All
Members
Companies
Blog
Forums
Podcast
Webinars
    User Log in  /  Sign up
  • Forums
    Newest Posts Trending Discussions Followed Forums Real Estate News & Current Events General Landlording & Rental Properties Buying & Selling Real Estate Deal Analysis See All
  • Education

    Read

    BiggerPockets Blog BPInsights: Expert Analysis Guides Glossary Reviews Member Blogs

    Watch

    Webinars Video Library Financial Independence Blueprint Intro to Real Estate: Rentals

    Listen

    BiggerPockets Real Estate Podcast BiggerPockets Money Podcast BiggerPockets Business Podcast Real Estate Rookie Podcast Daily Podcast (Audio Blog)

    Topics

    Business Operations Finance Finding Deals Property Management Property Types Strategy
  • Network

    Recommended Vendors

    Real Estate Agents Mortgage Lenders Hard Money Lenders Insurance Contractors Investment Companies Build Your Team

    Search

    Members Events Jobs
  • Tools

    Calculators

    Rental Property Fix and Flip BRRRR Rehab Estimator
    Wholesaling Mortgage Payment 70% Rule Airbnb

    Services

    BPInsights: Property Insights Tenant Screening Property Management Lease Agreement Packages

    New Feature

    BPInsights (beta)

    Quickly analyze a property address or ZIP Code to compare your rent in your neighborhood.

    Analyze a property
  • Find Deals
    Real Estate Listings Find Foreclosures External Link Ads, Jobs, and Other
  • Bookstore

    Real Estate Books

    Profit Like The Pros Bidding to Buy See all books

    Featured Book

    BiggerPockets Wealth Magazine book cover
    BiggerPockets Wealth Magazine

    Written by financial journalists and data scientists, get 60+ pages of newsworthy content, expert-driven advice, and data-backed research written in a clear way to help you navigate your tough investment decisions in an ever-changing financial climate! Subscribe today and get the Oct/Nov issue delivered to your door!

    Get the Magazine
  • Pricing
Log In Sign up
User
Quick search links
Podcast Hard Money Lenders Books Washington
ForumsArrowGeneral Real Estate InvestingArrowIs it me? My agents? Would truly appreciate feedback on rental
  • Newest Posts
    • Newest Posts
    • Unanswered Discussions
  • Trending
    • Top Discussions
    • Trending Discussions
  • Browse Forums
Search Nova
Create post

Is it me? My agents? Would truly appreciate feedback on rental

3 Replies

  • Share on Facebook
  • Share on Twitter
  • Share on LinkedIn
Rotate Log in or sign up to reply
user profile avatar
  • Posts 40
  • Votes 8

Isabel Chaves
from Lake Forest Park, WA

posted over 3 years ago

Hello BP members,

I would love your feedback please: I have a rental unit that I listed with very promising agents, had the contract reviewed by my attorney - Yet something feels wrong.

This is my second time leasing out my rental. I put a lot of work into it as it was my personal residence, then the first tenant trashed it upon leaving. I hired agents that live in the community and seem to be dominating the market. I know I was frazzled the day they came in with their sales pitch, but point was they were professional - we verbally discussed "staging apps for online photos" and "candles, scents" for showings.

Come to find out; all that is for listings that are for sale, not rent. I had that property rented right away last year, but my agent was there for all showings and I would leave the house with zen music and essential oils which is what led us to our quick discussion. I then had my attorney review the contract and it was "fine".

We got a full price offer, as a neighbor of mine called my house after 10pm the night I signed with the agents, but I know them personally and have had issues with them before. I asked the agents to please "humor me" and at least allow a few days for the MLS listing to syndicate with all the other websites; Zillow, Trulia, etc. Turns out there was a glitch or something so that took a few weeks to fix.

Meanwhile, a several offers have come in but only 3 in writing. The second, I got another one while I was traveling and didn't see it until the next day (perfect tenant, but they had already walked), right before the hurricane came through. We reduced the price and I got another one that came in last Wed evening after 9pm, by 10am the next morning my agents were pressuring me for an answer. However, this offer came with structural changes that I needed contractors to see if I could comply. I told them YES to the tenant, but I needed to verify the changes. On Thursday morning they were telling me "never in their career have they let so many offers go".  Not sure that's very fair -

We've reduced the price. They are telling me how much they are working, but other than the MLS and photos, they have it on a lockbox with agents entering on their own. Their is a "quirk" with the door, but they must not have remembered and now the door is broken.

I've gone and put waters in the fridge, air freshener and toilet paper, etc. As I know, a barren empty house that's been boarded up and through a hurricane needs some care. 

Now that I carefully reviewed the CTL, they have me locked in for 1 year (normal), but even if I change it for business reasons to my llc or a partnership within a year - they are asking for 6%, had I known that I would have negotiated different terms. Am I better off paying the $1000.00 cancellation fee to the broker and listing and marketing this rental by myself? I feel awkward as they really came off strong but there is tension now with an offer. I am also seeing that they are not running credit or background checks; I would have preferred that my agent did that on my behalf.  Right now, I feel like I could do more in terms of marketing and screening tenants that I feel they are doing. Plus, they are impatient with me when I am the one liable for what the CTL states, additionally - anything I do from here on forward; they are getting a significant cut even if they have nothing to do with the new transaction. *I admit I am not easy to work with, but I've been burned with tenants and contracts before. Would truly appreciate any feedback? 

They did a beautiful job with the photos, but no staging or open-house. I want to keep marketing it, but don't know if I should move forward with them or not? *locked in until July 2018.

THANK YOU, Isabel.

