Residential Lease Agreements

If you are a Realtor you know how tough it has been to find qualified buyers in the past few years. Realtors all across the nation have had to re-invent themselves and do things in their Real Estate business that they have not done before. One thing I have been doing for the past 2 years is approaching property managers and landlords who do lease options, land contract and rent-to-owns and offer to find them tenant buyers for a small fee. I admit when your used to a commission of 3 or 6 percent on an average home price of $124,000 a small fee doesnt sound so inviting, but a few small fees per month in this market can mean the difference between paying the mortgage or having to qualify for a modification with your lender. I actively pursue those who are interested in renting since the foreclosure epidemic has produced a record number of renters. I am the Real Estate expert, I know my market and my geographical area so it only makes sense for me to assist those who have lost homes due to a foreclosure and/or those who have just move to the area looking to get established. The MLS in Grand Rapids, MI. has recently added a Residential Rental Listing Service. Its a little late in my opinion but better late than never. I have a lease deal that will be closing this week and my commission is $550. I showed the couple 3 different properties and the one they signed the lease on I showed 2 times. I admit, I did complain a little because of the dollar amount but looking back it was well worth it. They will be able to buy a home in a year and if I did my job right, which im sure I did, they will be giving me a call when its time to start looking. Now if I can do one lease every week thats pretty good money for the rest of the year, not including my sales commissions. Then next year when my tenant buyers are ready to buy its just like money in the bank. Real Estate has evolved and we as Realtors do not find buyers anymore, they find us. Helping future homeowners find a home to rent is, in my opinion job security. Dont discount the power of a renter/tenant buyer just because there is not a huge payday in it, we do not know what the future has holds for them. They may be looking to rent a home for $600 a month this year and next year be looking to buy a home for $600,000. Sometimes helping a family is all the payday we need. A little goes a long way in these tough times, I have always appreciated the two's and few's, you should too. Good luck and God bless