I am excited that the Toledo Board of Realtors' Multiple Listing Service (NORIS) will begin soon to list homes and rental units on the system for rent.  Previously, we could only list homes for sale and choose rental as an option that the seller might consider.  So consequently not many homes could ever be found for rent on the Toledo MLS for the Toledo area or Toledo suburban areas of Sylvania, Maumee, Perrysburg and Monclova Township.

Here's how it will work.  Agents will sign an Exclusive Agency agreement with a homeowner to have the place listed on the MLS for rent.  The agent will work out a commission or finder's fee with the individual owning the property and looking for a renter.  The fee will be split between the agents and their companies involved in bringing a renter to the property in a similar way to how commissions are split for a home sale.

I also like this since perhaps both the renter and property owner may feel more comfortable having the transaction handled by agents who know their clients and not having to show up to meet a stranger.

This new NORIS feature should be up and running early summer 2012.