I hired a realtor to list my first single family rental house. A week later, he texted me that he found a client, screened her, and she is ready to sign a 10-month lease. I agreed via text, but when he sent me the lease agreement today, the dates of occupancy are August 22-May 31. I have already deposited a cashier's check to cover the security. Am I obligated to sign the lease agreement, even though it's for only 9 months and 9 days, and go ahead with the deal? I feel like this realtor, who was recommended to me, does not have my best interest in mind.
What is your concern over the length of the lease. It has zero bering on how long a tenant will stay.
I guess it boils down to I don't trust the realtor. The property was listed for a minimum of 12 months, so I was surprised he even brought me this tenant. Agreeing to 10 months was a big decision for me. Thank you so much for your response. Maybe I just need to stop overanalyzing everything.
Here is a thought process. I know quite a few landlords try to time the expiration of the lease so they are in the hot market time for find a new tenant. If your market base is families with children you want to be able to beat the start of school. I think when he brought the perspective tenant on a 10 month lease you should of had a conversation at that time. How long was the property on the market? If it had been a while then it would make sense to move ahead even though it wasn't 12 months.
My property was on the market less than two weeks. In the future, I will be finding and vetting my own tenants. This is all new to me, and I'm learning as I go. Thanks for your thoughts. I am so impressed with this forum! It has been very helpful.
I think realtor is doing you a favor. May 31st is the best time to find new tenant. 12 month lease from now is a bad choice.
Thanks, Mindy! There are so many useful resources on this website. I'm learning so much.