Need An Income Property? 3 Reasons To Hire A Real Estate Agent
Posted on: 29 June 2019
The right income property could become a steady source of passive income, making it easy for you and your family to enjoy a more flexible budget. However, the wrong property could become a labor intensive money pit, which is why it always makes sense to work with a real estate agent before selecting a home, condo, or apartment to rent out. Here are three reasons you can't afford not to work with a real estate agent when hunting for a rental property.
1. Fetch Higher Rents In addition to helping buyers to find their perfect homes and sellers to list their houses, many real estate brokerages also offer rental services to help prospective renters find properties they can lease. Because they work with renters all the time, real estate agents have their fingers on the pulse of the local rental market, which can make it easier for people investing in income properties to find a place that will fetch higher rents.
For instance, real estate agents might be able to help you to narrow down parts of the city that renters tend to flock to, and they could also help you to identify property features renters are looking for. Additionally, real estate agents could give you a good idea of how much rental income you could expect from different properties, making it easier to choose the right place for you and your family.
2. Consider New Possibilities Although you may have pictured yourself renting out a single-family home, your real estate agent might have other ideas that could help you to get what you want out of a rental property. For instance, you might be introduced to four-plexes, blocks of apartments, or even a single-family home with a basement suitable for a rental that you could rent to two separate parties.
By working with a real estate agent, you can learn more about all of the rental possibilities in your area, allowing you to customize your first landlord experience to your needs.
3. Avoid Unsavory Areas Professional real estate agents also know which parts of the city to avoid. In addition to knowing about the various standard rental rates across your city, real estate agents may also be aware of property developments that are about to be built, stores that are coming to the area, or city improvements that could affect local property values. With their help, you can stay away from parts of the city that could be riskier to rent homes in, helping you to protect your bottom line.
As you start the hunt for the perfect rental property, focus on finding a real estate agent with experience in your area and a commitment to finding you a great place. Talk with several realtor services to get a feel for how they operate before you decide who to work with.
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