condominiums, houses and townhouses in Alexandria, Kingstowne, Crystal City and Arlington VA
Thursday, June 19, 2008

Some of the best blogs I've read came from agents venting. That's why I've decided to share the tale of two potential renters that did not work out.   

Belle View Condos

Let me set the stage by saying most of my business is in the condo market. Additionally, my offices are next door to a Belle View condos. These are cute and quaint garden style condos on the Potomac in a neighborhood second to none. As a result of these two factors, I get quite a few calls from people who want to rent in Belle View. Montebello is another great condo community very close to my office. As every real estate agent knows, I make very little money from these rentals.

But I do take renters as clients for a number of reasons. Firstly, there are the self-serving reasons. Many renters will one day be buyers. And for a very few of those renters that day is today. Additionally, have a healthy property management business and assisting renters keeps me in a position to market some of the property we have for rent. But I don't help renters for entirely self-serving reasons.  I actually enjoy helping people find the place of their dreams, and renters' dreams are usually smaller and easier to fill than buyers' dreams. For me it's a community service and a role I'm glad to fill.

But lately, a confluence of Craigslist and the price of gas coupled with a diminishing availability of my precious time, have caused me to be a bit more frank with potential renters when they call. My potential clients are shocked and sometimes offended at my direct stance and firm position about rentals. 

Renter 1, we'll call her Sally, emailed me after discovering Montbello through my website.  Sally was delighted with the community and surprised by the affordability of the rents. Sally contacted me via email and I emailed her a list of everything that was available in the MLS in Belle View for rent. Sally had very particular tastes and wanted me to preview the units and just take her to the ones that suited her specifications. (Thankfully I did not do this.)  Sally wanted to make an appointment to view, but needed some flexibility "because she was viewing another place" at 1 pm that day.  I told Sally she should have her other agent show her all the properties. The other listing was (you guessed it) from Craigslist.

Sally was offended by my response. So Sally said she would find another agent to show her the rentals.  I sincerely wished her well.

Renter 2, "Jane", called me to look at units in Belle View.  I asked Jane if she had a rental agent. Jane said, no,  she was familiar with the area and was going to search on her own.  I said I would be happy to answer her questions and would be happy to give her all the free advice she wanted, but that I wasn't going to show her any properties unless I was her rental agent.

Jane asked about Belle View and the neighborhood so I proceeded to tell her all about New Alexandria. I told Jane about the good and the bad. I don't sugarcoat. I don't sell. It is my practice to tell the truth and let the client decide. I explained that it makes no difference to me if she wanted to go to Belle View or anywhere else. I am licensed anywhere in the Commonwealth of Virginia. My only goal is to see to my client's satisfaction. 

Jane asked to tour several Belle View listings. I told her that I could only do so in a capacity as her rental agent.  I further explained to Jane that she could call other agents. In fact, I could give her the name of other agents to call.  But for me, I was not going to show her any property unless she agreed to be my client.

Jane replied that she was both perplexed and perturbed. Jane said,"How can I make a decision on whether I want to rent if I can't see the inside of the property?"

I wouldn't budge. If she wasn't going to let me be her agent, then I have no desire to show her any property. Then, I explained to Jane, "Look if you're determined to see the inside of Belle View, but you don't want my services as a rental agent, then I'll take a retainer of $200. That $200 will be refunded if and when you rent something--- anything---in Virginia."

Jane said, "So I have to pay to see this rental?!"

I said, "No, this is a deposit.  There is no cost to you if you rent.  This is just my insurance that you're not going to waste my time."

Jane said, "Well I can walk into any rental complex anywhere."

I said, "Then you should do just that. But you can't walk into Belle View. This is not an apartment complex. This is a condominium community. You can't enter the building without an escort."

Jane was getting angry now. "But how can I rent if I can't see."

I told her, "You'll need a rental agent."

Jane said, "But I don't need a rental agent. I'm looking for things on my own."

When your mind is in the customer service mode, it's difficult to think straight when the client begins to attack. I don't argue with clients. I satisfy clients.  That's why I was like a deer in the headlights when she began to debate with me and demand that I show her the property.  But I was not budging because I have been burned one too many times by potential renters who are shopping Craigslist. I said to Jane, "I don't know what to tell you. Try Craigslist."

Jane answered with a discourteous huff and hung up on me. She just didn't get it and was going to be angry at me unless I complied with her worldview.

The solution to this problem is that we as realtors need to embark on a renter education program for the benefit of both landlords and renters. We need to explain to renters why we operate the way we do. This way people aren't angry when things don't go as they expect.

Here are a few things that renters need to know:

  • Rental commissions are small.
  • Real estate agents are licensed professionals. 
  • Rental agents at apartment complexes are usually not licensed and serve the apartment's goals.
  • A real estate agent serves the client.
  • A real estate agent isn't going to try to convince you to rent a specific property.
    • The agent could care less where you rent.
    • The agent wants his client to get a good deal on his or her rental. 
  • A real estate agent knows more about the area and what is available than you and your circle of friends.
  • A real estate agent is not part of the seedy Craigslist underworld.

My pet peeve about renters?  I make a lot of money from buyers and they never stand me up.  Buyers make appointments and keep appointments.  I make very little from renters and many renters have stood me up for appointments.  I continue to treat each new rental client with respect. Here's what renters should know about renting a condo.

  • Condos are generally cheaper and better than apartments,
  • There are hurdles to renting a condo that you won't find with an apartment.
    • A renter can't just walk in and tour a condo, just as you can't walk into people's houses if you are interested in renting a house.
    • A renter must with the association's rules and the landlords rules. Just because the association allows pets, doesn't mean the landlord allows pets.

Thursday, June 19, 2008 4:38:02 PM (Eastern Standard Time, UTC-05:00) | Comments [0] | real estate anecdotes | renting a condo#
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