Closing A Rental Deal - Step By Step Live Process ($500K /Yr)

[@JoseASosaV]

Thank you for your informative videos! I’ve always avoided rentals, but now I see how mistaken I’ve been. Could you explain your commission process and how to accurately calculate the right amount?

[@AndyColeman]

You're very welcome! Depends on what area you are in, we get half a months rent commission here. What state/city are you in?

[@JoseASosa-ki3jf]

@@AndyColeman Phoenix, Arizona

[@AndyColeman]

That's why... you guys only get about $500 a rental over there if I'm not mistaken. You should charge a $300 transaction fee to the tenant though so you can at least make around $800 per rental, then you will get buyers from it as well! If you do 10 rentals a month that's $8000 then you should get 1 buyer to make close to $20k a month!

[@JB.LayneCrafts]

Hi Andy, I am in Maryland and definitely interested in trying out this strategy of yours. How do you negotiate your commission with listing agents/owners if commission is now no longer allowed to be shown on the MLS? Is there a specific lead generator that I could use that will be beneficial in Maryland? Are you able to share the lease contract that you use? Matter of fact, I will reach out to you in workplace :)

[@AndyColeman]

Hey reach out to me! I teach all of this in my program though! And apparently this does work well in Maryland! www.richwithrentals.com (you can book a call with me too)

[@samrei6223]

Do you not have to get the tenant to sign a tenant rep agreement ?

[@AndyColeman]

Nope you don't need it for any tenant you work with. It's only for buyers

[@samrei6223]

@@AndyColemananother reason Florida is better than Texas. We have a buyer tenant agreement form.

[@AndyColeman]

We have a form as well. It's just not required. I would check with your board of realtors and find out if it's actually a law if it's legally required because federally it is not

[@Jolie19Official]

I charge a $50 retainer for potential tenants on Facebook market. Saved me from wasting sooooo much time

[@AndyColeman]

I've done that a few times, I'm curious how many rentals you are closing a month though? I always felt it scared away potential renters and does more harm than good.

[@Jolie19Official]

I’m new to working with rentals. Only a few months in. But, I did waste time showing rentals & they just completely disappeared. Saturday, I had 3 people that paid the retainer. They had no problem with sending it & signing an agreement. Now, I realize that I only want to work with ppl that will pay the retainer Also, I am in South Florida as well. Miami. Also an eXp agent. You inspire me ❤️

[@AndyColeman]

That will happen for sure, it's just part of the business keep in mind! I have an advanced strategy to have them fill out the rentspree report first, which is basically like doing a retainer. However this way I know if they get accepted before even doing the showing! Try that out next, it will be a game changer! I made a video on it: kzbin.info/www/bejne/qKumpIqMZr-Hjrc

[@samrei6223]

I don’t charge fb marketplace a retainer, I just very very thoroughly rent them and explain what exactly I’ll do for them…works 95% of the time, some people still ghost.

[@mbfoeva21]

What is you FB I would like to ask you a question I’m in the Orlando area do you have to give your broker a split on the retainer fee you charge I’m with Kw

[@KatCherryRealtor]

Our area doesn’t use RentSpree, the PM companies have their own software. Do you use this process for Apartments? Also, MLS rentals do not pay this much in my area, Apartments do, up to 200%.

[@AndyColeman]

Absolutely! I do this for apartments as well. Obviously my strategy changes a little bit but it's somewhat similar. What area are you in? If you're MLS properties don't pay that much then do the apartments cuz you can make even more that way

[@KatCherryRealtor]

@AndyColeman yes the Apartments pay between on average 100%-200% of 1 month. I am looking to get into this niche, to add to Rental homes.... Austin TX.

[@AndyColeman]

You could actually do MLS properties in Austin as well because some of the places will pay a little bit more. But yeah stick to the apartment complex then that is a crazy amount to make off doing a rental

[@luiscofresi]

I tend to find that leads come in later in day around 8pm-10pm. Do you call them right away or try to qualify then through Fb messaging before a call?

[@AndyColeman]

It's that late at night. You can reach out to them right away or get back to them in the morning depending on if you're up or not. I used to get back to them at that hour all the time

[@cyberspace1175]

Andy don’t you prequalifiy them on the initial phone call before you show them rentals?

[@AndyColeman]

Yes I do! I actually cut that part out for privacy reasons. A lot of times I also have them fill out a rentspree application first. I did it a little bit different this time just to show you that you can start off doing showings first since a lot of agents don't have the experience to ask for an application before they show a property.

[@BrunildaMistretta-nv3hs]

I do rentals all the time. I only get a referral fee. How can you get a commission check so high? That's unbelievable.

[@AndyColeman]

It's different for every area around the country. To start off.. what area are you in?

[@BrunildaMistretta-nv3hs]

@AndyColeman I'm in Florida. So, what you are saying is that your program does not work in the States?

[@AndyColeman]

I am in Florida too and it works very well here. I am in South FL though. Which city are you in?

[@BrunildaMistretta-nv3hs]

@@AndyColeman Ocala

[@AndyColeman]

Thats why! You don't make as much in that area. Move to South FL lol

[@HarmoniJohnsonRealtor]

I'd love to know if anyone has had success with this in the Phoenix market

[@AndyColeman]

Definitely works in any Market as long as you can get paid to do a rental deal. What is your average commission per rental for apartments? And then what is it for MLS properties?