Real Estate agent (Conroe: leasing, co-op, credit score) - City-Data Forum

cococolee · 10-30-2009, 01:32 PM

Hi everybody,

I am going to lease out my property in sugar land area. Does anyone has a referral real estate agent who would charge me less than one full month rental for the property. thanks in advance.

coco

westres1 · 10-30-2009, 02:48 PM

No that is the standard fee.

TheStupid · 10-30-2009, 02:54 PM

You like Coco Lee?

modster · 10-30-2009, 03:22 PM

At one month it is already not worth the time of most agents. In fact, in most offices most agents will not even handle rentals. Not if they are the slightest bit busy, there just isn't enough money in it to make it worth the time & work & gas. If it is a co-op deal (the listing agent lists it, another brings the tenant, then each only gets 2 weeks. Even if the listing agent leases it themselves they usually have to make a split with the office. They net 1 to 2 weeks in most case. If you are used to making a few to several thousand per transaction and you are looking at a few hundred, right or wrong, most won't fool with it.

Because of that, quite frankly I would try to rent it myself.

cococolee · 11-02-2009, 02:54 PM

thanks for every effort you guys made. Anyone know how to rent it on my own?

Lake Conroe resident · 11-02-2009, 06:19 PM

Please do yourself a big favor and do not go this alone.... I could write a large book on all the many pit-falls you could possibly face if you do not know what you are doing.

Ask yourself a few questions before you do this; first, do I have the mechanisms to properly market my home for lease? Do I even know what the market value for it is? After that; do I have the mechanisms to properly screen potential tenants? Do I know the Texas property code as it pertains to landlord/tenant law so I don't get sued? If I get a tenant who does not pay the rent, or damages my property do I know what to do? What if after I rent to them I find they have unauthorized tenants, unauthorized pets, or unauthorized vehicles? What to do?? As a matter of fact do I even know how to properly write up a lease that can even be enforced in court? I could go on and on but hopefully you get the idea that this can be a cumbersome and potentially dangerous route to go if you do not know what you are doing?

The fact that most agents do not want to deal with this is not because of the money (or lack of) though that is the main reason for the busy agents. The reason the other agents don't deal with it is really for a lack of knowledge for the above referenced items; they want the money as their phones are certainly not ringing off the hook these days, they simply don't have the knowledge. There have been many months this past year where I have made more money than 85% of the agents in town just from leasing commissions because I do so many.

Do you realize that there is more litigation (a lot more) with leasing properties than with selling homes? There's a reason why the trec/tar lease contract is 14 pages along with additional addendums while a standard resale home contract is only 8 pages.

If I were you I would try to find a professional management company you are comfortable with now, rather than later when its too late; if they are good they will take care of all these details for you. If you need help finding one just "Google" "Sugarland property management" or "Sugarland homes for lease" and see who comes up, then start making some phone calls until you are comfortable.

If you decide to go it alone.... I wish you well.

westres1 · 11-03-2009, 09:03 AM

I agree with the above advice! I have a friend who didnt use an agent to save a few hundred bucks and now she has multiple familes in her house raising pit bulls in her master bedroom. She is having to hire an attorney to get them out. Screening applicants, doing background checks and credit research is all the job of the lsiting agent and it is well worth the price. Actually it is a bargain.

AlexTx · 11-03-2009, 10:05 AM

Quote:

Originally Posted by Lake Conroe resident

P
If I get a tenant who does not pay the rent, or damages my property do I know what to do? What if after I rent to them I find they have unauthorized tenants, unauthorized pets, or unauthorized vehicles? What to do??

Does the realtor help you in these situations? I thought the realtor just found the tenant, did the backgrounds checks and screening, provided a TREC lease and was done.

One thing about using a realtor - isn't it true that they have to follow the Fair Housing rules and can't rule out a tenant if they don't have a legit reason? You, on the other hand, can weed out tenants for any reason. Maybe you don't get a good vibe or don't like that they have 6 children. I believe a homeowner can deny a tenant for any reason, whereas a realtor can not. Can someone tell me if this is correct?

City Love · 11-03-2009, 10:05 AM

Quote:

Originally Posted by westres1

I agree with the above advice! I have a friend who didnt use an agent to save a few hundred bucks and now she has multiple familes in her house raising pit bulls in her master bedroom. She is having to hire an attorney to get them out. Screening applicants, doing background checks and credit research is all the job of the lsiting agent and it is well worth the price. Actually it is a bargain.

I agree, having a professional help you is usually worth it. Especially in leases, it's only 1 months rent. The advantage is that it can usually be rented out faster with an agent and also more efficiently. They should also help with questions along the way and screening.

But, if you are experienced in real estate and have the time, it's something that you can do yourself.

On the other hand, if you have to ask too many questions, it's better to hire someone. It's like trying to fix your car when you don't know much about it. Or diagnosing a medical issue you have, and not knowing where to start. You might eventually find the problem, but it it will usually be hit-or-miss.

I know a lot of people don't like to pay for certain services because most information is on the the internet. But you have to consider that good agents have experience that can be very valuable to you. Experience is key!

City Love · 11-03-2009, 10:10 AM

Quote:

Originally Posted by AlexTx

Does the realtor help you in these situations? I thought the realtor just found the tenant, did the backgrounds checks and screening, provided a TREC lease and was done.

One thing about using a realtor - isn't it true that they have to follow the Fair Housing rules and can't rule out a tenant if they don't have a legit reason? You, on the other hand, can weed out tenants for any reason. Maybe you don't get a good vibe or don't like that they have 6 children. I believe a homeowner can deny a tenant for any reason, whereas a realtor can not. Can someone tell me if this is correct?

To my knowledge, that is not true. You can get sued for denying housing based on some type of discrimination.

As to your first statement, a Realtor would usually help at the beginning to avoid situations like this. I'm not saying it wouldn't happen, cause it still can. But we first try to get you a fair market rent, then have them fill out an application and alert them of a credit and possible background check. If they pass all this, then they have to sign the large lease. All of these things are usually standard procedure, but the point of all this is that the "bad" people are usually weeded out by the credit and background checks. You don't usually find thugs or drug dealers with clean backgrounds or high credit scores.