With the downturn in the market and the downturn in many realtors' pockets, some of them are turning to rentals for easy and quick money! When a realtor list a property for rent and it rents the money is almost immediate. Example: The property rents for $1500.00. Most of the time the realtor gets the first month's rent. If a realtor does only 5 properties like this a month, that realtor can make a good living or added income. No problem right? Here is where the problem can come in.
- The property condition. (Most of the times an agent will take the word of the owner that the property is in move-in condition. Does that agent ask the owner for a certificate that states the plumbing, electrical, heating / air is in good working condition?)
- Property ownership (Does that agent gets a copy of the warranty deed and picture ID of all owners of the property?)
- Mortgage in good standing (Has the mortgage been checked to see that it is not in or heading to foreclosure?)
- Writing the lease. (Unless the agent has experience in filling in the rental lease, that realtor can put the landlord in a bad position)
- Laws governing Landlords and Tenants (These laws are much different than laws for buyers and sellers has that agent taken the time to learn them.)
These are only a few things the realtor should take in to consideration before diving in to the rental house waters.
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