Finding a tenant can take anywhere from a few days to six weeks. It is time-consuming and it can be quite stressful to have an empty property, even more so if you are still paying a mortgage on it. However, you should never rush to find a tenant, as a bad tenant can be more of a nightmare than no tenant at all. If you don’t feel like prospecting for the ideal tenant by yourself, consider going to a realtor.
You currently have an empty property. You could decide to keep it vacant for a while and insure it accordingly, but right now you are ready to take in new tenants. But are you ready to look for them? There are many perks to subcontracting your search for the perfect tenants. Keep reading and learn when and why you should hire a realtor – or not.
Reasons to hire a realtor
If you have many units that are currently vacant or expensive property to put on the market, you might consider going with a realtor very seriously as it will be more difficult for you to handle this on your own. Here are the perks to go with a realtor :
- They know how to market your property: they have a greater knowledge of prices in your area, typical renters that look for this kind of property and how to attract them
- They can book viewings and organize visits: no more managing a complicated schedule. No more leaving work early or taking a day off to accommodate potential renters. A realtor will do all of those things for you!
- They have a large network: it will be easier for them to find someone as it is part of their daily routine
- They will screen your tenant more easily: of course, you can follow our guide to do it yourself, but a realtor most likely has quicker ways to do this or subcontract this to a dedicated company
- They can write the lease agreement for you if you are not at ease with it.
Hiring a realtor would make your life simpler if you don’t want to bother with all this. Most of the time, a realtor’s cost is approximately 1 month’s rent to the landlord and nothing to the renters, but depending on the concerned market you can find an agreement find the realtor or the renter
If you have the time and the will then you can definitely try to find a tenant yourself. Paying for a service doesn’t automatically mean it is going to be perfect, as this couple sadly learnt. It’s up to you to see which method fits your needs best. If you decide to do it by yourself, you can follow our pieces of advice on writing your listing and your rental agreement
Don’t forget to insure your property. A misjudgment of character can happen (whether you or your realtor originated it) and you should make sure you are protected against unpaid rent or damage caused by tenant. Get a quote with APRIL Rental and see if you get the most out of your current insurance.