Rotate Log in or sign up to reply
user profile avatar
  • Posts 40
  • Votes 8

Isabel Chaves
from Lake Forest Park, WA

replied over 3 years ago

https://www.trulia.com/rental/4018523637-452-Ashwo...

Here is the listing I'm dying to promote, but need to know if I should let the agents go or not?

Rotate Log in or sign up to reply
user profile avatar
  • Posts 340
  • Votes 242

Tom Parris
Realtor from Tampa, FL

replied over 3 years ago

Hi @Isabel Chaves ,

Get your house to the true market value. 

The tenants should be applying first rather than giving offers. If they are giving offers, there's something wrong with the price. The agents should be calling you saying they have an applicant for you. Their convo should say, "they are a family/single, they have X pets, making the income requirements, have good credit, no criminal or eviction history, and they want to move in on this date." So that your reaction is a yes, no, or they have to give a higher deposit because of this blemish on the application. 

The only thing you should allow them to negotiate on is whether they can paint a room. If they do ask that, say yes, but on their dime, done by a pro, and a color you have to agree with.

The agents aren't making enough money to stage it, just nice photos. It should be marketed on the MLS, the 143 different sites it goes to, Craigslist, and Facebook/Instagram.

The only time I'll do an open house with a rental property is if the house got so much attention that I couldn't schedule individual showings, rather just stayed there for 3 hours and let whoever was interested come during that time. 

The property should be CLEAN, and it's landscaping done. 

To be honest, the agents you hired sound like they are really good at selling properties, not renting them. Not sure if they have a property management division, but if they don't, that's a red flag. They won't have the process down to a tee to get you the right tenant. Also, if you're local, manage it yourself. Hire them to procure the tenant for you. 

Good luck!

Rotate Log in or sign up to reply
user profile avatar
  • Posts 692
  • Votes 633

Irina Belkofer
Real Estate Broker from Cleveland, OH

replied over 3 years ago

Agree with @Tom Parris and wanted to add: there shouldn't be any "quirks" with the door - everything should be fixed before the listing. Not only agents can't disclose the quirks but other agents are not going to care to remember.

The listing should be treated as public accessible space where people just walk by.

Tenants will break anything with "quirks" right away and it will be on you. 

If your location is correct on the profile, you can't manage the rental yourself: you must be pretty local to the Rental. People don't show up for appointments, they will negotiate something only in person and you'll spend plenty of time driving back and forth for nothing. It won't worth that 1 month rent you pay your realtor.

The choice of realtor should be very specific: you have to choose among at least three PM companies who are licensed to do property management. Realtors who mostly work to sell/buy houses, are not necessary have E&O insurance, covering rentals.

Besides, there are specifics on each market: listing houses for rent and for sale is not the same.

In the end of the day, everything what's going wrong - is on you. It's your business, your choices and that realtor won't care about your business as you do. Choose carefully

Rotate Log in or sign up to reply
  • 1

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Sign up below to download the eBook for FREE today!

Download the eBook Now

Lock We hate spam just as much as you

Related Resources General Real Estate Investing
Don’t Invest Without Understanding the Risks—Here’s What You Need to Know
Single Family vs. Multifamily Rentals: Which Investment Is Right for You?
Maximize Your Tax Returns This April With These Smart Maneuvers
How to Start Investing In Real Estate at a Young Age (or a “Young at Heart” Age)
Why It’s Almost Always a Bad Idea To Invest in Real Estate To Save Money on Taxes
Resources Read, see, and learn more!
Link Real Estate Investment Calculators
Link BiggerPockets Blog
Link Path to Purchase
Link Mortgage Loans
Link Find a Contractor
Link Real Estate Agents
Link Hard Money Lenders
Link Real Estate Listings

Top Contributors

Gervon Thompson
Gervon Thompson
Brooklyn, NY
9.46
Score
Greg Scott
Greg Scott
SE Michigan
5.32
Score
Joe Villeneuve
Joe Villeneuve
Plymouth, MI
3.98
Score
Melanie Stephens
Melanie Stephens
Tabernash, CO
1.88
Score
Tanvir Sattar
Tanvir Sattar
Cincinnati, OH
1.88
Score

General Real Estate Investing Trending Discussions

  • Need to know if I found a good Mobile home deal ??!!
    16 Replies
  • Cash Flow / Cash On Cash
    7 Replies
  • W2 professionals - passive investor or DIY?
    7 Replies
  • Keeping Expenses Seperate
    4 Replies
  • Turnkey Providers 2021
    4 Replies
Log in Sign up

Log in

Forgot password?

If you signed up for BiggerPockets via Facebook, you can log in with just one click!

Log in with Facebook

Or
btn_google_dark_normal_ios Created with Sketch. Continue with Google

Let's get started

We just need a few details to get you set up and ready to go!

Use your real name

Use at least 8 characters. Using a phrase of random words (like: paper Dog team blue) is secure and easy to remember.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.

Or
btn_google_dark_normal_ios Created with Sketch. Continue with Google

Why create an account?

Receive a free digital download of The Ultimate Beginner's Guide to Real Estate Investing.

Connect with 1,000,000+ real estate investors!

Find local real estate meetups and events in your area.

Start analyzing real estate properties, we do the math for you.

It's free!

Explore

  • Membership
  • Community
  • Education
  • Marketplace
  • Tools
  • FilePlace
  • REI Resources
  • Perks
  • Glossary
  • Reviews
  • iOS App
  • Android App

Company

  • About Us
  • Press
  • Advertising
  • Careers
  • Stats
  • Contact Us

Important

  • Editorial Guidelines
  • Terms of Use
  • Rules
  • Privacy
  • FAQ

Social

  • Facebook
  • Twitter
  • YouTube
  • Instagram
© 2004-2021 BiggerPockets, LLC. All Rights Reserved.