virt ual rent al transact ions - rental beast

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The A-Z Guide t o

Vi r t u a lRe n t a l

Tr an s ac t i o n s

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At Rent al Beast , we're committ ed t o helping agent s succeed in t he real est at e indust ry using t he high demand for rent als and t he power of t echnology. So, we're answering t his quest ion:

How can real estate agents close deals virtually?

As rent ers develop an appet it e for virt ualizat ion, real est at e agent s must adapt t heir businesses t o accommodat e fewer face- t o- face int eract ions and more digit izat ion.

There's serious benef it s for real est at e agent s t oo? virt ual t ransact ions have t he pot ent ial t o al low agent s t o close more deals, access commission quicker, and build st rong bonds wit h t heir cl ient s.

Int roduct ion

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Rent al Beast helps agent s grow t heir businesses wit h rent als, equips landlords of

al l sizes wit h powerful t ools t o rel iably f ind and ret ain qualif ied t enant s, and

connect s hopeful rent ers wit h real est at e professionals t o f ind t he perfect

apart ment .

Rent al Beast ?s ful ly int egrat ed SaaS plat form cont ains a powerful set of t ools

designed t o simplify every part of t he leasing process and empower real est at e

professionals. Users can access our comprehensive dat abase of more t han eight

mil l ion rent al l ist ings not found on any MLS, a ful l CRM wit h out reach schemes t o

build last ing relat ions wit h rent ers, a fast and secure online applicat ion, and

addit ional t ools designed t o monet ize rent al t ransact ions while building a pipeline

of fut ure home buyers.

For more informat ion, visit : rent albeast .com

About Rent al Beast

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http://rentalbeast.com

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St ep 1: Lead Generat ion, Qualif icat ion, and Response

St ep 2: Virt ual Showing Prep

St ep 3: Conduct Your Showing

St ep 4: Complet e and Submit an Online Applicat ion

St ep 5: Sign t he Lease

St ep 6: Post - Lease Act ivit y

St ep 7: Conclusion

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Table of Cont ent s

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St ep 1: L e ad Ge n e r at i o n , Qu a l i f i c at i o n , an d Re s p o n s e

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Having a great social media st rat egy is crucial for real est at e agent s. The overwhelming majorit y of rent ers begin t heir search for homes online, and agent s must post professionally and persist ent ly t o generat e leads.

If you don't have a social media presence, Facebook is a good st art ing place. Here's how t o get your presence up and running:

- Set up a Facebook Business Page.

- St art a fol lowing by invit ing your sphere of inf luence t o l ike your page and asking past cl ient s t o leave a review.

- Set (and st ick t o) a schedule for market ing your l ist ings.

Generat e Leads Using Social Media

https://Facebook.com/pages/setup



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Tailor your social media st rat egy t o make sure you're generat ing leads for virt ual t ransact ions.

- Find t he RIGHT l ist ing t o post online. Remember:- The l ist ing should be designat ed as one t hat al lows virt ual showings. - The l ist ing should be in a communit y or area t hat you are very famil iar

w it h. - Let your audience know t hat t he l ist ings you post are available for virt ual

t ours, w it h your help.- Let your sphere of inf luence know import ant fact s:

- Apart ment s are st il l gett ing rent ed and you have access t o numerous rent al propert ies t hat al low for guided virt ual t ours.

- Landlords may be wil l ing t o allow an agent t o visit a propert y t hat is ot herwise closed t o t he public.

- You can help your cl ient f ind t he perfect apart ment f rom t he comfort and safet y of t heir home.

Generat e Leads Using Social Media

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Numbers You Need t o Know :Rental Concessions

Rent al Concessions are compromises landlords make t o original rent t erms in t he hope of f il l ing a vacancy more quickly. Rent al Concessions can include a monet ary compensat ion, a discount , or various goods and services.Despit e cont inued uncert aint y surrounding rent morat oriums and t he ef f icacy of supplement al unemployment benef it s, landlords have begun slowing t he pace of rent al concessions. Let your cl ient know t he pot ent ial benef it s of moving now, while discount s remain available.

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Company Name presents | Finding Creative Inspiration in Nature

Real est at e agent s should ensure t hey qualify and convert al l leads, and ready every cl ient t o part icipat e in a virt ual t ransact ion.

