A leasing agent is hired by property owners to provide expertise and guidance through the often scary task of finding great and reliable tenants. It is important when selecting an agent that you are able to communicate effectively and feel assured through the process that the agent is providing the due diligence that your property deserves. Unless you have built a long standing and trusting relationship with your agent and there is an agreement to waive the following; it is in your right to be informed.
Marketing and update on the progress
An agent should inform an owner when the property is listed. It is also beneficial to receive a link of the listing to read and review. While the property is on the market it is important for an owner to receive updates on the response to the marketing and the feedback from potential tenants. This provides insight for future investments and builds trust with the agent as the owner is aware of the progress and possible complications.
To review or discuss applicants
As an agent, we rarely find a great tenant in the first showing or even the first application. Owners should feel confident that applicants that may lead to tenants are discussed before signing a lease; especially if the owner will be self managing the property. This information will allow the owner to feel in control of their investment.
Be provided with documentation
Even if an owner is working with a property manager (PM), they should always request a copy of the lease. This is an essential documentation if there is ever a dispute or disagreement or should the owner wish to change management companies. Not having any contact or financial information can cause panic in the event it is needed to follow-up regarding the property. Information such as: how many occupants and pets will occupy the property; do the tenants have content insurance; will the tenants be responsible for lawn care and snow removal; has a move-in inspection been completed. This is vital and legal information that every owner should be made aware of.
To receive first and last within 14 business days
As an owner, you should expect your rent deposit and first months’ rent to be deposited into your account within 14 business days. This is an important security and is often needed to cover the cost of a vacancy, repairs or new investment property. Unless you have made other arrangements, follow up with the where – abouts of lagging transactions.
When initially hiring a leasing agent, make your expectations known as every owner has a preference on how they would like business to be conducted. If you have built a trusting relationship with a leasing agent, advise that you would still like the lease and inspections to be sent to you. After all, this is your investment and a home that you have purchased!