitive. Consider offering incentives, such as a lower security deposit or a free month's rent, to attract tenants. To view the original article, visit the Rental Beast blog.

How to Negotiate a Commission for a Rental Listing
Before you dive into commission negotiations, you need to understand why a rental property owner or manager may choose to have their listing labeled as "negotiable" or "no" commission. Here are a few possible reasons: The listing is brand new, and they want to see if they can secure a tenant without paying a broker fee. They are open to paying a commission but have yet to determine what they want to pay and would instead decide when an agent approaches them. They are open to paying a commission but do not want to be tied to a specific amount. How to prepare for a negotiation Research the property and area before you approach the property owner or manager. Here are some critical pieces of information to look for: Price change or status update: A decrease in the price change or a recent status update to the listing often indicates a property owner would be more open to a commission. This tends to apply to property owners who initially wanted to see if they could fill the vacancy without an agent first. Date available or days on the market: If a property is significantly past the available date or has been sitting vacant for a while, it increases the chance a property owner or manager is ready to pay a fee. Market analysis for comparable properties: It can help your ability to negotiate when you know what other property owners are offering. This is helpful when dealing with property owners who are open to a commission and unsure about the amount to offer. Move-in specials: Move-in specials and who pays the fee are essential to a client. If the rent for two units is the same, the deciding factor for your client could be how much they have to pay upfront. You can let the property owner or manager know that the other unit is offering a special or paying your commission fee, which makes that unit more desirable for your client. How to negotiate the commission Negotiating is expected in real estate, so do not shy away from these conversations. Remember, you and the property owner or manager share similar goals and want to close the deal. The key to a good negotiation conversation is to: Sell your tenant client early and be clear about your concern: Let the property owner know that you have a ready and qualified (secure job, rental history, finances, etc.) client interested in their listing. However, you are concerned about the commission and hope the property owner can address it. Support your commission request with relevant information: Ultimately, you aim to educate them on how a commission can help both parties complete a transaction. Start high and work from there: Be prepared for them to ask about the amount you are requesting for your broker fee. After stating the amount (one-month rent is often standard), stay quiet and wait for the property owner to respond. If they are reluctant to accept an entire month, you can negotiate down to 75% or even 50% of one month's rent. Offer to bring value to the table: If relevant, you can provide additional value by helping the property owner with the rental application, tenant screening, and lease process to expedite and simplify the process. Please note that this is not a value proposition you should make when dealing with property management companies, as they typically have systems in place. Make it easy and fast for them: Once you've agreed on the amount, you must get the agreement signed ASAP. The best practice is to have the form prepared before the call. Then, you can confirm their email, send it to them while on the call, and have them electronically sign it. Once you get the first rental commission negotiation under your belt, you'll be ready to take on more! It's an iterative process so constantly try new strategies to find the ones that work for you. To view the original article, visit the Rental Beast blog.

Tapping into the Vacation Rental Market: Opportunities for Real Estate Agents
Calling all real estate agents! Are you looking for new avenues to explore in the ever-evolving world of property sales? Look no further than the thriving vacation rental market. With the rise of online platforms and an increasing preference for unique travel experiences, the vacation rental industry has opened up exciting opportunities for agents to expand their horizons and boost their businesses to help their clients out! In this article, we will delve into the world of vacation rentals and discuss how real estate agents can tap into this lucrative market. The Vacation Rental Boom The days when hotels were the only lodging choice for tourists are long gone. Today, a growing number of travelers choose to stay in vacation homes that provide a home away from home. Vacation rentals give visitors the chance to experience local life while offering privacy, flexibility, and a one-of-a-kind experience. They can be found in a variety of settings, including cozy cottages, opulent villas, and urban apartments. Unleashing the Potential As a real estate agent, you can leverage your existing skills and expertise to help clients tap into the vacation rental market. Here's how you can make the most of this opportunity: Identify Lucrative Locations: Research popular tourist destinations and emerging markets with high rental demand. Coastal areas, mountain retreats, and urban hotspots are often sought after. Stay updated on travel trends and consider unique selling points that could attract potential renters. Help Clients Acquire the Right Properties: Seek out properties that possess vacation rental potential. Look for features such as spacious layouts, attractive amenities, and convenient access to local attractions. Remember, vacationers are seeking comfort and convenience during their stay. Optimize Property Listings: Craft appealing and detailed property listings with professional photographs that showcase the property's best features. Highlight nearby attractions, local amenities, and any unique aspects of the property. Use persuasive language to entice potential renters and make your listings stand out from the crowd. Establish Partnerships: Collaborate with local businesses to offer additional services to your vacation rental clients. Partner with local tour operators, restaurants, or transportation services to create attractive packages that enhance the overall vacation experience for your renters. The Power of Online Platforms In today's digital age, online platforms are the go-to place for vacation rental bookings. Listing your client's properties on popular platforms like Airbnb, HomeAway, and VRBO can give you access to a vast pool of potential renters. Ensure your property listings are optimized with accurate pricing, availability calendars, and attractive descriptions to capture the attention of travelers. Stellar Customer Service In the vacation rental industry, success depends on providing exceptional customer service. Make sure the tenants of your client have a simple and enjoyable experience from reservation to check-out. Respond to questions right away, be clear when communicating, and take care of any problems that may occur while the guest is there. Positive customer feedback and recommendations from friends and family can have a big impact on your business. Stay Compliant Familiarize yourself with local regulations and legal requirements governing vacation rentals. Stay up to date with zoning laws, permit requirements, and tax obligations. Compliance is crucial to avoid any legal issues that could impact your client's business and reputation. Embrace Technology Utilize technology to streamline your client's vacation rental business. Utilize property management software to automate tasks like reservations, bookings, and guest communications. Digital keyless entry, smart home technology, and online booking systems can all improve the overall guest experience while streamlining business processes. To conclude, the vacation rental market presents a golden opportunity for real estate agents to expand their business horizons. By identifying lucrative locations, acquiring the right properties, optimizing property listings, establishing partnerships, leveraging online platforms, providing exceptional customer service, and staying compliant, real estate agents can tap into this booming industry and capitalize on the demand for unique travel experiences. So, take the plunge, and unlock the potential of the vacation rental market. Your clients and your business will thank you for it! Remember, with the right approach, a little creativity, and a passion for providing memorable experiences, real estate agents can carve out a profitable niche in the vacation rental market. Happy renting! To view the original article, visit the Transactly blog.