- Get famil iar w it h t he best pract ices for qualifying rent al leads. Ask every pot ent ial rent al cl ient t he fol lowing:

- When are you planning t o rent ?- When can you part icipat e in a virt ual showing?- When you submit your rent al applicat ion, you wil l have t o disclose your

rent al hist ory, credit score, and employment hist ory. Does any of t hat concern you?

- What is your price range, and in what areas are you looking t o rent ?- It 's import ant t o est ablish t he value of using an agent . You must st ress your

local insight and access, and remind your cl ient t hat you are an unbiased expert ready to help all renters make an informed decision.

- Give soon- t o- be cl ient s a brief overview of t he virt ual showing process, including providing a general ideal of what t echnologies may be used. Let prospect s know t hat you?ll provide inst ruct ions as showings are conf irmed. Then ask for t heir business!

Qual if y and Convert Leads

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Top Agent Tip:

The Rent al Beast dat abase has access t o t housands of l ist ings wit h virt ual showing capacit y. Wit h easy sharing opt ions, you can get commissionable, no co- broke propert ies in f ront of your cl ient s wit h just a few clicks.

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http://www.rentalbeast.com

http://www.rentalbeast.com

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Now more t han ever, agent s are import ant . Emphasize t he role you play in t he rent al process. If a cl ient can?t visit a propert y in person, your role is al l t he more import ant .

Deciding where t o call home has a major impact on your cl ient ?s personal, emot ional, and f inancial well- being. Aft er al l , for most Americans, housing expenses const it ut e t he largest mont hly expense. By using your local knowledge and unbiased point of view, you can help your cl ient make an informed choice.

When you are represent ing t enant s your int erest s are not t ied a specif ic unit or

building. Unlike a propert y manager, you only want what is right for your cl ient .

And in most market s, propert y owners pay your fee. As a cl ient t ours pot ent ial homes f rom t he comfort and safet y of t heir couch, t hey receive your expert advice for f ree.

Make sure landlords also know t he value of having a real est at e agent qualify and work wit h a pot ent ial rent er. For propert y owners, f inding a suit able t enant is a painst aking invest ment decision? an agent ?s guidance and expert ise is invaluable.

Key Takeaways:Lead Generat ion, Qual if icat ion, and Response

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St ep 2 : Vi r t u a l Showing Prep

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Virt ual Show ing Prep Int roduct ion

Live Show ings vs. Recorded Show ings


Virt ual t ours have st aying power aft er COVID. When employed correct ly, t hey are an ef f icient t ool for consumers, a powerful qualif icat ion mechanism for agent s, and can save lot s of t ime.

There are t wo main ways t o conduct a virt ual showing:

Live Show ings: This means you and your cl ient w il l bot h be online as a t our of t he propert y t he landlord, propert y manager, or l ist ing agent conduct s a t our of t he propert y.

Live virt ual showings can creat e a t ight er bond bet ween you and your cl ient and provide ample opport unit y for you t o be a cl ient advocat e. However, t hey also require more ef fort t o coordinat e and may be subject t o t echnical challenges.

Pre- Recorded Show ings: A video of t he propert y is sent direct ly t o your cl ient . The video is eit her provided by t he owner/propert y manager or may be recorded by you.

Pre- recorded showings can be complet ed wit hout al l part ies present , and can be viewed at any t ime, and mult iple t imes. While t hey require advanced product ion, t hey?re generally more user- f riendly t han l ive showings.

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Live Show ings vs. Recorded Show ings:Find w hat w orks for you

Live virt ual show ings may be r ight f or you.

High Touch

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Pre- recorded show ings may be r ight f or you.

Want t o w ork on numerous deals at once know ing t hat only a smal l percent w il l close?

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Pre- recorded show ings may be r ight f or you.

Already have a deep relat ionship w it h your cl ient ?

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See our dif ferent st rat egies for deciding which t ype of virt ual showing you want t o lead:

Want t o focus on a l imit ed number of deals and provide highly personal ized service?

High Volume Highly Know n

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Agent s on Virt ual Transact ions: Jul ia H.

"One of t he ways I am pivot ing and changing my st rat egy is by incorporat ing more virt ual and a lot more high cont act ... I?m shoot ing video. I?m jumping on Zoom? virt ual back and fort h wit h my client s. When I am able t o go out , a lot of it is virt ual showings."

