It’s that time of year again. Chicago’s rental services are advertising heavily at Craigslist, touting six-figure incomes, unlimited earnings potential, the start of a lucrative career leasing luxury apartments, etc. etc.
Why aren’t the many licensed, experienced real estate agents who currently earn next-to-nothing flocking to those well-paying positions as the rental season heats up? Short answer: they know better.
Why aren’t the many experienced leasing agents at luxury high-rises who earn less than six figures applying for those positions? Short answer: see the previous answer.
Why do the rental services advertise such minimal qualifications for those lucrative careers? Short answer: anyone who qualifies for a real job is unlikely to apply.
I’m a full-time Real Estate Broker working “@” a reputable brokerage in the city. I originally started my RE career for an apartment finding service which only lasted about 3 months. I thought it would be a good way to start making money while starting a career in sales. My thought process included renters become buyers, build a clientele(sphere) and get practice renting apartments. I interviewed at a couple places and chose a place to get started. The brokerage billed itself as the premier free apartment finding service and the sales business as the fastest growing part of the business They had a great reviews. The managing broker supported my thought process with a bunch a BS statistics. After about two working at this place, I realized it was the biggest mistake I had ever made. It’s a numbers game when it comes to these dumps. Sure, I was getting tons of leads but I was spinning my wheels/making no money & building no business.
If you must explore the option of working for one of these dumps, please considering asking the following questions. Get ready for a bunch of lies!!!
1) How many rental agents have worked here for more than 1 year? Typically, there isn’t anyone that has worked for a rental finding service for more than a year.
2) Can you tell me about your business? How many rentals does your firm do in a year? How many sales deals does your firm do? DON’T BELIEVE ANYTHING YOU HEAR. Ask to to look at MLS data. They will likely refuse. Do your own research. Google the last name.
3) Ask how many brokers are working full-time and the business they produce. It is very unlikely to see a broker working full-time at one of these dumps.
4)Don’t be impressed by titles. Vice President, Director of Sales, Marketing Directors., its all bull shit. Keep in mind, these people probably started off in leasing and were hired off of craigslist. These titles are not earned but given away to rental rats.
5)Ask them what they will do for your business? Probably, nothing. Talk to a few brokers that have built a successful sales business. You will find that you hear the same thing over and over. These people build their business by sitting open houses, floor time, farming. In other words, rolling up your sleeves and doing it the old fashion way. The rental finding service will boast about a huge amount of sales leads. lies, lies, lies.
I’m currently in the process of looking for an assistant and see many of these places posting/spamming craigslist with help wanted ads. Ask yourself this, why isn’t Caldwell Banker, Baird & Warner, @, century 21 advertising on craigslist. Simply put, they don’t need to.