Have you ever signed an agreement with a realtor to find you a tenant?
I did and now I am getting more interest with craigslist and rent.com than weichert.com.
Are their pros and cons of signing with a realtor to find you tenants?
Thanks for your help.
well a pro is that they utilize a vast marketing strategy (most likely) and a con is you have to pay them a commission.
so weigh them out.
a lot of people, in general, complain about paying commissions or other fees to vendors, but if you look at it as your choice and that you're paying them for the service they provide, well then it makes sense to just pay them for their services and not complain about it.
some other cons include incompetence and stupidity which go hand in hand, also another con is ....how do i put this...a lack of being good at what they do....some realtors, no alot of realtors S*CK at what they do.
i had a 23 year old kid one day show me a property wearing shorts and a tshirt, stinking of alcohol, pulling up in this P.O.S. broken down 90 Toyota Corrola...i looked at him and just thought...who the hell lists with a company that has people like this representing them?
JUST BE PICKY WHEN SEARCHING FOR A REALTOR if you decide to use one.
thanks, i feel the guy I got is okay.
I just wonder if he bothers showing the place in comparison to the houses he is trying to sell.
I am going out of the country from 12/23 to 01/02 so i hope he gets me a tenant by the time I get back.
I've used my Property Manager (also a Realtor) to list/rent out my rental property with limited success. Out of 3 tenants, I found 2 of them on CraigsList and sent them to the property manager (who barely responded to them) and the 3rd time, I had an interested party too but the property manager actually found someone else at the same time. Bottom line, the property manager wasn't nearly as aggressive with marketing the property as I was and I would expect you'll have the same problem with any realtor.
Ultimately, I fired the property manager because not only were they not bringing in any rental leads but they weren't treating the leads that I spoon-fed them as I expected (returning calls, showing the property). If they don't do that, what in the world am I paying them for? Now I find the leads and just pay a friend to show the property when necessary (I live out of state).
What are they charging commission, something like one month rent? Think of it this way, if you are getting $500 a month to rent it and $100 a month cashflow everytime there's a turnover you're losing 5 months of profit. If its costing you that much you'll have almost no profit at all. Find another way to fill the apartments, Craigslist/newspaper/sign in front of the place/etc.
<warning>This is comming from a Realtor</warning>
IMO there's definately pros and cons concerning using a Realtor/Agent in the search for tennants. In my office (a smaller office but a national franchise) We get quite a few calls from out of town individuals looking to rent a home or apartment in town , for me personally its quite hard finding rentals when most landlord don't even opt to put something in the newspaper and decide on just putting a sign out.
I figure renting is just like selling , the more the better , and the more fish you got in the pond , the easier it is to take the best one (Granted you don't interfere with any discrimination issues).
IMO , get the Realtor involved on the screening process , have them run a background check , credit check ,ect that way there's less work for you to do.