Lease through a realtor

[noodlesalad]

Hi everyone, just wondering what are the pros and cons of using a real estate agent to find a condo to lease. I am looking to rent a condo (to live in), for approximately $1400/month.

I am seeing a lot of listings on MLS and craigslist that I may be interested in renting. Would it be best to hire the listing agent and/or approach them on my own?? OR hire my own agent to help me look?

I hope to accomplish 3 things:

1. See several different condo's and units before deciding.
2. I'd like to try and knock $50-$100/month of the listed price.
2. Hoping the agent can pick me up and drop me off

Can anyone provide some advice?

Thank you!

 

[daveto]

Approach them on your own. Don't use your own agent. That way the listing agent gets to keep the entire fee (one month's rent). This means they will be highly motivated to rent to you, rather than to another person who is working with an agent. (the other agent would get half the fee).

Even if you offer less than another possible renter, once again the listing agent will have a strong "subconscious" motivation to recommend you to the owner.

Every listing agent you contact will be delighted to hear that you don't have an agent. Then, if you don't rent their unit, they try to get you to let them be your agent and find you a place (no cost to you, they are paid by the seller, why say no, etc, etc). Just say no. The advantages they offer (a couple of days earlier notice on MLS listings, slightly more info on their agents only website) are minimal.

Also, every listing agent you talk to will give you the same sales pitchs.
"there's been lots of interest already"
"I think there is an offer coming in, but I want YOU to have a chance at the unit"
"the owner won't settle for less than the listing price"
"units like this don't last/rent for less/etc"

My advice is ignore everything the agent says. And offer 5-15% less than the list price. Worst that will happen is the owner will counter at list price.
I've rented 3 MLS units, never used an agent, and have rented the units for $200, $300 and $400 less than list price.

Also, if you see a unit on Craigslist, first check and see if it is on MLS. If yes, then likely an agent with no association with the property has simply scalped the details from the MLS site and posted on Craigslist. Then, if you contact them via the Craigslist ad, they sneakily are acting as your agent.

If you see a unit on both Craigslist and MLS, always contact them through MLS. That way you get the listing agent, and not some sneaky agent looking for an easy fee.

 

[CG24]

Approach them on your own. Don't use your own agent. That way the listing agent gets to keep the entire fee (one month's rent). This means they will be highly motivated to rent to you, rather than to another person who is working with an agent. (the other agent would get half the fee).

Even if you offer less than another possible renter, once again the listing agent will have a strong "subconscious" motivation to recommend you to the owner.

Every listing agent you contact will be delighted to hear that you don't have an agent. Then, if you don't rent their unit, they try to get you to let them be your agent and find you a place (no cost to you, they are paid by the seller, why say no, etc, etc). Just say no. The advantages they offer (a couple of days earlier notice on MLS listings, slightly more info on their agents only website) are minimal.

Also, every listing agent you talk to will give you the same sales pitchs.
"there's been lots of interest already"
"I think there is an offer coming in, but I want YOU to have a chance at the unit"
"the owner won't settle for less than the listing price"
"units like this don't last/rent for less/etc"

My advice is ignore everything the agent says. And offer 5-15% less than the list price. Worst that will happen is the owner will counter at list price.
I've rented 3 MLS units, never used an agent, and have rented the units for $200, $300 and $400 less than list price.

Also, if you see a unit on Craigslist, first check and see if it is on MLS. If yes, then likely an agent with no association with the property has simply scalped the details from the MLS site and posted on Craigslist. Then, if you contact them via the Craigslist ad, they sneakily are acting as your agent.

If you see a unit on both Craigslist and MLS, always contact them through MLS. That way you get the listing agent, and not some sneaky agent looking for an easy fee.

The more I talk to RE agents and read about them, the more I get the impression that they are just glorified cars salesmen.

Just get info and do it yourself. No need for an agent to rent a unit.

 

[noodlesalad]

thanks a bunch for that post.. i think i'll go without an agent this weekend.

 

[Kevin86]

I agree that the person is usually better off when renting or buying a house/condo.

What do you guys think for a situation where one has to rent out? Is it better to go with a agent to post it yourself?

 

[iSlutsky]

Hi everyone, just wondering what are the pros and cons of using a real estate agent to find a condo to lease. I am looking to rent a condo (to live in), for approximately $1400/month.

I am seeing a lot of listings on MLS and craigslist that I may be interested in renting. Would it be best to hire the listing agent and/or approach them on my own?? OR hire my own agent to help me look?

I hope to accomplish 3 things:

1. See several different condo's and units before deciding.
2. I'd like to try and knock $50-$100/month of the listed price.
2. Hoping the agent can pick me up and drop me off

Can anyone provide some advice?

Thank you!

The internet solves all problems! Here is a site that I have come across that might be worthwhile checking out (in conjunction with Craigslist et al)... Click here.