Basics of Property Management: Screening Potential Tenants
Benefits of Hiring a Real-Estate Agent Who Guarantees to Sell Your Home or Buy It
Jesse Obrien
When you're researching different local real-estate agents in advance of wanting to sell your home, you'll often encounter agents who guarantee that they'll be able to sell your home in a certain length of time—or else they'll buy it themselves. This promotion is common among agents and can be beneficial to the seller for a number of reasons. While it's still a good idea to meet with a few agents to find the right fit for you, see whether you can find an agent who offers this guarantee too. Here are some benefits to hiring an agent who can guarantee the sale of your home.
You Won't Have to Endure a Lengthy Listing
It's stressful and difficult when selling your home takes a long time. When your home is on the market for several months without much interest, this can be demoralizing for you. Additionally, failing to sell the home can leave your future plans up in the air. For example, if your home isn't selling, you might not be able to get the money to buy your next home. When you hire an agent who guarantees that your home will be sold within a certain length of time—one month, for example—you won't have to go through the challenges of a lengthy listing.
You Know the Agent Is Committed to Working for You
Hiring an agent who guarantees the sale of your home in a short amount of time is a sign that you've hired an agent who will work hard to sell the home. Selling the home in one month, for example, means that the agent will be diligent about pricing the home competitively, crafting an enticing online listing, and holding regular open houses to generate interest.
There Won't Be Issues That Come Up in an Eventual Home Inspection
When an agent advertises that he or she will buy your home if it doesn't sell by a specific date, there are understandably some conditions that apply. Generally, agents will only make this guarantee if they've first had a home inspector check out the residence from top to bottom. This is understandable, as the agent doesn't want to buy a home with major problems. This initial inspection can be advantageous for you. If your home passes, it means that when a prospective buyer shows interest and hires his or her own inspector, you won't have to be worried about the inspection turning up anything that prevents the sale.
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For the last several years, I've used a property management firm to help with my rental properties. One of the tasks that they handle for me is screening applicants who would like to move into one of my vacant units. Their expertise has helped me lower my tenant turnover and find people who want to stay with me for years. Part of the process is a tenant screening credit check. Before any further contact takes place, my manager orders credit reports from at least two agencies. That is enough to tell us if an applicant is a good financial risk. Assuming the references work out, I meet the candidate and make the final decision. If you own rental properties, let me tell you more about the benefits of having a property manager. I'm betting you'll find this type of arrangement will work for you too.