There are rental listings, and there are the rock star rental listings after working in the real estate industry for 20 years and even winning an award for “Top producer by deals” when I first started. As a manager, I have six agents, and, as a broker, I have long routed relationships throughout the industry. That said, I don’t know much about many things; I do know a successful real estate listing that blows through the roof off the charts.
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What makes for a Good Rental listing?What makes for a Good Rental listing?
What makes for a Good Rental listing? Many variables divide the rockstars from the laggards. I believe it comes down to communications and packaging, coupled with a desirable property in a great location. Representing the owner in the purchase of the property, biased, but the facts are the facts. Would you like to receive 23 inquiries from Streeteasy and 6 Zillow leads within the first 24 hours if you are a rental agent? – without featuring your ad? – If YES!, then here is an example to ponder.
When first starting in rentals, we had the New York Times real estate section and Craiglist, not much more if considering a relevant, robust online audience. Noticing a gap in the market, I launched a real estate marketplace called CityCribs.com. Although profitable and successful in finding market share and serving thousands of brokers citywide, ultimately falling victim to competition due to several variables. I decided to focus on representing homebuyers exclusively by launching Elika Real Estate. Perhaps, I could share that story another time, but this is relevant only due to time spent looking at data.
Successful MarketingSuccessful Marketing
To not veer off-topic, marketing know-how is vital for a real estate agent to develop and refine. Building a voice and being part of the conversation is the difference between the successful and not. In the digital world, you are either included, or someone else is discussing the subject.
Capturing the attention of renters requires telling a story through professional photography and great descriptions. Even if you’re not representing the best properties, every listing deserves to be elevated.
Elevating your listing requires refining your writing skills, including a thoughtful human tone and a pleasant manner. A genuine voice is critical. I have seen poor listings and the best of the best. A listing that generated 23 unique leads in 24 hours without being featured (refer to Example 1):
1438 Third Ave, Apt. 19A1438 Third Ave, Apt. 19A
After undergoing a renovation for 12 months, 1438 Third Ave, Apt 19A came to the market last night on February 11th at 11 pm. Since being posted on Streeteasy, the listing generated 23 leads in 24 hours. Not to mention amidst a shake-up of NYC Brokers fees that within 24 hours went from the tenant paying the broker fee back to the landlord paying the fee, then back to the tenant paying the broker fee from February 10th – until February 11th.
The ListingThe Listing
What’s the catch?What’s the catch?
- What is the catch? Did you underprice it?
- Are you offering a No-Fee?
- Did you feature the listing on Streeteasy?
Rental Comp AnalysisRental Comp Analysis
The answer to all of these questions is “NO.” Having co-listed with CarltonResidential.com, owned and operated by my wife, for full disclosure. Of course, biased, but the truth is based on facts. A true rockstar my wife is, I say with pride. My wife, by now, knows how I think and understands the importance of professionalism, being genuine and insightful when dealing with real estate. Writing a good property description, choosing the right angles for the photography, the right property, and the right location is a recipe for success.
Below is a rental analysis of like-kind apartment rentals that is reasonably priced to market.
What does it take?What does it take?
Since I first started in real estate, I have been continuously amazed at the poor packaging of listings that some agents advertise. Some write poor descriptions; others oversell the property or even themselves. Real estate is not a complicated business. However, it does require excellence like any other when you want to be a success. Real estate has one of the most significant fail rates out of all industries, equal to that of restaurants at 90% within the first year.
Part of the reason is that communications are not deep enough within the new agent’s curriculum. Sure, the larger companies provide excellent training, but many of these are scripts; people tend to forget that humanity and character must be applied. The biggest asset, aside from the vital being knowledgeable, is likability. A smarter agent may not be as successful as one that is more personable and able to connect with their audience.
Final ThoughtsFinal Thoughts
Just like in any business, people want to work with people they like. That is the foundation if you are likable and know your business well. Back that up with customer service, professionalism, and package your communications well. Think about how Apple simplified the electronics package, especially the instructions on how to use it.
Apple is the master, one of the greatest communications companies on earth. You can be The Greatest Agent in your neighborhood. The real estate agent that provides the Apple experience in their region and real estate is Your product.
Why achieve mediocre when You can achieve greatness? Analogies aside, organize your process and deliver your product at the highest elevated level, and You, too, will be a Successful Agent.