is it important when you are a land lord that you have a Realtor for helpful advice?

Answer 1

I am a REALTOR and property manager for 22 years. I know almost nothing about buying and selling houses (except my own!) as I have spent my entire career in investment property management. While is it true the average real estate agent focuses their attention on sales, there are thousands of agents who specialize in property management. Check out narpm.org for a professional manager in your area.

Certainly you can manage property yourself - as you can sell property without employing an agent. It's all about your tolerance for risk and whether having someone with substantial experience to help you avoid the pitfalls and solve the problems that arise has value to you. Proximity also plays a role. I would absolutely recommend a manager if you are too distant from your investment property to do periodic inspections and easily address issues that require your direct involvement.

Answer 2

well, if you do not know what amounts you can get for rent, you might ask a Realtor to look up current rents in the area where your rental building is situated. but if you ask and the information is provided to you, then keep the business card for the time you want to sell so that the Realtor can make some money for having helped you.

in essence, property rental and management is largely up to the owner, especially if you live in it. unless you own a building with more than 4 apartments, i doubt you need a property manager at all. certainly if you have a mortgage, you definitely will not break even if you hire a property manager.

most Realtors generally do not rent out apartments. Some are conversant with lease terms (another thing that may help you, so save the business card), but unless you want to pay them to find you a tenant (usually one month's rent), it isn't necessary at all to have one. it's more necessary for you to do a complete credit check and background check on any potential tenant.

after you have checked the credentials of the potential tenant, you might even go to his house to get the lease signed. that way, you can see if he's a slob and then walk out.

Answer 3

Depends on the Realtor. I had more experience as a landlord than 99% of the Realtors when I did this for a living. Most of them couldn't find their butts with a road map and two hands without my help!

There were only a few I enjoyed talking to and was able to pick up a tidbit of useful information from time to time.

So, it depends on your experience in what you are doing compared to whom you are approaching.

Answer 4

Not really, the real estate agents I come across are not knowledgable in real estate matters, let alone land lording. You just need someone who is knowledgable and experienced in landlord/tenant matters. Make friends with people in property management and lawyers who practice real estate law.

You could always use Yahoo Answers for questions. Just make sure you reference your state and adhere to the advice of qualified people then verify it on your own.

Regards