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Live Show ings:

You w il l conduct t he show ing.


Live showings may be lead by you or t he propert y owner.

If you are conduct ing t he showing, keep t hese essent ials in mind:

- Be sure t o conf irm t he t ime of your showing wit h t he owner, exist ing t enant s, and your cl ient .

- Reconf irm! Try t o have all decision makers, including roommat es, on t he call.

- Make sure you have access t o t he unit , keeping your personal safet y in mind.

- Verify t hat everyone involved is clear on what t echnology is needed t o part icipat e in t he l ive virt ual t our. Tech snafus are common, so give yourself a l itt le ext ra t ime at t he st art of t he t our.

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Top Agent Tip:

By providing cl ient s wit h several prerecorded t ours of dif ferent propert ies,

you of fer a high level of cl ient service, remain ef f icient w it h your t ime, and

pot ent ial ly get your commissions quicker.

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Live Show ings:

The propert y ow ner leads t he show ing


Be prepared. If you're not famil iar w it h t he propert y, get famil iar! By having

propert y det ails, including square foot age, amenit ies, school informat ion, public

t ransport availabil it y, and ot her neighborhood charact erist ics in hand, you

increase your credibil it y and can pot ent ial ly facil it at e a fast er closing.

- Speak wit h t he owner/manager beforehand. Conf irm propert y det ails,

deposit s and fees, and commission det ails. Be sure t o inquire about t he

availabil it y of rent al concessions.

- If safe for you t o do so, t ry t o visit t he area beforehand, or be present while

t he showing is conduct ed.

- Seek out and be prepared t o share feedback f rom client s already placed in

t he building or neighborhood.

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Live Show ings:

The propert y ow ner leads t he show ing


Maint ain cont rol! Your commission and your relat ionship wit h your cl ient can be put in jeopardy if your cl ient and t he owner exchange cont act info in advance of t he showing.

St ay in cont rol by making sure your originat e or host al l showings.

- Let t he owner/manager know you wil l be in t ouch wit h t hem aft er t he call. This wil l help est ablish boundaries t o maint ain cont rol.

- Speak wit h your cl ient beforehand. Let t hem know you are already in t ouch wit h t he owner/manager. This wil l posit ion yourself as t he cent er of t he t ransact ion.

- Tell your cl ient t hat you wil l cont act t hem immediat ely aft er t he showing t o get t heir feedback.

- Advise your cl ient t o be compliment ary but maint ain a ?poker face? t hroughout t he showing. Even if t he propert y is a perfect f it for your cl ient , be careful t o maint ain a st rong posit ion for negot iat ing lease t erms.

- During t he call, re- emphasize t o t he owner/manager t hat you wil l discuss t he showing, and t hat you wil l cont act t hem direct ly aft er t he call.

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Numbers You Need t o Know :

Rental Inquiries

While we have seen signif icant declines in rent al inquiries, it ?s not able t hat t he rent al market has shown incredible resist ance in comparison t o t he sales market , l ikely as a result of t he ease wit h which rent ers and landlords can int eract and complet e t he leasing process virt ually.

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Rent al Inquiries are when prospect ive t enant s act ively seek t o rent an available propert y in Rent al Beast 's dat abase of over 8 mil l ion l ist ings.

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Pre- Recorded Show ings:

You w il l be conduct ing t he show ing.


Pre- recorded showings are simple t o organize.

- Work wit h t he propert y owner and, if needed, t he current rent er t o record

t he showing. Find a t ime t hat you can ent er safely and easily.

- Decide how you wil l share your showing wit h your cl ient . You can send t he

video by t ext , or upload it t o YouTube or Vimeo and send a l ink t o your cl ient .


The propert y ow ner w il l be conduct ing t he show ing.

- Request a showing f rom t he propert y owner. It ?s import ant t o have t he

owner/manager send t he video or l ink t o you and not direct ly t o your cl ient .

- Consider providing your cl ient w it h l inks t o prerecorded t ours for addit ional

propert ies.

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Virt ual Showing Prep Checklist - When init ial ly qualifying your cl ient , t ry t o get a few dat es

and t imes t hat t hey wil l be available t o ?t une in? for a virt ual showing.

