Should You Hire a Real Estate Agent or Property Manager to Fill Vacancies
It is not as common, but there are real estate agents who specialize in rentals rather than home sales. When you’re breaking into the world of renting a property, it can be overwhelming to figure out how to get a decent tenant into your unit before you have to start paying for things out of pocket. As a result, you might consider using a real estate agent. But do you really need one?
Consider what a real estate agent would do for your rental:
- Advertise it
- Show the property
- Provide advice on staging
- Find tenants among their own contacts
Typically, you pay a real estate agent the equivalent of at least one month’s rent when you choose to use their services. Although it could potentially help you fill your vacant property, you do also have the option of going through the motions yourself or using a property management company.
A property management company is capable of doing the same things that a real estate agent would. However, they specialize specifically in managing rental properties and bringing in tenants. Real estate agents may also have sales listings, and they may be helping buyers house hunt, so it’s possible that they’ll get distracted when those things become a priority. If you hire a property management company, you also have someone that is able to arrange maintenance as required and knows trustworthy contractors. They can also ensure that your property is looked after while you are away, or if you live too far away to get to the property on a regular basis.
If you do decide to go with a property management company, you’ll have to figure out what services you want them to provide. For example, you may choose to review rental applications from tenants yourself and provide the property manager with the contact information from people on your shortlist. However, some companies may require that you take on a package service, so be sure to look for one that meets your needs.
Do consider doing the whole property management thing on your own, though. You’ll learn a few things, and get your hands dirty…literally.
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