Building a Homebuyer Pipeline Through the Residential Rental Market
As a new real estate professional, building a client base can be a daunting task. One effective strategy is to use the residential rental market as a way to build your homebuyer pipeline. By establishing relationships with renters early on, you can position yourself as a trusted source of knowledge and advice to potentially help renters buy a home down the line. Establishing Relationships with Renters The first step is to establish relationships with renters. This can be done by reaching out to property management companies, offering your services at universities/colleges, and utilizing online rental platforms such as Rental Beast. Once you form a connection with a renter, it's important to provide them with your expertise in the housing market so they see you as a trusted source of knowledge, and with excellent customer service so you leave a good impression. This will leave a mark in their mind so that when they are ready to make the jump from renter to buyer, they think of you first. Converting Renters into Homebuyers While your primary goal may be to help renters find a great rental property, it is important to consider the long-term potential of converting them into homebuyers. As you establish relationships, make sure to keep in touch and provide them with valuable information about the home-buying process. Keep them up to date on new mortgage rates, first-time homebuyer options, and more. When the time is right, suggest the idea of homeownership and offer your services as a real estate professional. Leveraging Referrals Another benefit of working with rentals is the possibility of referrals. Renters may have friends or family members who are also in the market for a home (to rent or buy), and by successfully working with them, you increase the likelihood of receiving referrals. Make sure to follow up with your clients after the rental process and continue to stay in touch via email or text, especially as they approach the end of their lease term. By building a solid network of satisfied clients, you can continue to grow your pipeline. To view the original article, visit the Rental Beast blog.

How to Identify Red Flags on Rental Applications
If you are looking for rental horror stories, you need look no further than Buzzfeed and social media sites like Reddit. You'll find stories of unpaid rent, damaged apartments, unreasonable tenants, scams, and unpaid utilities and charges. No landlord or property manager wants to rent to this kind of horror-story tenant. Fortunately, there are ways to protect yourself and prevent getting into a contract with this type of person. Protect yourself by avoiding red flags on rental applications. Lack of Rental History Lack of rental history can be a red flag on your rental application, but it depends on the circumstance. For example, if your tenant is younger, it would be absolutely normal for them to have a limited history noting they have been living with family. The pandemic also sent many hardworking persons home to live with family, so it wouldn't be odd to have a limited set of referrals during this time. Another reason a rental history may be limited for a good reason is if the person was a homeowner and has now shifted to rentals, such as after a divorce. Lack of rental history becomes a red flag when there isn't a good reason why this history can't be provided. Be aware of applications without rental history or reason. Self-Reported Credit and Income Most people will honestly report their credit and income if asked. Some prospective tenants will also attempt to save on fees by providing their own verification, such as providing a credit report of their own to help avoid additional fees. Yet while most people are honest, the few that are not create a red flag for the rest. Self-reports are a simple way for bad renters to falsify information by sharing outdated reports or pay stubs or digitally altering information. Since most people don't have the skills to create a "Catch Me if You Can" style con, an experienced property manager may be able to spot a fake. If you don't feel confident in this evaluation, however, it's best to get your reports directly from credit agencies and/or employer verification. Hurry, Hurry, Hurry Prospective tenants in a hurry can be tenants with a problem. Watch out for a red flag when tenants appear to be in an unreasonable hurry. An unreasonable hurry could include refusing to view the rental before submitting an application, especially if the renter is local (long-distance renters can take a video tour). Rushing through the paperwork without reading and/or asking the landlord to waive any part of the process should be a red flag that the prospective renter may have something to hide. Offering cash in lieu of research, such as an additional deposit to avoid a background check is an example of hurried tenants to avoid. A reasonable hurry includes a tenant whose previous rental is being sold, is relocating because of a job offer, or even trying to meet an end-of-month rental deadline. In today's current tight housing market, it may seem as if everyone is in a hurry. Your best tools to tell the difference are by balancing this task with the rest of the rental application information. Incorrect or Missing Information Some renters with a poor rental history will attempt to gloss over their red flags by either omitting or falsifying application information. Avoid this red flag by making sure applicants are informed up front that incomplete applications will not be processed. Use common sense measures to cross-check self-reported information such as checking a driver's license and using third-party verifications such as employment income tools as well as credit and or background check agencies. One commonly falsified set of information is personal references. After all, it's not too hard to ask a friend to say you'll do a great job. Because of this flag, many property managers are moving away from the request for personal references. Instead, property managers are seeking former rental references from landlords and property management to better gauge a renter's qualifications. Personal references may still be appropriate for situations listed earlier if a renter has a limited history or life change. Identifying these red flags in prospective renters will help you better manage your rental, and create a more fair and equitable opportunity for future renters. Understand that a red flag simply means you need to explore the situation further, and is not always an automatic denial. To view the original article, visit the Wise Agent blog.