Est abl ish your cl ient 's available dat es

- Explain how you wil l conduct t he showing. Make sure your cl ient underst ands t he process and has access t o all necessary t ech t ools.

- If conduct ing a l ive virt ual showing, conf irm your cl ient ?s availabil it y for t he propert y?s available showing t imes.

Cont act t he apart ment 's ow ner (or t he l ist ings agent ). Det ermine t he showing logist ics and gain addit ional info about t he propert y:

- Be sure t o let t he owner know you have a great pot ent ial t enant for t heir unit !

- Ask if t he unit is current ly occupied.- Conf irm virt ual showings are of fered.- Assess t he t ype of virt ual showing, t he t echnology t hat w il l be

used, who wil l be leading t he showing, and available showing t imes.

- Verify propert y feat ures, part icularly t hose most import ant t o your cl ient (pet policies, parking opt ions, amenit ies, et c.)

- Conf irm t he f inancial aspect s of t he propert y, including deposit s, fees.

- Conf irm t he available commission, including commission t im ing and dist ribut ion procedures.

Cont act your cl ient

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- As a real est at e agent , you are a

knowledgeable local expert and

indispensable ally for hopeful rent ers.

- Be prepared! Take t he t ime t o make

sure you?re able t o of fer informat ion

and insight t o supplement any virt ual

t our. Share your t ake on t he area, t he

propert y, and pricing.

- Maint ain cont rol! Set communicat ion

boundaries t o st ay at t he cent er of

rent al t ransact ions.

- Communicat e! Make sure propert y

owners know t hat you have great

pot ent ial rent ers for t hem! Build

long- last ing relat ionships and

posit ion yourself for long- t erm

success. Every int eract ion wit h

cl ient s, propert y owners, and propert y

managers matt ers, and is an

opport unit y t o earn new business.

Key Takeaways:Show ing PrepAs you are coordinat ing t he virt ual showing, keep t hese t hings in mind:

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St ep 3 :Co n d u c tYo u rSh o w i n gs

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Whet her you?re leading your own l ive or prerecorded showing, or you're

facil it at ing a showing by a propert y owner, manager, or l ist ing agent ,

t here are simple but import ant st eps t o t ake t o assure a successful

present at ion for your cl ient .

In t his sect ion you?ll f ind best pract ices and t ips for conduct ing and

facil it at ing successful virt ual showings.

Int roduct ion:

Conduct ing Show ings


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If you're at a unit conducting a showing :

- Prep t he unit . Make sure l ight s are on and shades are drawn. Good l ight ing

is a must for virt ual showings.

- Do a pract ice run- t hrough before you call your cl ient .

- Be mindful of descript ions. When using video, specif ics matt er. Words l ike

?big,? ?small,? or ?spacious? may not convey much t o your cl ient . Inst ead,

use t angible descript ors. A kit chen count er may have ?room for t wo people

t o eat ,? or a bedroom may ?f it a queen size bed but probably not a king size

bed.?

Even bett er? have dimensions of t he unit at t he ready!

- If using your phone?s camera, make sure t o use t he default camera view,

not t he self ie view. This way, you?re able t o show t he propert y while keeping

an eye on your cl ient ?s react ions.

Live Show ings:

You conduct t he show ing


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- Use a PopSocket Grip, or sim ilar st abil izat ion device t o keep your camera

st eady.

- Ask quest ions. It ?s much harder t o gauge react ions when you?re not in t he

same room, so check in wit h your cl ient by asking quest ions.

Solicit feedback by asking quest ions l ike ?Do you feel l ike you have a good

sense of t his room?? and ?Can you see yourself ent ert aining in t his space??

Whet her showing virt ually or in person, asking quest ions is a best pract ice

for showings. You get immediat e feedback and can immediat ely address

object ions.

- Demonst rat e your special expert ise. You?ve prepared so you have insight s

about t he propert y, t he owner, and t he locat ion t o share. If you have

feedback f rom prior cl ient s, share it ! Your cl ient w il l respond well t o an

endorsement l ike, ?I recent ly placed a cl ient in a unit t wo f loors below and

t hey?ve been t hril led wit h t he building.?

Live Show ings:

You conduct t he show ing (cont inued)


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Agent s on Virt ual Transact ions- Tyler F.

