Don't look at what rentals are asking look at what they are RENTING for. Usually agents get first months deposit and the ten percent of rent. You would be better off hiring a property management company that has a pool of already qualified buyers that have been through a rigorous screening process. The property management company will also take monthly rents and keep accurate records whereas an agent generally just writes a lease. Some brokers will not allow their agents to do more than write the lease as the brokers Errors and Omission coverage does not cover property management because of the high chance of litigation.The property management company will also usually have better leases in favor of the landlord because that is all they do is rentals compared to selling homes.
When renting don't try to get the highest rent. What I mean by this is if your rent roll values for a home your size in your area go for between 1,700 and 1,900 a month you want to be between 1,700 to 1,800. The reason is just like well qualified buyers want a deal so do quality tenants. The higher rent payers are usually bad tenants who got kicked out of their last place for no to late payments and cause a lot of damage. It is better to have many tenants to choose from with a lower rent and get first and last months deposit then to rent high and have to evict a crappy tenant spending thousands in evictions costs and new carpet and paint to get re-rented again.
I wish you much success. No legal advice.
Feel free to contact me directly in order to obtain any and all help you might need. I experience level will surpass your expectations.
Keller Williams Realty
Real Estate Consultant
My business partner and I are very family with your area. I live in Bridlewood, in Colleyville.
The rental market is good, but have you also considered putting your home on the market for sale and at the same time putting it on for rent.....then which ever happens first......you will be covered.
I wish you much success!
Brenda Blaser and Pam Yoakum
Blaser & Yoakum Team
Ebby Halliday REALTOS
I use the internet to find all my tenants and then can provide a background and credit check for every potential tenant at no charge to you.
If you are looking for someone to actually take care of the property as far as collecting rents and dealing with issues. That typically costs around 10% a month.
Please feel free to call me anytime at 214-682-0598 or email me at email@example.com