If you've decided to rent out a property, then you have to find suitable tenants. This won't necessarily be easy if you've never been a landlord before. it might pay to use a real estate rental agent at this stage. What are the advantages of hiring a realtor at this stage of the process?
1. You Want a Quick Rental
Once you decide to turn a property into a rental, you need a tenant. Every day that the property is empty is a day it doesn't make money. However, the fact that you want to get moving fast doesn't mean that you'll find a tenant immediately. You have to market the rental, find interested people, and run viewings. You then have to get a tenant through to the final hurdle of signing a lease agreement, and this process typically takes some time.
However, if you turn your property over to a rental agent, then they can get you ahead of the game. A rentals realtor may have a database of potential tenants already. They will know how and where to market a property to bring in more people. They can organize and run viewings quickly and help you set up lease agreements. As such, this extra help can speed up the process. You could get tenants in place a lot more quickly than if you did this on your own.
2. You Want the Best Rental Rate
While you might have an idea of how much you can charge for your rental, your estimate won't necessarily be accurate. If you charge too much, then you'll find it hard to get tenants. If you undercharge, then you may lose out on rental income.
If you bring in a real estate agent, then you get an expert valuation. They will know the going rate for properties in your area. Additionally, they can factor any pros and cons about your property into their recommended rate. If the rent you charge is realistic, then you'll find tenants more quickly without losing out financially.
3. You Want Reliable Tenants
While you can ask potential tenants to fill out an application form and give you references, you might be unable to check them out completely. Further, you may not know how to run full screening and background checks. Overall, if you set up your own lease agreement, you could run into problems down the line. Bad tenants could take advantage of informal or badly-worded agreements that don't protect your rights.
A rental agent can run a full range of checks for you. They can also help you set up a solid lease agreement. With their help, you can minimize the risk of problems with tenants in the future.
Contact a company, such as Anthony Cecere: Erealty Advisors, for more information.