Tips for agents listing properties for rent.

Reblogger Nicole Borsey
Managing Real Estate Broker with Coldwell Banker Residential Brokerage

Gita, Thanks for blogging!! Great tips for realtors, I have shared it with our agents during a rental workshop. Great Blog!! Keep them coming~ :)

Original content by Gita Bantwal

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

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.

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

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Rainmaker
520,255
Morris Massre
Pembroke Pines, FL
Real Estate Instructor Broward County Florida

Excellent. I wish all agents adhered to these simple rules.  Although I use most, Florida is only different with the township thing.

Jul 27, 2012 02:43 AM #1
Rainmaker
648,035
Team Honeycutt
Allen Tate - Concord, NC

Thanks for the helpful information. The rental market is new for a lot of agents and this will be beneficial for all.

Betty

Jul 27, 2012 02:49 AM #2
Rainmaker
682,571
Diane Daley
Caron's Gateway Real Estate - Northumberland, NH

Great advise and tips, I'm glad I do not do this for a living as Property Management has it's wone set of rules... None easy...  I just manage my own and my sons... That is enough... Thanks

Jul 27, 2012 02:57 AM #3
Rainmaker
4,433,127
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Thank you for reblogging the post. Many agents do not have any idea about rentals so it is good if the Broker  offers them some tips.

Jul 27, 2012 08:58 PM #4
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Rainmaker
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Nicole Borsey

CDPE | Stamford CT Real Estate
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