5 Steps to Starting a Successful Rental Division

In Part 1 of this article, we shared the top 4 reasons that you should consider starting a rental division. The RentJuice whitepaper we used as a reference was pretty compelling, so we’re sure you’re ready to start a rental division of your own. In this article, we’ll cover 5 of the steps you can take to do just that.

This is all courtesy of the same terrific RentJuice whitepaper, which you can download here.

Step 1: Build an inventory. If you want to start working with rentals, you need rentals. There are a variety of resources to help you with this.

• Check your MLS

• Connect with local property managers

• Look at online ads

For a closer look at each of these, read the whitepaper.

Step 2: Get credentialed. Accessing credit reports is an important part of assessing potential renters. In order to be able to pull these reports, you need to be properly credentialed. Use a screening solutions company such as NTN Online to get started with obtaining your credentials.

Step 3: Put together a team of rock stars. Natural talent will only take you so far. One of the ways to prevent turnover and retain top rental professionals is to implement a training program. Also provide access to the technology tools they need to be successful. It is a great strategy to train all residential real estate agents on rentals to refine their prospecting habits of calling rentals along with expired listings.

Step 4: Advertise aggressively. Studies show that renters use a variety of websites to find apartments, so it’s important to advertise on multiple sites. Of course you’ll want to start with the most popular websites, such as Craigslist.org and Apartments.com. It’s also possible to syndicate your rental listings.

Step 5: Launch a rental website. If you already have a real estate website (which you absolutely should), you can add a rentals page. Of course, it’s important that your website be designed effectively. You need to include your listings with photos, square footage, and – if possible – a floor plan.

For the final two absolutely essential steps, download the RentJuice whitepaper. It contains a helpful checklist to guide you through all the steps.

If you’re just getting started with rentals and want to learn more, you’ll find lots of free guides at RentJuice.com/resources. You can also read past articles from RE Technology about rentals.