As a landlord, should you hire a listing agent ? The answer depends on your preferences and some circumstances that are unique to you. In general, however, professional listing agent gives you plenty of benefits, including the following:
It’s important to have the right tenants who will pay on time, take good care of your property, and stay a long time. Background and credit checks are needed to screen applicants and find the right ones. This can be a painstaking process that you might not have the time to do. Many landlords also have no idea where to get the needed information. Professional listing agents have the right experience and contacts to do a thorough background check on each applicant.
Attend to tenant concerns on time
To keep tenants happy, you need to address their needs in a timely manner. If you live far from the rental property or have other things to do, you may not be able to respond to a tenant’s concern as quickly as you should. This could lead to dissatisfaction, which could then lead to a tenant leaving or bad word-of-mouth.
A professional listing agent can devote time and resources to handling tenant issues as they arise. Having an agent also provides tenants with an accessible point of contact – someone they can easily reach for their concerns.
Handle the legal aspects of running a rental
Rentals are covered by specific laws involving a host of issues, including rent increases, lease terminations, tenant rights and privileges, building safety, and property codes. A professional listing agent is knowledgeable about the laws and legal issues in the area they serve and makes sure your business is always in compliance.
Handle timely rent collection
Collecting the rent is not as easy as it may seem. There are tenants who don’t pay on time for one reason or another, or may cause problems, such as issuing bouncing checks. A professional leasing agent has the training and experience to handle such matters, including starting the eviction process if necessary. They can also devise a system to make it easier for tenants to issue their payments on time.
Reduce tax burden
With their knowledge of rental laws, the lease listing agent knows what can be written off as deductions in your tax declarations, and can help you in preparing for tax season. Wrong declarations could lead to stiff legal penalties as well as to paying higher taxes than necessary. Your property manager’s expertise can help you avoid these situations.
Reduce vacancy time
The longer you have vacant units, the more income you lose. A professional listing agent can help shorten the vacancy cycle by knowing how to market a property to potential tenants. The lease listing agent can also determine the right rental fee through an analysis of the market trends in your area and other factors. Additionally, they can shorten the time needed to make a vacant unit attractive and livable for the next tenant.
Do you need help in filling up vacancies and finding the right tenant for your rental? Call Ray Amouzandeh of TARGA Residential Brokerage at 415-494-7009, or send him a message here.