"It can be as complicat ed as buying a fancy camera t o do somet hing t hat ?s

prerecorded or as simple as t aking out your phone, opening up Facet ime or

Google Hangout s, and just having a video call. Be nat ural. You?re t alking int o

a screen, but at t he end of t he day you want t o pict ure it l ike you?re t alking

direct ly t o an act ual human.?

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Keep t hese best pract ices in mind:

- Recommend t hat t he propert y owner or manager prep t he unit .

- Ask quest ions on your cl ient ?s behalf, focusing on key point s. Maint ain a court eous

and professional t one? having a solid relat ionship wit h t he propert y owner or

manager wil l help should you need t o t o convince t he owner t o t ake on your cl ient as

t heir t enant .

- Maint ain cont rol! Remind t he propert y owner or manager t hat you wil l huddle wit h

your cl ient before cont act ing t hem aft er t he call.

Live Show ing: The propert y ow ner conduct s t he show ing.


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You conduct t he show ing.


Keep in mind your best pract ices for l iving showings. In part icular:

- Prep t he unit . Make sure l ight s are on and shades are drawn. Good l ight ing is

a must for virt ual showings.

- Be mindful of descript ions. When using video, specif ics matt er. Words l ike

?big,? ?small,? or ?spacious? may not convey much t o your cl ient . Inst ead, use

t angible descript ors. A kit chen count er may have ?room for t wo people t o

eat ?, or a bedroom may ?f it a queen size bed but probably not a king size

bed?. Even bett er? have dimensions of t he unit at t he ready!

- If using your phone?s camera, use t he default camera view, not t he self ie view.

This way, you?re able t o show t he propert y while keeping an eye on your

cl ient ?s react ions.

- Solicit Feedback: Check in wit h your cl ient by asking quest ions. Solicit

feedback by asking quest ions l ike ?Do you feel l ike you have a good sense of

t his room?? and ?Can you see yourself ent ert aining in t his space??

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In t his case, you simply receive a video f rom t he propert y owner or manager.

Use t hese t op t ips t o make sure t he video resonat es wit h your cl ient :

- Speak wit h t he owner. Gat her int el so t hat you?re armed wit h addit ional info t o

impress your cl ient and ensure t hey are prepared t o make a decision on t he

unit , t he building, and t he area.

- Review t he video. Be ready t o provide det ailed comment ary.

- Act ively present t he video. Be in t ouch wit h your cl ient as t hey review t he

video so you can provide on- t he- spot comment ary.


The propert y ow ner conduct s t he show ing

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- Keep t he basics in mind? good

l ight ing and helpful descript ions!

- Af f irm your role as advocat e for

your cl ient . Seek opport unit ies t o

share your expert ise.

- Maint ain cont rol. Set

communicat ion boundaries t o

st ay at t he cent er of rent al

t ransact ions.

- Ask quest ions when conduct ing

virt ual t ours. It ?s much harder t o

gauge react ions when you?re not

in t he same room, so check in

wit h your cl ient by asking

quest ions.

- Act ively present prerecorded

showings. Be online as t hey

review t he videos so you can

provide on- t he- spot comment ary.

Key Takeaways:

Conduct Your Show ing

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St ep 4 :Co m p l e t e an d Su b m i t An Ap p l i c at i o n

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Onl ine Appl icat ion Process: Int roduct ion


Online rent al applicat ions of fer benef it s t o agent s, landlords, and rent ers. They

are cont act - f ree, quick, and can realiably safeguard credit scores and ot her

pieces of sensit ive, personal informat ion.

Online applicat ions are commonplace in many ot her indust ries, and online

rent al applicat ions are quickly gaining t ract ion wit h landlords and agent s. Like

virt ual showings, online applicat ions are here t o st ay.

In t his sect ion, you'l l learn how online rent al applicat ions are complet ed and

best st rat egies for advising your cl ient , maint aining cont rol, and t aking t he deal

over t he f inish l ine.

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Alt hough each syst em is dif ferent , t he online rent al applicat ion process fol lows a t ypical pat h.

1. You inform t he owner, propert y manager, or l ist ing agent t hat your cl ient would l ike t o

apply. Oft ent imes, owners and managers have a preferred online applicat ion provider and

wil l give you a web l ink t o share wit h your cl ient .

