We’re starting to see more activity around real estate search, which is a positive sign. However, many of these requests are not closing for a variety of reasons—budget constraints, short search windows, or individuals ultimately finding a property on their own. This isn’t anyone’s fault; it’s just the nature of the business and the reality of unforgiving production calendars. Still, it highlights the need for us to reset expectations and tighten up the rules around how these searches are requested.
Real estate searches are not like browsing Airbnb or pulling from a corporate housing portfolio. Each one is handled individually, at the specific request of the searcher. That means the process is highly bespoke: it takes time, resources, and a fair amount of persistence to identify properties that truly fit the brief. The benefit to the searcher is that they gain access to a professional who is deeply familiar with the local market and has the connections to surface options that may never appear online. But there is a trade-off: agents only get paid when a property is actually booked. If agents repeatedly invest time in searches that don’t convert, they become less inclined to take on future requests—and that ultimately limits our ability to provide this service at all.
By tightening our process, we protect the value of the relationships we’ve built with these agents and ensure that when a search is initiated, it has the best chance of success. Going forward, we’ll want to be clear with requesters about timing, budget ranges, and overall expectations before engaging an agent. That way, we’re aligning everyone’s efforts and preserving goodwill on both sides.
To provide clarity about real estate search requests and ensure agents will continue to work on real estate requests (and manage the expectations of individuals making requests), we’ve added the following language to our real estate request form:
“You acknowledge and agree that your furnished housing needs may be referred to one of our licensed real estate partners. Such referral partners maintain a broad network of furnished housing options in the relevant market. As part of this process, you may be required to enter into a written exclusive engagement agreement with the referred real estate professional. The exclusivity period will extend for a minimum of seven (7) consecutive calendar days from the effective date of such agreement. During this period, you agree not to engage or enter into discussions with any other real estate agents, brokers, property owners, or representatives for the purpose of securing a furnished rental. Failure to comply with the exclusivity terms may result in liability for referral fees or compensation to the referring agent or partner.”
Individuals can continue to search Airbnb or a furnished units on Apartments.com on their own, same as before, but they should refer the properties they find to the real estate agent to follow up. This offers individuals flexibility to continue searching on their own while providing a measure of protection for the agent.
Thanks for understanding, and let’s work together to refine this process so that real estate searches remain a strong, sustainable offering.
Andrew Thompson
Founder & CEO
LocationHousing.com
Comments are closed