When your condo listing goes live, you can expect inquiries from interested renters. Your agent will handle everything from showings to gathering contracts to leases (offers) from tenants and their agents. In this article, we will discuss what to expect when your listing goes live when listing with a real estate agent in Miami.
In this article landlord listing will learn the following things when their rental listing goes live:
What happens when rental listings go live
How are showings handled?
Receiving feedback
Days on the market and adjusting your asking price
How do landlords receive offers or applications?
What happens when rental listings go "live"?
When a rental listing goes live, it is made available to the public through various online platforms and rental search portals. Your real estate agent lists it in the MLS, automatically syndicated to consumer-facing sites like Zillow, Apartments.com, and Zumper. In Miami, most tenants have a real estate agent helping them with their rental search and recieves email updates with new listings directly from the MLS.
Your agent will also be responsible for gathering any contracts to lease (offers) from tenants. It is important to remember that going "live" does not guarantee that your property will be rented immediately. It's simply the first step in the rental listing process.
How are showings handled?
When listing your rental property with a real estate agent, you can expect that all showings will be handled through them. Your agent will schedule showings and manage communication with potential tenants and their agents.
The use of lockboxes are commonly used to maximize the accessibility of rental listings. The tenant's agent will inquire about the listing via the MLS and get the showing instruction via a showing platform or directly from your agent. In both scenarios, the tenant's agent must provide credentials to access the listing. Lockbox information isn't shared with potential tenants directly.
If a tenant occupies the condo, then your agent will coordinate showings with them so that they may give access to the apartment.
Receiving feedback
Once a rental listing goes live, it's essential to keep an eye on the received feedback. Your agent will be responsible for gathering feedback from potential tenants and their agents after showings. The feedback you receive from tenants and agents can help you determine whether or not you need to make a price adjustment or make some updates to your listing.
If you're unhappy with the feedback your agent is receiving, voice your concerns and ask for clarification. It's important to remember that not every tenant will be a good fit for your property, and that's okay. But if you're receiving consistent feedback on the same thing, you may need to address it.
Days on the market and adjusting your asking price
When it comes to days on the market, which means the number of days a listing has been on the market, you want to ensure that your property is priced accordingly. It will sit on the market for longer than necessary if it's not. If you price ahead of the market, you may have to adjust your price a few times to find a tenant.
Suppose your property is marketed correctly, is accessible for showings, and is competitively priced. In that case, it shouldn't sit on the market for longer than two weeks in most market conditions unless it's a very saturated market.
Tenants pay attention to days on the market searching for an apartment. There are many reasons why a rental listing may sit on the market.
High asking price
Condition of apartment
Condition of the condo building
Lack of amenities
Lack of accessibility to see the listing
How do landlords receive offers or applications?
Landlords can expect to receive offers from interested tenants through their agents. Your agent will be responsible for gathering all offers and submitting them to you. You can expect to receive the following documents:
Photo ID
Income Verification
Credit Score/Report
Background check
When listing a condo, landlords usually don't have the tenant submit a rental application which involves running their credit and background check. The condo association typically has its application process. It will run the tenant's credit and background and approve or deny the tenant based on their findings.
After you accept an offer and sign a lease, the transaction status will go into "under contract."
Conclusion
When your rental listing goes live, you can expect your agent to handle the showings, gather feedback, and showings to present them to you. You must be aware of what's going on during the step in the process and make necessary changes if need be. If you found this article helpful, make sure you subscribe to my newsletter!