Prepaid Rental Listing Service (PRLS) licenses explained- REAL ESTATE TRAINING!

Prepaid Rental Listing Service (PRLS) licenses explained- REAL ESTATE TRAINING!


This next section is about something called PRLS or “Prepaid Rental Listing Service” So let me give an example I am right now here in Los Angeles and around me are all sorts of apartment buildings You know, there’s a lot of apartment buildings. The Roosevelt is across the street The Watermark is down the road, and all these apartment buildings around me If you are wanting to move to, let’s say Los Angeles or San Francisco or Newport Beach and you Want to find a place to rent well, what would you do? Well, I suppose you could go to Craigslist. But what’s the challenge with Craigslist? Well? This is not a knock on Craigslist. But sometimes some of those ads have the reputation of being a little “scammy” Who knows if it’s really the owner? Who knows if the property’s in foreclosure? I don’t want to get caught on the wrong side of some kind of scam so instead of relying on Craigslist or even Google I can find a PRLS company and PRLS stands for “Prepaid Rental Listing Service” and these PRLS companies, basically How they make money – their revenue model – is generally is to get money from tenants So you would pay one of these PRLS companies (on a subscription basis) So let’s say that you are a prospective tenant trying to find space in Los Angeles What you could do is you could pay one of these companies Let’s say $50 or $60 a month for a subscription to their service These companies would basically then allow you access as a prospective tenant To their database of properties. Now think about this for a second, you might say again Why not just use Craigslist? But Craigslist maybe hasn’t been as vetted as some of these PRLS companies. I would write the words “allows a licensee to sell a list”. This is all this PRLS license lets you do It doesn’t let you sell property. It doesn’t let you do property management. It doesn’t really let you do leasing. All this license will let you do is sell a LIST of Rental property to a prospective tenant – that’s number one. By the way A lot of real estate agents candidly give these lists away for free They’ll say you know “Houses or apartments for rent from $3,000 a month get a free list!” And they’ll give you a free list as a prospective tenant But if you call me and say hey, I’m looking to pay $3,500 a month in rent in downtown That’s a lead for me as a real estate salesperson to then educate you on the benefits of homeownership So a lot of agents will give away these lists for free, in order to get buyer leads for their real estate business. But if you want to SELL a list of Available rental property to a prospective tenant. You will need to obtain a license by the Department of Real Estate called PRLS So a couple of things we need to know for our test: What does a PRLS license let you do? It lets you sell a list of available rental property to a prospective tenant. Number one Number two, but you might want to write the words “two-year license”. This license is only good for two years Now your real estate license that you’re getting here with us is going to be good for four years PRLS is only good for two

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