Do I need a Realtor to Rent a Home?

Having a Realtor assist your rental search may afford you more housing options.

There are many ways to find a rental home! While you can often find a new rental on your own, having a realtor assist you may afford you more housing options. Tenants may also have more negotiation options in terms of rental pricing and the length of the lease term by enlisting the help of a realtor. 

Private Rentals

It is highly possible to find a rental by contacting landlords directly. You can find available rentals that landlords list on sites like Craigslist, or local newspapers, social media, or even a sign on a property in your current neighborhood. When renting from a landlord directly, be sure to have a property lease agreement established in writing, and signed by both you and the landlord. You want to make sure that important items such as the start and end date of the lease are established. You also want to clearly state the rent amount and monthly due date in writing. Property maintenance and conditions should also be addressed in writing. If possible, when negotiating directly with a landlord, have your own attorney review the lease before you sign to make sure that your interests are protected. 

Corporate Rentals

There are corporations who own large rental communities all over the country. These communities have full-time staff to help with leasing and property maintenance. One example of a national rental corporation is the Avalon Communities (https://www.avaloncommunities.com/). You can go directly to the leasing office during normal business hours and take a tour of sample apartments with a leasing agent on staff. They often have simple application processes established for new tenants, and these corporations have their own standard lease contracts. Sometimes, these national companies offer rental “specials”, particularly in the slow months of January and February. 

Leases Negotiated with a Real Estate Agent

Homeowners can also list their houses for rent on the Multiple Listing Service similar to a home sale. Realtors for landlords help them establish pricing, and they actively market the property to help find the most suitable tenant. Real estate brokerages also help landlords screen tenants with national credit and background checking services, and they collect proof of income from potential tenants. Usually, homes listed by a real estate company are single-family properties or homes in a townhouse or condo community. For tenants who are searching for a more unique home, or a single family home in a particular neighborhood or school district, it may be beneficial to look for that type of rental with a real estate agent. Prospective tenants reap the benefits of individualized attention that comes from being assisted by a realtor. In addition, tenants may have the option to find more space and privacy in single family homes or townhouses that are exclusively marketed through real estate brokerages for private landlords. Both tenants and landlords have the benefit of a realtor assisting them in drafting a lease agreement so that it is customized to their needs. In New Jersey, the NJ Association of Realtors has a standard format lease agreement that outlines all of the important terms of typical leases, and also allows for unique stipulations and conditions to be added as needed. Both tenants and landlords have the option of having a lawyer review the documents once it is signed.