5 Best Times to Hire a Leasing Agent
If you have an investment property or are thinking of purchasing one, then it’s time to make a premier leasing agent your new best friend. Once you’ve deciphered the difference between a good leasing agent and an excellent one, the next step is figuring out when to bring them onboard. Here are the top key times when hiring a leasing agent is most important.
1. Property is being considered for purchase
Hiring a leasing agent before your search for an investment property begins is the sweet spot for partnering with the person who will become one of the most value factors in your investment. Working together with the expertise of your real estate agent, your leasing agent will be able to provide information including:
- What types of residents are attracted to the neighborhoods you are searching in.
- Comparable rental rates in the area and potential rental value for each property.
- If the layout and style of the property is an ideal match for your target potential tenants.
- The short term and long term benefits of investing in your shortlist of properties.
2. Property is being considered for either sale or rent
When homeowners are getting ready to move from their primary residence, the options of selling or renting their home each bring a distinct set of factors. Wheher you already own a property you are considering to use as a rental, or just finishing the process of buying a rental with the help of your real estate agent, it’s a great time to find the right leasing agent who can help you focus your investment goals.
3. Property is about to be remodeled
It is common for an investor to purchase an older property with the intention of remodeling before putting it on the rental market or selling the home. While renovating for future rental tenants can be a great idea to add value to a property, many people don’t realize the weight that every remodeling detail carries. Consulting a leasing agent before any work is started can have a huge impact on ROI and provide an informed perspective on the rental market, design trends, and ultimately what tenants are looking for in their living space.
4. Evaluation of a multi-unit building with landlord being one of the residents
Purchasing a multi-unit building has a unique set of factors that influence investment potential. With the intention of residing in your rental building as the landlord, your leasing agent can help set up the guidelines for renting the other units and your role as the on-property landlord.
5. Need for portfolio review
It is quite common for landlords to be working with the same leasing teams for years. While we also have clients we have been helping for years we suggest getting a review of your portfolio. An innovative approach and challenge of status quo may be exactly what your rental properties need.
As we like to say: “Your Investment Property, Optimized”
There’s no bad time to join forces with a leasing agent. While the earlier in the process the better, no matter what stage you are at, a leasing agent can help you optimize your investment!