Contractor · Buffalo, NY · Member since 2018 · 22 posts · 4 votes
Good morning friends,
Soo my tenants decided to give me a 10 day notice that they are gonna move out, great timing. My question is, has anyone had good luck using an agent to list the property and vet the applicants. Also what kind of fees and things should I be looking out for. I listed it on Zillow and craiglist and had 10 ppl by midnight looking to gaulk and waste my time. I don't want a management company for the simple fact that nobody cares like I do and I want to have a solid renter in my place.
@Kenny Szymanski What's so special about a real estate agent. They will charge you a 1/2 to one months rent to list it. They will take the first qualified candidate. If you want to be involved then do it yourself. Set your criteria and put it in the ad. People don't read anymore but at least it is there. Prescreen them and have an open house with prospective tenants coming every 15 minutes.
Contractor · Buffalo, NY · Member since 2018 · 22 posts · 4 votes
6y
@Tim Herman
I have done that before, not the open house. Good idea. I'm looking at all options to help with the process. The timming just sucks and maybe I'm looking for help getting a qualified renter a.s.a.p. thanks Tim
@Kenny Szymanski Most lease agreements the tenants have to give 30 days notice. They may still be on hook for the rent until you get another tenant or the 30 days have passed. I don't know if you use a lease or not. In NY this is not the best time to find a renter. I would look at doing a 6 or 7 month lease and do a renewal then.
Contractor · Buffalo, NY · Member since 2018 · 22 posts · 4 votes
6y
@timherman
I am aware of the last months breech of lease, I did a one year lease and they are within the last 2 months. From now on it will be month to month lease, renewing in April each year
Property Manager · Cleveland, OH · Member since 2019 · 446 posts · 566 votes
6y
Hi Kenny, are you aware that some property managers offer "leasing only" services?
You should call around some PMs in your area (I am sure there are plenty in Buffalo) and see if this is something they do.
You may be wondering, "What's the difference?"
Well, property managers screen tenants all day long. Good property managers have strict criteria in place and a procedure they follow on a daily basis. Your average real estate agent who isn't affiliated with a PM company? They do leases pretty infrequently, considering the huge disparity in commission for a lease vs. sale, but it really doesn't take that much less work - you are still driving around to showings, etc.
As a PM company, we frequently take over management for owners who had whatever agent they were already working with at the time place a tenant, and then they self managed. Well, more often than not that tenant was not appropriately screened and there were issues - late rent payments, nonpayment, more people living in the property than listed on the lease, unauthorized animals, etc etc etc.
Keep in mind that just as you say "nobody will care more about my property more than me" as a reason not to use property management on an ongoing basis, nobody will care more about placing a qualified tenant than the property manager responsible for all tenant communications and rent collections for the term of that lease. So keep that in mind as another reason why PMs are properly incentivized to do more thorough screening, if you do choose to give PM services a shot. Some companies have no contract cancellation fees, so this is also something you can further explore.