When we talk with small landlords, they’re all facing a big question: should I work with a real estate agent, or have the whole thing DIY? While the DIY route can be great for certain landlords, here at Rental Beast, we believe that agents are an integral part of their real estate communities, and important allies for small landlords. Check out these reasons landlords should work with a real estate agent.
1. Real estate agents have marketing know-how
From which sites your rental needs to appear on, to what photos show your property in its best light, real estate agents have enough practice leasing units (or done enough research on contemporary marketing trends!) that your property is in great hands. Don’t bother reading up on marketing ideas and taking classes in your spare time—hire a real estate agent! Vacancies are expensive, and enlisting the help of a real estate professional means you can sit back and let tenants come to you.
2. Tap into a real estate agent’s carefully created sphere of influence
Real estate agents are in the business of creating relationships, and every real estate agent will have what’s called a “sphere of influence.” This term refers to the amount of people a real estate agents knows, and all agents work actively to try to grow this sphere! This means that when you’ve got an agent on your team, they are already in connection with potential renters who can fill your vacancy.
3. Price to sell and fill your vacancy quickly
Prices can be tough to keep up with, and, even if you’re familiar to the area, the exact calculus of pricing a unit (taking into consideration comparable units, square footage, building amenities…and so much more!) is a tough task to handle. Enlisting the help of a great real estate agent is an effective way to price to sell and fill your vacancy easy and painlessly. Many real estate agents will also be able to explain their pricing strategies to you during your first meetings, letting you in on important insight into your property.
4. Don’t learn how to lead showings—leave it to the professionals
When someone’s interested in your unit. Leading showings is an art form, of sorts. Simply leading a prospective tenant on a stroll around your property and the unit won’t do the trick (especially in competitive markets!) Real estate agents are experiencing in leading showings that show your property in the best light possible. The help of a real estate agent is especially important when so many live showings have turned virtual. Sit out tackling learning best practices for hosting showings, filming your unit in its best light, and let a professional real estate agent lead stand-our virtual showings.
5. They’ll handle the paperwork
Paper work is a headache, but oh-so-important. You’ve got to make sure your rental application covers what needs to be covered, that your lease is tight, and, most importantly, that you aren’t violating any laws at any point. Remember—even unintentional slips on your paperwork can get you into seriously legal trouble. Don’t take any chances—a real estate agent can keep you on the right side of the law and help you save time by using their brokerage-approved, tried-and-true rental application and lease formats.
6. Get the time to focus on your property and current tenants
Landlords who choose to go the DIY route when selling their properties can be bogged down with lots of details! It’s time-consuming to price and market your unit, to lead showings and draw up paper work. Real estate agents allow you to focus on what is really important. Instead, spend your time worrying about your vacant units, and spend your time and energy on making sure that your current tenants are happy and well taken care of! Hiring a real estate agent to take some work of your plate frees up your time to focus on your current tenants (and maybe even pick up some stress-relieving hobbies, too!)
7. Build relationships with the real estate community
How many real estate photographers do you know? How many contractors? Insurance brokers? If your ties to the local real estate community are looking a little light on the ground, connecting with a real estate agent is a great way to build your own sphere of influence and network with local professionals. Real estate agents actively build their network of professionals and would be happy to introduce you to area experts and others who can help you manage and maintain your property, and keep your tenants happy!
Rental Beast believes that real estate agents and landlords make great allies, that’s why we partner landlords who work with Rental Beast with a local expert to help. And, change the way you manage your rentals with Rental Beast’s comprehensive set of free tools, all built to help you find and retain quality clients and optimize your rent roll. Sign up today, and gain access to:
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