How to Start a Home Rental Referral Business
Get the equipment you need., Set up a database to record information., Decide whether to operate your home rentals service primarily online or by phone., Choose a specialty., Talk to a business adviser, like an accountant or attorney, to find out...
Step-by-Step Guide
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Step 1: Get the equipment you need.
You should have a phone with a headset; since you'll be spending a lot of time on the phone, the headset will make things more comfortable.
Have a dedicated phone number for your referral service.
It can be a cellular or regular phone line as long as calls are clear.
You'll also need a computer. -
Step 2: Set up a database to record information.
Make sure information about each property is grouped together and organized.
Use a spreadsheet or database program like Access.
You can also keep information written in a notebook and use folders for each property. , If you want to work mostly online, you'll need a website that allows you to input listings and have customers schedule appointments and get information online.
It's best to have the site designed by a professional with database integration.
If you will operate primarily by phone, your website can list properties and give your phone number. , With so many homes for rent and house seekers, you'll be better focused if you choose a specific area.
Some ideas are short-term rentals, rent to buy properties, student housing and roommate finders. , You'll need to set up a structure for your company, register with the IRS and set up tax and accounting procedures.
You may also need licenses and permits to run your business.
Your local government can give you information about licensing. , Check local papers, national sites like realtor.com and other referral services.
Be on the lookout for signs in front of houses in your area. , Your fee is normally taken as a portion of the first month's rent or security deposit when you find a tenant for them.
Make sure they agree to the fee. , They can be either hard copies or online agreements.
Speak to an attorney about setting up the forms. , Place advertisements in local papers and online to find tenants.
Put up business cards and flyers in local stores and businesses. , With this structure, they will pay a membership fee to browse listings on your website or get information about potential homes emailed to them. -
Step 3: Decide whether to operate your home rentals service primarily online or by phone.
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Step 4: Choose a specialty.
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Step 5: Talk to a business adviser
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Step 6: like an accountant or attorney
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Step 7: to find out how to start a home rental referral business legally.
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Step 8: Find properties to enter into your referral service listings.
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Step 9: Call the listing agents or owners of the homes for rent to find out if they are interested in your referral service.
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Step 10: Draw up legally binding contracts for the home owners to sign.
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Step 11: Advertise your referral service.
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Step 12: Consider offering a subscription service for tenants.
Detailed Guide
You should have a phone with a headset; since you'll be spending a lot of time on the phone, the headset will make things more comfortable.
Have a dedicated phone number for your referral service.
It can be a cellular or regular phone line as long as calls are clear.
You'll also need a computer.
Make sure information about each property is grouped together and organized.
Use a spreadsheet or database program like Access.
You can also keep information written in a notebook and use folders for each property. , If you want to work mostly online, you'll need a website that allows you to input listings and have customers schedule appointments and get information online.
It's best to have the site designed by a professional with database integration.
If you will operate primarily by phone, your website can list properties and give your phone number. , With so many homes for rent and house seekers, you'll be better focused if you choose a specific area.
Some ideas are short-term rentals, rent to buy properties, student housing and roommate finders. , You'll need to set up a structure for your company, register with the IRS and set up tax and accounting procedures.
You may also need licenses and permits to run your business.
Your local government can give you information about licensing. , Check local papers, national sites like realtor.com and other referral services.
Be on the lookout for signs in front of houses in your area. , Your fee is normally taken as a portion of the first month's rent or security deposit when you find a tenant for them.
Make sure they agree to the fee. , They can be either hard copies or online agreements.
Speak to an attorney about setting up the forms. , Place advertisements in local papers and online to find tenants.
Put up business cards and flyers in local stores and businesses. , With this structure, they will pay a membership fee to browse listings on your website or get information about potential homes emailed to them.
About the Author
Mary Murray
Experienced content creator specializing in organization guides and tutorials.
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