Questions for leasing or tenants’ agents in Los Angeles

[Taylor Kendrick]

Hi all, Thanks for taking the time to read my post. I’m wrapping up my RE education and hope to acquire licensure within the next 30-60 days. Figuring out what niche to get into has been difficult, as much of what I see on typical forums (like Reddit) is rife with doomerism and bitterness. One of my goals right now is to learn about the various niches and sub-niches to determine where I want to begin my journey as an agent. While rental agency is not at the top of my list, I believe it would be in my best interest to dig into it and learn what I can to make that determination fairly. It seems to me that the LA market is a strange one for landlords’ and tenants’ agents, so I’m here to ask some basic questions about the landscape. What does a typical day look like for you? ∙ How long does it usually take to place a tenant from first showing to lease signing? ∙ What’s the biggest misconception people have about what you do? ∙ Which neighborhoods are you seeing the most demand in right now, and why? ∙ How has the rental market shifted in the past year or two? ∙ How competitive is it for commissions? I’ve seen acquaintances work with tenants’ agents only to go around them and sign a lease without their support (ie: finding a property on their own and moving forward with that). ∙ What do landlords most commonly get wrong when listing a unit? ∙ What’s the most common reason a deal falls through? ∙ How do you find your clients — do you mostly work with repeat landlords, or are you always finding new ones? ∙ What separates a great agent in this market from an average one?

[Joe Homs]

@Taylor Kendrick  Welcome to BP and contrats on getting your license.

What does a typical day look like for you? I do not focus on tenants because of the low to NO pay from the listing agents.

How long does it usually take to place a tenant from first showing to lease signing? Usually 30-60 days and lots of driving around for very little pay.

What’s the biggest misconception people have about what you do? You are a millionare because you have your Real Estate License.

Which neighborhoods are you seeing the most demand in right now, and why? They are all in demand and rents are still on the rise.  

How has the rental market shifted in the past year or two? Way more tenant friendly and a lawsuit waiting to happen.

How competitive is it for commissions? The problem is that large management companies do not offer a commission or very little.

I’ve seen acquaintances work with tenants’ agents only to go around them and sign a lease without their support (ie: finding a property on their own and moving forward with that).  Welcome to Real Estate.

What do landlords most commonly get wrong when listing a unit? Fair housing laws.

What’s the most common reason a deal falls through? People just change their minds, even after locking up a locations.

How do you find your clients — do you mostly work with repeat landlords, or are you always finding new ones?  I don't work with leases at all.

What separates a great agent in this market from an average one?  Experience.

Good Investing...