It probably goes without saying that if you choose to use a rental agent, he or she will play a key role in the ultimate profitability of your income property. Professionalism, friendliness, and a can-do attitude are key attributes of a successful rental manager. Several years of experience and proven systems for handling common tasks and challenges are a huge plus.
hese traits, you should look to hire someone whose strengths are uniquely suited to your situation. For example, if you own rental property in an area where vacancy rates are high, and trending upwards, you want a rental agent who’s an expert marketer. If your property is in an area suffering from a high foreclosure rate, growing unemployment, and declining real wages, you’ll need a rental agent who knows how to interpret a credit report and screen out tenants who likely won’t be able to pay rent on time.
We recommend interviewing at least two or three candidates in the course of your search. Not only do different agents have different areas of expertise and experience, they often charge significantly different rates. And of course, rental agents competing with each other to get your business will likely be motivated to submit lower bids than they otherwise might.