MLS System offers option to post and search rental listings
A new feature to the MLS® System allowing REALTORS® the option to post rental listings is earning positive reviews.
Justin Warthe, a REALTOR® with CIR Realty has posted two rental listings on the MLS® System and has experienced success with the new service.
“I’ve found the success to be quite good, it has been a good way to get in front of people and offer an extension of services,” he said. “I like the idea, because someone who is renting their house now will be selling their house later, so it is a good way to build relationships.”
In 2013, the Canada Mortgage and Housing Corporation (CMHC) said the rental vacancy in the Calgary Census Metropolitan Area was set to increase from one per cent to 1.4 per cent in 2014.
CMHC Senior Market Analyst Richard Cho said movement into homeownership, competition from the secondary rental market and the completion of new rental units could contribute to a higher vacancy rate, yet Calgary’s rental market still remains tight.
A report released by CIBC in February found Calgary’s vacancy rate was still at one per cent, the lowest in the country.
For the Calgary area, real estate firm CBRE Limited has said there are 32 rental developments planned after seeing less than 300 purpose-built apartment units constructed between 2007 and 2011.
The renting public now have another option to help them find the right rental property through the professional services of a REALTOR®.
Rentals on the MLS® System are distinguished from other rental advertising services in that REALTORS® co-ordinate advertising and promoting the rental listing, presenting the tenant application to rent, showing rental properties and supplying the tenancy agreement and walkthrough documentation.
REALTORS® understand the details involved in offering rentals and have knowledge of relevant rules, regulations and procedures. “I think it is a good extension of our business, as well as to offer professional service to find rentals for people and not just resale or new properties to purchase,” said Warthe.
With the rental listings on the MLS® System still being a new concept Warthe said, “I feel that a lot of people have found value in adding the service, however posting them on the MLS® System hasn’t quite caught wind.”
To assist REALTORS®, CREB® is offering a rentals basic course to provide members with all of the detail they need to offer rentals on the MLS® System. While the course is not mandatory, it will greatly benefit those who want to improve their value proposition to prospective clients.
The course is brief and is offered for free. It’s meant to leave members with a clear understanding of what is involved in offering rentals and be ready to start increasing their list of prospective clients.