Need advice about renting out apartment

Hi Fiordiligi,

I want to apologize for the bad experience you had with the agent. It sounds like the agent did the bare-minimum which unfortunately there are many that do that.

However, to imply that all brokers do is solely run credit checks is false. A good agent does a thorough background check that includes credit, criminal and arguably the most important tenant/landlord records. Obviously even the most thorough background checks from financial to criminal, etc doesn’t guarantee anything. It is important for the agent to present everything possible to the landlord in order for the landlord to make the right and best decision.

Again, I apologize for your bad experience and I hope in the future that the agent(s) you hire do right by you and your home.

kritikamanchanda

in General Discussion 6 years and 4 months ago

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jayphare | 6 years and 4 months ago

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I own a 3 fam in bed stuy and in the past i’ve only ever rented to family or close family friends.
I have a 1 bedroom i plan to put on the market,so i’m seeking advice
What safeguards i should take?
Should i use an agent? Do they do their due diligence to check credit,income?
Just want to make sure i’m prepared for this.

bklynbabe | 6 years and 4 months ago

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Yes get a good agent. Shop around a bit and make sure the agent comes up to see the place and take pictures..

They will check references and give you financial information and also can advise on rent and anything else.

Rest is really up to you. You must evaluate tenants considering your and their life style. Do you want children, pets and what kind of pets? Students? People who work unusual hours? People who work from home and we are not just talking about on a laptop but anything from giving piano lessons or doing people’s hair or all kinds of art. or experimental theatrical rehearsals.

You should be friendly and kind, and communicative, yet maintain some professional and personal distance. This is a business. Find out the tenant landlord laws for your type house. Put your own house rules (recycling days, use of common areas, roof access, late rent, keys,! painting, hanging stuff on walls etc ) on a rider to the lease and stick to them.

Oh —then tax considerations of rental are you need to file that scheduke on the 1040 for passive income The good news is you w ill have some nice deductions. The bad is that rent counts as income. Get an accountant if you do not have one, stuff gets complicated.

Good luck!

curiositykilledthecat | 6 years and 4 months ago

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We always find our own tenants. It allows you to meet and assess them on a couple of occasions, and folks are grateful to save the broker fee. There are numerous online companies that will conduct a background and credit check for a small fee ($50-Ish)

Good luck!

brokelin | 6 years and 4 months ago

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Advice like that from BklynBabe should NOT be followed – it is illegal to discriminate in housing based on whether people have children, are students or not, work unusual hours, etc., etc. – these decisions that tenants make about their lives are really not your business. I would suggest you follow the law and rent based on other, more relevant criteria.

Also, you shouldn’t be asking if agents screen – you should be actively involved in knowing what screening you want done, and be looking at application materials such as credit reports, etc. – you can’t really farm out the judgment on what is a good tenant to others, even if you use an agent to find you tenants.

daveinbedstuy | 6 years and 4 months ago

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I’d screen them myself personally. Yes, renters are grateful for no fee apartments. Maybe hire your lawyer to do all the credit screening.

kritikamanchanda | 6 years and 4 months ago

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Hi @ Jay Pair

First and foremost, I hope your flooding and gas issues from a few weeks ago was fixed and that you, your family and tenants are doing well.

Regarding the rental- you asked really fair questions. Agents can definitely help regarding safeguards and assisting with background checks/screenings. The decision at the end of the day comes down to you. There is a basic list of things that as agents we ask tenants to provide to show financial strength and the ability to be good, paying tenants. Some owners/landlords want more and others want less. I work with many landlords who aside from the required paperwork and background checks want to personally meet the applicants and get a feel for them. This is all allowed and should be encouraged.

If you decide to rent it out on your own, be very careful with your wording on advertising platforms because the law does not allow you to discriminate or show preference to specific groups of people, age groups, etc .

If you need any type of assistance my team and I (all live in Bedstuy) would love the opportunity to assist however we can.

Thank you and we wish you luck.

347-264-1515
noel.borbon@compass.com

kritikamanchanda | 6 years and 4 months ago

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Hi @ Jay Pair

First and foremost, I hope your flooding and gas issues from a few weeks ago was fixed and that you, your family and tenants are doing well.

If you need any type of assistance my team and I (all live in Bedstuy) would love the opportunity to assist however we can.

Thank you and we wish you luck.

347-264-1515
noel.borbon@compass.com

fiordiligi | 6 years and 4 months ago

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Brokers only run credit checks, which isn’t sufficient. You want to run a criminal check, as well as a L/T litigation check (the last is very important). You can take care of these yourself, through websites such as Amerusa and American Tenant Screen. You’ll need the applicant’s SS# and permission to have the checks run; they pay the fee. Since I started running these, I haven’t had a problem with a tenant. And if they won’t agree to the checks, just move on. I once had a tenant who passed the credit check run by the broker, but turned out to have a criminal record, fraudulent recommendations, and had been evicted by her past three landlords – always for nonpayment, but most recently for assault and battery on the prior landlord. Her criminal record had been sealed as it was her first offense, but she’d done two weeks in jail for it, as well as resisting arrest. I found that out when we were in L/T court for nonpayment; if I’d run the L/T check on her, I would have saved myself the hassle. It’s not worth going there. Protect yourself.

kritikamanchanda | 6 years and 4 months ago

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Hi Fiordiligi,

I want to apologize for the bad experience you had with the agent. It sounds like the agent did the bare-minimum which unfortunately there are many that do that.

Again, I apologize for your bad experience and I hope in the future that the agent(s) you hire do right by you and your home.

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