Rental Brokers for Property Managers: What They Are and Why You Should Use Them

By Aaron Swartz on September 20, 2022

Property managing is an exciting career with its own unique trials and tribulations. There’s the hassle of dealing with tenants and utilities, scouting and locking down new properties, and maintaining the places you’ve already got. At the end of the day, though, the biggest question on the minds of pretty much every property manager is simple: “how do I get more of my properties filled?” An empty apartment is a net loss, so getting as many tenants into your spaces as quickly as possible is a huge benefit for your business and your income. Many property managers turn to rental brokers to help fill vacancies, but what is a rental broker? What do they do? Why should you consider hiring one? For answers to all those questions and more, read on.

via Pixabay

What is a Rental Broker?

The most important question, and the most important place to start, is asking what exactly is a rental broker? Well, a broker is someone who buys and sells goods, so that should give you a better idea of what they do with rental properties. A rental broker, also known as apartment brokers or rental agents on occasion, is someone who acts as a go-between for you and your potential new tenant. Brokers are in charge of connecting renters to property managers and landlords (like you), making them hugely advantageous for any property manager to consider.

It’s important to note that rental brokers are not real estate agents. Real estate agents are individuals who help with the process of selling or renting a property and generally work under a broker. Brokers have additional licensing and training which allows them to operate in supervisory roles and employ real estate agents. This makes them uniquely powerful as a potential part of your property management business.

Why Should You Use A Rental Broker?

Rental brokers are a lot more than special real estate agents, and there are a lot of benefits that come from working with them to fill your empty units. Some great benefits to working with a broker include:

Making Connections: A rental broker’s primary job when it comes to filling your empty units is making connections with clients. They streamline the process for potential tenants and help you get more people in the door. Having extra help pulling people in is a huge benefit to your business, and a rental broker can be a huge help by simply connecting your properties with people looking to live in them.

Visibility: Because most brokers are part of an agency or network with multiple employees, by working with a broker you’re not just getting a single person — you’re getting access to their network as well. Rental brokers have a web of contacts, from other brokers, to real estate agents, to buyers. The business know-how and connections alone make rental brokers an incredibly valuable resource for any property manager, and one you should highly consider utilizing.

Area Knowledge: Brokers tend to be stationed in a single area as part of a larger organization, and because of that they have a huge amount of expertise and knowledge when it comes to the local area. From lucrative properties to average rates to the ebb and flow of a city, rental brokers have all the ground floor knowledge you need to help fill your empty units. The expertise a rental broker brings to the table alone is a huge reason to work with one as part of your property management business.

Managing From a Distance: If you own (or want to own) any properties that are far away from your actual geographic location you may have difficulty finding tenants to fill them. However, a broker can be a great resource in managing your properties at a distance. With their knowledge of the local area and their connections, brokers make ideal candidates for assisting you with longer-distance managing and renting, so consider giving it a try.

Renting From a Distance: Moving cross country is hard, made even harder for renters when they don’t have a point of contact in their new city. For many freshly transplanted people, that’s where a rental broker comes in. In the same way they help with managing at a distance, brokers can be incredibly helpful in finding long-distance tenants who are looking to move. The network they’re a part of cannot be understated, and working with a broker can allow you to tap into a tenant market you may never have otherwise been able to access.

Quick Turnarounds: A lot of potential tenants may come into their need for housing suddenly, and might not find your property through normal channels by the time their deadline hits. Many of these renters may, as luck should have it, speak with a broker for help finding an apartment as quickly as possible, and if you work with a broker then your properties will be easily accessible to sudden renters as well as the more exploratory variety.

From real estate agents to rental brokers, there’s a lot of power in working with others in your property management company. This article should give you an idea of the advantages of working with a rental broker to help fill up empty units and save yourself the trouble (and the money).

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