Profile picture for mdrp

Moving to Texas from Maryland &need to rent my condo. Besides craigslist I dont know where to begin!


1bd/1bth

I know I have 2 options:

1) Find a renter myself, (I'm near the Univ of MD) but take the gamble on all the details. (Cheap, yet risky)
2) Hire a management company to do the app/listing/background check/rent collection for me, but pay a huge fee. (EXPENSIVE, but safer.)

I need some guidance.

MP
  • August 10 2012 - College Park
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Answers (7)

Profile picture for mdrp
Thanks folks...i should have added that I live in a high rise condo, so there is always maintenance guys available. I've only had garbage disposal issues (repair, then replace), which waited til the next business day. They also do spring and fall maintenance in each unit. So this helps cut down the cost/worry for maintenance.

I just need help finding (and keeping) a renter.

Thanks for all of your suggestions! I also have a friend who had a realtor watch her place while she was overseas...so I may start there, and if that doesn't work, I will start contacting you all. Thanks again!
  • August 10 2012
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Ps you should have the carpet stretched; it will also be a cost of renting and tax deductible.
  • August 10 2012
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You might be able to advertize for fre but not do all the other tasks. Most likely living expeses are going to be much lower. i will save myslf a lot of work and hire a local agent or management company. The expenses are tax deductivlr but the damage cause to your health with he problems has no price. Best of luck.
  • August 10 2012
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I would interview several REALTORS who are specialized in renting/leasing properties in your area. You should not have a problem finding one. If you need a good referral, I can locate one for you.
  • August 10 2012
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It boils down to what you want. Your going to be 1500+ miles away from your condo, even the most basic tenant requests may be difficult to manage. Find a solid broker that has an in-house property management department and they will as Matt stated charge a nominal fee for the listing, down here we usually see .40-50% of the first months rent. Should you decide to hire your broker to manage the property, fees vary but our office only charges 10% of the monthly lease amount. So 40-50% to list, 10% of the monthly rent thereafter is a great deal. Marketing will be handled by your broker... consumers shop for everything online so who you choose to handle/market/advertise the sale for you (should you list) is of extreme importance because every brokers services vary by leaps and bounds. Another benefit if hiring a management company is renewing your lease, getting your property ready should a tenant give notice and getting another qualified prospect in the condo. Background checks, work history, rental history etc...If your a do it yourselfer good luck some people have managed their own properties with minimal issues. [Self promotion deleted by Zillow moderator. Please see our Good Neighbor Policy for more information.]

  • August 10 2012
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You do not necessarily have to hire a property management company.  You can hire a realtor to rent your unit out and pay a one time fee nor a reoccurring fee you would be charged with a property management company.
  • August 10 2012
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Profile picture for wetdawgs
In addition to Craigslist, you can advertise at no charge on Zillow.

However, managing a rental from >1000 miles away is tough.    If you don't have a local contact who you can depend on who will deal with 2 am emergencies, I'd recommend a management agency.

  • August 10 2012
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