5 Tips to Remember when Dealing with a Rental Broker

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5 Tips to Remember when Dealing with a Rental Broker

Staff Writer · Apr 20, 2011

Rental brokers can save you a lot of effort by helping find properties to rent or tenants who may be interested in renting your property. However, you should ensure you go to a trustworthy rental broker. Here are five tips to keep in mind:

1. Fees and Charges

The rental broker should be trustworthy and should be able to answer your questions about the fees charges and the services offered. Most rental brokers charge 10 percent of the monthly rent as their fee for the first year. There might also be a charge for the collection of the monthly rent in addition to management fees. This works out to approximately 5 percent of the monthly rent. All the fees and charges should be mentioned at the outset.

2. Transparency

All the paperwork required for the deal, such as the agreement, should be easy to understand and, if any terms which are not standard are included in the agreement, the broker should be able to explain the need for its inclusion.

3. Other Properties in the Area

The rental broker should have experience in renting out properties in your area and should be able to supply you with references that you can look up.

4. Type of Tenants

It’s preferable that the rental broker of your choice has a history of letting out properties to reliable people on a long term basis rather than to party-loving students. The rental broker should also vet the tenants by doing a full credit check rather than relying on bank statements.

5. Rent Guarantee

Choose a rental broker who can provide rent guarantee and coverage for legal expenses so that you don’t lose money if a tenant reneges on the rent.

If you are not satisfied with the credentials of your rental broker, you should contact others and find one that best suits you.

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