The Impact of the Sharing Economy on Real Estate Agents: A Look at Airbnb and More
The sharing economy has revolutionized the way we consume goods and services. Platforms like Airbnb, Uber, and TaskRabbit have changed the way we travel, commute, and even complete everyday tasks. In particular, Airbnb has disrupted the real estate industry by allowing property owners to rent out their homes and apartments to travelers. This has had a significant impact on real estate agents, who must adapt to the changing landscape of the industry. In this post, we will explore the impact of the sharing economy on real estate agents, with a focus on Airbnb and other short-term rental platforms. Airbnb and the Rise of Short-Term Rentals Since being founded in 2008, Airbnb has grown to become one of the most well-known websites for short-term rentals worldwide. Property owners can advertise their houses, apartments, and even extra rooms on the platform for rent by tourists. By providing a less expensive and more individualized alternative to conventional hotels, Airbnb has revolutionized the hospitality sector. The growth of Airbnb has presented opportunities and challenges for real estate agents. On the one hand, Airbnb has made it simpler for home owners to rent out their properties on their own without a real estate agent's assistance. In the conventional rental market, this has resulted in a decline in demand for real estate agents. On the other hand, Airbnb has also created new opportunities for real estate agents. Many property owners who list their homes on Airbnb may need help with managing their properties, marketing their listings, and navigating local regulations. Real estate agents can provide these services and earn commissions from the property owners. Let's take a closer look: The Pros and Cons of Short-Term Rentals While Airbnb and other short-term rental platforms have created new opportunities for real estate agents, they have also created challenges. One of the biggest challenges is the impact that short-term rentals can have on local housing markets. In areas where there is a high demand for short-term rentals, like New York and San Francisco, Airbnb has come under fire for allegedly raising rents and squeezing out the availability of affordable housing. Due to this, local governments have begun to impose restrictions on short-term rentals, including caps on the number of days a property may be rented out and documentation requirements for hosts. Working with short-term rental properties requires real estate agents to navigate these rules and make sure their clients are compliant. In order to avoid legal troubles and possible fines, you may have to go through a lengthy and complicated process. Despite this challenge, there are also many benefits to short-term rentals for real estate agents. Managing properties for short-term rentals is one potential growth area for real estate agents. The demand for property management services will increase as more owners use websites like Airbnb. These services can be offered by real estate agents, who will be paid commissions by the property owners. The creation of new technologies to support the sharing economy is another potential growth area. Artificial intelligence (AI) could be used to assist property owners in optimizing their listings and pricing, while blockchain technology could be used to create safe and transparent rental agreements. It is important to note that the way the real estate industry develops over the next few years will ultimately determine how the sharing economy will affect real estate agents. Real estate agents who are open to innovation and adaptation will find opportunities despite the challenges and uncertainties. For real estate agents who are looking to navigate the sharing economy, it is important to stay informed about the latest trends and regulations. It is also important to develop a deep understanding of the needs and preferences of both property owners and travelers. By doing so, real estate agents can position themselves as trusted advisors who can help clients navigate the complexities of the sharing economy. In conclusion, the sharing economy has had a significant impact on the real estate industry, particularly with the rise of short-term rental platforms like Airbnb. While this has created challenges for real estate agents, it has also created new opportunities for those who are willing to adapt and innovate. As the industry continues to evolve, real estate agents must stay informed and position themselves as trusted advisors who can help clients navigate the complexities of the sharing economy. By doing so, they can ensure long-term success in a rapidly changing industry. To view the original article, visit the Transactly blog.

Property Management 101: Tips for Real Estate Agents
As a real estate agent, property management can be a challenging but rewarding aspect of your business. Properly managing properties can help maximize profits for your clients and ensure that their investments are well taken care of. If you feel like this blog post is for you, continue reading on for eight great property management tips that real estate agents can keep in mind! 1. Communicate effectively with your clients. It's important to keep your clients informed about the status of their properties and any issues that may arise. This includes providing regular updates on the financial performance of the property, as well as any maintenance or repair needs. Make sure to also establish clear lines of communication so that your clients know how to get in touch with you when they have questions or concerns. 2. Set clear expectations for tenants. When working with tenants, it's important to establish clear rules and expectations from the start. This can help prevent misunderstandings and conflicts down the line. Make sure to outline the terms of the lease agreement and explain any rules or policies that tenants need to follow. 3. Stay organized and keep good records. Property management involves managing a lot of different details, so it's important to stay organized and keep good records. This can include keeping track of financial documents, maintenance records, and communication with tenants and clients. Investing in a good property management software can also help streamline your workload and keep everything in one place. 4. Stay up to date on local laws and regulations. As a property manager, it's important to stay informed about local laws and regulations that may impact your clients' properties. This includes zoning laws, rental regulations, and any other laws that may affect how you manage the property. 5. Invest in regular maintenance and repairs. Properly maintaining a property is key to ensuring that it stays in good condition and is attractive to tenants. This can include routine tasks like cleaning and landscaping, as well as more significant repairs or renovations as needed. By investing in regular maintenance and repairs, you can help prevent bigger problems from arising and protect your clients' investments. 6. Screen tenants carefully. Choosing the right tenants is crucial for successful property management. To find reliable and responsible tenants, it's a good idea to conduct thorough background and credit checks. This can help you identify any red flags and make informed decisions about who to rent to. 7. Be responsive to tenant needs. Tenant satisfaction is crucial for maintaining a successful rental property. Make sure to be responsive to tenants' needs and concerns, and work to resolve any issues in a timely manner. This can include everything from repairs and maintenance to questions about the lease agreement. 8. Set competitive rental rates. Setting the right rental rate can help attract quality tenants and maximize profits for your clients. To determine a competitive rate, consider factors like the location of the property, its condition and amenities, and the local rental market. Regularly reviewing and adjusting rental rates can also help ensure that you're maximizing profits over time. Overall, being proactive and keeping a close eye on the market can help you make informed decisions about how to price your rentals. Overall, effective property management requires a combination of good communication, organization, and attention to detail. By following these tips, you can help ensure that your clients' properties are well taken care of and that their investments are maximizing profits. Credits to the following sources for the inspiration behind this post! Make sure to check out their articles as well for great property management tips. Upkeep Media Servicemaster Clean Reminder Media To view the original article, visit the Transactly blog.

