hire rental agent (by Tonia [RI]) Oct 4, 2022 7:51 PM|
hire rental agent (by 6x6 [TN]) Oct 4, 2022 8:00 PM
hire rental agent (by Jim In O C [CA]) Oct 4, 2022 8:18 PM
hire rental agent (by Still Learning [NH]) Oct 4, 2022 10:28 PM
hire rental agent (by small potatoes [NY]) Oct 4, 2022 10:56 PM
hire rental agent (by Robert J [CA]) Oct 4, 2022 11:07 PM
hire rental agent (by Hoosier [IN]) Oct 5, 2022 12:11 AM
hire rental agent (by Robert,OntarioCanada [ON]) Oct 5, 2022 5:49 AM
hire rental agent (by Ray-N-Pa [PA]) Oct 5, 2022 7:57 AM
hire rental agent (by Jasper [OH]) Oct 5, 2022 9:59 AM
hire rental agent (by S i d [MO]) Oct 5, 2022 10:03 AM
hire rental agent (by Oregon Woodsmoke [ID]) Oct 5, 2022 10:06 AM
hire rental agent (by GKARL [PA]) Oct 5, 2022 11:05 AM
hire rental agent (by Tonia [RI]) Oct 5, 2022 11:18 AM
hire rental agent (by Ed [CA]) Oct 5, 2022 12:50 PM
hire rental agent (by Robert,OntarioCanada [ON]) Oct 5, 2022 2:23 PM
hire rental agent (by MJ [PA]) Oct 5, 2022 2:45 PM
hire rental agent (by mapleaf18 [NY]) Oct 5, 2022 5:59 PM
hire rental agent (by Tonia [RI]) Posted on: Oct 4, 2022 7:51 PM
Landlords, I am having a tough time with this most recent vacancy.
I did get a deposit that fell through last minute. All the other recent applicants seem to be career criminals or have bad credit. I am considering hiring a rental agent (it is actually someone I know on a personal level and this is a new career path for him). He seems to think he can fill the vacancy with a good applicant, for a finder's fee equal to one month rent (split between LL and tenant). Has any landlord utilized this type of service lately? The one time I did hire a rental agent I was not too happy either with the end result. --71.117.xxx.xx
hire rental agent (by 6x6 [TN]) Posted on: Oct 4, 2022 8:00 PM
I am thinking that it may not work out so well, especially if this is a new career path. --73.113.xxx.xxx
hire rental agent (by Jim In O C [CA]) Posted on: Oct 4, 2022 8:18 PM
I have found over many attempts that realtors or listing agents tend to just bring bodies to the party not great or good even solid tenants. They usually want to turn a fast buck and say they will try harder next time while the landlord eats the loss.
When I look at the applications and see BK’s and evictions I think “ did you even read the application”? --99.23.xxx.x
hire rental agent (by Still Learning [NH]) Posted on: Oct 4, 2022 10:28 PM
How will they have access to better applicants than you. If you are tired of weeding through bad applicants looking for a good one, that is different than him having better applicants. --198.233.xxx.xxx
hire rental agent (by small potatoes [NY]) Posted on: Oct 4, 2022 10:56 PM
Are listings in your area typically run thru RE offices? In NY I believed they banned that fee but I'm sure it still happens downstate. --24.194.xxx.xx
hire rental agent (by Robert J [CA]) Posted on: Oct 4, 2022 11:07 PM
I've learned from issues with agents to ask the right questions before hiring them and get things in writing. I hired an agent to review a house that I wanted to sell. They told me to spend $1,500 on carpeting, $1,200 on a paint job, new appliances. I needed to have the place ready for her listing in 3 or 4 weeks. I got the house done in 2-1/2 weeks and signed the sales contract.
This realtor took two vacations during this 3 month listing period having someone in their office represent her. He was a joke. No fancy showings with a few things for the agents to eat or drink. The weather was in the high 90's and everyone wanted at least a bottle of water. They wouldn't provide that.
