Just bought a 2 family home with my brother in Wakefield, MA (right on the lake, great location). Looking to find tenants for the downstairs unit since we both work from home and will be living in the upstairs unit. We were going to use Zillow, Trulia, Facebook Marketplace, etc... but since its our first time, we were thinking about just getting it off our plate and having our real estate agent do it for us. We are very busy right now, and feel like the broker fee (one months rent) will pay for itself if they can get someone in there much faster than we will be able to. Do you guys think we are overestimating how much work it is to find a tenant, and underestimating how quickly we could probably get someone in there? Has anyone else used an agent to get tenants in their first time around? We just want to make sure we are doing this the right way to kick things off... but also don't want to lose a months rent if its a lot easier / more straight forward than we think.
Any thoughts or feedback is appreciated!
Congrats on your new purchase!!!
In your situation, I think it would be a great learning experience to try to rent it yourself, especially where you'll be living upstairs. It would be easy for you to show, and it allows you to see the tenants face-to-face. Where you'll have to deal with/see the tenants every day, you're better off meeting each one and carefully selecting who you think is the best fit. It'll be well worth your time.
If you weren't living there, and you constantly had to drive somewhere else to show it, or if you didn't have to share a space with them, then I would definitely hire an agent to do the work for you. But try shopping around, some agents will do it for 50-75% of 1 month's rent.
By the way, I live right around the corner from the lake. Myself and a few other investors in Wakefield meet up every couple of weeks, so if you and your brother would like to meet us one weekend, you're more than welcome to.