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Asked by Dee, Lauderhill, FL Mon Jul 21, 2008

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Answers

5
Betsie Taber, Agent, Lakewood Ranch, FL
Mon Jul 21, 2008
The key to good rental income is developing good relationships with your tenants. Not only will they stay longer but tehy will also refer you to their friends. You have to be very careful when you screen tenants. If you go with the first one that has a warm pulse, you might be asking for trouble. Tenants want value. When the competition is tough, they have the upper hand. Try to make them feel welcome. Put yourself in theirshoes and see how you would feel about what you are offering to them right now. Good luck. Being a landord doesn't have to be a drag!
1 vote
Carlos Herre…, Agent, Orlando, FL
Wed Jul 30, 2008
Unfortunately, your only solution might be the only thing you cannot afford to do...Lower the price.
For $750 I'm assuming you have a 1/1 condo or 2/1 maybe? I've seen some 2/2 condos going for that much as well.
If you work with a real estate company, make sure they aren't just agents who sometimes handle rentals. Work with a company that strictly (or at least MOSTLY) handles Leasing and Property Management.
You are looking at fees anywhere from 50% of the first months rent plus marketing to 1 full months rent. Work with a company that will not charge up front. They won't get paid if they don't find a tenant.
You MUST be realistic on how much you can REALLY get for your place. I think you CAN afford to pay out of pocket every month if you rent it for less. Why? Because you are paying the ENTIRE amount every month with an empty property.
If you really feel you can rent it at the price you need, try these sites:
craigslist.org (one of my more powerful marketing tools for rentals!!!!!)
backpage.com
kijiji.com
rentals.com (you will be paying around $49 for each month you list)
I find the paper, is too expensive for the results.

Offer incentives, one month free or cable included. Put LOTS and LOTS of pictures.
These little bits of info make a difference you wouldn't believe.

If you have rental questions, feel free to shoot me an email:
I am a FULL TIME Property Manager/Broker Associate, not a sales agent who sometimes works with rentals.
carlos@orlandorentalstore.com
Best of Luck!
0 votes
Scott Cowley, Agent, West Palm Beach, FL
Wed Jul 30, 2008
hey dee, I do advertising for buildings that need to be rented out after they are built and also me and my father have managed commercial property for years. If you want to send me an e-mail I would be more than happy to give you all the listing websites that I have so far for you to find a renter. You should not need an agent for that, shoot me an E-Mail at ScottDCowley@gmail.com or you can e-mail me at the one on my profile.

Take Care,
Scott
0 votes
Ree Abbott, , Fort Lauderdale, FL
Mon Jul 21, 2008
Hi Dee:

I hate to say this, as I am a realtor, but unfortunately, realtors do not make a lot of money off of rentals, so they are typically not motivated to go the extra mile when doing a rental. However, you do need an agent for a rental listing, as it is really a shot in the dark trying to rent it yourself. You just do not have the visibility and exposure that you have when you list it in the Multiple Listing System.

That said, I would find an agent who is local, in your area, and when you do hire that agent, make sure that they post the maximum amount of photos (16) in the Multiple Listing System (MLS). It is really awful how may rental listings do not have any photos, not a single one. I do a lot of rentals on the east side of Fort Lauderdale, and I won't even show a rental (or a property listed for sale, for that matter), if there are no photos to show me what condition the unit is in. Even if the unit is not updated, having no photos posted will have agents imagining the worst about the condition of the unit, so always have both interior and exterior photos. Ask your agent to send you the link in the MLS when the condo is listed, so that you can see the photos.

The agent will bring you comparables of what is for rent and what has rented that is comparable, or similar to your unit, to help you set the rental price. I don't know what the rental amount is for your area, but if that amount is $700.00 per month, and you list it at $850.00 per month, your unit will never even get shown. When you say that you "cannot afford to ask below $750 for this unit", again, if the comparables show that anything over $650.00 per month for a unit like yours is too much, then it will most likely not rent at $750.00. Not to sound heartless, but getting $695.00 per month is better than getting nothing per month, so you need to be honest and realistic about your price. Every month that your unit sits empty has you carrying the cost, so be realistic and get it rented. I am not telling you to give it away, but be fair with the price. After all, it is not anyone's fault or problem if you "cannot get below $750.00" and the unit should rent for $650.00: the market will bear what the market will bear.

You can expect an agent to receive a months rent for their service. So if the unit rents out for $700.00, your listing agent and the renters agent who brings the tenant will equally split the $700.00. That brings it to $350.00 per agent side. The broker will take half of that, so now you are down to $175.00 per side. After taxes, gas,, etc., an agent makes almost nothing for a rental, so you can sort of understand why rentals are not an agents top priority. That does not make it right, but it is what it is.

I have found Craigs List to be fantastic for rentals. If your agent does not so this, then you should do it. Get it online to as many sites as possible. Google free rental sites, and a bunch should come up for you to try. Exposure is the name of the game.

Make sure that your condo is immaculate, fix anything that needs to be repaired or repainted, and make it appealing for who ever comes to look at it.

Hope that this helped a litle bit, good luck, Dee.
0 votes
Jeannette Ne…, Agent, Tamarac, FL
Mon Jul 21, 2008
Dee

Hi I just answered your other question about the short sale. You said you worked with other agents to get your home listed. Have you tried advertising in Craigslist or Backpage? Those two sites has the biggest turnouts for responses.

I'd love to help you with this. If you would to give me a call do so at 954-993-4104 or email me at Jeannette@Neerpat.com
Web Reference:  http://www.neerpat.com
0 votes
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