[Podcast] Lead Gen and Leveraging Data with Ed Carey of Audience Town
In this episode of It's Closing Time, RentSpree CEO Michael Lucarelli sits down with Ed Carey, Founder and CEO of Audience Town, a digital advertising platform designed for real estate. In addition to talking about Audience Town's advertising products, they also dive into how lead-gen technology shifted during the pandemic and how real estate agents should be leveraging data.  

[Podcast] Growing Your with Technology with Matthew Kuchar
In this episode of It's Closing Time, Matthew Kuchar of Showami sits down with RentSpree CEO Michael Lucarelli to discuss technology tools for real estate agents and how agents can extend their professional network with PropTech tools. Showami is a service that connects licensed real estate agents with other licensed real estate agents to assist with buyer showings. Learn more about Showami at www.showami.com.  

How to Become a Real Estate Agent: Getting Your First Clients
There's lots of great perks to being an agent -- you set your own hours, enjoy unlimited earning potential, and help people find a home that suits their needs for the right price. Before you start, ask yourself if you have the right disposition. You'll need top notch sales acumen, great negotiation skills, and the ability to act compassionately and prudently. Start your journey into real estate by learning up on the basics of how to become a real estate agent, and see how you can grow your business with rentals. The Basics Getting Your License It is required by law that all real estate agents must have an active real estate license, so all real estate hopefuls must begin with getting a license (and keeping it active!). Here's the basic process: you'll take a pre-licensing course, pass a state exam, and file a real estate license application. The specifics of this process will vary from state to state, so make sure to do your research on what education you need to become a real estate agent in the area in which you wish to work. States have different requirements for real estate licenses, so if you're planning to relocate, make sure that you're getting licensed in the state you wish to practice real estate in. Make sure to budget both your time and money. The amount of "credit hours" required varies from 63 hours in Florida to 180 hours in Texas, and real estate education can cost anywhere from $200 to $1,000. In addition to taking various real estate courses, you'll need to pass a background check and will have additional costs associated with signing a brokerage. If you know a real estate agent who is active in your area, reach out to them and ask them any questions you have. They'll be able to speak from recent experience (and may be able to send some referrals your way). There's a lot more to getting your real estate license! Do your due diligence before you start, and make sure this choice makes sense for you. Finding the Right Brokerage Most states require new agents to work with a brokerage for at least two years. While you may eventually decide to become a free agent, working at a brokerage will show you the ropes of real estate, and many brokerages will help you continue your education and connect with valuable resources like a mentor. Here are some factors to consider as you chose a brokerage: do you want to work for a larger brokerage with name recognition or a local boutique brokerage that will give you more attention and growth potential? What is the brokerage's commission split? What opportunities do they have for further advancement? Take to the internet and see if you can connect with agents and brokers who work for your chosen brokerage. Become a REALTOR Licensed, signed with a brokerage, and ready to go, right? Not quite. You'll need to sign up with NAR to access your local MLS. The majority of listings in the home sales market, and many in the rental market, can be found on a database called the multiple listing service (MLS), so access to the MLS is a much-needed tool for a real estate agent. Use Rentals to Get Your First Clients Considering beginning your real estate business by working with renter clients. Grow Your Sphere of Influence Working with rental clients is a great way to grow your sphere of influence (i.e., the amount of potential clients you can reach when you post!). You'll begin generating referrals quickly. And, remember, renters won't be renters forever! Most renters want to become homebuyers, and, if you can start relationships early, you can build a longstanding foundation for tomorrow's homebuyer clients. Practice Client Skills Even if you're a seasoned salesman, sharpening your skills requires practice. Because renters move more often—for single family rentals, renters move on average every three years—you may be working with the same client (and receiving commission!) multiple times. And, with rentals increasing dramatically in popularity, a new agent may have an easier time acquiring and working with renter clients. Develop Social Media Skills A social media heavy lead generation scheme is a must for today's ultra-digital world. Both renters and home buyers take to the internet to start their home search—90% of home buyers searched online during their home buying process. This is especially true of renters, who are often more plugged-in Millennials. Build your Facebook Business Page, develop your marketing know-how, and build social media skills that will last your whole real estate career. Earn Commission Quickly While home sales typically take place over a period of months, rentals can close in a matter of weeks, letting you access commissions almost immediately. This is especially important considering how competitive real estate can be for a new agent. Real estate coach Tom Ferry estimates that 87% of agents fail within the first five years. Don't wait for a luxury home sales commission straight out of the gate. Access More Education Ready to learn more about rentals? Once you've got your license, come access free online rental education from Rental Beast. To view the original article, visit the Rental Beast blog.

