Performing Leases on Listing Side
If you have Clients that are looking to lease their property, follow these steps to ensure a smooth transaction:
Once you crush the listing appointment and the owners are ready to sign the paperwork, here is what you need!
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Have Owner sign the following Documents:
- IABS (Information About Brokerage Services)
- Exclusive Right to Lease Agreement
- MLS Input Form (Not mandatory, but helps you when entering listing in the MLS)
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Scan the documents above for your records and email the Owner a copy.
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Schedule photos by using Mostly Media.
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Place lockbox on door and sign in the yard
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Measure rooms if needed (Or look at previous listing if it has been on the MLS before and copy their measurements) A home photographer can also do the measurements for an additional fee.
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Add Listing to MLS (Under residential lease) & Showingtime/BrokerBay
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ZILLOW!!! MLS Rental listings do not populate to Zillow. Go to Zillow Rental Manager and physically add the listing.
Showing Rental Property: It is common to have potential tenants reach out to you directly as rental leads are not sold through Zillow or Realtor.com. Meaning you collect the leads as the listing agent for your rental listings.
The Application: You will need to consult with the Property Owner on how he/she wants to collect tenant applications on the property. The old school way is using the TAR application form, however many Landlords these day prefer the applications be done online through Zillow, Apartments.com, Rentspree, etc.
If you plan to collect TAR applications, you then need to collect an application fee and submit them. Your Association of Realtors (Metrotex or CCAR) will process the TAR applications though their own portal.
My recommendation: Have your Property owner create an account with Apartments.com or Zillow Rental Manager, not only can they share with you a link that you can then send out to applicants to apply, the property owner can collect rent and manage maintenance requests directly through these portals once a Tenant is found. Free of charge!
The Acceptance: Once your property owner selects an application/tenant, YOU as the Listing Agent are responsible for writing up the lease agreement using the TAR Residential Lease Agreement. Once the lease is written and signed by your Landlord, you will then send it to the Tenant (If no Tenant Agent) or the Tenants Agent if they have an Agent representing them.
If the Tenant has a Realtor, all communication should be done through the Realtor. Do not approach a tenant that is under active representation.
**IMPORTANT IF THE TENANT HAS AN AGENT** You will need to ask the Tenants Agent for a copy of their Brokerages w9.
The Commission: Once you have a signed lease, you need to put the transaction into BackAgent for compliance/disbursement.
Lease commission checks from the Landlord MUST BE ENTIRELY sent directly to the Brokerage or Zelled to the Brokerage (Please Text/Call Tyler at 214.766.5833 for this information if being Zelled). DO NOT have your Landlord pay you directly, or pay the other Agent directly. The entire commission must process through OnDemand Realty first.
Once the commission check/Zelle is received by the Brokerage, OnDemand Realty will disburse the commission accordingly to both you as the Listing Agent, and send a Check to the Tenants Agents Brokerage.
When Entering in BackAgent with a Tenants Agent involved, ensure you specify your commission and the other Agents BROKER's commission. Do not enter the Agents name, enter in their Brokers name under External Referral:
