Rentals: A new niche for real estate agents? 

Flickr image courtesy of John Hall & Associates.

About the time the foreclosure rate soared, I started getting calls from people looking for a home to rent. In fact, some have told me that homeownership is just too risky for them and that they may never own. The rental market in my area is just starting to heat up, while home sales remain slow.

There are people who believe that property management is the way to go for real estate agents who are looking for more business.

I don't have any experience as a property manager and I have not been able to figure out how leasing agents can make enough money without also being property managers. Working as a property manager requires different skills than working in real estate sales.

Last year, rentals were added to our multiple listing service and there was a lot of excitement about it. Adding them makes sense. The housing market has contracted, agents are leaving the business to find other work, and most of us need more work. Some local agents started working with renters and property owners right away.

Unfortunately, some of them did not have any training or experience with leases. Agents became leasing agents because they could -- not because they knew anything about it. Some did not bother with a business plan or even attempt to figure out if they could make a profit.

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