The demand for rental housing is strong in a majority of markets across the nation. With the trend being that more people are moving out of big cities and to the suburbs, single-family home rentals are a particularly hot sector in the market. Due to this strong demand, many landlords may feel that they may be able to bypass listing their rental property on the MLS with a real estate agent. Although it is possible to achieve success in doing this, you will ultimately diminish your exposure to potentially great prospective tenants. We discuss the major benefits of listing your rental property on the MLS with a real estate professional below:
Advantage of listing rental properties on the MLS
- Exposure: Perhaps the most obvious reason is the added exposure. Many landlords may not realize this, but MLS listings also get syndicated to a variety of other real estate and housing websites. Thus, this increases the chances of your property being discovered during common internet searches.
- Professional guidance from a real estate agent: Assuming your real estate agent is experienced and knowledgeable in the particular market, he/she will be better able to guide you with pricing & marketing strategies. Furthermore, there should also be a standard process for conducting thorough background screenings for prospective candidates.
- Lack of trust in real estate ads on various classified sites: You have probably read about horror stories and online scams when it comes to rental listings on various websites. To add fuel to the fire, the current pandemic has only exacerbated this issue as more and more people are depending strictly on internet searches. (We actually wrote a blog article on this topic a few days ago…)
- Higher rental prices: On average, properties listed on the MLS fetch higher rental prices. The reason for this is multifaceted. For starters, a knowledgeable real estate professional will be able to price the property appropriately to maximize the return. In addition, oftentimes more serious tenants are being assisted by a real estate agent. This results in more efficient showings and ultimately, qualified prospective tenants.
In closing, the rental market is constantly changing depending on various factors. For example, the current pandemic has shifted more people to opt for single-family homes that provide more space. With more people working remotely these days, it is no secret why the demand for this sector of the market is increasing. As with any real estate transaction, an knowledgeable and experienced real estate professional is key to your success.