Why might a landlord hire a realtor to find her or him a tenant?

Asked by Alison Hillman, San Francisco, CA Fri Feb 15, 2013

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Elena Ravich, Esq.’s answer
Elena Ravich,…, Agent, New York City, NY
Fri Feb 15, 2013
Realtors are professionally trained and have experience to do rental and sales transactions. The same thought process as why you would hire a plumber instead of trying to fix the problem yourself.

They have necessary tools and knowledge - have current rental database where they can check all active and closed rental deals in similar location/ type of building/apartment and can probably get you a better deal. They know how to do tenant screening/ background check, and which documents to request for the rental application. They have standard forms that are required to be signed and know what information has to be disclosed to tenant by landlord, and finally, if a board approval is required, they would be able to prepare a professional package for the board.
0 votes
Liz Kenneally, Agent, Miami, FL
Fri Feb 15, 2013
As a Landlord it's important to know the character and financial stability of your prospective tenant. Qualifying tenants is crucial to your ROI as is having a competitive rent and property to assure quick turnaround of your vacant unit. Hiring an experienced full-time Realtor who specializes in your area and the rental market is the first order of business.
• A realtor has the knowledge and information of market trends and rental history to assist Landlord in not under or over pricing the rental. Proper pricing of the rental attracts a broader number and selection of Prospective Tenants.
• A Realtor should know how to market locally, nationally and internationally for prospective tenants as well as other real estate agents.
• A Realtor (not all real estate agents are Realtors) vet prospective tenants by obtaining a rental application that should include employment history, current and past landlord references, credit report, pay stubs and a thorough background and criminal check of prospective tenants.
• A realtor must know how to negotiate collaboratively with other agents in order to maximize rent and close the deal in the quickest time possible. Time is Money.
• By hiring 1 Realtor you will automatically multiply the sales force and get the combined efforts of hundreds real estate agents knowing or introducing your property to Prospective Tenants.

Liz Kenneally
Certified Negotiation Expert
Miami, Florida
copyright 2013 Liz Kenneally
1 vote
River Rock, Other Pro, Boise, ID
Mon Feb 18, 2013
A professional property manager will investigate every aspect of each applicant's background. Their expertise in knowing how to read credit reports, and how to catch potential red flags is an imperative skill needed to ensuring your investment is profitable.
0 votes
marc jablon, Agent, Boca Raton, FL
Fri Feb 15, 2013
Why should a landlord hire a realtor? To save time. That is the service we offer to landlords. They can, on their own, demand an application from a tenant and check references; they can ask for and interpret a tenant's credit application.

But all of that takes time. They can deal with calls from multitudes of real estate agents with potential customers. Or, they can hand that off to their realtor who takes the time to vet the phone inquiries and find out which ones might actually become renters and which ones may be a waste of time.

A realtor will take the time and make the effort to market the product to a broad audience of other realtors, in addition to his or her own customer base, in order to rent it quickly and and at the best price.

Marc Jablon, The Jablon Team
RE/MAX Complete Solutions
0 votes
Barbara East…, Agent, Pompano Beach, FL
Fri Feb 15, 2013
Simply answer -A Landlord may not have the resources that a Realtor does to find a prospective tenant.
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Kevin Clouti…, Agent, Cape Coral, FL
Fri Feb 15, 2013
To find a tenant!!! What a surprise
0 votes
Tim Moore, Agent, Kitty Hawk, NC
Fri Feb 15, 2013
Clients hire the firm you work for, not you yourself. Have you gone to real estate class yet? You should know this.
0 votes
John Souerbry, Agent, Fairfield, CA
Fri Feb 15, 2013
Landlords typically hire agents to market their rental when they realize that finding tenants is either something they are either not very good at doing or they don't have time to do it.
0 votes
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