How to Start a Tenant Placement Company

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Tenant placement services are similar to realty services in that they connect property owners with new occupants. Many property owners, both residential and commercial, use tenant placement services to fill rental vacancies and screen potential tenants before entering into a lease. Similarly, a wide variety of tenants use these services, especially when seeking corporate housing or relocating from another state, or if they have limited time to secure a lease.

Things You'll Need

  • Realtor license (if required in your state)
  • Database of available rental housing or commercial space
  • Tenant advertisements
  • Payment contracts with tenants and/or landlords

Plan and Start You Tenant Placement Service

  • Obtain necessary licenses. Some states require tenant placement agents to acquire a realtor's license before they can engage in business. Check with your state's business and licensing department or contact your state representative for state-specific licensing requirements.

  • Create a database of available rental property. You can accomplish this by perusing rentals in your local paper, online advertising sites such as Craigslist.com, or forming a business relationship with apartment owners. Create a list or an Excel spreadsheet of all available properties, including the following information for each rental: landlord or leasing company, physical address, price, number of bedrooms and bathrooms, as well as additional amenities.

  • Contact landlords and offer your service. In order for your tenant placement business to be profitable, you must receive payment from landlords, tenants or both for the use of your services. Attempt to work out a deal in which a landlord will pay you a "finder's fee" for each tenant that leases an apartment through your services.

  • Advertise your services to potential renters. Place advertisements in your local paper and hang fliers throughout your community, including colleges and universities. Additionally, consider creating a website to market your services. Websites have the potential to reach a much wider audience and may attract clients who will be relocating to the area.

  • Assist tenants and collect a fee for your services. When a potential client requests to use your placement services, take down preliminary information such as name, price range and any space or amenity preferences. Compare your new client's preferences with your list of available rentals and set up appointments for your client to view the spaces that fit him or her. Additionally, have your client sign a simple contract that provides for payment in the event that you successfully place them in a rental unit.

References

  • Photo Credit high rent image by Denise Kappa from Fotolia.com
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