I have a client that is moving from Memphis to Pensacola FL. They are looking to rent a house immediately. It seems as if a buy and hold investor would eat this opportunity alive...Yet and still I have not recieved a reply in the market place. My intentions are to obtain a finders fee in exchange for providing a long-term & reliable tenant. What is the best way to get connected to a fellow investor to ensure this reliable individual gets a home? As an upcomming investor, my reputation regarding being able to produce is on the line. My post indicates that "a finders fee is required". Is this a mistake to include that in the posting? Is closing on a deal in 2 weeks an unrealistic expectation?
I just looked at your marketplace ad and you spelled Pensacola wrong which is why it didn't come through for my keyword alerts (and most likely others). The likelyhood of having a buy and hold investor from a relatively small area like Pensacola on BP with a vacancy in the 2 week window you are looking for may be tough. If they are using a property management company they have to pay the company's fee for the new tenant and your finders fee as well. Some may be willing to do that, some may not. The rental market is pretty hot down there now and I wouldn't pay a finders fee when I know my property management company will fill the vancancy as soon as it goes on the market. If I was renting the house out myself I would gladly pay a finders fee for any client you brought that passed my credit and background check and ticked all the boxes required to rent one of my properties.
I happen to have a property that will be rent ready in Pensacola on August 25th. But, like I said I will have no problem renting it out when it goes on the market on the 12th. I would recommend contacting one of the larger property management companies and see if they offer compensation to an agent who brings customers to the company. Otherwise, looking on the MLS for homes that offer compensation. If you want some specific companies in the area send me a PM and I will put you in touch with them.
If a landlord is using a PM to find a tenant they are going to be expecting to pay a lease up fee when the PM fills the vacancy. That fee is for filling the vacancy, though. That includes advertising the property, taking calls, showing the property, screening the tenant, signing the lease and doing the move in. I've seen fees as high as a full months rent and as low as about 40% of a months rent.
What you're offering is the name of an applicant. In a market where there is good demand the value of someone wanting to rent a place is only just above zero. Why? Because a yard sign or a craigslist ad will generate plenty of calls.
You say they're reliable and will be a good tenant. That means nothing to me. I would still do all the same work of screening that tenant as if they just called from a sign or ad. So, vs. the property manager who does all the work, you're adding very little value beyond giving me a name.
So, yes, expecting a finders fee for offering a name of an applicant is probably killing you getting any response. Not to mention you just posted this four hours ago. Drop the request for a finder's fee if you're seriously trying to get this person (who I assume you know) a place. And have a little patience and you may get some replies.
Jon Holdman, Flying Phoenix LLC
Agreed. Providing me a qualified tenant has almost no value to me because it's so easy to find my own tenants.
Folks, no broker (or their sub-agents) can pay any type of fee to a non-licensed (real estate) person for any type of referral. Period. Our PM team runs 300 rentals, it takes us 15 days to fill a vacancy. No PM in this area needs help. Add these things together and thus you have a reason you're never going to get a response from such a post. Also, the DBPR (state regulatory agency that handles licensing in the state) actively seeks folks out making illegal real estate fees. They even run ads all over the interwebz offering rewards for tips. It's a 3rd degree felony to act as a real estate licensee in this State. I suspect it's the case in all 50 states. TGIF. PS: I desperately need landlords if anyone has any. LOL, but I can throw a rock and hit ten tenants.
Ro, I agree with the others. Same amount of work has to go into each tenant, even if you vouch for them.
I have a 3/2 SFH with an in-ground pool out the west side of the base that will be available sept 15th. Pm if you are interested in details.
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