How to Start an Apartment Or Rental Locating Business

The rental referral business is one of easiest andareas first because the rents are higher, and that
most powerful business you can start. It requiredis where you will make the most income.
no special talent other then wanting to succeed,Remember, you will get 50% (or more) of one
and making phone calls. It's totally easy to learnmonths rent as the referral fee, so the higher the
and succeed with this because every businessmonthly rent, the more you will make. In some
loves referrals for one simple reason.towns, depending on what the market will bare.
It's free advertising for their business. (Not toSome properties the going rate is 100% of the
mention that the rental agents work onmonthly rental as a referral fee. Every renter
commission also, so everybody wins) so anybody(and management company) will need your
that wants to passively represent them, andservices but remember it all depends on what
sends referrals directly would be totally willing tostate you live in, and what the market will bare.
accept business from your efforts. Who wouldn't?(never a problem these days)
There are plenty of rental opportunities in thisAs you know, rentals are on the rise because of
industry. With so many homes in foreclosurethe sub-prime mortgage fall-out. At the time of
there are more homes that need to be rentedthe publishing of this blog and my most current
then ever before. Take a look at online classifiedebook, there are plenty of eager homeowners
advertisements for homes for rent. It'sdesperate to rent their property. You could even
astounding how many there are.advertise for HOMES ONLY, and make a living
That is where you come in, find renters, andsince so many people have families, then lost their
collect your finders fee in the same manner youhomes, can't refinance, but still need a house to
locate apartments. Simply advertise (for freelive in because of the number of children in the
explained later) put renters with owners of homeshousehold. They are everywhere, so take full
for rent and collect your fee. This is truly aadvantage of locating for homes as well.
win-win situation that you should always keep inThe GOING RATE IN MOST STATES IS 50%
mind as a sideline for extra income. FrequentlyTO 100% OF THE MONTHLY RENT and property
Asked Questions: Can I do this in my spare time?management companies and rental owners will be
Yes, collect the free material, choose propertieshappy to pay that if you can fill their rentals.
you want to promote utilize the free advertisingHOME OWNERS TOO...Remember, their mortgage
methods outlined in this book and just sit backdoesn't stop simply because it's vacant. Refer a
and wait for the calls to come in. How muchprospective tenant to a 2 bed room that rents
money do I need to get started? There is nofor $800. per month, your referral fee would be
hugh outlay of upfront cash in order to start an$400.00 If the rate is 50%. Some go to 100% of
apartment locating business but you will need athe monthly rent. Get it? This would be your
phone (cell, or home), a fax machine (easilyreferral fee. Place desperate renters 4 times a
obtainable at any goodwill, and transportation toweek and you could easily clear 1600 per week.
check out the properties you will be promoting.You will have to contact each apartment complex
Although a car is optional. What materials do Iyou plan on locating for to make sure they are
need to get started?willing and ready to sign a referral contact with
The Apartment Guides are free and usuallyyou. There should be no problem, but you must
provided at most local grocery stores at theinquire up front. Just go with family size properties
front entrance. You can also use the online guidesand you should be just fine. The owners will be
as well. Additional advertising is low in costhappy as well since they don't pay you until
however I suggest other methods in thesomeone is accepted.
beginning which are TOTALLY FREE. Do I need aIT'S THAT EASY!
business license? Yes, any business is required toHere's the full instructions on how to start an
obtain a business license usually around $60 orapartment locating business. And at a great price
less so check with your local agency or go onlinefor a full plan on starting a small business. Give a
to obtain the forms required. It only requires youtry and be serious. You cant go wrong if you
complete the application and pay the fee. That's it!follow these simple to follow instructions.
What about all the other Apartment Locators, canGET STARTED!
I compete? It's obvious There are literallyBelow are some tips to watch out for:
thousands of apartment complexes, townhomes,Make sure you follow up after each placement.
home rentals and condo's in virtually every city inSome management companies have a net 30, 60
every state. Not to mention all the homes inor 90. It's best if you show up to the credit
foreclosure as well. Take it from me. There'scheck to make sure the management and/or
plenty business to go around. HOW DO I GETowner remember that it is "your" client for future
STARTED TODAY? Ok, here we go...payment. (yes, they loose track of who to pay
The first thing you will need to do is compile a listsometimes) so Stay until the client is accepted,
of apartment and condo complexes to put underthen have the agent sign a receipt, or log the
your referral fee contract. In other words, youappointment in their accounts payable book. If a
need to put together a list of rentals you willclient is rejected, there are some surefire ways
locate renters for. I suggest you section off atto place them as well. I will give more information
lease 5 areas of your county or town to startin my next blog so stay in touch. See
with.Remember...
Rentals Of All Kinds Need Locators Use the best