A Real Estate Agent's Responsibility for Setting Fair Rent Value
Rental agents make themselves available to help property owners find the right tenant for their rental. Signing a contract with a rental agent means the owner has purchased the agent's expertise in exchange for a fee or commission, and the agent has agreed to provide specific services to the best of his ability. A landlord may contract a real estate agent to find tenants and execute the rental agreement, or he may contract a property management company to oversee the property through the duration of the rental.
Rental Agent's Duties
The agent's main duty is to find a tenant for the rental property. This includes marketing the property to prospective tenants. Using his knowledge of the local property market, he advises the landlord on factors such as the type of tenants to target to achieve optimum occupancy and the right rental price to charge. The agent interviews potential renters and checks their references, and completes the necessary forms and agreements for the rental. The rental deposit is collected and the keys handed over.
Comparative Market Analysis
A comparative market analysis is the agent's best way to determine the value of a property, and once he has done this he can advise the landlord regarding the rent to charge. To get the analysis, he compares the property against other rental homes of a similar size in an area with similar levels of household income. He takes account of the facilities offered by the home, the number of bedrooms and bathrooms, the quality of the finishes and the proximity to schools and shopping areas.
Rent by Space
A major factor in the analysis conducted by the real estate agent is the amount of space available for rent. For example, if the house has five bedrooms the owner and agent may define "college students" as the target market. Few families need such a large home, and the owner is more likely to have occupancy by renting to several independent tenants simultaneously. Information about other similar-size homes in the area that students rent will help the agent to know what price the market will accept.
Geographical Location
Another factor in the agent's effort to determine fair market rental value is the location of the property. The closer the home is to the target rental market the better; in the example of a rental for students, proximity to the local college or university will help ensure a wider pool of potential renters, and a better chance of full occupancy.
HUD Rental Rates
The U.S. Department of Housing and Urban Development has a database on "Fair Market Rents" for any area in the country. The real estate agent can refer to the data provided for the area in which the rental property is located, and this will help determine the accuracy of his recommended rental price based on the other information, and will confirm for the client that the agent has set a fair rent value.
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