There are many reasons to invest in real estate, but you will only succeed if you know what to consider before hiring a leasing-only service.
Leasing agents offer several services that can help an investor attract and retain tenants. However, hiring the wrong one can not only cost you time and money, but also prevent you from growing your portfolio.
PMI County Line will help you avoid this by outlining the main things to think about before hiring anyone for your real estate investment. Keep reading to become a better investor in Brea, CA!
Types of Properties You Own
Before hiring a leasing agent, one of the most important things to consider is the types of properties you own. Although many leasing agents have a ton of knowledge about both residential and commercial properties, it may be best to find someone who focuses solely on the type you have.
For example, if you are trying to find tenants for a commercial property, a property manager who specializes in that can likely fill them quicker than one with general knowledge.
However, this does not guarantee that you will get the best results. Regardless of what a rental property manager says they specialize in, you should always gather more information before deciding whether to hire them.
Budget
The next major thing to consider is your budget because it will determine who you can afford to hire.
The rates of leasing agents can vary dramatically depending on several factors, like their demand and experience. Because of this, having a flexible budget will ensure you have more options to choose from.
A quick way to calculate how much your budget should be is to search for various leasing agents online. You should then contact a few from your area to learn about their rates.
Desired Services
Lastly, you must consider the types of services you want from a leasing agent. This is crucial because the amount you pay may vary depending on what you want.
Keep in mind that leasing-only services focus solely on filling properties with tenants. If you want full-service property management, you will need to look elsewhere.
Some of the main services a leasing agent may provide are property marketing, tenant screening, and lease creation. While some agents bundle all of these together under flat rates, many charge varying amounts for each one.
Hire a Property Manager Instead of a Leasing-Only Service
Now that you know the main things to consider when choosing a leasing-only service, you should think about whether one is actually right for you. Although they may help you get tenants quickly, they cannot do much for you afterward.
To get the most out of real estate, consider hiring a property management company. This will allow you to earn more rental income and save some time when investing in both commercial and residential real estate.
PMI County Line has all of the tools you need to succeed in Brea, CA. Contact us now to learn more about our property management services.
