Do You Accept Property Management
Client Referrals from Agents?
DMS Properties, LLC Residential Real Estate Services provides quality real estate and property management services to homeowners in Maryland. Through our Nationwide Referral Network, we connect with great real estate agents all over North America. If you have a client who owns a rental home in Maryland that needs quality property management services, contact us today to discuss how we can work for you and the homeowners.
Here’s How the Referral Process Works
Through our program, you list the home for rent based on the homeowners’ criteria. As part of the listing, we will provide you with a link for processing applications. We process rental applications through TenantCloud. As the process moves forward, we will advise you and the homeowner about the status of applications. The homeowner will have the opportunity to accept or decline any applicants. One they accept applicants, we take over the rest of the process.
We work with the homeowner to prepare the home for the tenants. We will coordinate utilities, perform the pre-occupancy inspection and handle the lease. You get a copy of the fully-executed lease for your files.
The tenants will pay the security deposit to us when the application is accepted. This is when you change the listing to PENDING. The tenant pay the first-month’s rent to you prior to moving into the home. That’s so you can to cover your broker’s commission. Once the homeowner signs our residential property management agreement and the tenants move into the home, we pay you a referral fee equal to 25% of the first year’s management fees.
For example, consider a home that rents for $2,000 per month. Our property management fee is 8% of the monthly rent. That is $160 per month or $1,920 per year. The referral fee we would pay to the referring agent is $480. We only require that the referral must come from a licensed real estate agent. This would work even if you are a seasoned real estate agent that affiliates with us. You can list the home for rent and received the commission (based on your split). You can also receive the referral fee if your client hires us to provide property management services.
Agents may be concerned about “losing” a client. We will make sure that doesn’t happen. Our property management software will link you as the referring agent to the client. If they need to list the home for rent or want to sell it, you will be notified, unless the clients tells us otherwise. You will have the opportunity to handle the transaction.
A Little Bit of History
When we started in 2008, we were only a property management company. Most of our early property management business came from real estate agents with other companies. One of the ways we have grown was by providing our services to the real estate agent community.
When we became a full service real estate company in 2013, we started also working with home buyers and sellers. DMS Properties, LLC Residential Real Estate Services continues to have a large portfolio of property management clients. We intend to continue growing that business. Most of the real estate companies in Maryland don’t provide property management services. Many agents don’t like the idea of providing these services, either.