Whether you own one property or 30, the most important goal for any landlord is keeping renters in every unit. That’s the only way to generate income for these units, but sometimes finding those renters can be a hassle. Plenty of people begin by managing every aspect of their property themselves, including advertising vacancies and handling showings with potential renters. Eventually, though, that can prove increasingly challenging, and that’s where a good leasing agent can step in.
What Leasing Agents Do
Much like real estate agents find buyers for condos or homes, leasing agents work with property owners to find good tenants for their buildings, whether those be single family home rentals, apartments, or even businesses. The property market can feel confusing and overwhelming to some landlords, so leasing agents exist to determine the needs of a property and find ideal tenants to live there. They are knowledgeable of the property market, just like a real estate agent would be. The only difference is that a leasing agent is dealing with rentals rather than sales.
Why Leasing Agents Are Helpful
There are a number of reasons why hiring a leasing agent could be beneficial to your property.
They Can Save You Time
Almost without fail, landlords begin their endeavor into rental spaces by managing the property themselves. This can include everything from bookkeeping to showing properties to making the calls out to maintenance staff to make repairs as necessary. If a property is small enough and a landlord lives nearby, this may work. As a property owner purchases new units and the company expands, however, there simply isn’t time to do everything. This is where an apartment leasing agent can help.
They Cost Landlords Money, But They Keep Money Coming In
While there is no set rate for paying leasing agents, they do typically require a commission for every unit that they rent out. Determining what this commission is will be left up to the property owner and the agent, but the bottom line is that no service comes free. Hiring a leasing agent is going to cost you some money, but those expenses absolutely should be viewed as an investment since they help ensure units stay filled and income continues to roll in.
Good Agents Build Trust with Your Brand
The sad reality is that there are a lot of dishonest leasing agents trawling Craigslist in search of potential renters for subpar properties, and many renters know exactly how untrustworthy these people are. If you are able to bring in a good leasing agent that clearly is honest and works above-board, renters will trust your brand and feel more comfortable not only renting one of your units, but also in telling their friends how positive the experience of settling into that rental was.
Here at Insurance by Castle, we care first and foremost about the well beings of landlords here in California, and while the landlord insurance we offer certainly plays a big part in creating that peace of mind, hiring a good leasing agent can be a great thing for property owners, as well.