5 Tips For Great Vacation Rental Photos
Vacation rental photos are different compared to photography of homes listed for sale. However, a good real estate photographer can easily learn to navigate the vacation rental market. In finding the right place to stay, homebuyers and vacationers have different ideals, mindsets, and approaches to the task at hand. Plus, there's not just one type of person who enjoys traveling. Getting away for a vacation means conquering a bucket-list goal for some people, and simply breaking away from the daily grind for others. Despite the differences of vacation rentals and long-term homes, they each have one awesome thing in common: Photography makes a world of a difference in the number of successful and high-quality bookings and sales. To demystify some of the techniques behind vacation rental photography, we explored the professional photography styles of booking websites like AirBnB, VRBO and RedAwning. Read on to learn more about the elements of all great vacation rental real estate photography. Break the Real Estate Photography Rules (and Get Away With It) Like the spontaneous nature of travel, vacation rental photographs are free to break a few rules of typical real estate photography. For these special home listings, people are looking for a break in the everyday. On top of plans for seasonal travel, lots of people are busy daydreaming about the vacations they would take if money were no object. In that way, unique vacation rental photos can help your wildest dreams feel within reach. Half the charm of vacation rental listings is in the quirky characteristics of the property, and all of the novelty experiences that will be at hand throughout the vacation. The other half is having a safe and secure place to live temporarily, whether it's for a long weekend or an extended stay. Vacation rental photography is as much about breaking and bending the rules as it is about inspiring new lifestyles and philosophies. Keep the top five defining characteristics of good vacation rental photography top-of-mind for your next shoot: Include People of All Abilities No one should be hesitant to take a vacation due to a fear of missing out on some of the best experiences, like having a unique place to stay. Accessibility can be the defining factor in why you choose to book a hotel that follows accessibility code over a unique stay at a private vacation home. To be more inclusive of people with disabilities, get to know the features of an accessible home and how to best show them through photographs. Take care to avoid any 'visual blockers' like too much furniture, and show each room from multiple angles. Accessibility in a vacation rental might look like any of the following: Wider Spaces: For people with wheelchairs, space is important for navigating a vacation home comfortably. There should be room to move around the house and turn around without bumping into anything inside of the house, through doorways and on the sidewalks and streets surrounding the property. Photos can show adequate spacing between furniture and room layouts, as well as wide-open hallways, doorways and walkways. Appliances and Utilities: Lowered sinks and appliances aren't standard in all homes, but they can make a massive difference in vacation expectations for someone with a disability. Bathrooms and showers might have specially adjusted plumbing, or a shower stall without a tub and with supportive bars or benches. Other Accessible Features: This could include anything that makes normal use of the house easier for people who are not typically able-bodied. Light switches, ramps, beds, elevators could be the deciding factor in someone's dream vacation. Fill Rooms With Natural Light Reassure potential guests that there is no pressure to be 'on' while they're vacationing. Use natural light to welcome vacationers into the home as they are. In most cases, this means skipping the use of artificial light and external flash entirely — unless there are no natural light sources. Draw the shades and blinds of every room open, and shoot at a time when sunlight sets a particular mood in the home. A vacation rental photographed on an overcast day might fill every room with a pure white glow, while photographs of a home at golden hour in a room with a view says something entirely different. In either case, the natural lighting should complement the best features of the architecture, style, and overall design of the home. In typical real estate photography, relying on natural lighting can limit the view of a home's interior design, and other important structural features of the house. For vacation rental photography, the stakes for a comfortable stay are much lower. Natural lighting creates an organic invitation to an effortlessly stylish getaway. Promote Relaxation It's no secret that most people want to relax and unwind on vacation. You can communicate the relaxing qualities of a home through photos of a space that's visually balanced. For real estate photographers used to stitching together multiple photos, take note! The lens you shoot with shouldn't be too wide — a full frame 16mm lens is the widest recommended for vacation rental photoshoots. Otherwise, you risk making some unnatural-looking lines in the photo composition that aren't ideal for vacation listings. You should shoot and edit vacation rental photos with the goal of making space look as naturally serene and inviting as possible. Try shooting at a lower angle than the standard chest-level MLS photos — AirBnB recommends about four feet high — to capture the feeling of cozying up in a warm cabin, luxurious bathtub, or enjoying breakfast in a happy little breakfast nook. Highlight the Amenities When people look for the perfect vacation rental properties, they are usually weighing the pros and cons of the included amenities. In a big city, that can be anything from a nearby playground, day spa, or a nighttime cityscape view. In a more rural setting, vacation amenities might include a well-curated garden, gym or recreational area. There's no one-size-fits-all list of amenities for a vacation rental. That's part of the excitement in the vacation home search. Another important distinction of vacation rentals from real estate photography is the use of vertical photos. While verticals should be used sparingly, you can use them to effectively show off the unique interior design features of the vacation rentals. In a vacation rental setting, it's easy to appreciate the novelty details, like themed figurines, plants and other signs of a well-traveled life. Small features like this give an exciting glimpse of how staying there might feel. Carry a Shot List In traditional real estate photography, you might aim to get a simple set of photos that covers every inch of the property. It's not always necessary to carry a shot list. For great vacation rental photos, quality over quantity is what matters. That's why we recommend carrying a list of the most important amenities in the home before you arrive, and capturing a few styled angles of each room. Below is an example of a shot list you might use to prioritize your next vacation rental shoot. Main Rooms Take two to three photos of each key room or amenity: Bedrooms Kitchen and Dining Common Areas Outdoor or Recreational Spaces Additional Rooms and Details Take one to two photos of each key room, detail or amenity: Bathrooms Balconies, patios, and gardens Hot tubs Gym Rooftop Exterior view Accessibility Features: Take one to two photos of each, when available: Wide-open entryways are visible in all main rooms Ramps, stairways, elevators, safety bars Handicap parking Shower stalls, plumbing, appliances, light switches With this list in mind, you can showcase the potential of a space in the way it functions, and the way it might make you feel on vacation. Vacation Rental Photos Made Easy The key to great vacation rental photography is showing how one rental is the ideal place to relax, get away from the everyday, and still feel perfectly at home. Ultimately, your vacation rental photos should be inviting, exciting, and maybe even a little bit unusual — in a good way. There's not just one type of vacation rental that works for everyone, so keep the unique features, style, accommodations and amenities front of mind when shooting. Helping vacationers find their next home away from home can be that simple. To view the original article, visit the HomeJab blog.

