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Old 09-17-2019, 10:58 PM
 
Location: Montgomery County, PA
15,015 posts, read 10,047,144 times
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I have never rented out property myself and I dread all that entails. The rental agent we know is asking one month rent to do it all. It seems a bit steep. I suppose if the tenants stay for a few years it may not be that bad but I was wondering what your thoughts are.
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Old 09-17-2019, 11:09 PM
 
Location: El paso,tx
2,411 posts, read 913,676 times
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You can do it yourself if you want to do a tenant screening service like mysmartmove.com, get good photos (professional if you don't have proper equipment), know how to put it into several rental sites, and can handle showings and have access to and understand your states lease forms.

Be aware. Screwing up your screening or your lease paperwork can result in many thousands of dollars worth of damages to your home, lost rent due to repairs, or being sued for violating a lease law.
Don'tvyou have any realtor friends that would advertise it, put it in mls and let you do showings, and they do lease paperwork for you for a few hundred?
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Old 09-17-2019, 11:11 PM
 
1,882 posts, read 670,649 times
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You should use an experienced company or agent. I'm thinking you mean the process to at least get the tenant in? Ads, check reference/credit check, get deposit, professional lease with restrictions and so on.
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Old 09-18-2019, 04:20 AM
 
Location: The Triad (NC)
29,216 posts, read 63,504,682 times
Reputation: 33599
Quote:
Originally Posted by HappyRider View Post
I have never rented out property myself and I dread all that entails.
Then you probably shouldn't be a landlord at all.
Quote:
...was wondering what your thoughts are.
For small operators ... it's easier to find good tenants than a good PM.
Then there are the added costs of having even a good PM.
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Old 09-19-2019, 07:00 AM
 
Location: Columbia, SC
9,175 posts, read 18,274,828 times
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Quote:
Originally Posted by HappyRider View Post
I have never rented out property myself and I dread all that entails. The rental agent we know is asking one month rent to do it all. It seems a bit steep. I suppose if the tenants stay for a few years it may not be that bad but I was wondering what your thoughts are.
Risk vs. Reward: A bad tenant can cost you a lot more than that. If you can properly screen tenants to mitigate risk, it will be fine and you come out ahead. If you have to hire an attorney to evict or go several months without getting rent (if so, consider selling instead as financially, you may not be in good position to be a landlord), will it be a burden?

So you're risking PM fees for them handling the challenges vs. the reward of you having an easy tenant and making more. I don't have a crystal ball so you have to decide is the risk is worth the reward of saving a month rent.
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Old 09-19-2019, 11:08 AM
 
19,043 posts, read 21,013,699 times
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Quote:
Originally Posted by HappyRider View Post
I have never rented out property myself and I dread all that entails. The rental agent we know is asking one month rent to do it all. It seems a bit steep. I suppose if the tenants stay for a few years it may not be that bad but I was wondering what your thoughts are.
Do it all meaning what exactly? Finding a acceptable tenant or running the property as a manager?

For finding a tenant that’s very steep.

Finding a tenant really should not be that insurmountable for any LL. Just do your due diligence, find out the requirements for your state and go from there. Get enrolled with some background check company to check for the applicants record etc.
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Old 09-19-2019, 07:44 PM
 
1,005 posts, read 665,343 times
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I always use a realtor for my rentals, i really don't want to have to deal with turning them down, checking on last house, or apt., running credit checks. Its worth it to me to pay the money, i let the realtor know if they dont have a credit score 700 or better then i will not rent to them. We have really nice rentals in nice family neighborhood. I put alot of money into my rentals so i want somebody who will treat it right. So far she has always gotten me Great tenants. Each tenant has stayed 4-5 years, i have one who never wants to move. I usually get professors from the college in a near by town.

So the money i pay the realtor is worth it in the long run for me. She explains how to do the utilities, where they need to go for cable, Etc. she also explains the rules for the HOA.
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Old 09-19-2019, 09:08 PM
 
Location: northern va
1,618 posts, read 2,187,806 times
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If you're looking for someone to handle everything, so you can be completely hands off, you'll likely be looking at a % each month that you'll be forking over, so definitely get a clear idea of what your agent is going to do (for just that 1 months rent). They might intend to just load into consumer/MLS website, arrange showings, and collect applications/process the lease..

I dont do property management (my brokerage doesnt offer it), but I'll happily list a property for a client (advertise online, arrange photos/repairs if necessary, arrange showings, review applications and check references, draw up lease and get first months rent/deposits etc. What I charge depends on the client/property, but I dont think what your agent is charging is out of line

Last edited by kww; 09-19-2019 at 09:22 PM..
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Old 09-19-2019, 11:24 PM
 
Location: Montgomery County, PA
15,015 posts, read 10,047,144 times
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Quote:
Originally Posted by kww View Post
What I charge depends on the client/property, but I dont think what your agent is charging is out of line
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.
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Old 09-20-2019, 04:02 AM
 
1,005 posts, read 665,343 times
Reputation: 1613
Quote:
Originally Posted by HappyRider View Post
I have never rented out property myself and I dread all that entails. The rental agent we know is asking one month rent to do it all. It seems a bit steep. I suppose if the tenants stay for a few years it may not be that bad but I was wondering what your thoughts are.



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.
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