On September 1, 2010, Northstar MLS started to offer rental properties into the Multiple Listing Service tool. This means that Twin Cities Realtors now have the ability to assist both renters find properties and landlords looking to find tenants by using the power of MLS to deliver information. Reasons why this change were made were outlined by Northstar MLS -
With the opportunity to offer consumers help finding rental properties, you can better establish relationships with people who will eventually be in the market to buy a home. Or if you have a seller who cannot find a buyer, you can now help them better market their property for rent for a time until they are ready to look again for a buyer.
Types of Rentals
Only residential rentals will be offered but they will span the complete spectrum of housing. From single family to townhouses, condo’s and apartments. Personally, I think the best opportunity is in the “non-apartment” sector.
Why Use MLS To Find Rental Homes?
There are lots of people in this economy who still like the idea of “their own place”. By using MLS as a tool you might be able to get more information than you get from Craigslist which seems to be the tool of choice for apartment rentals. You might also find places which offer things like “rent to own” where tenants might want the services of a Realtor who can help evaluate a property for issues and current market value. A Realtor who assists you find a property can scan for properties that meet your criteria or set up automated searches that get sent to you on a regular basis.
Why Use MLS To Find Tenants?
As a landlord, using a Realtor and MLS to find tenants can help tap into a new market for potential renters. The 15,000+ Realtors in the Twin Cities have a vast array of people they work with that may need either short or longer term housing. The landlord needs to offer some compensation to use MLS but the benefits of finding the right tenant are easy to quantify and compensation is typically similar to what a property management firm is paid. Rental listings can enjoy the same broad exposure as “for sale” home listings currently have on numerous websites. In addition, the same booking tools used to show houses are available to easily set up showings to prospective tenants.
How About Both?
One really important option is that you can have your home listed for sale and listed for rental at the same time. This allows Realtors to help home sellers to try to find a buyer or a tenant and take whichever option comes first which can reduce the amount of time it sits empty.
How Fast Is It Taking Off?
We are only 7 days after launch and there are already 58 rental properties listed with MLS. These include 33 single family homes, 12 townhouses, 9 condo’s and 4 other types.
Conclusion
Whether you are looking for a rental property or are a landlord looking for renters, the MLS system offers a new solution to help you meet your needs. For more information about what is available or the fee’s associated to get listed feel free to contact me. As with traditional house sales, there’s no fee to a renter and the fee for a landlord is only paid upon successfully finding an acceptable tenant.