What Will Happen When the CDC Eviction Ban Ends?
At the outbreak of the COVID pandemic last year, the Centers for Disease Control placed a ban on all rental evictions, fearing that many evicted renters would end up in shelters or move in with friends or family, conditions that would exacerbate the spread of the virus. Since then, the CDC order has been extended several times and now is scheduled to expire on June 30. But what happens when ban expires? The Current Scenario Forty-four states and dozens of local jurisdictions imposed their bans on evictions in the early weeks of the pandemic. (Here is a complete list.) Many of the state bans lasted only ten weeks. Nevertheless, a recent study by researchers at five leading universities found that the lifting of 27 state bans on evictions between March and September contributed to the spread of the virus, resulting in 433,700 excess cases of COVID-19 and 10,700 additional deaths. According to the Center for Budget and Economic Priorities, the ban has kept more than 10.7 million renters — about 15% of adult renters ― in their homes without fear of eviction. Their April study found that renters of color were more likely to report that their household was not caught up on rent: 22% of Asian renters, 22% of Black renters, and 20% of Latino renters said they were not caught up on rent, compared to 9% of white renters. The rate was 20% for American Indian, Alaska Native, Native Hawaiian, Pacific Islander, and multiracial adults taken together. Is the CDC Eviction Ban Illegal? When the CDC order finally expires — which may happen as early as June 30 — an estimated $32 billion in back rent will come due, with up to 8 million tenants facing eviction filings, according to a tracking tool developed by the global advisory firm Stout Risius and Ross, which works with the nonprofit National Coalition for a Civil Right to Counsel. According to the Princeton University Eviction Lab, 3.6 million people face eviction cases In a typical year. On May 6, a federal judge threw out the moratorium on evictions but agreed to put a temporary hold on her ruling as the government seeks to reverse the decision on appeal. U.S. District Judge Dabney Friedrich said that although there was "no doubt" Congress intended to empower the CDC to combat COVID-19 through a range of measures such as quarantines, a moratorium on residential evictions was not among them. The ruling was widely regarded as a setback for millions of Americans who have fallen behind on rent payments during the pandemic. The Recovery is Helping Landlords Weather the Ban On the flip side, the recovery is helping landlords and property owners with rental income without having to resort to evictions. In fact, this spring shows virtually no sign of the ban. The National Multifamily Housing Council found 80% of apartment households made a full or partial rent payment by May 6 in its survey of 11.7 million units of apartment units across the country, only 1.7 percentage points below total rent payments in May 2019, ten months before the pandemic. "This month's findings are part of what seems to be an increasingly clear pattern of economic recovery and strong demand for multifamily housing," said Doug Bibby, NMHC President. "With more and more vaccines being administered, job creation on the rise, and tens of billions in rental assistance being distributed to residents and housing providers in need, the outlook for the industry is a positive one. "With rental assistance being disbursed, the economy on the way back, and a broad return to normalcy underway across the country, it is past time for the federal eviction moratorium, a policy that was intended to be an emergency effort, to be concluded," Bibby said. (READ MORE: The Collateral Damage of the Pandemic on Real Estate) Emergency Aid is Slow to Reach Renters and Landlords Congress approved $25 billion in December and $20 billion in March to keep lower-income renters in their homes without fear of evictions. The federal government now has $46.5 billion for emergency rental aid. Some $17.6 billion has been awarded to state governments, but 20% is going to states not taking applications from tenants and landlords. The program offers up to 12 months of rent and utilities to low-income tenants economically harmed by the pandemic, with priority on households with less than half the area's median income — typically about $34,000 a year. To be eligible for rental aid, renters must earn $198,000 annually or less for couples filing jointly, or $99,000 for single filers; demonstrate that they've sought government help to pay the rent; declare that they can't pay because of COVID-19 hardships, and affirm they are likely to become homeless if evicted. They must also file declarations saying they would become homeless or be forced into a "shared living setting." It takes time to identify the neediest residents so that they can make the declarations, apply for relief and process the paperwork, but for millions of renters who are delinquent in their rent payments, the clock is ticking. "Tens of thousands of tenants and families are being evicted every week, many of whom would have had the right to stay in their home," Dave Uejio, the acting director of the Consumer Finance Protection Board, recently told reporters. "The scale of that is hard to wrap your head around." What Can We Expect? Many state and local governments are preparing for an end to the CDC eviction bans, including those enacted statewide by governors or state legislatures that are also expiring. In Colorado, the Department of Local Affairs has paid out more than $80 million in Emergency Rental Assistance since last year with federal and state aid money. But about one quarter of the 50,000 plus applications is still pending. Tenant organizers have asked the governor to step in with another state eviction ban if the federal moratorium expires. Landlord groups say the market should be allowed to do its work before landlords suffer more damage. "People are hopeful that we're getting to the end of manipulation of the markets," said Drew Hamrick, general counsel for the Colorado Apartment Association to Colorado Public Radio. In Seattle, the city council is concerned that evictions will create a flood of homeless students and is considering banning certain school-year evictions and requiring landlords to offer lease renewals in many cases. In March, Seattle Public Schools had more than 2,100 students registered as homeless, according to district data. More than half were doubled up with other families, and 17% were living in transitional housing, while others were in shelters and on the streets. San Diego County passed a new law on May 4 that caps rent increases at roughly 4% increase based on the inflation rate included in the Consumer Price Index for the San Diego region for April 2020 to April 2021. In Minnesota, aid to renters has been slowly distributed, and legislative negotiations about how to end the moratorium in an orderly way have gotten bogged down over timing. For more than a year, a state executive order has made it difficult for property owners to cancel leases or otherwise remove problem tenants. The state government, landlords, and tenant groups are now working to have a solution in place by July. New York's state legislature has extended its eviction ban through August 31. Neither tenants nor landlords want to see a spike in evictions that will disrupt families, contribute to homelessness and throw rental markets into chaos. While this doomsday scenario seems unlikely, it's not entirely off the table. At least for now, both renters and landlords are left holding their breath. For information about your locale, Nolo has compiled a state-by-state list of eviction moratoriums and related legislation and sources of rental assistance for tenants and landlords. Steve Cook is the editor of the Down Payment Report and provides public relations consulting services to leading companies and non-profits in residential real estate and housing finance. He has been vice president of public affairs for the National Association of Realtors, senior vice president of Edelman Worldwide and press secretary to two members of Congress. To view the original article, visit the Homes.com blog.

