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Using an agent to find tenants? - Landlord Forum thread 330300

Using an agent to find tenants? by Anonymous (Chicago downtown) on January 26, 2015 @15:51

                              
I've always used craigslist for finding tenants for past 10 years. I've only had 1-bedrooms. Never had issues. But I recently acquired a 3BR condo. For this , I can't find enough prospective tenants. Another owner in same building said they used an agent and got many inquiries.

I want to use an agent, but do all the communication and showings myself. I am extremely picking and do not trust any agent with this . I also want to save some money and only pay half-months rent if I pick one of their referrals. Will this work?
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Re: Using an agent to find tenants? by Wilford (FL) on January 26, 2015 @15:55 [ Reply ]
If you found someone who had good luck with an agent we should mark that one on the wall because it will not happen again. Agents typically will send you every deadbeat relative and friend they know.
Re: Using an agent to find tenants? by Garry (Iowa) on January 26, 2015 @16:55 [ Reply ]
You are right. You have moved into a different market than your 1 bedrooms. Since you are unfamiliar with this market, you should hire an agent this first time around for a couple of months to get it rented. Do not be "penny wise and pound foolish" at this point. Get the agent the other owner recommended. Once its rented, find out from the agent what he had to do to get it rented. Then use that knowledge yourself the next time you have a vacancy. And, yes, you are probably going to be renting to families instead of singles or couples.
Re: Using an agent to find tenants? by Anonymous on January 26, 2015 @18:25 [ Reply ]
Try putting it up as a two bedroom and see what happens.
Re: Using an agent to find tenants? by Anonymous on January 26, 2015 @19:42 [ Reply ]
I'm an agent. I'll tell you personally, the large majority of property managers and management companies are garbage. Even the big names. I had a relative who had used a big name company and those people put three different and progressively worse tenants into the place, collected their 9% every months, smiling while the tenants destroyed the place.

Let me give you the insider track on how to do what you want to do.

Make sure you tell the agent to put your phone number as the contact in the rental listing (they won't want to do this, but if you have an agreement in writing they should have nothing to worry about.) All commissions are negotiable, just tell them that you are only willing to pay half months rent for a placement. If the person you are engaging won't do it, start calling around offices and asking to speak with the newest person on the staff. These guys are just starting and struggling to make some money. They will work way harder for that money then the guy who won't discount, plus with a rental it doesn't matter how much experience the person has it all looks the same once it hits the listing service anyway AND you want to do all the work.

I'm kind of confused that you want to use an agent, but you don't want them to do any of the work. If you are thinking that you can sidestep the agreement and get one of the people that call to sign a lease with you, but not pay the commission, I'll let you know right now that you could end up in court if you try that. Just don't be a scum bag if they do a good job for you and it's a win win.
Re: Using an agent to find tenants? by Anonymous on January 27, 2015 @15:03 [ Reply ]
I found out you can list your rental on the MLS through an agent and only pay a few hundred dollars. It's the same folks who let you list your home for sale on MLS by yourself.
Re: Using an agent to find tenants? by Tati (ma) on January 28, 2015 @19:51 [ Reply ]
I would not recommend any real estate agent.
I had an agent and this guy was recommended.

He rented to a deadbeat tenant and did not deposit the security deposit in the bank and never reported to me till tenant took me to court for not depositing the security deposit. The agent was supposed to show up to court and explain why he did that and he disappeared and I had to pay 3 times the deposit amount. I learned you cannot trust neither rely on real estate agents.

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