2. If t he owner or propert y manager is not using a preferred syst em, be ready wit h

suggest ions.

3. It ?s not uncommon for t he owner or manager t o require your cl ient t o include your name

and role as agent when applying. Be sure t o ask about t his and inst ruct your cl ient

accordingly.

4. Maint ain cont rol! Think t w ice before sharing your cl ient ?s cont act informat ion in advance

of t he applicat ion process.

5. Your cl ient complet es t he online applicat ion process.

6. You client w il l provide cont act informat ion, employment and resident ial hist ory, and ot her

informat ion required t o apply wit hin a secure environment .

7. Before submitt ing an applicat ion, your cl ient w il l consent t o a credit check.

8. Your cl ient w il l pay a processing fee.

9. The online applicat ion wil l pull credit , background and crim inal hist ory (where applicable)

and make t hem available t o t he owner or propert y manager

10. The landlord or propert y manager wil l make a decision.

Underst anding t he Onl ine Rent al Appl icat ion


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Top Agent Tip:

Looking for an online applicat ion built t o keep t he agent in

cont rol? Check out Apply Now by Rent al Beast . It 's f ree for agent s,

100% online, 100% FCRA- compliant , and keeps you in t he loop.

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https://agent.rentalbeast.com/ApplyNow





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Onl ine Appl icat ion Best Pract ices

Maint ain cont rol1

2 Hope for t he best , but be ready w it h Plan B

Every online rent al applicat ion syst em is dif ferent , so be ready t o

help your cl ient complet e t heir online applicat ion. Be mindful of

t he possibil it y t hat your cl ient ?s applicat ion may not be

immediat ely approved. Oft ent imes owners and propert y managers

wil l approve a borderl ine applicat ion wit h condit ions. Be prepared

t o engage wit h t he landlord t o advocat e for your cl ient and

overcome object ions as t hey arise. Finally, set expect at ions wit h

your cl ient? if necessary have t hem ready t o move on t o t he next

propert y.

Use an online rent al applicat ion syst em t hat avoids exchanging

owner and t enant cont act informat ion in advance of an

applicat ion. Make sure t hat your syst em keeps you informed as

t he applicat ion progresses, not ifying you at each st ep leading t o a

decision.

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Onl ine Appl icat ion Best Pract ices cont inued

3 Get t ing Paid Owners or managers - especially mangers of larger buildings or

communit ies ? wil l require your cl ient t o indicat e t hat t hey are

working wit h an agent . This is how t he owner knows who t o pay

t he agent fee. Remind your cl ient t o provide t his informat ion and

seek conf irmat ion when needed.

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- Maint ain cont rol. Take care t o safeguard your cl ient relat ionship by

avoiding any direct connect ion bet ween your cl ient and t he

propert y manager or owner. If possible, recommend an online rent al

applicat ion syst em designed t o support agent - guided t ransact ions.

- Ready yourself for any object ions t hat t hat may arise during t he

applicat ion process. Owners wil l oft en get more t han one

applicat ion for a l ist ing, so be ready t o advocat e for your cl ient .

- Make sure you let your cl ient know if t hey have t o add your name

and info t o t he applicat ion in order for you t o get paid for your

work.

Key Takeaways:

Complet e and Submit an Appl icat ion

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St ep 5 : Si gn t h e L e as e

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It 's Quick and Easy:

Lease agreement s are sent via email, execut ed on paper, and t ransmitt ed back t o t he propert y owner or manager via email. Your cl ient t hen receives a count ersigned elect ronic copy of t he lease.

Email , Pr int , Sign

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Digit al Signat ure

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Tradit ionally, t he owner or t he l ist ing agent w il l provide a lease agreement . If t his is not t he case, many st at es and brokerages have a common cont ract t hat can be used.

Quick Tip:In t his process, your cl ient receives a l ink t o t he lease agreement . They review t he document on screen and provide an elect ronic signat ure. No paper required! DocuSign is t he most popular elect ronic t ool for digit al signat ures.

Like online rent al applicat ions, lease agreement s can be reviewed and execut ed

virt ually. Most virt ual lease signings fal l int o t wo cat egories:

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Top Agent Tip:

Does t he video t our leave t oo much t o t he imaginat ion? If t he video

t our was conduct ed t oo quickly, leaves out rooms, or is shot at a poor

angle wit h bad l ight ing, it 's f ine t o ask t he owner/manager t o provide

some ext ra foot age.

