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Low inventory markets may seem unfavorable, but if you know where to look, they’re a fantastic opportunity for NYC rental brokers. As supply decreases, landlords will hold out for premium prices, and renters will need to make competitive bids to get offers accepted. This means NYC rental brokers like you are in line for substantial commissions, but only if you have access to enough inventory. Follow these tips to increase your inventory and open the door to bigger profits.
1. Get landlord details at open houses
Open houses are one of a broker’s most common sales techniques. But, are you getting this most out of them? Open Houses are an excellent way to gain access to new landlords looking for new tenants. After all, if individuals are looking at renting a property, there’s a good chance they’re about to move out of their current place. Ask open house attendees if they are currently renting a place and, if they are, ask nicely if they can pass you their landlord’s details.
A lot of first-time landlords try and take on too much of the work themselves. This includes finding new tenants. ‘For rent by owner’ listings have become hugely popular over the last few years, and while many NYC rental brokers may look down on them with scorn, the smart broker will look for hidden opportunities. Sites like StreetEasy and Craigslist could be teeming with under pressure landlords who are struggling to find a tenant by themselves. Reach out and offer your seasoned help and advice.
If you work in a busy brokerage, your previous colleagues’ client lists could be an inventory goldmine. If they have decided to take their career in a different direction, there’s no harm in asking for their previous client files and getting in touch with those landlords. Simply let the landlords know you’re taking over your colleagues work and with just a few calls you could have several new rental properties.
Landlords tend to network with other landlords. Whether it’s through online forums, business meetups or personal friendships, landlords commonly share tips, tricks and thoughts on the industry. That means the landlords you currently work with could be your ticket to a larger, more diverse inventory. If you’re struggling for properties, ask landlords you’ve already closed deals for to recommend you to their friends. You could even offer a percentage of your commission fee as an incentive.