One of my units became vacant recently and it was time to find another tenant. I contemplated going out on my own to find one, but opted to use a real estate broker instead.
When we purchased the place the left side was being rented for $950 a month, and that person moved out the same month we purchased it.
We decided to fix up the kitchen and the bathroom and frankly fix everything. We had a friend move in that we rented it for $1000. I knew we could get 1300 but gave them the friends and family rate. At least I was hoping for $1300.
I really had no experience in screening tenants nor how to go about it so I decided to go with a broker instead. After doing that, I don’t think I’ll ever not use one.
After talking with a broker, they told me I should be able to get $1500 a month. They screamed all the tenants and basically spent an entire day on Monday showing to roughly 10 people in all.
I ended up getting $200 more a month than I would have on my own, and did not miss a day of work!
The broker takes the first months rent so I was out, in theory, $1500. But the extra $200 a month means I should be making $2400 more a year than I would have. I’m going with a broker I’ll make more money over the first year.
So please, if you’re new to this, I highly recommend using a real estate broker to find your next rental tenant.