When I’m listing a lower-end property, however, I don’t tend to use an agent. I recently purchased an inexpensive starter home that needed some repairs. I plopped a “for rent” sign in the front yard while the contractors were at work getting the property ready. It seemed that my phone started ringing the moment the sign went up. The benefits of a situation like this are twofold. First, I had a large suite of applications to choose from. Second, I didn’t have to pay a commission. And lastly, I had the place rented out from the day that the construction work was completed. This is a good feeling.
Tenant Screening and Landlord Preparation for the Process
From Christopher Smith, for About.com
Sometimes I work with a real estate agent, sometimes I don’t. I find that when I’m renting out a higher-end property it’s worth it to use a real estate agent, as they tend to have access to renters who are on temporary relocation and other candidates who might be using an agent on their end of the deal. Plus, using a agent ensures that I get the widest exposure possible – not only through MLS but through her personal network. The more expensive the property the more important it is to get a reliable tenant. This is an area that I don’t skimp on. Plan on paying around one month’s rent as commission.
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- Set the Right Rent Level
- Decide on Using a Real Estate Agent
- Meet With the Applicants - Don't Farm Out This Task
- Do Your Due Diligence and Avoid Problems Later
- Comply with All Federal and State Fair Housing Laws
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