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Why You Should or Shouldn’t Hire a Rental Agent

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Whether looking to buy or rent your next home, starting the search online has become customary, if only partially expected.

However, it could appear that only homebuyers have the benefit of working with a real estate agent to guide them through the process when it comes time to tour properties and reduce their options.

However, tenants should not undersell themselves.

Finding a real estate agent knowledgeable about rentals in the location you want to live in might be difficult, but many will gladly represent a tenant looking for their next rental.

Here are four benefits of dealing with a rental agent, as well as four advantages of searching for a home or apartment on your own. 

Read also: Real Estate Market Ideals and What It Looks Like for 2023

Why You Should Use a Real Estate Agent to Find Your Next Rental

Here are four benefits of working with a real estate professional to find your following rental. 

Your Location Requires It

A real estate agent is essential in a competitive market like New York City to help you schedule appointments to view available properties if you’re going to be living in the center of downtown in a major city.

You might find it simpler to traverse other big cities, such as Chicago and Miami, if you have a real estate professional on your side.

You are Moving to a New City

Calling in a professional who spends their days searching areas for available homes and apartments could be a huge advantage for someone who is inexperienced with the geography and neighborhoods of a city.

Additionally, suppose you cannot travel to your new city before relocating. In that case, an agent can act as your eyes and ears on the ground to show you around and accompany you through video chat. Agent representation is a component of some employers’ relocation packages.

The rental division of real estate firm Pointe3 Real Estate, which focuses on job relocations, is called Seattle Rental Group.

The group arranges rental viewing sessions, assists with the rental application procedure, and introduces prospective residents to Emerald City.

“They help people with a crash course of the area – if you’re interested in the closest grocery stores and what kind of people live there,” Kim Reidy, director of a relocation and senior broker for Seattle Rental Group, said.

You’re Concerned About Being Swindled

Rental scams can exist, frequently taking the form of cloned availability listings designed to dupe unwary renters into sending a security deposit or first month’s rent without any likelihood of actually living at the rental they see online.

These kinds of hijacked advertisements, according to Fred Thompson, director of the property management division at Re/Max 200 Realty in Orlando, Florida, are becoming more common in the rental market.

A real estate agent will be an aid if you’re concerned about missing these details. Some telltale signs that a rental advertisement is a fraud include the landlord admitting he resides abroad and not requesting a background check.

“If the prospective tenant for a rental property is dealing with a Realtor, they pretty much have a 99.9% chance that it won’t be a hijacked ad,” Thompson stated.

Rentals are in High Demand

In the latter half of 2022, rental prices began to decline, although rents are still rising year over year and vacancy rates are still low.

According to Rent.com, the median monthly rent in the U.S. in November 2022 was $2,007. It is up from $1,983 the month before (1.23%) and 7.45% more than in the same month in the previous year.

According to the U.S. Census Bureau, the third quarter of 2022 saw a 6% rental vacancy rate for residential properties, barely 0.4% more than the second quarter and 0.2% more than the fourth quarter of 2019.

The rental vacancy rate for residential properties, according to the U.S. Census Bureau, was 6% in the third quarter of 2022, barely 0.4% higher than in the second quarter and 0.2% higher than in the fourth quarter of 2019.

Read also: Real Estate Expert Jason Lassiter Revitalizes the Industry with a Luxury Tour Bus Experience Unlike Any Other

Why You Should Do It Yourself to Find Your Next Rental

You Like Hunting

You’re not the only one who enjoys browsing apartment or home listings. Even if you don’t have any plans to move, you might enjoy looking at apartment pictures and taking 3D tours, browsing Craigslist for hidden gems, or just looking for vacancies in your area.

If you love the search process and reside in a city where you do not require the services of an agent to schedule appointments for tours, you may discover that the process is fun, even without representation.

You Won’t Be Bargaining

Renters frequently decide to go it alone while looking for and leasing a residence, which makes leasing an apartment or home much simpler than owning one.

According to Thompson, there aren’t many real estate professionals in Orlando who walk renters through the entire process. Instead, he claims that most tenants locate Re/Max 200’s single-family homes online and get in touch with them immediately.

“They may have a Realtor or sales agent open up a house and show it to them, but there’s not really any tenant representation as far as leasing the property, and there’s hardly (any) room on the listing price to move,” Thompson stated.

You Must Pay a Finder’s Fee

When an eligible renter moves in, real estate brokers participating in lease negotiations frequently receive a commission (or finder’s fee) from the landlord; this charge typically equals one month’s rent.

However, in some regions of the nation where finder’s fees are uncommon, agents will instead charge the tenant a flat cost, which can range from a few hundred dollars to more, depending on the degree of service.

Before you begin working with an agent to discover your rental, ensure you won’t have to pay an agency fee if your ability to rent depends on staying within your restricted budget.

Photo: TQN

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