Fees to manage should not exceed more than 10% of the monthly collected rents. Most property managers will charge a flat fee to actually handle the leasing of the property and typically that is equivalent to one months rent. I don't manage rental property but would be happy to point you in the direction of a group that does. Please feel free to contact me directly at firstname.lastname@example.org and I'll be happy to get you in contact with these folks.... more
Brooklyn is nice, yes. Most people I speak to that live there seem to stay, unless they can afford to move up. If you are new to the area and haven't purchased yet, it may be best to ask a Realtor to show you all of the communities that meet your price range as well as proximity to work, community services you require, etc.... more
I have lived in Old Brooklyn for 23 years, and I am planning to stay. The schools are Cleveland Public Schools. The elementary schools, particularly William Cullen Bryant on Oak Park, are rated excellent and have won awards. The high school is James Ford Rhodes, and it is one of the best in the Cleveland school system, though I wouldn't rate it as high as I would, say, the Medina school system. However, there is a wonderful elementary/middle school charter school on State Road - Constellation Schools--and there are always parochial schools for high school students if you don't care to have them attend the public schools. If you are looking for the best areas of Old Brooklyn, look in these areas: South Hills area, in the Broadview/Schaaf Road region, is a lovely neighborhood; the area near Memphis and Ridge (north of Memphis, bordering on Brooklyn) is also a pleasant neighborhood. The Old Brooklyn Community Development Corporation located on Broadview Road, right near the Rite-Aid pharmacy near Pearl Road, can give you guidance, too.... more
Just as real as "for sale" or "for rent" listings.
Be aware, though, that most real estate agents aren't enthusiastic about them. (I love them!) There are some legitimate reasons. John's right, for instance, that if you're able to buy, you're generally better off buying. And the upfront option fee (which some tenant-buyers think is a downpayment) generally is not refundable if you don't exercise your option. On the other hand, it's a great solution for people who want to buy but, because of finances or other reasons, aren't able to.
Also, real estate agents get paid when the deal closes. So on a house sale, they get paid when settlement occurs. Even with rentals, they get paid when the house is rented. But, at best, the agent will only get paid a small portion of the total commission (equivalent to the commission for a rental) when the lease is signed. Only if (and it's IF, not WHEN, since perhaps only 60%-70% of lease options are exercised) the option is exercised will the agent receive the remainder of the commission.
All commissions are negotiable, so I'm not even suggesting commission percentages. And the really DO vary. But, for instance, homes near where I live might generate a rental commission of $2,100 or a sales commission of $30,000. And commissions are split between the buyer's agent and listing agent and, generally, the agents' brokers. So, on a rental, an individual agent (in the example above) might receive a commission of $525. On a sale, that same agent might receive a commission of $7,500. And a lease-option is just as time-intensive as an outright sale. But that's another, very understandable, reason why many agents aren't enthusiastic about lease-options.
But back to your original question: Rent-to-own listings are just as real as any others.