Pros of Listing Rental With a Realtor

The Benefits of Having a Realtor Fill Your Vacancy

Having a vacancy at your rental property can be a stressful experience. Some landlords feel comfortable attempting to fill this vacancy by themselves. Other landlords would rather enlist the help of a Realtor to get the vacancy filled quickly. If you decide to list your rental with a Realtor, you need to be aware of both the pros and the cons of this approach. Here are the pros of listing rental with a Realtor.

Market the Property for You

The first benefit of hiring a Realtor to fill your vacancy is that they do all of the marketing for you. Creating a good ad takes time, as does finding out the best places and times to market this ad.

The Realtor will find out pertinent details about your property and then it is in their hands to appropriately market the rental. Realtors have access to certain avenues that you would not have if you decided to rent out the property yourself.

First, Realtors have access to other Realtors. Someone in their office may have a client that would be perfect for your rental.

Realtors also have access to the MLS. This listing service is accessed by Realtors all over the area. Another Realtor in the next city over may view the listing and contact your Realtor because they have a client who has been looking for a rental exactly like yours.

Realtors will also be able to promote your property by hanging the list in the window of their office.

This is especially beneficial if there is a lot of foot traffic in the area.  

In addition to these exclusive marketing opportunities, the Realtor will also be able to promote your property through typical avenues, such as online advertising. They can create ads for your property on sites like Realtor.com, Trulia.com and Craigslist.com.

The benefit of this form of advertising is that it not only reaches Realtors, but it also reaches prospective tenants who may be interested in your rental. The prospective tenant can respond to the ad directly if they are interested in viewing the rental.

Schedule Viewings With Prospective Tenants

When you attempt to fill your vacancy by using a Realtor, the Realtor is the one who is interacting with the prospective tenants. They will be managing all of the back and forth communication, as well as scheduling appointments with prospective tenants to view the property. Having this responsibility off of your plate will allow you to use your time on other productive endeavors. You will also avoid conflict with prospective tenants.

Show the Property for You

Another benefit of listing your rental with a Realtor is that the Realtor will be the one physically showing the property for you. Not only will the Realtor be the one scheduling viewings of the property with prospective tenants, but they will also be the one meeting up with the prospective tenant at the property for a viewing.

If the prospective tenant does not show up, it is the Realtor’s time that is wasted, not yours.

Large Database/Network

A large part of a Realtor’s job involves networking. They need to find new clients to represent, as well as potential buyers or renters to fill the listings they already have. Since a Realtor’s daily actions are consumed by real estate, it is possible the Realtor will come across a prospective tenant simply through their daily interactions.

It is also common for a Realtor to have a large list of contacts that they send new listings to. The Realtor will likely send out your listing to this group of people

Know the Market Value

A Realtor will help accurately price your rental. The Realtor you choose should have experience with the rental market in your area. He or she will look at the size and amenities of your property and compare them to three or four others in the area. These comparable properties will be the basis for what the Realtor believes your rental is worth. The goal is to get the highest rent possible, but not price it so high that it keeps the rental sitting on the market for months.

Access to Tenant Screening/Background Checks

Many real estate companies have subscriptions to tenant screening services. The Realtor will be able to easily screen prospective tenants to determine if the information on their application checks out.

Can Draft Lease Agreement for You

Most Realtors will have a basic lease agreement. It will include the most basic and necessary clauses of a lease such as length of lease, amount of monthly rent, when the rent must be paid, the basics of the security deposit and how the tenant must use the property. This could be helpful if you have never drafted a lease before or do not have a lawyer to draft a lease agreement for you.

Only Get Paid If They Fill Vacancy

A Realtor will charge a commission to find a tenant for your rental. The amount they charge will depend on your agreement with the Realtor. It could be a percentage of the yearly rent, such as 8 percent, or it could be the equivalent of one month’s rent. However, the Realtor will only get paid this commission if they actually find a tenant to fill your vacancy. You do not have to pay a Realtor for their services if they cannot find you a tenant.

Good for High Priced Rentals

Enlisting a Realtor is a great option if you have a luxury or high priced rental. Many people searching for apartments on sites like Craigslist are not searching for $5,000 a month rentals. A Realtor can help connect you with the clientele that is searching for these types of listings. While you will have to pay for their services, they may help you get the vacancy filled more quickly, so it will be a wash.

Helpful When You Have a Lot of Units/Vacancies to Fill

Hiring a Realtor to fill your vacancies can also be helpful if you have a lot of units to handle or if you have more than one vacancy to fill at a time. 

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