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Old 10-04-2012, 01:46 PM
 
82 posts, read 124,164 times
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We are planning to rent our TH (ashburn), but we have been hearing horrifying stories about renters not paying the rent...and refusing to leave the home too and living with 'free rent'. Any thoughts/suggestions? Should we go with a realtor to put the home on market for rent? Or should we deal that by ourself and save some money. usually how much does a realtor charge for listing the homes on rent?

Thanks!
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Old 10-04-2012, 01:56 PM
 
Location: Northern Virginia
4,489 posts, read 9,955,131 times
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Quote:
Originally Posted by allen25ham View Post
We are planning to rent our TH (ashburn), but we have been hearing horrifying stories about renters not paying the rent...and refusing to leave the home too and living with 'free rent'. Any thoughts/suggestions? Should we go with a realtor to put the home on market for rent? Or should we deal that by ourself and save some money. usually how much does a realtor charge for listing the homes on rent?

Thanks!
Realtor usually charges 1 month's rent. They will take applications and put a lock box on the door to show to potential renters.

If I were nervous about renting the home out, I'd want to do the background checks and meet the renters myself to get a feel for them, rather than trusting someone else. If you've rented before, you know what to look for. Ask for references from former landlords, get a solid security deposit, and get a legal contract drawn up to protect yourself as much as possible. I've rented from private owners this way in the past, and they were always at ease meeting us this way.

If you're really concerned though...don't rent it out.
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Old 10-04-2012, 02:16 PM
 
82 posts, read 124,164 times
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Thanks for the reply! We def want to rent it, We weren't concerned at all until my neighbor brought this issue up! If we go thru a realtor, Won't he take care of the background checks, security deposit..etc..etc...I feel safe to use a realtor so we can get the legal contract all set up rightly.
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Old 10-04-2012, 02:25 PM
 
2,730 posts, read 7,591,617 times
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Quote:
Originally Posted by allen25ham View Post
Thanks for the reply! We def want to rent it, We weren't concerned at all until my neighbor brought this issue up! If we go thru a realtor, Won't he take care of the background checks, security deposit..etc..etc...I feel safe to use a realtor so we can get the legal contract all set up rightly.
There's classes for slumlords all time in the newspaper. It do you good to learn how the laws and contracts work.
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Old 10-04-2012, 02:26 PM
 
23 posts, read 56,876 times
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It sounds like you are skittish, and you've never rented your home before. I've rented to lots of tenants, and I've done it both ways - by myself and through a property management company. I would never do it myself again. The caliber of people you get through an agent is so much better than through something like Craigslist. It is well worth the money. If you have a GOOD agent, they can sniff out the deadbeats. The agent will do background checks on prospective tenants, and will present viable candidates to you. You make the final selection, and you can even meet the tenants, if you want to.

Personally, I've never had any serious problems with collecting rent, and I've never had a truly bad tenant. Some tenants can be a pain in the butt, but that goes with the territory. If you don't want to deal with that, you can pay the agent a monthly fee to handle the headaches. Just my two cents.
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Old 10-04-2012, 02:35 PM
 
Location: Chapel Hill, NC, formerly DC and Phila
8,975 posts, read 13,470,683 times
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I just rented out my Northern Virginia house back in May. I am so glad I picked out the tenants myself. I really got to know them by talking to them personally. I really liked them a lot - they seemed like people we would be friends with if we still lived there. I ran the credit check and checked their employment and landlord references. They have been A+ tenants. I've spoken to my former neighbors, and they've had nothing but nice things to say about them. I am fully confident that a rental agency would not have found tenants this good.
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Old 10-04-2012, 02:52 PM
 
367 posts, read 801,398 times
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We are renting out our condo in Leesburg in March and I will be making a Craigslist ad and interviewing each person myself for the very reason of getting a feel for somebody.
IMO an agent doesn't really care as long as the credit/job go through they are only making a flat fee of your rental so they want it don ASAP.
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Old 10-04-2012, 03:37 PM
 
Location: Ashburn, VA
989 posts, read 2,580,316 times
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I know someone with two Ashburn townhouses they rent out. For the most part, the quality of tenants has been pretty good. So good that they're thinking of selling two other rental properties in Maryland to buy more in Ashburn. If you don't need the equity, and are going to remain in the general area, kept it and rent it. The people I know have paid off the first house (they bought in 2001) and are close to paying off the second, using only the rent they've received.

It's really not hard to find tenants. Go the craigslist route, host a rental open house and get a home warranty (just makes it easier for potential repairs). There are companies out there you can get basic financial checks on potential tenants.

If you will be leaving the area you may want to get a management company.
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Old 10-04-2012, 05:11 PM
 
82 posts, read 124,164 times
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Thank you all for the valuable information!!! Very helpful!
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