It’s becoming more common to search online for your next home, whether you are looking to rent or buy. It may seem that only homebuyers have the advantage to hire a discount real estate broker to assist them when they are ready to view homes and narrow down their options.
Renters should not be afraid to sell their own property.
A lot of real estate brokers are willing to represent renters looking for their next rental property. It’s as simple as finding the right person who is familiar with rentals in your area. These are the four reasons that working with an agent to locate your rental is a good idea. There are also four reasons why you might be better off finding your apartment or house yourself.
Why a real estate broker is necessary to find your next rental
These are just four reasons why you might benefit from a realty agent helping you to find your next rental.
It’s your location that calls for it
A professional is essential if you plan to live in the heart of downtown of a major city. In a competitive market like New York City, you will need to make appointments to view available spaces.
You may find it easier to navigate other major cities such as Chicago or Miami if you have a professional representing you.
You are moving to a new city
It can be very helpful to hire a professional who spends their days looking for apartments and homes in unfamiliar areas. An agent can also be your eyes and ears in your new area to show you around and guide you via video chat. Many employers offer agent representation as part of their relocation packages.
The Seattle Rental Group is the rental arm for Pointe3 Real Estate. They specialize in employment relocations. This group facilitates tours of rental properties and oversees the rental application process. It also introduces new residents to Emerald City.
Kim Reidy, the senior broker at Seattle Rental Group and director of relocation, said that they can help with a “crash course” of the area.
Are You Worried About Being Scammed?
Many rental scams are disguised as a copy of an availability listing. This is to trick renters into paying a security deposit or the first month’s rent, without the tenant having any chance of actually living on the property.
These types of hijacked ads are becoming a problem in the rental market, according to Fred Thompson, who is the director of Re/Max 200 Realty’s property management division in Orlando, Florida.
You can tell if a rental listing is fraudulent by the landlord disclosing his location outside of the country and no background check request. However, a real agent can help you if you are concerned about missing any details.
Thompson states that a prospective tenant looking to rent a property should deal with a Realtor. There is a 99.9% chance it won’t be hijacked.
Rentals Are Going Fast
Many people were looking for a place to live in greater cities because of the COVID-19 pandemic. Although vacancy rates in high-rises in cities may have increased, overall rental property vacancy rates in the U.S. have not changed much.
According to the U.S. Census Bureau, the rental vacancy rate for residential properties for the fourth quarter of 2020 was 6.5%. This is just 0.01% less than the third quarter of 2020 and fourth quarter of 2019 which were both 6.4%.
Reidy predicts that summer 2022 will see many renters returning to major cities such as Seattle. This is due to the addition of residents who have delayed moving to the area because of the pandemic. She says she has already spoken to more than 1,000 people about renting, and that they expect to move to the region by August.
You may need an agent to help you find listings and submit your application quickly, as there is a lot of competition.
How to Find Your Next Rental On Your Own
These are the top four reasons you should stick with your own method of finding a rental.
Hunting is fun
You are not the only one who enjoys looking at home and apartment listings. Even if your goal is to stay put, it’s not a bad idea to look at home listings and take 3D tours.
You may enjoy the search process if you live in an area where there is no need for an agent to schedule appointments for tours.
You won’t be negotiating
It’s much easier to lease an apartment or home than it is to buy a home. This is because there are fewer negotiations and many renters prefer to search for and lease a place alone.
Thompson states that he doesn’t know of any real estate brokers who can help renters navigate the whole process in Orlando. He says most renters search for single-family homes to lease starting at Re/Max 200 online and then contact them directly.
Thompson states that although they may have a realtor or sales agent show them a house, there isn’t really tenant representation. There’s also not much room on the list price for the property to be moved.
A Finder’s Fee will be required
When a qualified renter signs up to move in, real estate brokers involved with lease deals typically collect a Commission from the landlord. This is usually equivalent to one month’s rent.
Agents may charge a flat fee, which can be as high as a few hundred dollars, to renters in certain areas of the country. This is depending on the service provided. You don’t need to pay an agent fee if you are unable to rent.
You plan to rent a single-family home
Agents can help you find any type of rental property, but it is less common to meet agents who represent single-family home tenants. Tenants looking to rent a house in Seattle don’t have to worry about being outmatched by other tenants.
Reidy states, “When I list a house for rent I see about 95% of respondents are representing themselves and don’t have an agent.”
Despite this, you need to be ready for fierce competition in today’s market. Reidy states that single-family renters must submit multiple applications to get approved by landlords to rent a house. Thompson suggests it is best to be flexible and ready to move quickly.
Thompson states that they can find housing. However, if they are strictly looking for a one-family home, be prepared to apply. If the property management company asks for the first month’s rent upfront and you have a cashier’s check, Thompson suggests.