Friday Freebie: Get the 'Rent vs. Own Report' to Move Renters Off the Fence
If you're looking to build a base of lifelong clients, there's no better niche than first-time home buyers. But persuading high-income renters to become homeowners can be tricky--until you put the cold, hard numbers in front of them. In this week's Friday Freebie, we're highlighting a free Rent vs. Own report that will help you do just that. Read on to claim your copy and find out the many ways you can use the report to win over new buyer leads. Free Rent vs. Own Direct Response Report, courtesy of ProspectsPLUS! Despite record low inventory and high home prices, owning a home is still cheaper than renting in most parts of the country. With this free report, you can educate renters about the real costs of renting compared to owning, and the value of building equity. You can share this report in person, via direct mail, email, and add it to your website as a download in return for an email address. Thanks to ProspectsPLUS!, all RE Technology readers can download the Rent vs. Own direct response report PDF now for FREE and keep copies available on hand. The report is completely editable, and you can even adjust the numbers as needed to better suit your local market. Follow these easy steps to download the report: Create your free ProspectsPLUS! account or log in to your existing account Visit the Reports page Scroll down to the Rent vs. Own report and select it (Tip: use CTRL+F on Windows or Command+F on Mac to search for it faster) Click Click here to edit your template Edit the template as needed (don't forget to add your headshot and contact info!) Choose the Download Only shipping option when you order your report Click Add to Cart and then select Checkout on the next page Add promo code FREEREPORT to download for free Select Place Your Order to finish, and a link will be emailed for you to download your report! That's it! Now you can target high-income renters and win more home buyer business.

Your Script to Cold Call Landlords During COVID
Apartment units and buildings that are put up for rent by the owner (FRBOs) are a valuable asset for agents. They allow you to work directly with landlords, get accurate information for your clients, and keep 100% of the commission. One of the best ways to enter into a partnership with a FRBO is to pick up the phone and call them! But we know that cold-calling can make even the savviest agents start to sweat, so we want to help out real estate agents with a script to cold call landlords during COVID.

Zillow Ends Free Rental Listings. What Now?
Will Zillow's price gouging ever end? Starting in January 2021, rental listings currently syndicated through MLSs will no longer feed directly into Zillow. Instead, agents and brokers wishing to publish a rental listing on the third-party platform will need to do so via Zillow Rental Manager, which is contract-based and starts at $9.99 a week. While the company claims the decision was made to "empower" its partners, in reality, the move is little more than a blatant cash grab. Revenue stemming from its main moneymaker, Zillow Premier Agent, has stagnated in recent years, and Zillow Offers, its direct home-buying platform, continues to lose thousands of dollars per transaction. Switching a free service to a paid one was the easiest way to satisfy pressure from investors.

Finding Rental Furniture for Staging
When selling a home, you want to catch people's attention. You want to stand out so every potential buyer remembers your listing. You want them to envision themselves living in your home for years to come. Creating these experiences for potential buyers makes a home sell faster and many times for a higher price. The most effective way to create these experiences is to use furniture rentals for staging your listing. If the sellers have moved out of the home before it has sold and taken all of their furniture with them, it is highly recommended to invest in furniture rentals.

Renters Who Don't Know They Want to Buy Are Potential Revenue for You
Has anyone ever contacted you about a house that wasn't for sale but was instead listed as (*gasp*) for rent? If your response to that lead was "I don't do rentals," you're missing out on a great source of revenue. I'm not talking about the revenue from the rentals. I'm talking about the sales that those renters will eventually turn into. Some rentals may take years to convert, but others may be ready to buy now and just haven't realized it. You're sitting on a cache of leads that are just waiting to be worked. Here are five tips to help you start monetizing rental leads.

Are Your Prospective Residents Local? Google Data May Surprise You.
Do you know where your future prospects and renters currently live? You may have some notions about the demographics of your target residents — their occupations, their price points, the amenities that appeal to them — but do you know where those target renters are living now? New research shows they may be farther away than you imagined. A recent Google report reveals that a substantial number of people are searching for rentals in a different city or state. Check out these tips to make sure your listings are getting in front of as many potential renters as possible. Search Horizons Are Broad According to the Google report, 57% of people search for rentals within their current city, while 65% search within their current state. In other words: 1 in 3 renters are searching out-of-state, while nearly half are looking at a different city. The average user's search radius expands to 338 miles away from their current location. Renters in "hot markets" are especially likely to broaden their search scope. In the top 10 most in-demand cities, 30 to 50 percent of renters are searching for properties more than 50 miles away.

