Renting a property that you own can seem like a good way to pull in some extra income. However, becoming a landlord involves more than just putting out a “For Rent” sign then cashing the checks each month. Running a rental property requires a significant time commitment and a level of knowledge that the typical owner may not have. Rather than running the properties themselves, many landlords choose to employ rental agents.

Qualified rental agents bring knowledge of property management that can help a landlord avoid problems ranging from minor annoyances to major lawsuits. Rental agents oversee a variety of duties that free the landlord from some of the more tedious aspects of property management. They also save the owner from having to personally travel to the property regularly, which can be impossible if the rental property is far away.

All rental agencies are not equal. Landlords turn over a great deal of responsibility to their rental agents and it is important that they be sure the agents are up to the job. Landlords need to do thorough research and interviewing to be sure they find the rental agencies that will provide the service they need.

Here are a few tips to help landlords find the best rental agents:

• Insist on experience. Not all real estate agents have worked as rental agents before. It is common for real estate agents to offer rental services to supplement the primary income that comes from buying and selling homes. That's fine, but be sure they have extensive experience specifically with rental properties.
  
  
• Research potential candidates. A background check is essential on prospective rental agents. Landlords can be held legally responsible for the actions of the rental agencies that run their properties. Rental agents who have successful complaints of discrimination or other problems should be avoided.
  
  
• Demand regular contact. Landlords are still responsible for the property. Some fall into the trap of allowing rental agents to run the property unsupervised, then are surprised months down the road when problems arise. Rental agencies should give regular reports on the status of properties and new tenants.
  
  
• Work out the tenant selection process. One advantage of using rental agents is that they can interview and screen potential tenants. Landlords need to decide just how much of the process will be handled by rental agencies. In any event, landlords should always have the final say on any new tenant.
  
  
• You get what you pay for. Landlords need to trust that their rental agencies will protect their interests. Owners who contract with rental agents based on nothing more than their low fees often get disappointed. If landlords constantly have to check up on their work, it defeats the purpose of having them in the first place. Hiring rental agencies that charge a little more often gets landlords much better service.
  
  

Realty1st has a team of highly-qualified rental agents ready to help property owners with the details of running rental properties. We are committed to providing the best service you will find from rental agencies. When Realty1st is on the job, landlords can relax. Come talk to one of our representatives at Realty1st and find out just how easy renting your property can be!