Newbie here should I hire an agent to rent out my duplex?

Question

Newbie here, should I use a realtor to rent my duplex?

Matt Pastier · Answer

@Christina Acevedo Congrats on your duplex! If you have the time/ability I recommend trying to do it yourself. No one is going to be as concerned about getting good tenants as you, and at the end of the day I’d rather have a place vacant than have one filled with a bad tenant. Once you get a system in place it becomes easier. Two things that help me the most are setting qualification standards (many unqualified prospects will self eliminate) and doing open houses to save the back and forth of private showings.

Brock Mogensen · Answer

If you are self managing I would suggest doing the leasing yourself.  As long as there is sufficient demand in your market you should have no problem finding a qualified tenant.  Plus it is always good to learn the leasing process.

Matthew Irish-Jones · Answer

@Christina Acevedo you are better off doing it yourself, learning the process, and creating checklists for future investments

Elise Hazzard · Answer

@ Christina Acevedo

I agree with Matt, but to get off the ground , perhaps first time out of the gate, you could hire someone, observe their process, but be involved in the final selection process? Getting cash flowing could be helpful in the beginning; but you need to do it carefully. Then you would have time to read the Turner's book on property rental.

Just heard of someone yesterday whose property manager put a tenant with ESA pitbull in newly rehabbed duplex. Second week there was a 2nd pitbull and by third week the other duplex tenant had a bite. Out of control and not uncommon. I have a friend in my city with that same scenario using property manager.  My friend had just left the country thinking her property was managed, until the bite victim call came.  There are ways to best practice methods to manage such cases.  No one is more interested in your investment than you.

Lots of moving parts here with a learning curve after the purchase. The forums are a great place to start.

Keep asking questions and reaching out.  Good Luck.

Dan Maciejewski · Answer

It depends on your market.  Is there a lot of rental demand?  I hope so, since you bought a duplex in that market!

Unless they are going to put the property under management (and even if they are), I advise my buyer clients to rent it out themselves.  They will have to deal with the tenants throughout the lease, so it's usually better and easier to build that relationship from the start for most people.

I will most certainly interview prospects and lease up a client's apartment, but I'm going to charge for it, and in my market there's so much demand that you don't really need me to do it for you.

Keith A. · Answer

Even though i have multiple rentals, I still work a full time job. That being said I have zero time to bother with potential renters. I use the same agent to lease out all my properties, and she is worth every penny. Perhaps one day I will take on that roll after I retire, but for now I can't imagine fielding the calls and showing the properties during the day. She gives me useful comps and knows my goals. I can strongly say that a good real estate agent is worth the first months rent in commission. Try it for yourself for a few weeks and see if you feel it is worth your time or not. I don't enjoy it.

Christina Acevedo · Answer

@Elise Hazzard

Thank so much for the advise!

Newbie here should I hire an agent to rent out my duplex?

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