So the next time I listed any property with an agent to Rent or Sell, I wanted it in writing they were going the showings, when there was going to be an open house -- how many times a week and for what period would they show the property.
So I sat back and noticed for the agents real big repeat clients, they agents show those rental first, spending 2 hours there. Then do a quick 30 minute showing at my rental.
I fired them and got someone who wanted to rent and get the commission and not play favorites. --47.156.xx.xx
hire rental agent (by Hoosier [IN]) Posted on: Oct 5, 2022 12:11 AM
I see no problem in general with this, although I think you need to lay out your existing criteria and make sure that anyone they get fits all those criteria. I would also ask for their "plan" to do this and have a dated time by which they must supply someone, and maybe a "hold back" period whereby you don't pay them until at least 45 days after the person moves in...just in case things fall through or the person moves out immediately or something. Everything should be in writing, like a contract of sorts. Doesn't have to be real complicated, just to spell out all the expectations. --99.92.xxx.xxx
hire rental agent (by Robert,OntarioCanada [ON]) Posted on: Oct 5, 2022 5:49 AM
Doing credit checks on all adult applicants eliminates a lot of the problem tenants where criminals usually have low credit scores as they do not care. Seven hundred and above will find better applicants. Now that vacancy rates are really low the problem tenants are more aggressive as they finding difficult to start another eviction all over again. In the ad those interested in rentals will be provided with rental applications where they never even bother to show up. The odds are one out of three where careful screening eliminates them in the first stage where some do not return with rental applications as all adults are required to fill out. Second stage where no identity is not provided or a social insurance number. A quick check on rental application to check the place of employment actually exists. Any miss information then out. After credit check previous rental address come up where can check those out. Those are not listed on rental applications. It is not there are more problem tenants as low vacancy rates finding a rental which hands out keys no longer exists. Criminals are about 10 per cent of population. Those on social assistance have the most problems as they feel housing should be free. --68.69.xxx.xxx
hire rental agent (by Ray-N-Pa [PA]) Posted on: Oct 5, 2022 7:57 AM
What prevents them from tossing in a body to gain a commission? --24.101.xxx.xxx
hire rental agent (by Jasper [OH]) Posted on: Oct 5, 2022 9:59 AM
New career path and personal friend is not a good combination. It goes along with not renting to family or friends. --67.141.xxx.xxx
hire rental agent (by S i d [MO]) Posted on: Oct 5, 2022 10:03 AM
New agent? No. You need someone experienced. You're probably more experienced than this person is, so why pay half a month's rent to someone who doesn't know any more than you do (and probably know less)?
Half a month to one month's rent as a fee is a normal cost where I'm at, but that's for an experienced agent with a team who is known for getting results. You get away with half month if they are property managers because then they continue to collect income each month from the 10% management fee and maintenance mark ups. Leasing only charges 1 month because it's hardly worth their effort with all the showings and screening for a half month of rent.
The one time I used a leasing agent it was a disaster. The guy put in a buddy of his who only paid rent for 2 months, then left and trashed the place. Supposedly (if one were to believe the tenant) the leasing agent came over and 'partied' with them, which explained the holes I found punched in the wall.
If you do use a leasing agency, do your due diligence. Screening for a tenant is one thing: screening a leasing service is another. I'd want no fewer than 3 verified references who have been with the company in question for a minimum of 3 years to prove they knew how to handle leasing during the pandemic.
hire rental agent (by Oregon Woodsmoke [ID]) Posted on: Oct 5, 2022 10:06 AM
There must be good rental managers somewhere. They can't all be bad, but my experience with them was awful and I see what they put into the units located around mine, and I would rather find tenants myself.
