Renting Out Your Home? Hire A Real Estate Agent To Help With These Jobs
Posted on: 14 December 2016
Buying a second home to rent out can be an effective way to increase your net worth over time as well as enjoy some passive income. Instead of going through this process on your own, it can be helpful to hire a real estate agent who specializes in rental properties. Your agent can not only help you buy the right home for renting out, but also provide assistance as you secure tenants to live in the residence. Here are some specific jobs that you can feel confident having your real estate agent look after for you.
Drafting Up A Rental Contract
It's risky to attempt to write up a rental contract that you can give to your tenants unless you have experience doing so. This is a legal document, and if you ever run into problems with your tenants, the wording in this document will need to be correct. Real estate agents who specialize in rental properties can provide you with a legal, clearly written rental contract on your rental property. You can be confident that this document will protect you from legal issues in the future.
Acting As An Intermediary Between You And Your Tenants
If you're new to the rental business, you might have trouble clearly answering certain questions that prospective tenants have. Given that you want these answers to be legal, clear, and easily understood, you may wish to refer prospective tenants to your real estate agent to have their questions answered. Occasionally, your agent will need to get in touch with you to get your input, but will then be able to answer the question properly. This can be advantageous not only if this is your first rental property. If you have a busy life and want to take a hands-off approach to your rental property, having a real estate agent work for you in this capacity can be helpful.
Negotiating The Rent
Many people strongly dislike the idea of negotiating. While you can certainly set the desired monthly rent for your rental unit and have the price firm, you might also wish to set a higher rent with the expectation that a prospective tenant will submit a counteroffer and there will be a bit of negotiating. In this scenario, it's ideal to have your agent handle the negotiating for you. Real estate professionals are skilled and experienced at negotiating, which means that you'll be more likely to get the final number that you desire.
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