Lofts & Flats’ Guide for Agents Working on Rental Listings in NYC | Lofts & Flats
Lofts & Flats’ Guide for Agents Working on Rental Listings in NYC
New York is often thought of as a ‘renter’s city,’ and it is for a good reason. With thousands of rental listings, and even more hopeful renters, real estate agents are constantly vying to make themselves stand out in the New York City rental market.
So how does one go about becoming a leading rental agent in one of the most competitive real estate markets in the world? At Lofts and Flats, we’re experts in closing rental deals. Here are some of Lofts and Flats’ insider tips and tricks for working on rental listings in New York City.
Work on Obtaining Rental Listings
The first step to excelling as a rental agent is mastering the art of obtaining rental listings. As an agent that is new to the industry, getting listings may seem like a difficult process. This is especially the case when it comes to exclusive listings. However,
One of the first steps you can take towards obtaining rental listings in New York City is joining a brokerage that either has excellent relationships with local landlords or gives out listings to their agents. At Lofts and Flats, rental agents are given access to hundreds of listings in lucrative markets such as Queens and Brooklyn. Not only does this help Lofts and Flats agents close multiple rental deals at a time, but it also helps agents to build their client network.
The next best step for obtaining listings is by putting in the extra time and conducting showings for other agents. While this may seem like a waste of time, it is a great way of building your client network, as you will meet a ton of hopeful renters at the showing. The life cycle of a rental client is relatively short, so while they may not list with you this time around, they may a year or two from now.
Build Your Rental Network
In addition to obtaining listings, having a robust network of rental clients and referrals is key to becoming a successful rental agent. Similar to getting listings, building your rental network is mainly reliant on talking to practically everyone you meet.
Make sure that your friends, family, and even acquaintances are aware that you are a rental agent. It is also a good idea to strike up a conversation with strangers at the gym, the supermarket, or even restaurants. Even if the person you speak to isn’t looking for a rental agent, they may need your services in the future, or know someone who currently does.
Perfect Your Strategies for Advertising Rental Listings in New York City
Obtaining listings and building a solid client network doesn’t mean anything if you don’t have the right strategies to market those listings. In sales, there are numerous ways to go about marketing, so each real estate agent needs to figure out which are the best avenues to marketing rental listings in New York City.
In the real estate industry, there are many traditional ways of marketing listings, such as word of mouth or print advertisements. However, with tons of digital marketing strategies arising, agents may have more success advertising listings online.
Some of the most useful sites to use for advertising rental listings in New York City are Facebook and Instagram. These social media platforms are free of charge and allow you to build your following organically, increasing the chances of your audience converting into leads.
For agents with more advanced marketing experience, you may want to invest in paid advertisements via Facebook or Google. While paid advertising does require a budget, it can be beneficial in getting your rental listing off the market in New York City.
Understand Your Local Rental Market
Another essential practice for working on rental listings in New York City is understanding your local rental market. With countless neighborhoods throughout the five boroughs, the New York City rental market is constantly changing. As a rental agent, it is crucial that you not only stay up to date with the rental market but that you are also able to understand it.
At Lofts and Flats, we encourage all of our agents to stay informed with what is going on in the New York City rental market, specifically Queens and Brooklyn, by reading monthly market reports and other New York City real estate publications.
In New York City, working on rental listings can be extremely competitive, and at times, frustrating. The key to mastering the New York City rental industry as an agent is committing your time and effort to obtaining listings and building clientele. It also helps to work with a brokerage that is invested in your success as a rental agent and is willing to offer resources that will help you excel.
At Lofts and Flats, we are experts when it comes to the New York City rental industry, especially in our local markets, Queens and Brooklyn. If you are interested in learning more insider tips and tricks for rental listings in New York City or would like to join a brokerage that will support you in your journey as a rental agent, reach out to us at Lofts and Flats.
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