Real Estate Agent · Willoughby, OH · Member since 2014 · 9 posts · 1 vote
Hello All, I am a new real estate agent and am taking a rental listing tomorrow for a family member. I'm going to be very honest, I do not have a great grasp on all of my responsibilities. Other than listing it on the MLS and popular websites, what else am I supposed to be doing? Am I supposed to run background checks, credit reports....etc?
I don't mind do any and all of the work, I just want to know what is expected of me as a real estate agent listing a rental.
Residential Real Estate Agent · Grand Rapids, MI · Member since 2013 · 803 posts · 689 votes
10y
@Nick Bregar if you're listing a current rental property that has tenants in it for sale its not much different than a normal house.
No need to run background checks, this isn't your responsibility. List this as you would any other home but make sure you get the tenants contact information and make them aware people will be coming to see the house and walking through it but you will give them ample notice (legally where I am it has to be 24 hours notice). So many times I have shown rental properties and the tenants have no idea I was coming and I wasted a trip out there. Also, it is a good idea to have the rent numbers and potentially the expenses from the seller as these are things buyers ask for.
Good luck, I promise you will make mistakes but you learn from them. I have sold several houses and I still make mistakes.
Real Estate Investment Attorney · Kingsville, MD · Member since 2016 · 643 posts · 408 votes
10y
Nick,
Your post is a bit vague. I am assuming you have been asked to assist in placing a "For Rent" listing on the MLS. List the location, place plenty of professional pictures, the rent, features (A/C, new appliances, etc) and describe glowingly why someone should live there. If you are the one selecting the tenant (you better have this clear) you will need to run the applicants credit, etc. I would recommend quickly listening to the BP podcasts of Landlords to gain important insight. Good Luck.
Residential Real Estate Agent · Grand Rapids, MI · Member since 2013 · 803 posts · 689 votes
10y
@Nick Bregar if you're listing a current rental property that has tenants in it for sale its not much different than a normal house.
No need to run background checks, this isn't your responsibility. List this as you would any other home but make sure you get the tenants contact information and make them aware people will be coming to see the house and walking through it but you will give them ample notice (legally where I am it has to be 24 hours notice). So many times I have shown rental properties and the tenants have no idea I was coming and I wasted a trip out there. Also, it is a good idea to have the rent numbers and potentially the expenses from the seller as these are things buyers ask for.
Good luck, I promise you will make mistakes but you learn from them. I have sold several houses and I still make mistakes.
Thank you for the response! Your assumption is correct. The part about selecting the tenant is the unknown to me. I am of the assumption that I am not going to be responsible but I guess that will be my first question tomorrow when I meet them.
Thank you for the response! The condo is empty currently which makes life easier. Your post confirms what I had thought originally. What are the seller's expenses that a renter would want to know? Are we talking utilities or association fees?