Nowadays, many renters go online to search for rental posted on craigslist or other rental search sites. Recently I was approached by a renter, who decided to hire a realtor for his search after he lost his first and last months deposit after signing a lease with a fraudster. The so-called landlord was actually the tenant who’s lease was reaching the end of the term. This tenant put out an ad to lease the unit and asked renters to submit a deposit. He managed to run away with 3 applicants deposits amounting to $10,000!
Why renters should hire a realtor?
- A realtor’s services is at no cost to the renter.
- Realtors have immediate access to resources and can easily verify the status of the home and other particulars, especially when there is limited time.
- Ensure the rental listing is listed at fair market rent
- Protect yourself from dishonest property home owners – If the home owner is behind in mortgage payments, as a renter, you can be evicted.
- The deposit is generally held in trust in the real estate brokerage’s trust account.
- A realtor can help walk you through the lease and draft to protect you as a renter ie. can help renters work out details how repairs will be taken care of, if the place should be clean before move-in, hand over of all the necessary keys and fobs etc.
If renters feel that it’s not necessary to have a realtor represent them through the lease process, just be prepared to deal with the consequences.
If you are looking to work with a professional real estate team to help you for a rental property get in touch with us. We’d love to help!
February 9, 2013
