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Old 12-09-2014, 04:16 PM
 
12 posts, read 7,185 times
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Hi guys and gals,

New to this board. Just bought a condo in Park Slope.. any recommendations on services I can use to help me rent it out? Management companies, etc.?

Many thanks!
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Old 12-09-2014, 04:23 PM
 
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What are you looking for more specifically? Screening tools? Online rent payment sites?
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Old 12-09-2014, 05:37 PM
 
12 posts, read 7,185 times
Reputation: 34
I'm thinking for rent collection, maintenance, etc.?
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Old 12-09-2014, 05:50 PM
 
4 posts, read 2,485 times
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Ok. I use 2 services. One is rentific.com which is a very good tool for collecting rent. I have a couple of rentals, so i wanted something better than paper checks. I used paypal for a little while, but hated the fees and stuff. I don't live near my properties so i was looking for an easy payment method. Last month they started using text messaging for renter alerts etc and my tenant just told me she paid them by replying to rentific's text message. I didn't see that part, but she liked it. the other is tool i like is for tenant screening called tenant verification service (TVS) or something like that. It checks evictions and a credit report. rentific is supposed to have that soon their site says.
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Old 12-09-2014, 06:53 PM
 
Location: New York, NY
624 posts, read 701,991 times
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I use rentalutions to manage my out of state property. It's really cheap and so far has worked out fine. Even if you don't use their service they have some great blog posts about landlording.
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Old 12-10-2014, 07:20 AM
 
4,542 posts, read 4,464,891 times
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Quote:
Originally Posted by aberrant_landlord View Post
Hi guys and gals,

New to this board. Just bought a condo in Park Slope.. any recommendations on services I can use to help me rent it out? Management companies, etc.?

Many thanks!
I will tell you one downside of plan. In NY State a small landlord who is only renting out one or two units and it is not his primary occupation is exempt from fair housing laws. A Realtor is not.

When I rented my condo, it is not handicapped assessable, my building has a lot of old folks so kids would get me complaints and a lot of wear and tear. I don;t have a kosher kitchen so no orthodox and I dont want section 8 people. I also have added bonus Condo President lives two units away.

I listed it on Zillow and Trulia for free and I had several excelent people immediately apply. I rented to a very nice Newlywed couple no kids and no pets who keep the place spotless and rent is always paid early. In two years I only heard from them once they had a small leak in toliet and an outlet need fixing. It was sunday and I had not seen my unit in 18 months so I said I will come over and fix myself. They thought I would get a handiman. But it was easy and I was bored and wanted to see my unit. I had to take my shoes off and the place was spotless.

Since I am on the condo board I know who rents. Realtors make big money off sales, commissions on rentals are only one months rent. The realtor tenants are ok but we had complaints about a few of them. I went overboard vetting folks. I also found out that really really good tenants sometimes dont use realtors at all. My neighbor contacted JetBlue as they had an ad looking for landlords willing to rent to folks on two year mgt training program rotations. She got two married men (not to each other) from Jet blue, they went home every weekend and on vacation never had guests and were nice. Jet Blue sent a check every month direct to owner and Jet Blue took liability for damage. Jet Blue rarely used realtors apparantly no need as folks like you and me look for these folks.
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Old 12-10-2014, 07:32 AM
 
1,935 posts, read 2,128,933 times
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If you are only renting out one unit, are there any management companies that do everything including finding tenants, screening them, collecting rent and taking care of maintenence requests?

I'm contemplating renting out my condo, as the idea seems good on paper, but the reality of landlording can be a pain and it might be easier just to sell it.
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Old 12-10-2014, 07:33 AM
 
4,542 posts, read 4,464,891 times
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Quote:
Originally Posted by saugLandlord1975 View Post
Ok. I use 2 services. One is rentific.com which is a very good tool for collecting rent. I have a couple of rentals, so i wanted something better than paper checks. I used paypal for a little while, but hated the fees and stuff. I don't live near my properties so i was looking for an easy payment method. Last month they started using text messaging for renter alerts etc and my tenant just told me she paid them by replying to rentific's text message. I didn't see that part, but she liked it. the other is tool i like is for tenant screening called tenant verification service (TVS) or something like that. It checks evictions and a credit report. rentific is supposed to have that soon their site says.
How much is it? Most likely is a very good service if you are out of state or if you have problem tenants.

My tenant send me a check on time, use the Chase app snap a picture of it and throw it in paid envelope. My condo building has an emergency handiman we can use if I cant get over there.

Key is to realize not all tenants are bad, most are very good. However, there are some really rotten apples out there that if you get one it will be a nightmare.
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Old 12-10-2014, 08:07 AM
 
4 posts, read 2,485 times
Reputation: 10
So far rentific is free to use for landlords and renters. For finding tenants, i think you need to post in craigslist, put an ad in the local paper, or put something in trulia or zillow. I was using an app like the one SandyJet mentioned, but it was a Bank of America one. It worked fine, but it would take a couple of days for the rent check to get to me... usually get it a little after the first, then it would take another 3 or so days for the check to clear. Rentific actually beat that time by about a day, which is no big deal. But what I REALLY like about rentific is that it gives you a history of your rent payments that you collected and for someone like me who has more than one rental unit, i get to see the rent status of all of those rentals. I'm hoping they introduce tenant screening soon since they said it's an upcoming feature. that will help too.
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Old 12-10-2014, 08:55 AM
 
4,542 posts, read 4,464,891 times
Reputation: 3481
Quote:
Originally Posted by saugLandlord1975 View Post
So far rentific is free to use for landlords and renters. For finding tenants, i think you need to post in craigslist, put an ad in the local paper, or put something in trulia or zillow. I was using an app like the one SandyJet mentioned, but it was a Bank of America one. It worked fine, but it would take a couple of days for the rent check to get to me... usually get it a little after the first, then it would take another 3 or so days for the check to clear. Rentific actually beat that time by about a day, which is no big deal. But what I REALLY like about rentific is that it gives you a history of your rent payments that you collected and for someone like me who has more than one rental unit, i get to see the rent status of all of those rentals. I'm hoping they introduce tenant screening soon since they said it's an upcoming feature. that will help too.
Does Rentific charge the tenant. If so how much? I would say do it both ways on your own and with the service if looking for a tenant and you only have one unit.

My current tenants are amazing, super clean, pay early, never ask for anything and are hardly home. They specifically did not want to use a realtor or pay a fee to rent an apt. I would have never got them if I used a realtor.
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