USE Leasing Agents
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USE Leasing Agents (by #22 [MO]) May 22, 2019 10:19 PM
       USE Leasing Agents (by Landlord ofthe Flies [TX]) May 23, 2019 12:36 AM
       USE Leasing Agents (by AccidentalRental [NJ]) May 23, 2019 5:16 AM
       USE Leasing Agents (by JKJ [MA]) May 23, 2019 6:28 AM
       USE Leasing Agents (by WMH [NC]) May 23, 2019 6:29 AM
       USE Leasing Agents (by NE [PA]) May 23, 2019 6:37 AM
       USE Leasing Agents (by LindaJ [NY]) May 23, 2019 8:40 AM
       USE Leasing Agents (by Frank [NJ]) May 23, 2019 9:16 AM
       USE Leasing Agents (by Oregonwoodsmoke [ID]) May 23, 2019 9:25 AM
       USE Leasing Agents (by Oregonwoodsmoke [ID]) May 23, 2019 9:28 AM
       USE Leasing Agents (by Dave [MO]) May 23, 2019 10:26 AM
       USE Leasing Agents (by David [MI]) May 23, 2019 10:33 AM
       USE Leasing Agents (by AllyM [NJ]) May 23, 2019 11:14 AM
       USE Leasing Agents (by myob [GA]) May 23, 2019 11:14 AM
       USE Leasing Agents (by J [FL]) May 23, 2019 2:07 PM
       USE Leasing Agents (by myob [GA]) May 24, 2019 8:03 AM
       USE Leasing Agents (by J [FL]) May 24, 2019 9:01 AM
       USE Leasing Agents (by myob [GA]) May 24, 2019 9:22 AM

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USE Leasing Agents (by #22 [MO]) Posted on: May 22, 2019 10:19 PM

I've been on a cruise boat for the past 5 days, and some things have gotten done. My leasing agent has filled 2 units (1 out of nowhere and not a loser running from a set out) and leased another... Top of the market dollar on 2 of the 3 and pushed the high end on the 3rd...

If you're not using a leasing agent, you're likely leaving money on the table.... in terms of longer turns or lower rents or inferior tenants....

I'm able to leverage THEIR brand, THEIR location, THEIR reviews, THEIR everything.... out of town renters trust their established presence over my hidden presence.... mom and pops look like scammers in the eyes of out of towners... leasing agents are trusted by out of them, and they're willing to pay more's that simple...... The cost is about negligable... I pay 50% of the full 1st month's rent... some markets are 75-100%....

USE Leasing Agents (by Landlord ofthe Flies [TX]) Posted on: May 23, 2019 12:36 AM

Also they screen out the tire kickers and watch over the strangers entering your house for showings. No agent wants to waste their time with people who can't afford to rent and section 8 types seem to stay away from agents because agents aren't free.

I consider that phase 1 of screening. Plus I agree with the credibility an agent offers while I'm trying to be stealthy. Also MLS attracts better tenants IMHO.

USE Leasing Agents (by AccidentalRental [NJ]) Posted on: May 23, 2019 5:16 AM

The tenant typically pays for the agent's fee in one of my markets so I use them all of the time for that property. It's nice because they set up the visits via an app. I get to see all the details including feedback if they leave any.

I still find myself having to do a lot of go between the agent and the current tenants. Agents want to show the units anytime they get a lead but the current tenants want to keep it confined to hours when they are not there. I have to step in and negotiate sometimes.

I'm not sure I would pay the 1 month fee (over $2k) myself though.

USE Leasing Agents (by JKJ [MA]) Posted on: May 23, 2019 6:28 AM

When I first started LLing I used an agent, in MA it’s illegal to make the tenant pay more than 1’st, last, SD, and rekeying fee so I had to pay the fee. It was 1 months rent, I found that the agents in my area were more interested in sticking anyone in the unit to collect their fee rather than looking for a quality tenant. I found myself getting the prospective tenants info and screening the tenants myself after being told that a prospective tenant was “great, great credit, good job, no problems” only to find major problems when I double checked like bad credit, criminal history, not enough income, etc etc. so I was paying these people basically 2k to advertise the unit. I quickly started doing it all myself. That was the issue I found anyway.

USE Leasing Agents (by WMH [NC]) Posted on: May 23, 2019 6:29 AM

The quality of tenants we have inherited from leasing agents when purchasing property has not, in the past, been of the same caliber as we would choose for ourselves.

USE Leasing Agents (by NE [PA]) Posted on: May 23, 2019 6:37 AM

My experience was exactly like JKJ's in a different situation.

A landlord friend of mine recently had his leasing agent approve a convicted rapist for a large multi unit he has and he had to find a way to wiggle out of that one.

My experience was renting out houses for a community organization I volunteered for. They knew I managed houses and asked me to manage the ones on the property for this organization. I said sure, but we are using a realtor (we don't have leasing agents or property managers in this area). I didn't want fingers pointing at me if I made a mistake letting in a bad tenant.

Well, I'm glad they weren't my houses. Every tenant the realtors put in were total garbage who either got evicted, left owing money, or totally trashed the house.

After a few years of that I made a motion to tear the houses down and plant grass. That's what they did.

Good luck if it works. I would still want to see the app and make the final call.

