18 Oct 5 Advantages of Using Realtors When Leasing Your Rental Units
Most landlords with few rental property units can manage their properties well. But, when these units increase, most landlords find that they have to hire a residential property manager or a real estate agency. Finding the right tenants in Niceville, for example, takes time and money. You have to market your property well, and the whole process can be stressful if you’re working alone.
If you have a lot of rental units, if you are trying to manage your home from afar, or if you are have difficulty renting on your own, then you need a helping hand. Most real estate agencies charge 10% of your rental income monthly for the units that are occupied. Some landlords may think of this as a loss, but the services you get from a reliable and trustworthy realtor are worth more.
Do you have rental units to lease? Here is an outline of the major reasons why you should hire real a real estate agent for property management in Niceville, Destin, Crestview, or Ft. Walton Beach, FL.
1. Professional guidance and property management advice
Property management companies give their realtors constant exposure to the property market. As such, their agents have extensive knowledge and market experience within their areas of operation. These agents can provide you with recent and most accurate market information.
The information you get may include local comparative pricing of rental units and the demand for rental units and amenities in the local market. The agents can also guide you on how and where to make renovations that can improve the chances of your rental units getting occupied. A good management company in Niceville, for example, will have very low vacancy rates for their rental units.
2. Advertising and Marketing
Property owners struggle to reach their ideal target market and to get the highest exposure in such rental property markets. If your property is visible in the market listings, then you’re likely to get more viewers and even potential tenants. Realtors are on the best real estate marketing platforms! Property management companies have websites or public market listings on which they can post your rental property details to improve its visibility.
3. Realtors manage your paperwork
Real estate agents can handle all your paperwork through their agencies. For instance, you don’t have to screen your prospective tenants to determine whether they qualify as ideal tenants. The agents and their agency can check the prospective tenants’ creditworthiness, as well as employment and criminal history to decide whether or not they can be good tenants. They are also knowledgeable in fair market housing laws and legal processes that may arise as you are dealing with tenants. A property management company will effectively enforce collection of late fees, NSF fees, claims on security deposits, and early termination fees due to the owner. One bad tenant can cost more than annual fees to a property management company.
This information is crucial in protecting you as a landlord. With the help of the agency’s legal and financial advisors, the realtor will also provide you with rental agreements and property management agreements in order to protect your asset.
Property Management companies will provide a tax statement to you at the end of the year – no more managing receipts and expenses for your rental properties! They will do all of this for you and provide ONE statement for your taxes.
No leasing fees and no tenant placement fees! There are good property management companies out there – and some charge more than others. You should not have to pay additional fees for a property management company to place a tenant in your home – this is included as a service. For property management in Destin, FL, make sure that you ask! Many companies are beginning to charge extra fees for tenant placement.
4.Market value determination
You may have a piece of property in a locality such as Niceville, FL, but you may lack insight into how property rates change in the area. As such, you may lease your rental unit at a low rate that may not allow you to earn optimal returns. With the help of a real estate agent, you can get accurate pricing for your rental property.
Realtors know their local rental property market well, and they’ll know the exact price that your property should earn based on the kind of amenities accessible to it.
5. Realtors have access to a large network and database
A real estate agent spends a lot of time networking in order to find clients who include potential sellers, buyers, and renters of property. The agents’ vibrant network of people and entities that can aid in marketing your property puts them on a pedestal where they are visible and capable of reaching out to the kind of clients that you may need.
There are approximately 2,654 new property renters that enter the property rental market each day. This fact derived from the Rental Protection Agency’s report indicates that the rental market is ever growing. This trend implies that renters and landlords alike will encounter significant challenges when seeking renters or rental units.
If you’re a renter or a landlord in Niceville, Destin, Crestview, or Ft. Walton Beach, you should consider seeking the services of a reliable property management company. Real Estate agents will make marketing your property a walk in the park!