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Old 09-20-2019, 07:55 AM
 
Location: Montgomery County, PA
15,015 posts, read 10,047,144 times
Reputation: 12732

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Quote:
Originally Posted by cp102 View Post
Use an agent give her/him specifics of what you want. Do you want pets? I state pets under 25 pounds limit 2, and a pet fee non refundable $300 per pet. Do they mow, water the lawn thats put in there too, so no problem with HOA. They must have house professionally cleaned upon move out. That way I know its really been cleaned. Credit score 700 or better. Make sure the agent checks with last property they lived at. Your agent won't feel sorry for someone giving a hard luck story. I let me realtor handle getting me a tenant and after that I only deal with them if there is a problem with the house. And its normally just wear and tear something breaks down. I didn't want to be a landlord. But it worked out now I am fine with it. And learn to say no, tenants will ask for alot of things.
The same agent that sold us the apartment can find tenants. She said they don't go with the credit report. Instead, there is a national database of tenants that they tap into to qualify them. With all that is going on in the society today, renting is fraught with land mines. Have you rejected a tenant and how did it go?
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Old 09-20-2019, 08:15 AM
 
Location: The Triad (NC)
29,216 posts, read 63,504,682 times
Reputation: 33599
Quote:
Originally Posted by HappyRider View Post
The same agent that...
If you really want to be a RE investor stick to REIT's.
If you're stuck with a property you don't need/want... sell it.
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Old 09-20-2019, 08:54 AM
 
19,043 posts, read 21,013,699 times
Reputation: 28252
Quote:
Originally Posted by HappyRider View Post
Good to know. If the tenant stays many years the fee is easier to swallow. As I said, I just don't have the stomach for all the work that goes into finding a good tenant. I can't imagine what it takes to show the property when you have a full time job. I don't need a PM though.
Simple. You set your requirements for acceptance and donít deviate.

You send a questionnaire first
Then a telephone call if they send the questionnaire back filled out correctly and completely.
Then you set up the appointment at your timeline.
Interview and go forth with application background etc.

Or

Iíll be having a open house Saturday between x am and y pm. Feel free to stop by and get a questionnaire and application. Email them back filled out completely and correctly.


I used to set up on their schedule and then I got no shows, half filled or applications that you canít understand because the writing is atrocious, really late shows with no calls then they get mad because I canít wait for them. So now...itís at x time on my time. I wait 15 minutes if you call and tell me youíre running late before the time youíre supposed to be there. So if weíre meeting at 2:00 pm and you call me at 2:10 (Which really means you might be contemplating walking out the door) to tell me youíre running late....I know that already. So most likely Iím not gonna wait around.

Reason I changed the policy was I had a few people who set up appointments, i took off work early and not only were they no show they didnít have the courtesy to call. So now appointments happen when I have time. Evenings and weekends.
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Old 09-21-2019, 02:48 AM
 
838 posts, read 587,512 times
Reputation: 1054
cant The fee be expensed? So it will cost you less in after tax dollars. Finding a good tenant who will last for years also depends on your property, location and the rent you will be charging. It’s not all on the agent but how desirable your rental is and how many potential renters your listing will attract.
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Old 09-21-2019, 04:35 AM
 
1,005 posts, read 665,343 times
Reputation: 1613
Quote:
Originally Posted by HappyRider View Post
The same agent that sold us the apartment can find tenants. She said they don't go with the credit report. Instead, there is a national database of tenants that they tap into to qualify them. With all that is going on in the society today, renting is fraught with land mines. Have you rejected a tenant and how did it go?
Our agent has rejected many tenants. She will show me their criteria, and if its not what I have told her I want then they are rejected. Some have asked to give extra deposits , have some one cosign, but I won't. My criteria is always the same.



But use a credit report thats important it tells you if they have had bankruptcy, liens, etc. I wouldn't use a realtor if they didn't. Rejecting tenants is the realtors job so I never know if they get upset. I just know if they request further consideration. Like having someone cosign.


One landlord here used an agent and agreed to allow someone if they had a cosigner/ Well they stopped paying rent and their cosigner filed bankruptcy. He also allowed someone to put extra deposit and within 6 months he had to go thru the process of kicking them out.



Save yourself time and money it may take longer to find the right tenant, but its worth it. I have told my realtor prefer an empty house to a problem tenant. So when she is reaching out to other realtor she lets them know what I expect. And my houses are always rented within 2 weeks. I keep them up after each tenant I will upgrade something since its been 4-5 years. The homes are well taken care of seriously they look like model homes. My rent is usually on the higher side.


My realtor charges 60% of the first months rent, so I would check with other realtors. Also talk to your realtor see if she/he would come down.



Realtor fees can be deducted on your taxes.



Good luck but find a realtor whop uses a credit report and checks their last residence.
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Old 09-21-2019, 10:59 AM
 
Location: North Idaho
23,217 posts, read 29,680,539 times
Reputation: 45687
I do all of my own managing and tenant screening. I care about my property much more than the management company cares.

If you have never done it before, write down your criteria for selecting tenants and learn how to screen before you select your first tenant. Just assume that everything an applicant tells you is a lie until you have verified what they tell you, independently of the information they have given you.
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Old Today, 08:48 AM
 
187 posts, read 119,168 times
Reputation: 334
Property management companies are not necessary unless you're living in another state and need someone to look over the day-to-day dealings with your tenants. I would definitely recommend against using a property manager, especially if it's because you dread having to deal with tenants. In addition, I've never heard of a property manager charging a flat fee, because most of them will just charge a percentage of the monthly rent, so if you do decide to use one, make sure you read the contract thoroughly so that you don't get screwed in the end.



Being a landlord isn't always an easy money-maker, since it involves a lot of different things, so if you're not ready then I wouldn't jump into it without doing some research. Of course, if you're willing to give a property manager a percentage of your profits, then you won't have to deal with anything, but you'll be missing out on more potential profit. In my opinion, the most important part of being a landlord is the tenant screening process. If you find a good tenant that doesn't cause damage and pays the rent on time, then your job as a landlord becomes much easier. Every landlord has a different screening process, but they almost always use a tenant screening service that can tell you credit score, criminal background, previous address history, and more: https://www.myrental.com/



If you do your due diligence the first time and end up with a reliable tenant, you're day to day responsibilities should be pretty minimal. Having a handyman on speed dial for the odd repair is far less expensive than giving a property manger a cut of your profits every month just in case something goes wrong.
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Old Today, 11:31 AM
 
Location: Knoxville
4,310 posts, read 21,078,381 times
Reputation: 5136
We use a realtor for our rentals. Yes its one months rent. We have used the same company for the past 6 years. Well worth the money. We hated the hassle of meeting people to look at the place, then getting all the info and vetting them.

They suggested we raise the rent $150 this time (last rented 9 months ago, but the tenant had a house built and it was finished early). The got it rented in a little over 2 weeks.

We didn't have to do anything and we have a good renter.
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