Tips for agents listing properties for rent.

By
Real Estate Agent with RE/MAX Centre Realtors
https://activerain.com/droplet/rHr

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

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When you read about events please check the year for the event as some people find information a year later and think it is for that year. . The posts remain online even after the event.

Gita Bantwal is a Realtor with RE/MAX Centre Realtors in Bucks County, a Northern suburb of Philadelphia. You can view 1000s of listings on her web site www.GitaBantwal.com

 

She can be reached at 215-343-8200x124 or direct 215-275-8491 or via email gita01@aol.com

If you would like a FREE MARKET EVALUATION OF YOUR HOME IN PHILADELPHIA, BUCKS or MONTGOMERY COUNTY call me at 2152758491

 Gita specializes in Active adult communities and is a Seniors Real Estate Specialist. She holds the ABR designation (Accredited Buyers Representative) and specializes in selling to first time buyers as well as move up buyers.Gita also hold the CRS designation , Certified Residential Specialist and the CDPE designation as well. Information about real estate market is deemed to be correct but is subject to errors and omissions and should be verified independently.. Opinion expressed by me or others  in my post and comments is not to be construed to be  legal advice.I am licensed in Pa. Check real estate laws in your state as they may be different than in Pa.

IF YOU WOULD LIKE TO SUBSCRIBE TO MY BLOG         CLICK HERE   OR EMAIL ME AT Gita01@aol.com

 

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Re-Blogged 3 times:

Re-Blogged By Re-Blogged At
  1. Wallace S. Gibson, CPM 01/22/2012 03:29 AM
  2. Charles Stallions Real Estate Services 01/28/2012 04:03 PM
  3. Nicole Borsey 07/27/2012 02:40 AM
Topic:
Real Estate General Information
Location:
Pennsylvania Bucks County
Groups:
Property Management
RE/MAX Active Rain Bloggers
HyperLocal Neighborhood and Community Posts
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Posts to Localism
Tags:
rental properties
homes for rent
landlords

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Rainmaker
1,817,129
Ginny Gorman
RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in Southern RI and beyond

Excellent tips GIta that need to be shared with all potential landlords...great share!

Jan 22, 2012 12:48 AM #1
Rainmaker
3,440,271
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Home and Condo Specialists

Gita, There are more people looking for rentals here on Long Island than we can ever remember. This is a great list for agents not used to this market.

Jan 22, 2012 12:56 AM #2
Rainer
96,037
Jamie R. Bell
Bell Realty Group at Berkshire Hathaway HomeServices NEP - Glastonbury, CT
Your Central CT Realtor

Gita, you hit a nerve for me. Rentals may not be the money maker but they are our clients too and they deserve the same details that our sale listings get. Nice post!

Jan 22, 2012 12:56 AM #3
Ambassador
2,607,344
Ed Silva
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Gita, in our area condos are the most likely to be put up as rentals and they usually carry the most restrictions. Good Post.

Jan 22, 2012 01:00 AM #4
Ambassador
453,976
Bob Haywood
McGraw Realtors - Owasso, OK
BobHaywood.com

Rentals are a ton of my business these days.  Great tips for how to proceed!

Jan 22, 2012 01:00 AM #5
Ambassador
1,615,784
Harry F. D'Elia III
RentVest - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

Be available to show at convenieint times. I rent most of my own properties for owners. Great list

Jan 22, 2012 01:10 AM #6
Rainmaker
3,511,979
Kristin Johnston - REALTOR®
RE/MAX Realty Center - Waukesha, WI
Giving Back With Each Home Sold!

Morning Gita, good tips...I dont get into renting listings much here, but I am a landlord so those apply too

Jan 22, 2012 02:11 AM #7
Rainmaker
3,573,165
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Good Morning Gita,  Great information to have.  We do not do rentals but have lots of friends that do.

Jan 22, 2012 02:15 AM #8
Rainmaker
1,282,998
Edward & Celia Maddox
The Celtic Connection Realty - Queen Creek, AZ
EXPERIENCE & INTEGRITY - WE TAKE THE HIGH ROAD

Some very good detailed advise for rentals.  Thanks for sharing.

Jan 22, 2012 03:27 AM #9
Rainmaker
1,269,607
Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA
LandlordWhisperer

Gita * I have IRS Schedule E forms when I do property presentations to show would-be landlords their increased tax advantages...

Jan 22, 2012 03:27 AM #10
Rainer
418,887
Edward Gilmartin
CRE - Boston, MA

Great tips.  Many tenants are not familiar with maintence so it is a good idea to help them sign up for utilities and explain how to deal with oil tanks if applicable...many tenants call in the middle of winter complaining that there is no heat and in actuallity they let the oil tank run out.

Jan 22, 2012 03:29 AM #11
Rainmaker
257,950
Joyce Godwin, Realtor, CRS
RE/MAX Elite Properties; Serving Cypress, Spring, Tomball, NW Houston - Houston, TX
RE/MAX Elite Properties

Hi Gita, They are now offering classes on renting as MCE here.  I attended one (I think it was 6 hours) - lots of good info and long overdue!  Doing rentals is serious and should not be taken lightly.  I learned a lot in the class and wouldn't mind taking another.  Thanks for the tips - great info!

Jan 22, 2012 03:42 AM #12
Rainer
17,621
Andrea Lueth
The Real Estate Experts - Sugar Land, TX
REALTOR - Sugar Land Texas Homes for Sale

This was a good list that I had to bookmark! I deal with lots of leasing and am learning about property management will be using this for reference. Thanks for sharing!

Jan 22, 2012 05:25 AM #13
Rainer
205,570
Mark Delgado
houses for rent, Solano County & Glen Cove - Benicia, CA
Benicia and Vallejo, Property Management, rental h

There are many nuances in property management that differ from buying and selling.  I'd say you did a good job of listing many of the "basics" that an agent should look out for if they venture into this field.

 

Jan 22, 2012 06:54 AM #14
Rainmaker
421,409
Michelle Francis
Tim Francis Realty LLC - Atlanta, GA
Realtor, Buckhead Atlanta Homes for Sale & Lease

Gita, 

Excellent points.  Since the leasing market is hot, we are seeing a number of agents jump into something they used to consider beneath them.  KNOW what you are doing.  

All the best, Michelle 

Jan 22, 2012 08:14 AM #15
Rainmaker
1,280,053
Donna Foerster
HomeSmart Realty Group - Parker, CO
Metro Denver Real Estate Assistant

Gita~ These are good tips for the landlord too.  I know VERY little about property rentals and it's not a business I'm interested in.  It's good to have a general idea of what's important so that I can speak intelligently with my client before referring them to a professional.

Jan 22, 2012 09:18 AM #16
Rainmaker
935,588
Joy Daniels
Joy Daniels Real Estate Group, Ltd. - Harrisburg, PA

Gita~ THanks for the great tips.  Love the details that you have listed.  It would be great to use as a guide.

Jan 22, 2012 09:31 AM #17
Rainmaker
945,253
Kay Van Kampen
RE/MAX Broker, RE/MAX - Springfield, MO
Realtor®, Springfield Mo Real Estate

Gita, excellent post.  Not many agents in our area do rental properties, but I'm sure they need to know this information.

Jan 22, 2012 12:36 PM #18
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Rainmaker
4,433,127

Gita Bantwal

REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel
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