Listing your Boston apartment exclusively…
What does it get you? Is it always a good idea?
Let’s say you have a luxury condo in a downtown Boston high-rise. Let’s say that it’s time for you to find a new tenant for this apartment, but you don’t want a million agents that you don’t know trudging through your place and bothering your current tenants.
Well, you could list your property exclusively with one Boston real estate brokerage. If you put the keys in the hands of just one broker who you trusted to watch over every showing, you’d probably feel better. The fact of the matter is, you are seriously lowering the chances that your apartment gets rented on time.
“But I’m listing it with Coldwell Banker and they’re a big company so they’ll get it done”.
Not exactly. In fact, you’re probably better off listing it with a smaller, more focused Boston brokerage. Why? Let me explain…
You list your property with a big, well known brokerage. This company has over 100 agents (at least on their books) so you feel good about their name standing behind your Boston apartment listing. The issue is, so do a lot of other people who are inexperienced with renting their apartment out. This means that your property listing gets mushed in with a bunch of others. Uh-oh.
So now your apartment isn’t anyone’s priority, In fact, that company probably just threw the listing up on MLS, waiting for the phone to ring. Do they list it on Craigslist everyday? Do they feature it on their website? …hold on a second, if they’re listing it on MLS, that means that co-broking agents will be calling them and you’ll be back to having a ton of agents in your apartment. Of course, your trusting that the big company is there in person at every showing. This couldn’t be further from the truth.
In fact, I’d say 9 out of 10 co-brokered deals I’ve done have been just me and the client. Maybe we got the keys at the front desk of the building or from a lockbox outside. No agent from the other company showed up. Maybe the landlord approved this…of course, this begs the question, “Why did they list it exclusively in the first place?”
In effect, all they did was put it someone else’s hands to propagate the listing out to other companies but lower the amount of marketing that the listing receives by a substantial margin.
Let’s also not forget, those bigger companies work mostly in sales. Rentals not being their forte, you get back burnered. Maybe they sold you the unit and talked you into letting them rent it for you so you simply don’t know any other way. Regardless, bad call.
So what do you do if you want to list your apartment with just one Boston brokerage?
Find a company that works mainly if not solely in rentals. Right off the bat you’ll know that they are focusing on listings like yours. Make sure that the company is going to market your apartment thoroughly, not just drop it off on MLS and wait for a phone call. Ask for a featured listing. Ask for a featured blog post. Tell them you want it up on Craigslist, fresh everyday.
While MLS might seem “classier” than Craigslist, when it comes to rentals, Craigslist is the go to source. Why? Prospective tenants are searching Craigslist. Agents and people looking to buy are searching MLS. Boston rentals live and breath C.L.
Give that company a set of keys. Make it clear that you want them present on every showing. Make it clear that you’ll pull the listing if they don’t adhere to your needs. Schedule a time with an agent to walk through the property and go over everything about it. Make them knowledgeable so that they can show the property as effectively as possible.
You might go so far as to tell them you don’t want it co-brokered. Now, they’ll have to market it themselves and no other agency will ever step foot in your apartment. Frankly, if they can only get it rented with another company’s help, they aren’t what you’re looking for anyway. For the amount of times I’ve rented an apartment for a big brokerage knowing that the landlord would be giving them credit…let’s just say it gets aggravating. I’m not a fan of useless agents in expensive suits.
What if you’ve tried listing exclusively and it didn’t work out?
If you’ve gone through both options above with no luck, it’s time to give your listing out to multiple brokerages. Maybe your apartment isn’t the palace you think it is. Maybe it’s tough to rent. I won’t lie and tell you that some owners aren’t blind to the shortcomings of their investment properties. You can bet your last dollar that most brokerages will let you go on being blind so that they can get that exclusive listing…until you call up asking why the place hasn’t rented that is. Then they’ll have a list of excuses that all involve some aspect of your Boston apartment.
Sound familiar? Here’s what you do. Take a walk by the real estate companies that are near your property’s location. If they look reputable, stop in and talk to them about listing your apartment. It might take an hour or two out of your day, but it will help.
Did we just advocate using other companies??? If it is in your best interest, yes. We shoot straight here at All Access Boston. We want you to know that you can trust us and value the advice of our experienced staff.
Of course, you’ll want to list that apartment or condo with All Access Boston as well. We cover the entire Greater Boston area and have the marketing know how to get your apartment rented. Just contact our staff to get the ball rolling.
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