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Katy Perry
2011 Apr 12, 11:14am
increase in your rental does not mean market rates are going up across the board. Bay area will always be special,..untill it's not for the individual at the time of purchase or sale.
but but I thought,...
Even though it sounds like you are a DIY landlord, the real estate salesmen may think that your place is run through a property management company so they can get a real estate fee/commission if their client is selected. Property management companies are run by licensed real estate brokers by CA law and must be licensed through the DRE. I learned this lesson about 10 years ago when a Realtor found one of my single family home rentals through the MLS and brought a client to the large management company I use here in Pasadena. I ended up paying a fee to the Realtor (through the management company taken out of the first months check they sent me) because we selected his client. The tenant turned out to be a good tenant and was well qualified so he was selected, but it still irks me that yet another Realtor got into my pocket. I didn't know how this worked with Realtors until it happened to me 10 years ago, so I learned a lesson. Real estate sales people even got into my pocket through the lease of a rental property. Fortunately, it's only happed to me once in 20+ years.
Here's an excerpt from the DRE: 10131. A real estate broker within the meaning of this part is a person who, for a compensation or in expectation of a compensation, regardless of the form or time of payment, does or negotiates to do one or more of the following acts for another or others:
(b) Leases or rents or offers to lease or rent, or places for rent, or solicits listings of places for rent, or solicits for prospective tenants, or negotiates the sale, purchase or exchanges of leases on real property, or on a business opportunity, or collects rents from real property, or improvements thereon, or from business opportunities.
toothfairy
2011 Apr 12, 12:53pm
since houses aren't selling realtors must be trying to get into the rental market action.
yes I'm a DIY landlord and have no intention of paying them to find me a tenant (You'd think that's the first question they'd ask).
I listed my bay area rental house with a 10% rent increase and it looks like within 2 weeks I have multiple offers.
I didn't really see this coming but it seems like competition is growing.
I had a few apps from walkaways and short sellers, I dont know what will happen to these people because bad credit immediately sends you to the back of the line.
Also a new trend I've seen for the first time. Realtors are now "touring" rental properties for clients. We may have had this in the past but this is the first I've seen and I had 3 realtors contact me wanting to tour my rental for a client.
interesting.
advice to renters: renew your lease especially if your landlord is asleep at the switch not paying attention to the current rental market.
#housing