Has anyone here started a rental brokerage?

Question

Has anyone here started a Rental brokerage? Find qualified tenants and take first months rent?

Nathan P. · Answer

Chris Lynch Yes, here in New York that's how most agents break into the business. Some agent continues to do rentals as their bread & butter since it's quick money. I started out with that, and later my rental clients became sales clients.

Deondra!

I just got my license and I would also like to start with rentals maybe you can help me how to start  landlords who are interesting in rent ther Property

Nate Garrett · Answer

@Chris Lynch

I assume that you are talking about starting a property management company. I don't know of many companies that only offer leasing services. Most offer both leasing and ongoing management services.

To start one from scratch would be difficult, but not impossible. A national franchise may be able to get the business off the ground more quickly than starting an independent management firm from the ground floor.

Another option would be purchasing an existing firm. It probably will take 40-80 doors under management before the company will be able to pay a reasonable living salary, assuming you own and operate the company, depending on the local market.

If you are interested in property management, a good starting resource is the National Association of Residential Property Managers.

Aaron Pfeffer · Answer

I was a broker for a national property management chain that also did leasing some years ago when we tried to open it up here in Los Angeles.  Didn't work for out for our market, but they have franchised elsewhere.

Renters Warehouse out of Minnesota. It may be worth your time contacting them...

Chris Lynch · Answer

I see you are from Mass. I am in the Providence RI area. Some rentals are over 2k a month. Usually the broker keeps first months rent. Only way I was thinking it would be lucrative would be a lean start-up. Low overhead. Small business lease.

Rob Beland · Answer

I dont think there is typically enough money in rentals to sustain a brokerage unless you are in a large metro market. The better option is to focus on multis and offer brokerage and rentals and eventually maybe even property management.

Has anyone here started a rental brokerage?

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