Why Landlords Should Use a Full-Service Real-Estate Agent to Find Tenants
Landlords who are seeking to secure a highly qualified tenant in a short period of time may want to enlist the help of a full-service real-estate agent. According to the New York State Department of State, a real-estate agent will look out for the landlord's best interests by securing a tenant who meets the landlord's criteria.
Having a real-estate agent who uses their expertise, connections, and know-how to help connect you with a tenant who meets your needs can simplify the process. It can also help protect you in multiple ways. Here are some of the practical services that the agent can provide.
- The real-estate agent will screen potential applicants so that you don't have to worry about putting a lot of energy into trying to decide whether each potential tenant is trustworthy and qualified.
- The agent may place the property on websites that many tenants visit, increasing your chances of having the rental discovered by just the right tenant.
- The real-estate agent will know how to effectively list your property on social media to attract maximum attention.
- The agent can negotiate a higher rental price for the landlord, thus ensuring greater profits each month.
- The real-estate agent can show the property to potential tenants, which takes a huge responsibility off the landlord's plate.
- The agent may help with the contracting work between the tenant and the landlord.
Effectiveness and Ethics
A real-estate agent has a responsibility to their landlord client. According to the National Association of Realtors, the agent needs to provide the following to the landlord.
- Reasonable Care—The landlord acts with diligence and uses their expertise and skills to provide a high-quality level of service.
- Loyalty—When hired by the landlord, the real-estate agent is focused on the landlord's best interests in their advice, work choices pertaining to the landlord, and considerations of the property.
- Confidentiality—The agent will keep what is said to them by clients confidential. That empowers the landlord to make sure that the agent is fully informed about the goings-on of the business that pertain to the property and its potential rental.
- Accounting Obligation—The real-estate agent should also report information about all the money and property that the landlord entrusts to their management. Additionally, the agent will protect all the documents that the landlord places in their care.
- Obedience—The agent will follow all legal instructions from the landlord when it comes to the property they represent. The real-estate agent isn't obligated to follow instructions that would cause them to act in a way that may break the law.
- Disclosure—The real-estate agent needs to disclose any information to the landlord that would help the landlord. For example, they must inform the landlord of any offers that are made from tenants, and they need to also state any facts they obtain that may have an impact on your property value or ability to collect rent.
Finally, keep in mind that a real-estate agent can offer many perks that you can't get from trying to rent your property on your own. Hiring an agent can save you time and money. Also, developing a positive relationship with a real-estate agent can help you prepare to expand your property portfolio in the future if you wish to buy and rent other properties.