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Cayman's rental property industry

Published on Sunday, August 23, 2009 Email To Friend    Print Version

Amanda Wilson of ForRent.Ky

By Amanda Wilson of ForRent.Ky
[email protected]

In last week’s edition, I discussed the realities of the economy and a few of the issues that pose problems for rental property owners, rental agents and property managers. Most of the issues discussed would be helped tremendously if not completely alleviated by adding simple structure to the rental property market. However, as this is such a fast moving market placing too much structure would become burdensome and frustrating; we are looking for a solution not a different problem!

A few property managers of large commercial properties commented that it is common practice to give rental listings to various agents. One manager mentioned that, after listing with four (4) agents, one put a small sign in front of the property and as far as he could ascertain, the other three (3) did not do any advertising besides some mass emails that generally went to other agents within the real estate and rental industry.

Although this seems to be a poor effort at marketing, no one can blame agents for being cautious with their advertising budgets after a look at the common practices in the marketplace. Currently, residential rental property owners seem to give their listings to as many rental agents as they can, which can cause a lot of confusion. If one agent rents the property, there is often no communication to other agents so they continue to have properties on their “rental list” when the property is actually off the market.

It seems clear to me that the rental property industry could do with adapting some new customs. My first suggestion would be to have a commission sharing agreement coupled with exclusive listings as a general understanding between all companies and agents within the industry and of course, rental property owners would need to be educated to this new practice. This would solve the hesitance that most rental agents have with spending money on advertising and being able to take full responsibility for that rental property listing.

For my next column, I intend to approach rental property agents and managers for their opinion to share with you. Until next time…

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