real estate professional search
June 13, 2021 7:31 PM Subscribe
What kind of professional do I need to help me rent out an apartment? And how do I find such a person? I am in NYC.
I was fortunate enough to purchase a condo in Manhattan in 2017, but need to now relocate for work elsewhere. I am planning to be back in the city (hopefully) in 2-3 years, and for this reason am leaning toward renting out my condo (already okay'd it with the board) instead of outright selling it. I am having trouble finding what this should look like regarding what kind of professional I should find, how to find this person, and what the process and timeline looks like. I have the impression that this is a real estate agent of some kind or maybe a management company, but do they only work with large landlords? Or should I be looking at listing out the apartment myself on one of the listing platforms? Maybe I am not searching for the right things on google, but I am only finding articles from the perspective of the renter, or a large landlord. I have a small 1-bedroom apartment which is where I am currently living, I would like to find a long-term tenant, I feel terribly ignorant about the whole process, and am hoping for some help.
I was fortunate enough to purchase a condo in Manhattan in 2017, but need to now relocate for work elsewhere. I am planning to be back in the city (hopefully) in 2-3 years, and for this reason am leaning toward renting out my condo (already okay'd it with the board) instead of outright selling it. I am having trouble finding what this should look like regarding what kind of professional I should find, how to find this person, and what the process and timeline looks like. I have the impression that this is a real estate agent of some kind or maybe a management company, but do they only work with large landlords? Or should I be looking at listing out the apartment myself on one of the listing platforms? Maybe I am not searching for the right things on google, but I am only finding articles from the perspective of the renter, or a large landlord. I have a small 1-bedroom apartment which is where I am currently living, I would like to find a long-term tenant, I feel terribly ignorant about the whole process, and am hoping for some help.
Yes, you hire a real estate broker to photograph and list the apartment for you, find tenants and handle showings, and manage the process of getting them vetted and approved by you and your condo board. When I did this exact this thing a few years ago with my NYC apartment, I asked a friends and neighbors for recommendations for brokers they had worked with and liked; I ended up using one who had previously found renters for another apartment in our building.
posted by minervous at 8:42 PM on June 13, 2021
posted by minervous at 8:42 PM on June 13, 2021
Property management firms not only find tenants but they will deal with collecting rents and maintaining the property when things break (or need routine care).
posted by metahawk at 9:02 PM on June 13, 2021
posted by metahawk at 9:02 PM on June 13, 2021
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They will advertise and screen applicants and once leased, will take care of maintenance and dealing with tenants. They charge a monthly fee (usually a percentage of collected rents), but as you are moving away from the area, hiring a property management company will be worth the fee and save you a lot of headaches. You may want to check with your accountant on how your taxes will be affected. And check with your insurance about a landlord policy. Good luck!
posted by socrateaser at 8:38 PM on June 13, 2021