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Your cl ient may come t o you wit h quest ions about t he t erms of t he lease agreement .

Field t hese quest ions, reaching out t o t he landlord or propert y owner as needed, but

be careful not t o provide legal advice. In some cases, t hey wil l want t o push back on

f inancial t erms or rest rict ions. Make sure t o keep t he process moving, but keep in mind

t he import ance of t he decision for your cl ient !

Avoid issues before t hey arise by reviewing t he ent ire lease and addendums before you

send it t o your cl ient . While anyt hing can be negot iat ed, t here are some general l im it s:

- The more st andard t he lease, t he less l ikely an owner wil l be t o negot iat e.

- Owners and landlords are unlikely t o negot iat e t erms for propert ies wit h high

demand. Get an idea about local demand based on recent price changes and

rent al concessions for comps in t he area.

- Local administ rat ors of larger buildings and communit ies have l im it ed aut onomy t o

negot iat e t erms.

Final izing t he Deal

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- Execut ing leases virt ually is quick and easy, whet her signed and emailed

or complet ed wit h elect ronic signat ures.

- Be prepared t o advocat e for your cl ient . Be aware of lease t erms,

including f inancial requirement s, condit ions, and rest rict ions before

providing your cl ient w it h t he lease agreement .

- Your abil it y t o negot iat e on your cl ient ?s behalf can be inf luenced by

ext ernal fact ors, including propert y demand, and a propert y manager?s

aut horit y t o modify t erms.

Key Takeaways: Sign t he Lease

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St ep 6 :Po s t - L e as e Ac t i v i t y

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- Make sure you get paid! Propert y management f irms, apart ment communit ies, and

privat e owners t end t o have dif ferent processes for processing and paying agent

commissions. If your brokerage does not handle collect ion of your fees, it ?s a good

pract ice t o invoice t he owner and have a fol low- up plan in place t o make sure you

get your check!

- Build fut ure business now. Keep bot h your cl ient and t he propert y owner/ landlord

wit hin your sphere of inf luence:

- Make sure you have a cont act plan in place t o st ay in t ouch wit h your cl ient ,

including checking in wit h t hem aft er t hey move, and as t heir lease nears

renewal.

- Make sure t he owner or manager knows you can help wit h any real

est at e- relat ed needs. This is especially import ant if you?re working wit h a

privat e owner, as t hey oft en seek help t o l ist rent al propert ies, conduct

invest ment t ransact ions, and buy or sell t heir primary residence.

Post-Lease Best Practices

Quick Tip: Have a fol low- up plan!

Agent s wit h fol low up plans are able t o convert 30% of t heir rent al cl ient s int o buyers


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Great job! You?ve placed your cl ient in t heir new home and built a

relat ionship wit h a propert y owner!

- Fol low up t o be sure you?re paid correct ly and quickly. Be aware of t he

propert y owner or manager?s process for paying agent fees.

- Fol low up w it h t he owner or propert y manager? make sure t hey know

you want t heir business!

- Fol low up wit h your cl ient as t hey move and before t hey renew. Check

in, ask for referrals, and inquire about t heir next move, including home

buying.

Key Takeaways:

Post-Lease Activity

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The real est at e indust ry embraced virt ualizat ion t o curb t he spread of COVID-19 and keep business running smoot hly. However, w it h t he ease of t he virt ual process ful ly underst ood, closing deals digit al ly is here t o st ay.

Having a social media- heavy lead generat ion plan, virt ual showing know- how, and t he abil it y t o maint ain cont rol t hrough a digit al process must become mainst ays in an agent ?s t oolkit .

Rent al Beast of fers agent s an all- in- one solut ion for conduct ing virt ual rent al t ransact ions. Rent al Beast provides access t o mil l ions of co- broke f ree of f- MLS l ist ings, virt ual showing inst ruct ions, a l ight ning- fast online rent al applicat ion, and comprehensive online educat ion plat form. To learn more visit rent albeast .com/agent signup.

Conclusion

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http://rentalbeast.com/agentsignup

virt ual rent al transact ions - rental beast

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