Stay in your Lane?

Stay in your Lane? 

As a licensed rental property manager I am allowed to provide our client information on the rental market. What we are not allowed to do is provide clients information on selling their property. If you are licensed as a Sales Agent you are able to provide information and advice on the selling of a property, but they are not supposed to provide information on renting a property if they are not licensed as a rental agent. 

This begs the question, why do I often run into Sales Agents referring their clients to me about renting their property with preconceived notions of what the rental rates they can achieve are. When a client contacts us about managing the property we review the current market conditions to see what the advertised rates are. The current market is changing monthly. Many times we make suggestions of $3000 is the estimated price the potential client’s property could rent for. On many occasions the prospect will respond, our sales agent suggested we could rent it for $3500.     

BCFSA licenses both Sales Agents and Rental Agents and both are trained regularly to not provide advice outside our level of expertise. This is why Cartref Propeties who is not licensed to sell properties never provides market expectations for our clients who elect to sell their properties. We refer them to people who are experts in the selling of properties.  

I would like to see more sales agents not provide their clients with unrealistic expectations of what they may be able to rent their property for. This creates distrust in the rental market for potential landlords wanting to rent their property. We have taken on these properties and when we advertise them for the rate suggested by the Sales agent and we are not receiving any inquiries the new landlord begins to understand where the advice was incorrect.

I am asking sales Agents to please stay in their lane and not provide client with in accurate information about renting their property.         

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