Several months ago my in-laws decided to move and I was left to determine what to do since Jr is only in the 8th grade. My first impulse was to sell, but after giving it further thought I decided to investigate the rental market.
Determined to check my options I formed a plan of action;
• Get comps for my property
• Find out about professional property management
I began my search with the Fort Worth BBB to see what type of rental industry categories they had which might assist me in my inquiry. As a Dallas BBB member I’m aware, based on our DFW regional population, that there is a woefully small number of BBB accredited business members for any specific category.
I for one appreciate any non BBB members, because of their apathy that’s a whole bunch of businesses I didn’t have to consider in making my hiring decision. If you can’t maintain a credible BBB rating, why put yourself through the misery of being a member.
The BBB online search makes everything a keystroke away and I was able to identify what type specialists I felt most comfortable with managing my property. I was able to concentrate first on businesses with no complaints in the last 3 years and then went to each businesses individual website to further confirm I was on the correct track regarding their expertise. With a short list of companies in hand, I gave each a call to interview on the phone.
The first company I interviewed was a real estate sales/property management company which was able to satisfy my properties sales comps as well as explain their property management. That information further solidified my impulse to rent the house. I’d rather see my chances to maximize selling value 4-5 years from now when I need the money rather than in this current market.
My new property manager is Muhammad. His company quoted 80% of the first months’ rent for leasing as a finder’s fee, and 8% a month thereafter, others quotes began at an initial 50% of first months rent as a leasing fee and 10% per month thereafter. He asked why I hired him when told he was the highest and I said because he seemed the smartest. That’s true; also what’s true is I felt he offered the best value to me because I judged him to be an astute businessman. Because we will work together over the next half decade I wanted the reassurance of a worry free relationship. Very quickly after his hire his company gave me information on 4 potential renters. The typical leasing agent provides the following 5 point checks-criminal background check, credit check, prior rental history, employment verification and appropriate debt ratios to determine fitness as a prospective tenant. In addition to those initial checks their duties will include collection of rent and provision of emergency maintenance if needed. The day after I finished prep to begin formal showings we had a 2 year lease agreement.
Choices not chances determine outcomes.
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