Renting Condo - Should I Use An Agent?

Question

What has been your best source for locating a tenant for a unit you have for rent? Debating whether I should try to find on my own or use the service of an agent. I believe most agents charge what would amount to first month's rent for their service.

Joe Delia · Answer

I know.  The problem with hearing "agents" is that is a very broad stroke.  That's like saying "I've heard investors are unethical".

Find someone who specializes in rentals, not someone doing it for the first time.

Shawn M. · Answer

@Richard Vang Thank you!

@Bienes  Raices I was only considering an agent to locate prospective tenants based on criteria I provided. I would also screen before accepting any applications.

Christopher Leon · Answer

as a agent myself that focuses on rentals and working specifically with landlords I think you most definitely want to use an agent, ESPECIALLY, if your not familiar with fair housing and such things. Now, could you do it yourself? Absolutely, you can save the months rent and feel proud; but, like Joe Delia said above, what is your time worth? How quickly can you get it rented? If you work with a broker that specializes In rentals, they may already have a prospective tenant lined up, it's just a mater of having them fill out the app and pay the app fee. When I help landlords rent units, I screen them accordingly so as to not waste the prospect/suspects time. If I feel they won't get approved, I tell them. Now, if they screen properly them I schedule an appointment get the app and turn it in. I run credit and then submit the prospect to you but YOU make the ultimate decision. I help my clients understand the strengths and weaknesses of the prospective tenant. You should never let someone else make the decision for you if your hands on in your business, just use your agent like a tool to help you make an informed decision. It is a preference though. Good luck.

Chris M. · Answer

I tried going the craigs route early on in the rental game, showed the unit a lot when it was freshly renovated with no real luck. It was also a pain to drive 30-45 mins in traffic to show the place as well.

I called an agent that specialized in rentals and she has kept that place and all my others rented. I use her till this day and she's been invaluable with her advice and references. She's moved up to high end condo sales but still works with me on my rentals and target properties even though I'm not in her target area anymore. She does background checks and advises me based on anything that would seem 'off' from dealing with potential tenants. I meet the new tenants when we are doing the walkthrough.

If you can find a good realtor, then hold on to them and use their services/expertise to grow your business.

Aly W. · Answer

I've always used craigslist for our rental properties. I do the screening myself, and my contractor will show the units (some are in another state, some are over an hour away).

Our most recent tenant was being relocated to FL and had been using a realtor to find a condo. The tenant and her husband saw my craigslist ad, loved the condo, it was slightly less rent than what their realtor was showing them, and it was a much nicer unit. They already had credit reports run by the realtor, which they provided. If you're diligent, you can find good tenants yourself.

Unless I'm mistaken, realtors will only show units that are listed for rent on the MLS, so there is a lot of inventory they don't know about.

Account Closed · Answer

I prefer to screen tenants myself, as my peace of mind makes up for the work/time required.  I've had my unit managed by a PM before who took care of locating and screening tenants and got screwed over (horrible tenants who trashed the unit and the PM didn't get a security deposit).  I've found that both me and the tenants are happier with this situation -- I feel better knowing I vetted them personally, and they are happier because I obviously am more flexible and understanding as a landlord since I am more comfortable with them as my tenants.

However, not to say all RE agents will do a poor job (I'm an RE agent myself).  But instead of choosing blindly, I would ask around and get a feel for who in the area has a good reputation - usually good reputations are backed up by good people (cause people talk).  I'd certainly do this myself were I in the same position, rather than choosing a realtor blindly.

Jon K. · Answer

I would.

People who search for high-end rentals through realtors often have better qualifications than some fly-by-night reply off craigslist.

I obviously screen the person myself, not just let someone else approve tenants.

Bienes Raices · Answer

@Joe delia

I certainly didn't mean you, but I've heard too many stories of agents just sticking any warm body in there to collect their fee. Letting the agent take the calls and show the place might be okay, but I would want total control over the screening process.

Joe Delia · Answer

This is really a question of what your time is worth, and how competent you are in real estate law.

Saying you don't trust an agent to screen a client is crazy.  If an agent specializes in rentals in your area, thats insane to say.  Yes, i wouldn't trust a random agent off the street, but if you screen your agent, you should end up in good hands.

Renting Condo - Should I Use An Agent?

Most Popular Reply