You are probably thinking, MLS, really? Why in the world would a rental property owner have a need for MLS (multiple listing service) access? MLS has long been a staple for real estate professionals, but usually in a buying and selling capacity only. Brokers use MLS to communicate property details with one another in an easy to navigate platform designed to streamline homebuyers with the available listings and professionals who represent them. It’s a platform that has long served the real estate professional community as a common venue for sharing listings, home data, and selling properties.
As a rental property owner, take what you think you know about MLS and set it aside. You won’t necessarily need MLS in the same capacity that agents do. And you’ll still need to either be a licensed real estate agent or work through one to access the platform. But there are key benefits of using MLS in your rental property business. Just because property management businesses are fundamentally different from real estate sales doesn’t mean there aren’t critical features worth leveraging. There are a few easy angles to approach MLS integration, and today, We’ll show you just how easy it really is to tap into the MLS platform for your rental property management success.
Finding New Rental Properties with MLS
Scrolling through MLS can be a virtual goldmine for finding great rental properties to buy. Growing your portfolio means being savvy about the listings and pricing in your area, too. MLS features bank-owned properties that sometimes can be sold at wholesale prices. And we’re talking ridiculously affordable. For example, our firm found a reasonable property listed for $4,000. We were able to purchase this already reduced property for $1,000 and turn it around for sale at $7,000 in 90 days. This kind of transactional business can help infuse your cash flow. But it can also present new properties that make sense to keep as rentals within your existing portfolio.
Engaging Referral Partners with MLS
MLS can be an excellent resource for connecting with other professionals in your market. Active real estate agents can sometimes also help clients with property management tasks. Building relationships and networking with your local real estate brokers can ensure you funnel referrals to your rental property management business. Strategic relationships can be developed that include an exchange of referral fees, as well. Browse MLS specific to your market and start connecting with your local professionals today!
Gathering Property Details with MLS
MLS is a great platform for collecting real estate data. Finding information on properties can be instrumental in your efforts to explore additional investment opportunities. Having access to up-to-date and real-time housing data can be essential in making smart buying decisions. It can also help you analyze the rates and housing conditions in your market.
You don’t have to be a real estate agent in the market of buying and selling properties to leverage some of the benefits of the MLS platform. A working partnership with a real estate agent can certainly help get you started. Savvy rental property investors recognize there are opportunities for networking, as well as market and housing analysis advantages. Contact us for assistance in creating those referral relationships and exploring what MLS benefits can work for you.
We are always looking to share new and trending ways to improve rental property management and investment segments. If you found this MLS topic helpful, we invite you to keep up with strategies ongoing by signing up for our free webinar. Learn ROI best practices and more as we explore How to Streamline Your Rental Portfolio for Maximum Growth. It’s a conversation you won’t want to miss!
To keep your investment business evolving, we also invite you to connect with like-minded rental property investors by joining our Facebook group. Learn from the others and participate in the discussions with others who share your focus and ROI goals. And if you’re ready for a more personalized conversation about your rental property strategies, industry insights, or property management tips, schedule a meeting on my calendar. Let’s connect and make 2021 your best investment year yet!
