How to Hire a Real Estate Agent to List Your Rental Property for Free
This post is for all the landlords or future landlords out there who have properties that need to be rented. Did you know you can hire a real estate agent to list your rental property for free? That’s right, the landlord has the option to waive the broker fee so that the tenant is responsible for it instead.
The broker fee in NJ is equal to one month’s rent. So for example, if a landlord wants to rent out their property for $3,000 per month, the broker fee would be $3,000.
The landlord now has 3 options:
The landlord pays the entire broker fee so the tenant doesn’t have to. This could potentially bring more traffic to the listing since the tenant is saving money and it’s pretty rare to find a rental with no broker fee.
The landlord pays half the broker fee and splits it 50/50 with the tenant. This is a little more common and usually what I recommend for the landlord to do.
The landlord waives the broker fee so it falls 100% on the tenant. This might deter certain tenants, but it’s pretty common practice nowadays, so most tenants are used to it.
So if you’re a landlord looking to rent your property out and you’re tired of doing all the work yourself, you can hire a real estate agent to do all the work for you without any money out of your pocket.
The real estate agent will take care of the following:
List the property on the MLS and online.
Take photos of the property.
Determine the right price for the property.
Suggest tips / tricks to make the property ready to go to market.
Handle all the marketing and advertising.
Show the property to potential tenants.
Screen potential tenants to make sure they’re qualified.
Prepare the lease.
It’s very rare to find a professional you can hire for FREE these days, so take advantage of this resource.
If you need help renting out your property or know someone who does, please feel free to reach out to me here.