How to Hire A Property Agent

If you own rental property but find it difficult to keep up with renting the properties, it might be time to hire a property agent. Their main job is to locate great tenants, and to manage the collection of rents.

Difficulty: Moderate

Instructions

1. A good property agent will have connections that make finding tenants easier. They will also do all of the advertising, which can end out saving you money even considering the payment to your property agent. This is usually true in big cities. Your property agent should cover several cities.

2. A property agent will do all of the reference and employment checks for you and should be able to provide you with an overview of these results. Ask a prospective property agent how they qualify their tenants.

3. Find out how the agent will handle renters that pay late. You will also need to know how they will forward payments to you. Some will keep the rent for a month to earn the interest but many will not. Ask the agent what they charge for their services. Some ask for a percentage of the rent and others simply charge a flat rate.

4. Hiring a property agent is most useful if your rentals are not in the area where you live. Consider all the pros and cons of hiring a professional property agent over an on-site manager.

[jenng]

on 3/26/2009 Great article on how to hire a property agent 5*