Why is a Real Estate Agent so Important?
Regardless of the situation, it’s always important to have a trusted ally that you know has your back. This is especially true when entering into a major financial decision such as leasing out your home. Enlisting the help of a real estate agent can be invaluable, especially if this is your first rental experience. As a personal liaison between you and the housing market, a realtor can help make some of the most complicated aspects of leasing your property feel like a breeze.
What’s the Value of a Realtor?
Finding the right realtor can help take a lot off of your plate, fast. They normally can take care of many of the logistics, freeing you up to accomplish other things. Real estate agents also help market the properties, creating brilliant ads and networking with other agents that might have clients looking to rent.
A realtor can really work their magic as they begin marketing a property. Once they learn about the home’s unique and stand out qualities, they can begin to showcase some of the more attractive features of a home. By using their industry knowledge and a keen eye, a realtor can position a property in the best ways possible (a task that is as time consuming as it is delicate.)
Even more importantly, your real estate agent will take care of the tenant search. This is a variable which makes many prospective lessors very nervous, especially since they are inviting strangers into their homes.
An agent will handle the outreach, schedule tours and so much more. They can handle the back and forth communication, schedule showings and quality potential renters. The key takeaway—your realtor can handle any interactions with tenants for you. Taking the worry out of the human equation saves both time and stress.
Agents also have an advantage in that they are experts on local housing markets. They can leverage this industry knowledge to help you get the most value out of a lease agreement. By cross referencing your listing with other comparable locations in the area, an agent can tell you, with accuracy, what fair rental rates might be.
How Does a Realtor Help Rent Your Property?
A good realtor not only helps the individuals looking to lease out their property, but is also the best resource for tenants as well. Being able to match prospective renters with properties that fit their criteria makes sure that everyone involved is completely satisfied with their decision. The tenant selection process normally begins when a prospective renter approaches a realtor in search of a listing.
After an initial discussion regarding basic search criteria, the realtor will collect contact information and send a list of properties. After narrowing down the selection of property listings, the realtor can begin to schedule showings and tours. After the prospective tenant has determined that they like the property, they are asked to submit an application. Only once approved by all parties is a lease agreement signed.
What are the Costs Associated with Hiring a Realtor?
Obviously there are some expenses associated with contracting the help of a realtor to rent out your property. From handling potential tenants, conducting market research and being the one to show the property, real estate agents provide great value. Some even position themselves to handle the upkeep, maintenance and home improvement projects themselves, charging a fairly priced property management fee. The ability to outsource these tasks to a realtor can help eliminate the more time consuming aspects of leasing a rental property.
As there is no set fee for these services, many real estate agents negotiate a percentage of each month’s rent, or ask for one month’s total rent over the year.