Agents * If you are handling rentals, DO NOT STALL Rental Prospects While You Try to Complete a Sale!

By
Real Estate Broker/Owner with Gibson Management Group, Ltd.

This seems like a no-brainer; however, there are still real estate agents who think that handling a listing rental rather than an actual SALE means they can FUDGE the truth.

Agents who are leasing unsold property listings or handling rental homes need to TELL THE TRUTH to rental applicants or they can get in TROUBLE with Fair Housing issues * FAST!

Marketing a home for SALE and for LEASE at the same time is a MAJOR Headache which is why most professional property managers do not do it. 

It normally takes LONGER to finalize a PURCHASE contract rather than qualify a rental prospect and sign a lease so agents attempting to do BOTH services for their property owner clients AND KEEP CONTROL OF THE LISTING often run afoul of Fair Housing by NOT qualifying the rental applicants while they are also trying to smooth the details of a purchase contract.


Tell the rental prospects the truth so that they can decide whether to hang in with the property in case the purchase contract falls through OR so that they can STOP the leasing process and STOP your running their credit report (and lowering their credit score) and STOP your spending your money on credit and application fees.

When a rental prospect has to call you several times to finalize a lease and provide their move in monies only to be STALLED and then told the property has SOLD and that they have wasted a week to 10 days on the process, they will look for REDRESS and the QUICKEST and EASIEST is filing a Fair Housing complaint.....whether it has merit or not is immaterial; however, they will have their pound of flesh from you and your broker when they ONLY wanted the TRUTH!

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Show All Comments
Rainmaker
348,600
J. A. Michail
Real Property Management of Sarasota & Manatee - Sarasota, FL
Real Property Management of Sarasota & M

I liked your blog post and I thank you for sharing itwith us! Love the Nicholson pic!

April 20, 2011 03:24 PM #1
Rainmaker
1,081,821
Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA
LandlordWhisperer

Timing is IMPORTANT in rental prospects locating suitable homes so hanging them out for a few days is really bad form

April 20, 2011 03:29 PM #2
Anonymous
Anonymous
Anonymous

Do the right thing or watch your errors and omissions insurance go up after the lawsuit....

April 20, 2011 03:31 PM #3
Rainmaker
1,081,821
Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA
LandlordWhisperer

Dennis * Agreed * agents think they are helping their client property owners and they are not if it ends in a lawsuit or fair housing complaint

April 20, 2011 03:34 PM #4
Rainmaker
1,025,867
Conrad Allen
Re/Max Professional Associates - Webster, MA
Webster, Ma, Realtor

Hi Wallace - It is amazing how cowardly agents can act.

April 20, 2011 06:44 PM #5
Rainmaker
409,845
Michelle Francis
Tim Francis Realty LLC - Atlanta, GA
Realtor, Buckhead Atlanta Homes for Sale & Lease

Wallace, 

We do offer homes for both IF that works for our owners, but if it's under contract, we don't let the process continue on the leasing side!  

However, the leasing market is so much stronger, 97% of the time it will lease first!

All the best, Michelle

April 20, 2011 09:19 PM #6
Rainmaker
1,081,821
Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA
LandlordWhisperer

Agents who REALLY want to work the listing and the SALE are leaving rental prospects out in the cold after taking their application money AND running their credit

April 21, 2011 07:19 AM #7
Show All Comments
Rainmaker
1,081,821

Wallace S. Gibson, CPM

LandlordWhisperer
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