Renting a condo

[Deeko]

My girlfriend wants to rent out her condo. Has anyone done this before? Anything in particular to look for? She would prefer to have little to do with the process, maybe hiring a real estate agent or something to handle the leasing process, or even a management company to handle the whole process. Are either of these worth at the money? What do they generally cost?

I did some searching on the internet but figured I'd ask if anyone had any anecdotal experience.

Thanks

 

[BlahBlahYouToo]

post ad in craiglist.
interview applicants including background/credit check.
???
profit.

 

[Deeko]

post ad in craiglist.
interview applicants including background/credit check.
???
profit.

Yes - I know how the basic process works. I've been on the other side of renting often enough. She's more interested in experiences with having someone deal with that for you, especially the ongoing stuff.

 

[KaOTiK]

pics of gf

 

[Deeko]

pics of gf

Go away.

edit: You average a post every 2-3 days, and this is your contribution to the thread? Way to make 'em count!

 

[mshan]

http://www.nolo.com/legal-encyclopedia/landlords/

http://www.nolo.com/legal-encyclope...l;jsessionid=281055E968AA1A7D71275CDA2569BB4B (5% - 10% seems to be management fee; if you find highly qualified, experienced, and reputable management company, probably well worth the money so you don't end up with a totally trashed condo)

I would recommend interviewing at least 3 real estate management companies, do some independent google research, and hopefully make a wise decision.

 

[amdhunter]

KaOTiK asked the proper question.

 

[Perknose]

Is there a manangment office on site? If so, that would be her best bet.

 

[DaveSimmons]

> I would recommend interviewing at least 3 real estate management companies, do some independent google research, and hopefully make a wise decision.

Definitely do your homework. A friend of my mom rented a house out through a properly management company and it did not go well. The company claimed the walkthrough when the lease was up had no problems when in fact the place was trashed. This is second-hand so I don't have any more details than that.

 

[Deeko]

Thanks for the suggestions

Is there a manangment office on site? If so, that would be her best bet.

Actually, no. Its a pretty poorly run place if you ask me. They have a H.O.A. but seemingly there is no way to contact them?

 

[NetWareHead]

Stay away from section 8 renters. Avoid them like the plague and find a legal reason (bad credit history, poor references etc...) to dump them but don't discriminate on solely section 8 status.

 

[GodlessAstronomer]

pics of gf

 

[Soapy Bones]

I would make sure that the HOA doesn't restrict you from being able to rent out the condo. I've heard of several places that are now preventing owners from leasing theirs out to keep the continuity of the neighborhood..

 

[ajskydiver]

I'm currently renting mine and am using a management company.

My main worry was getting a good renter -- being able to do background/credit checks, etc. which is why I went with the management company.

They charged the first month rent and then 10% thereafter. Depending on how difficult it is to find a renter, you may or may not feel as if it's worth it.

 

[Gibson486]

you are on ATOT. According to ATOT, you are an idiot for having a Realtor involved in the renting process. Hey, do not shoot the messenger, I am just relaying the message they gave me.

Anyways, the fee is usually 1 months rent. You can eat the cost of the fee or pass it on to the renter. If your rent is something like 1200 and they want lower rent, you can always say, fine 1100, but you pay the fee. It equals out in the end.