First time landlord in NYC - Do I need a real estate agent?

[Minji Kim]

Hi,

I currently own a condo unit in NYC and am looking to rent it out in a few months (transition it to an investment property). Do you recommend using a real estate agent to help find renters? 

Without a real estate agent, are there software tools that I should be using? (e.g. scheduling showings, background checks, creating a lease)

Thanks!

[Abel Curiel]

Hello @Minji Kim!

Great questions!

Regarding the DIY approach:

- Background checks can run you $20-$50 each from platforms like tenantbackgroundsearch.com, American Apt Owners Assoc., e-renter, rentprep and more

- Dozens of platforms, listed here, allow you to post your rental listings online for a range of fees depending on subscription length, account type, and features requested

- Run comps using 3rd party sites to see what recent rental apartments have rented for (not to be confused with active rental listings), & price your rental unit accordingly

- Lastly, hire a professional photographer or cash in a favor from a friend with a good camera!

You do not need an agent to do any of this but if you'd like to spare some of the expense and save a ton of time, I'd recommend it
Time consuming parts related to the DIY method:

-initial communication with prospective tenants aka handling inquiries

- showings/walkthroughs 

- collecting application documents

- following up with tenants

- coordinating interviews & lease signing 

- & more!

This can become a full-time job for you and a Realtor oftentimes handles these tasks while collecting compensation from the tenant which means you could potentially only be paying for a tenant screening report.

Best of luck to you locking down a great tenant!!

Abel