LISTING A RENTAL
- Always display absolute confidence that you can do the job!
You can market it, get a credit check on prospects and make recommendations on who to accept. It must be priced right and be in nice condition. Always have a rental application and sales contract in a file in your car. You never know when you need one quick.
The step by step process:
Schedule a time to meet them in the home. Do not try to list over the phone. They can’t sign anything there.
Write up an Exclusive Right to Lease agreement. Go to: www.Nat22.com
Provide a CMA. From MRIS pull up area comps.
Detail of the commission: The full one month commission amount shall be distributed commission 25% to tenant representative company and 75% to listing representative company. One month rent is company policy.
After your client signs this agreement, turn it in for Broker Signature and return a ratified listing agreement copy to your client. When turning a copy into the office, also include a case processing sheet that has the overall info on the case. Then go into MLS and do your Data Input. Show your client the listing to see if all is correct and edit accordingly.
- The tenant rep. will bring in to our office an application to rent, along with a check for one month’s rent. This is not cashed unless they are approved. They also bring in a credit check /processing fee of $50 per applicant that will have credit run. ( non -refundable) Both checks made out to National Realty.
- After the processing, we will tell you and you tell your client, whether they are a probable good risk to approve for the rental or not.
- If approved, we deposit into escrow the one month’s rent they provided earlier.
- Upon Lease signing, the renter pays another one month’s rent, but this one to the Landlord. That way the renter now has paid the deposit and the 1st month’s rent. The first check, (made out to National) becomes commission and we pay you your split on 75% of it and the renter’s Brokerage agency is mailed by National Realty, a check for 25% of one month’s rent. Then the tenant representative Broker pays their agent their split.
I hope this is a helpful guide in an overall understanding of the process, but again, always call us when you are unsure.