Many sellers who have not been able to sell their homes are considering renting it out and some say they are happy if they just get enough to pay the mortgage. They list with the agent who has been trying to sell it. Some of these agents may not have a clue about rents in the market nor know about local laws . The agent should get help from their Broker if they have not had experience with rentals or refer their clients to someone who has experience with rentals.
There are listing agents who do not describe the property for rent . They do not know about laws for security deposit nor do they know what utilities are included.
Here are some tips for agents listing rental properties.
1. Take the same care as you would when listing homes for sale. Describe it well, take pictures, do comps and determine fair market rent.
2 Ask the owner what their monthly mortgage payments are and determine if it will be a negative cash flow. Will the owner be able to afford to pay the difference.? You do not want it to go to foreclosure .
3.If there is a homeowner's association find out if they allow properties to be rented out and the requirements.
4. Find out about local township laws. Many townships require properties to be registered and also require use and occupance certificate.
5.Find out what utilities can be transferred to tenant's name and if there will be liens on property if tenant does not pay.
6.Make sure you know how to prepare the lease and that you know about laws for security deposit in your state.
7.In order to protect your client make sure there is a good rental application . Check out references.
8.Remember about Fair Housing laws and do not discriminate.
9.The owners should be adviced about maintenance issues and the lease should mention responsibilities of the owner and tenant.
10. Use the lease that is applicable to your state laws , provided by your association of Realtors,your Broker or State association or an attorney and do not type your own lease. It will be construed as practice of law without a license.
If you are a home owner looking to rent out your home or an investor looking to find tenants in Bucks,Montgomery Counties call Gita Bantwal at Re/Max Centre Realtors 215-343-8200x124 or direct 2152758491