USE Leasing Agents (by LindaJ [NY]) Posted on: May 23, 2019 8:40 AM

Doubt I would use one again - I have to give them the first month's rent. They take the first "qualified" applicant. With my 1800's houses, that doesn't always work in my favor as people need to understand, this is a country house, it is old and it has "charm".

Maybe your area has a different caliber of leasing agents?

USE Leasing Agents (by Frank [NJ]) Posted on: May 23, 2019 9:16 AM

There have been 3 occasions where we allowed an Agent to bring a prospect. Despite providing agent with our requirements all brought the same low end applicants all the ones we would hava rejected in the pre screen

USE Leasing Agents (by Oregonwoodsmoke [ID]) Posted on: May 23, 2019 9:25 AM

I'm sure that there are good property managers out there somewhere. It appears that 22 has found a good one.

My experience was bad and we have had a lot of trouble with rental houses close to ours when they are managed by a property manager.

I wish I could find a manager who does as good a screening as I do, because I'd love to sit back and receive checks and never see a tenant again.

USE Leasing Agents (by Oregonwoodsmoke [ID]) Posted on: May 23, 2019 9:28 AM

I'm going to add this: you couldn't pay me enough to tempt me to manage someone else's rental property. I do mine and I did my son's properties until he sold them all. Take on more for a percentage of the rent? No thanks.

USE Leasing Agents (by Dave [MO]) Posted on: May 23, 2019 10:26 AM

Hey #22 glad you are having great success with your leasing agent. Hoping your bank account is flowing over! I'm finding the same success, cheers brother!

USE Leasing Agents (by David [MI]) Posted on: May 23, 2019 10:33 AM

i love zillow , they provide a professional interface to generate tons of leads for mom n pop LLs --144.250.xx.xx

USE Leasing Agents (by AllyM [NJ]) Posted on: May 23, 2019 11:14 AM

It depends on which of the agents workers get your listing. Some agents will just slap anybody in there to get a quick commission and the heck with you. Glad you have a good one. I hope that this didn't miss the fact that the guy is an alcoholic and on the verge of a breakdown or something similar.

USE Leasing Agents (by myob [GA]) Posted on: May 23, 2019 11:14 AM

NOPE! not gonna do it!!!!!!

Although we have a family business with 63 SFH's in the nest-- one reason we culled back from 80 was to keep it a family business. 60 plus or minus a few is just perfect to keep the reins.

Wish you all the luck in this. My take is "I like to EYEball" the applicants and who we place in the property.

USE Leasing Agents (by J [FL]) Posted on: May 23, 2019 2:07 PM

I don't know how you do it MYOB...seriously that's a lot of units (to me, anyway).

USE Leasing Agents (by myob [GA]) Posted on: May 24, 2019 8:03 AM

J FL yes it is but keep in mind we didn't just get the 63 all at once. As we brought them into the nest we had a plan-- we staggered lease dates - we do prevent maint (I'm a Hugh believer in that). We defer nothing. When tenant leaves the homes are gone through with a fine tooth comb--.

J think of this-- how many things "break" in your well maintained home? I've been trained as an airplane mechanic and have that mindset for our homes. For me-- our team-- my wife my son and our maintenance man-- well we have each others back. That's how we do it.

One trick: we call the 3 W's its stripes of paper stapled together. 8"W by 3" high maybe 10 stapled together. WHAT WHERE WHO with lines for notes after each word. Top right is date/time next line is phone number. When tenant calls in the sheet is filled in. The lower section of the 3W's sheet is for A/C notes or HV notes if Freon was put into a system.

NONE of the 3 W's are ignored. When the repair -- repair date is placed on sheet and what was done-- then placed into the tenant file. When tenant departs the sheets are stapled onto the rental contract and filed.

USE Leasing Agents (by J [FL]) Posted on: May 24, 2019 9:01 AM

That makes sense myob. How do you eat an elephant? One bite at a time.

I've found I've had to get more organized as I do this, and I'm not that naturally organized. I do keep spreadsheets but that's about who applied for the units. It seems like your system would be easy to create an Excel sheet for. I'll try that.

USE Leasing Agents (by myob [GA]) Posted on: May 24, 2019 9:22 AM

Most investors plans are to grow-- agreed? So with that in mind -- why not ORGANIZE NOW. Here's a classic example from my son years ago. He would laugh that i was buying the Lassiters tax book in Sept-- for the next year. I would tell him you gotta plan a year ahead or know what's coming at ya. You can then plan your expensing. Same thing happened when we switched to quicken and quickbooks. We did a 6 month test running the program to know what and when to enter income and expenses. We didn't just jump into it.

Each property should have it's own record. Spreadsheets are great don't get me wrong. I like the reach behind my desk for the binder type record. I have 2 there now-- one maintenance book with each property listed-- that's where the serial numbers are kept-- when roofed- sided painted etc. and another book "insurance". Next to my desk between my printer and tower-- 3 papers. Database of tenants in alphabetical order-- property-rent-phone-lease start and end- neighbor's phone number. Second is database of contractors and people we us or know in business and lastly is a legal size sheet with lease expiration. Has 24 month plan so we can see what lease expires when and then can decide when to insert a new lease so we don't get 20 coming due in one month.

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