Infographic: Do's and Don'ts for Promoting Rental Properties
Last week, we suggested that adding rentals to your services would be a huge advantage. Offer property owners your services to find tenants or work with investors to buy property, and then turn around and find tenants to rent that property. Full service agent! If you're looking to effectively promote your rental listings, we've got some pointers. Our sister site, ForRent.com, created an infographic, "How to Create the Perfect Rental Ad." And if you, Mr. or Ms. Real Estate Pro, want to start raking in some more cash this year, you should know these tips, too! Key Features: Include details that are not in property description (garage, private yard, use key landmarks for directions) Do not exaggerate Be specific Always include photos of primary rooms, including kitchen, living room, bathroom, master Clutter free, but a home that looks "lived in" is a PLUS No flash--take photos during the day to assure natural look See more tips here. Click through to the next page to view the infographic.

Bigger Isn’t Always Better
This article comes to us from David Vivero, founder of RentJuice and VP of Rentals at Zillow. When it comes to life as a real estate pro, it's not always the size that counts. While listings with a "For Sale" sign in the yard yield higher commissions, they can take more time and effort to move. Supplementing income from home sales by raking in multiple, smaller commission checks can add up to a lot – and it's becoming easier to do, thanks to a growing renter population and new innovations that are popping up throughout the industry. In the first quarter of 2012, the rental vacancy rate of 8.8 percent was 0.9 percentage points lower than the first quarter of 2011 and 0.6 percentage points lower than last quarter, according to numbers from the Department of Commerce's Census Bureau. Renting is on the rise, and the real estate industry is transforming to help brokers and agents meet the climbing demand. Multiple Listing Services are placing emphasis on rental listings data; companies like Zillow have added rentals to their "For Sale" inventory; and new players are emerging with technology offerings that allow for greater volumes, efficiency and precision.

Whitepaper: How and Why to Retain Tenants
When you talk about cost-effective strategies for property managers and owners, tenant retention should be at the top of your list. If you keep your tenants happy, you'll keep receiving those uninterrupted rent checks in the mail (avoiding the time and expense of turnover). Today, we'll summarize the RentJuice whitepaper that details the ins and outs of tenant retention. You can download the full whitepaper for free from the rental experts at RentJuice. What's the Big Deal Tenant retention can improve your business by: Saving time and money. Each occupied unit means a regular stream of rent payments to your account, as well as less money and time spent on marketing and turnover maintenance. Increasing profit. According to RentJuice, "The Journal of Property Management revealed that on average, a retained resident is worth almost $900 each year on top of rent payments. Each time a resident moves out, a unit is vacant for an average of 1.5 months. If the tenant retains their lease, the property saves $1,350 as well as the additional costs that would go to marketing the vacancy." LTV and CAC Let's define two of the most important terms related to the economics of tenant retention – LTV and CAC. Then, we'll look at what they mean when combined. LTV: Lifetime Value of a Tenant. The LTV is the profit you'll make over the course of the entire time a tenant will be renting with you. The most important thing to understand about LTV is that it increases with each month a tenant stays with you.

5 Tips for Better Video Tours
Last week, we worked with RentJuice to bring you some helpful hints for better real estate photos. This week, we’re bringing you 5 of their tips for video tours. Although RentJuice is the rental marketing expert, their tips are certainly helpful for those of us selling properties. For all of the tips, download their excellent whitepaper “The Essential Guide to Apartment Video Tours.”   1) Choose the right equipment. First of all, Smartphones are not proper equipment for video tours. Just to make this absolutely clear, I’d like to reiterate: do not use your Smartphone to film your video tour. Instead, RentJuice recommends: Choose a mid-level quality camera or higher. Choose a camera with HD. Choose a camera with built-in stabilization. Use a wide-angle lens. Use a microphone. Use a tripod.   2) Stage your property. Before you start filming your video tour, make sure the property is clean and tidy! This isn’t just removing a layer of dust or spills on the kitchen floor – it means organizing clutter. Although keeping furniture in a shot can help potential buyers/renters visualize themselves in the space, be sure that the furniture is tasteful, minimal, and strategically arranged.   3) Give a complete tour. First, get in front of the camera yourself so that people know whose voice they’re hearing. Then, continue with proper “flow” - beginning with the exterior of the house and moving to the interior. Move through the house in an organized way, filming all of the major rooms. Give priority to major areas like the kitchen, dining room, living room and master bedroom.   In their whitepaper, RentJuice has several other excellent tips for filming your tour – including where to hold the camera when walking through a hallway. For full details, download the whitepaper.

3 Tips for Writing Better Rental Listings
  In their last whitepaper, the rental experts at RentJuice shared their tips for starting a rental division. In their most recent whitepaper, they explain how to write better rental listings. We’ll share 3 of their top tips here; for the full scoop, you can download the whitepaper.   Tip #1: Share as much information as possible. The more information you’re able to include in your listing, the more likely people are to follow-up. Of course, not all information is created equal – some facts are more important than others. For instance, you want to be sure to include: The price (not a deceptively low price or a price range; the REAL price) The "laundry list" of features. That means all the features that you do have, and the important ones that you don't. It's the best way to prevent wasting their time and your own. Amenities such as washer and dryer, air conditioning, pool, parking, etc. The amount of living space and the floor plan, if possible.