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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Topic:
ActiveRain Community
Location:
Virginia Albemarle County Charlottesville
Groups:
CHARLOTTESVILLE REAL ESTATE
Property Management
Real Estate Trends
Realtors®
VIRGINIA
Tags:
charlottesville
property management
homes for rent
homes for lease
property leasing

Comments 7 New Comment

Anonymous #3
Anonymous
Anonymous

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

April 20, 2011 03:31 PM
Rainmaker
1,054,979
Wallace S. Gibson, CPM
LandlordWhisperer
Gibson Management Group, Ltd.

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
Rainmaker
917,727
Conrad Allen
Webster, Ma, Realtor
Re/Max Professional Asociates

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

April 20, 2011 06:44 PM
Rainmaker
407,329
Michelle Francis
Realtor, Buckhead Atlanta Homes for Sale & Lease
Tim Francis Realty LLC

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
Rainmaker
1,054,979
Wallace S. Gibson, CPM
LandlordWhisperer
Gibson Management Group, Ltd.

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
Rainmaker
1,054,979

Wallace S. Gibson, CPM

LandlordWhisperer
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