In this week's episode of the Grow Real Estate Investing Podcast, Philadelphia property management company owner Joe White provided his experienced insights into the advantages of utilizing a real estate agent, or a property management company for listing rental property vacancies on the Multiple Listing Service (MLS). This discussion was sparked by a query from Audrey, who was curious about the importance of expanding her rental property's market reach through the MLS to fill a vacancy.
The conversation illuminated the dual benefit of the MLS: firstly, as a platform that allows real estate agents & property managers to access and potentially bring viable tenants to properties in exchange for a commission set by the property owner; and secondly, as a significant marketing channel that can vastly increase a property's visibility. The company owner shared an intriguing statistic, noting that approximately 73% of their managed units are listed on the MLS, a practice that they believe might be unique to their company within the Philadelphia property management sector. This strategy has proven to be highly effective, attracting a substantial amount of traffic from external agents, even for lower-priced units, thereby emphasizing the value of the MLS in the rental market.
The podcast delved into the extensive reach of the MLS, which automatically feeds property listings to a wide array of sites such as Zillow, Trulia, and Realtor.com. This automated syndication process enhances a property's exposure far beyond what manual postings on individual sites could achieve, potentially reaching over 360 online platforms.
However, the property management company owner also cautioned about the need for rental property owners to be discerning when working with real estate agents. While agents are motivated to find tenants to earn their commission, it is crucial for rental property owners to ensure that the tenants are of high quality. The Joe underscored the importance of tenant quality not only for the property's well-being but also for the peace of mind it brings to both the rental property owners and the property management company. A property management company takes a proactive role in this process, acting as a mediator between rental property owner and potential rental tenants, and ensuring that only those who will take good care of the property and reliably pay rent are considered.
This approach highlights the property management company's commitment to adding value beyond merely filling vacancies, focusing on creating lasting, positive relationships between landlords and tenants. The owner's insights into the MLS and the nuanced role of real estate agents provide invaluable guidance for landlords aiming to maximize their investments in Philadelphia's competitive rental property real estate market.
By addressing Audrey's question with depth and expertise, the podcast episode not only shed light on effective property marketing strategies but also reinforced the reputation of the owner's company as a leader in Philadelphia property management, expertly navigating the complexities of the rental market to benefit property owners and tenants alike.
