Real estate agents who specialize in the rental market use their expertise to help renters find the best properties on the market. They often have access to exclusive listings and valuable insights that can make the search faster and more efficient. Real estate agents can also negotiate lease terms, sometimes lowering security deposits or securing favorable conditions. When markets become competitive, working with an agent can help renters land an ideal home.
Key Takeaways
- Rental real estate agents specialize in the lease market and have access to more information about listings.
- Agents can help negotiate lease terms, offer reduced security deposits, and even arrange month-to-month rentals.
- Real estate agents have access to MLS databases and often know about unlisted units.
- Agents are familiar with local market trends, landlords, and standard rates of large apartment complexes.
- Some agents charge a fee to renters or landlords, ranging from 25-50% of the monthly rent, but sometimes landlords cover the finder’s fee.
How Real Estate Agents Help You Find Rentals
- Rental agents have access to listings included in the multiple listing service (MLS) databases and commonly know of unlisted units coming on the market.
- Real estate agents may be familiar with individual landlords who may provide better pricing negotiation options.
- Rental real estate agents commonly work with large apartment complexes and know their standard rates and policies.
Important
The website Zillow gives home buyers and renters an idea of the prices and areas to target when searching for a rental property.
Benefits of Hiring a Real Estate Agent for Rentals
A real estate agent can be a powerful asset when negotiating terms with future landlords. When individual landlords rent real estate, agents can work on a renter’s behalf and help navigate the terms, such as allowing pets for an additional fee.
Agents can also reduce up-front security deposits. Alternatively, they might be able to get a prospective landlord to accept a larger security deposit if a renter does not have good credit. Agents may even arrange for a renter to rent month-to-month at the end of a one-year lease.
How to Choose the Right Real Estate Agent for Rentals
- Check local rental listings online or in a community newspaper.
- Look for listings posted by real estate firms rather than property management companies or individual landlords.
- Contact an agent by phone or email to establish a professional relationship.
- Ask about an agent’s fees. Some may charge 25-50% of the monthly rent. However, sometimes the landlord pays the agent a finder’s fee.
How Can Renters Ensure That a Real Estate Agent Is Credible?
Real estate agents designated by the National Association of Realtors are considered reliable sources. The NAR requires its members to earn certifications acknowledging experience and expertise in various real estate sectors.
What Is a Lease?
A lease is a legal, binding contract outlining the terms under which one party agrees to rent property owned by another.
What Does a Security Deposit Cover?
Security deposits are paid before a renter moves into a property. These deposits are typically the same amount as the monthly rent. A security deposit may be used toward any repairs or replacement of appliances in a rental unit if the damages result from the renter.
The Bottom Line
Working with a real estate agent can give renters an advantage in competitive housing markets. Although they may charge a fee paid by the renter or the landlord, their access to listed and unlisted properties can lead to more opportunities. Agents can also negotiate lease terms and conditions to help renters secure better deals and smoother rental agreements.
