Should I use a real estate agent to help me rent my home?

Allison
Other/Just Looking
Lawrenceville, GA

I have a house in Athens but no longer reside there. I was considering using an agent to help advertise my home for rent and show my home to renters since I wouldn't be able to travel everytime someone wanted to see it. I don't need a full property management service though, the home is in good shape and I have a friend in Athens who will do maintainence chores for me. What should I expect to pay an agent for their services? If I use a real estate agent, do I have to set up an escrow account as a result? Are there any laws or areas of concern I should be aware of by using an agent just to help advertise and show the property?

Answers (3)
Matt Thomas
Agent
Athens, GA

Hi Allison, there are several options you might consider. While a traditional management company, might charge 5-10% fees, you've expressed that you're not interested in full-service ... so, I would suggest this ... I would be willing to advertise your home and help you secure a tenant for a fee equal to one-half of one months rent (i.e. if the rent amount is $1000, my fee for finding a tenant would be $500). I've got quite a few rental properties myself in Athens, so I'm experienced with marketing, tenant screening, etc.
And, no, having an agent find a tenant for you does not trigger a need for additional escrow accounts or a change of laws. If we were managing full-time, the rules would change somewhat, but just helping find a tenant does not increase your risk/exposure.
Please call or email anytime if you'd like me to help.

Tue Nov 3 2009, 03:58
Dp2
Other/Just Looking
Virginia

The fact that you're asking all of these questions pretty much scream that you probably should work with a property manager. Basically, you'll end up spending roughly the same amount to find a new tenant whether you went with a property manager or an agent. I'd strongly recommend setting up an escrow account--especially one that reports to the various credit reporting bureaus. This will help you later on if you decide to sell later on, because they'll keep independent records of all of the payments. Additionally, keep in mind that decent property managers that work for reputable firms have to keep current on the various landlord/property-management laws.

Also, the typical cost for property management is roughly 5%-10% depending on the area, and it's a tax deductible expense. (Check with your CPA for more on the various tax implications.) The point is that's a small amount to pay for the peace of mind that all of this will give you.

Mon Nov 2 2009, 20:37
Debbie Rose
Agent
Livingston, NJ
FIRST ANSWER

Allison, you need to speak to a local agent, as obviously I am not from your area.

Just so you know, here the tenant pays the commission, so it's a win - win for the owner to use the services of a Realtor. We guide the landlord through the steps, and assist in collecting the security deposit, changing over the utilities and any other items needed to complete the lease terms.

Good luck!

Mon Nov 2 2009, 20:25

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