Still Renting Out Your Own Units? WHY ?
Let Tim Do The Dirty Work !!
(631) 767-4642
Tim Larkin has been renting property for the last 20 years and has personally rented thousands of properties for hundreds of Landlords. Tim’s unique “Marketing System” means that he gets hundreds of potential tenants contacting him to organize viewings.
The Big 8 Reasons to use Tim Larkin as: “Your Exclusive Rental Real Estate Broker”
- FREE! – Tim Larkin’s professional service is 100% FREE to Landlord and usually FREE to qualified tenants. WIN-WIN Situation.
- Rental Expert- the free ebook “King of the Middle Class” proves Tim has over 20 yrs of proven rental experience. As a Landlord himself, he understands what it’s like to have an empty unit, a tenant not paying or poor service. DOWNLOAD BOOK
- Save money on advertising- Tim pays for all advertising.
- Save time- no more pre-screening tenants (credit reports, criminal checks, housekeeping checks, income checks, prior landlord reference checks) or wasting valuable time on no-shows, unqualified shows or not interested shows- Stay home and relax-let Tim do it all- FREE! To You.
- Large Database of qualified tenants- after 20 yrs in real estate Tim has compiled a rather sizable database of satisfied, paying lessee’s .He keeps in constant contact with this database vie e-mail and postcards. This nets him a constant source of eagerly waiting tenants. He shares these referrals exclusively with Landlords that retain his services. He charges NO FEE! to Landlords that give him the exclusive right to lease their rental unit.
- Dedicated Support Staff- Tim has trained professionals that can deal with any tenant issues or unexpected problems with the property. He can quickly resolve almost any issues that may arise. This keeps the tenants in the properties for longer and hence reduces your vacancies.
- Preferred Handyman Rates- because Tim represents so many Landlords, he uses the same qualified and reliable handymen over and over again, ensuring he gets the best rates for repairs to your property. The savings he graciously passes on to you, the professional Landlord.
- Top Negotiator- when Tim represents You, as your exclusive broker, he fights for every dollar. He owes You a fiduciary responsibility to find the best tenant, in the shortest amount of time and at the HIGHEST rent permissible in the current rental marketplace. As a Landlord himself, he knows “Happiness is a Positive Cash Flow”, and his mission as your representative is to make You as happy as possible.
Professional Landlords List Exclusively
with Tim Larkin… Heres Why:
When it comes to selling your rental, an exclusive listing with a licensed real estate broker provides the greatest likelihood of success for both the seller and the broker.
Only a limited number of real estate brokers will accept an open listing, and typically, a broker that chooses to work with such a limited commitment from a seller will NOT provide the greatest amount of effort to sell the rental. Likewise, the commitment level of the seller is questionable. To understand this point in more detail, let’s start with a definition of the two types of real estate listings.
Open Listing:
An Open Listing is an authorization to sell a rental property. It may be given to several brokers concurrently or the rental may be sold by the owner himself. There is usually no time limit associated with this type of listing. If the owner sells the property through his own efforts, he is not responsible to pay commissions to any of the listing brokers. An open listing may be canceled by either party at any time.
Exclusive Right-to-Sell Listing:
The Exclusive Right-to-Sell listing is the most common type of listing. It provides one broker the right to sell the rental property exclusively. This listing entitles the broker to commissions on the sale during the life of the listing agreement, even if the owner himself sells the rental. This type of listing runs for a specific period of time, usually six months. The agreement may only be cancelled by the listing broker during that period.
Initially, the open listing may sound like a great way to maintain more options; however, typically this type of listing agreement is a waste of time for both the seller and the broker. Here are a few reasons why this agreement can be counter-productive.
Initial Effort
For a real estate broker to do his job properly, he must invest a large amount of time and effort up front long before the rental actually sells or even goes to market. He must review and verify all expenses and income associated with rental such as property taxes ( trip to county clerk’s office for confirmation of accurate property tax bill), insurance (review declaration page and policy), mortgage ( review mortgage/mortgage note for proper principal balance and due-on-sale clauses), utility consumption (confirm usage via analysis of oil bill, gas bill, electric bill, water bill, refuse bill, landscaping bill, etc…) and rent roll ( full accounting of rents owed and paid and lease analysis). He must also confirm that there are no title issues such as broken chain of title, missing CO’s, restrictive covenants, unauthorized easements, erroneous judgments or tax liens or any environmental concerns that could prevent the successful sale of the rental. He must also confer with your tax accountant regarding the tax ramifications of an outright sale versus a 1031 Tax Deferred Exchange. All of This work must be performed before the rental goes to market. The only way a broker can protect this initial effort is to secure an exclusive agreement with the seller. That way he can feel secure in dedicating the proper amount of time and effort necessary to do his job well.
Co-broker Concerns
Often a broker will have concerns about offering the rental to other cooperating brokers with only an open listing. Unfortunately, there are some less ethical agents that may try to circumvent the original broker and bring a buyer directly to the seller. With an open listing, this is a real concern. You want your broker to be able to offer the rental property to any qualified real estate broker without hesitation. With an exclusive right-to-sell listing he has protection from any non-principled brokers.
Marketing Restraints
The concerns about the way an open listing is marketed are two fold. First, a broker will be concerned about the amount of money they are willing to invest in marketing an open listing, knowing that it may be canceled at any moment. Secondly, the broker must be very careful about the details he reveals to prospective buyers because a buyer can move to a different broker, or even try to work directly with the owner at any time. Both of these worries restrain the marketing effort.
Competing With the Owner
Often in an open listing the seller can and will compete with the broker by bringing in his own buyers. This type of environment can create an adversarial relationship between the seller and broker. Without the cooperation of both broker and seller, deals rarely ever close. I always describe the right relationship between the seller and his broker to be just like a good partnership. Both parties work together toward the same goal. Selling a rental property is a difficult operation; make sure you work together with your broker for the same goal. By doing this you have the highest likelihood of a successful transaction.
Ask yourself this: Why would a professional Landlord want to waste valuable time, energy and money on an activity that a professional real estate broker does a better job at, and charges NO FEE? Only an amateur investor wastes time and money renting out their own units, the pro’s are too busy buying more rentals; they are intelligent enough to hire, at no cost to them, an exclusive rental expert (like Tim Larkin) to professionally rent out their units and protect their positive cash flow.
Isn’t It Time You Turned Pro?
CALL TIM LARKIN
(631) 767-4642
“The Broker Of Choice For Professional Landlords”
“Your Exclusive Representative”
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