They don't have to pay for the damage. They don't have to pay for the evictions, they are out a small fee and not all the rent if the tenant doesn't pay. They don't have enough motivation to sort through the trash and find good tenant. --76.178.xxx.xxx
hire rental agent (by GKARL [PA]) Posted on: Oct 5, 2022 11:05 AM
I have a client in NJ that uses an agent, but in NJ, the tenant pays the fee. In PA, the LL does. I remain unconvinced that they can do a better job than I can judging from the problematic tenants I see them place. It's not as if they're pulling from a different pool. I feel your frustration however. You just have to get accustomed to the idea that it will take awhile to find a good tenant. I just found one that I can show my unit to after over 100 inquiries. Out of that number I received 7 Zillow apps and 4 completed pre-screening forms. Only 1 qualified to even show and it's uncertain what the situation will be with him once I get a full app. It's imperative that you automate your systems. It's frustrating enough to find a needle in a haystack but even more frustrating to do the search inefficiently. --209.122.xx.xxx
hire rental agent (by Tonia [RI]) Posted on: Oct 5, 2022 11:18 AM
I have decided against this option for now. I agree, it brings up awful memories of the only time I used a rental agent to fill a vacancy. I am starting to get more bites, and trying to automate more myself. I appreciate all of your feedback dear Landlords. --68.15.xx.xx
hire rental agent (by Ed [CA]) Posted on: Oct 5, 2022 12:50 PM
I tried using an agent years ago a couple of times when my job had me away from my rentals. Never again. I'll let a property sit empty for another month rather than let some stranger with unknown standards select my tenants. --108.201.xx.xx
hire rental agent (by Robert,OntarioCanada [ON]) Posted on: Oct 5, 2022 2:23 PM
If the applicants are aware there are rental applications to be filled out by all adults they will never bother to show up. Rentals with separated utilities they will not show up as they owe utilities. While the cost of being out photocopied is like spending pennies on the dollar compared to a eviction along with completely trashed out rental unit. Right now vacancies are really low where the problem tenants are starting to realize that getting evicted they are going to have leave the private sector rental housing where the community housing authority is housing as a last resort. Oh I lost my birth certificate where I will give out social insurance number while come back when you have a legal identity documents. It is common to change one letter in surname. We do not rent to a alias or can run a thorough credit check without proper identity as consent first. It is not there are more problem tenants rather there is less rental units that just hand out keys. Those who rented houses have left as evictions and damages they sold out.
hire rental agent (by MJ [PA]) Posted on: Oct 5, 2022 2:45 PM
I have tried these rental agents too. They are useless and they do not have a secret stash of good applicants that we do not know about. They advertise just like we do and pick the first person with money in hand. You will have to deal with the consequences long after this placement.
I would check the market rates, maybe lower my rent or offer other incentives to move in. I would rent that apartment to a section 8 tenant without a problem. The ideal tenant does not exist. We all have to make compromises. --73.174.xxx.x
hire rental agent (by mapleaf18 [NY]) Posted on: Oct 5, 2022 5:59 PM
Every time I've used a real estate agent to buy/sell property, I've ended up doing most of the leg work.
Any nitwit can pass an RE test. Even I had an RE license once!
What was that Groucho Marx said? "I don’t want to belong to any club that would accept me as one of its members.”
Don't think you'll get any better clientele using an agent than screening yourself. And yes it is frustrating and depressing.
Just today: "I'm in dier (sic) circumstance as I have to leave on the 24th"
Me: May I ask why you are moving? (figure I'd have a littel fun since said applicant was so hesitant to follow the process--yet another red flag)
Me: "why are you moving?"
Applicant: "because my disabled kids make too much noise and I'm being evicted because of it."
Just for fun I looked her up in my various DBs that I have. Long, long record of disturbances at her current property. her social media is nothing but silliness and duck face.
Applicant: "can I get the $20 app fee waived? I'm on S8 through the local alcohol and drug treatment center (huh?) and on DSS but my fico is 641."
Me: The $20 rental.com fee does not go to us
So, so many red flags!!!! --72.231.xxx.xx