Doing leases as an agent in Long Island?

[Patrick Crawley]

So I've been told by more than one experienced agent/broker in LI that leases are hard to come by, however, agents like Graham Stephan (he's in LA, completely different market, so I understand that may apply in LA perfectly, but maybe not LI?) recommend that new agents start with leases because more experienced agents don't bother with them because of the smaller paycheck, it's a quicker paycheck to get a newbie interested (he mentions that many agents go several months with no listings and get very demotivated), and because one day those people you're helping rent will buy a house and they will more than likely use you if you're provided them value.

I am about to wrap up my license course and schedule my test, and I've been focusing all of my studies on listings because that's what I've been told is the creme de la creme of this business, however, if there is some oppurtunity in leases, I would like to learn more about it. I know plenty of B&H investors who rent and I'm currently renting, and rented through an agent, so I know there is some sort of market, I guess I'm just looking for any information experienced LI agents/brokers may have about the subject.

Thanks so much!

[Michael Brattelli]

Hey Patrick,

Helping renters can be a bit of a pain but if you screen them right it can be quick money and like you said, down the line renters become buyers. Being an agent is all about planning for the future so dealing with renters can be like planting a seed. Like i stated make sure you screen them properly before you end up taking them around and showing them properties. I would have them get an NTN and credit report beforehand (most landlords want to see this). The ideal tenant has a 700+ credit score and a 90+ NTN give or take. Also, yes listings are the creme de la creme and you should focus your efforts on them, but you need to learn the game and dialogues first so renters can be good practice. In NY you have a ton of competition so I would focus my career on learning and building your network and reputation first, the rest will follow. Let me know if you have any other questions, hope this helped.