LEASING THE UNIT: ADVANTAGES OF USING A PROFESSIONAL
The advantage of using a professional leasing agent versus renting the property on your own is that the owner is assured that the rent rate is set appropriately, the unit is marketed properly and ultimately the unit is rented quickly. Additionally all documentation is executed correctly and the prospective tenant is carefully screened. I have assisted landlords in unwinding their mistakes, and those mistakes can cause thousands dollars.
In one case, the landlord failed to run a credit report and check references, the tenant had to be evicted and the legal expense ran almost $4,000. With the permission of the tenant, I am capable of running extensive background reports. By securing a good tenant, the landlord is more likely to collect the rent timely and feel comforted knowing that the property will be maintained in good condition.
Some landlords purchase their leases from an office supply store, and often many of the documents that protect the landlord are not included in the leasing package. Documents such as Tenant Insurance, Holding Agreement, and a Leasing Agent's Commission clause are often missing from the package. Additionally documents required by law such as mold, lead, asbestos and smoke detector addendums may not be included either.
My package includes a Holding Agreement, which states that if the tenant fails to occupy the unit, he/she is responsible for the daily rent while the unit was taken off the market. It is very important to include a Leasing Agent Commission clause, which protects the landlord, in case the tenant breaks the full term of their lease. This clause requires the tenant to reimburse the landlord for the commission paid to the leasing agent on a prorated basis.
Working with me, the landlord is assured that all of the appropriate documents have been included. With rent control and other issues pertaining to San Francisco, hiring a good broker can prevent problems from arising.
CAROLE'S RENTAL PROGRAM VERSUS THE COMPETITION
I prefer Saturday & Sunday Open Houses, as opposed to private showings of rental properties. Firstly, an Open House typically generates a lot of showings in a short span of time. It is not uncommon to have 2-3 interested prospects during the same weekend, and if a prospect sees the competition, they are inspired to quickly make an offer. It is my opinion that the Open House method is the most effective and efficient means to rent a unit. Most Leasing Agencies shy away from Open Houses on a regular basis, because the rental is a non exclusive listing, meaning that the commission is paid to the Leasing Agent who secures the tenant. For example, the leasing Agent whom hosted the Open House may not necessarily receive a commission, if the prospective tenant calls another Agent. This is a non issue for me. Please note: If a prospect is unavailable to attend an Open House, I will schedule a private showing.
MARKETING MAKES ALL THE DIFFERENCE
My advertising campaign consists of signage, internet and flyers. I take excellent photos of the unit with a professional digital camera. I photograph the exterior of the building, the interior of the unit, amenities, view or any other selling points that need to be conveyed to the prospect. Today most everyone uses the internet to advertise their rental. Often the competition's ad is poorly written with blurry photos (if any). My strategy is quality photos, a well written advertisement, and promptly returning emails and phone calls.
MANAGEMENT OF RENTALS
Should you need a recommendation for a reputable property management company for your rental, please call me. I only manage Homeowner Associations and Co-ops.
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Call for details (415) 652-7298