R5Realty News and Notes

Market Snapshots and Commentary on Value and Quality of life along the former Main Line of the Pennsylvania Rail Road, up until recently called the R5 Line, and now officially known as the Paoli /Thorndale line. R5Realty runs from Center City Philadelphia through the walkable, Westward outlying Towns & Townships.

Thursday, February 10, 2011

Lower Merion Rentals in R5 Country including Philadelphia and Delco.

Our aim in this and all R5Realty posts is to educate and demistify the process of buying and renting Real Estate. Helping people buy, sell, rent homes is what we do for a living, but in the interest of full disclosure, I dont believe a Realtor is the answer to every home-buying/selling situation and am not afraid to say so.
There are; however, exceptions to every rule. We're here to Help and be a Resource for home finders/sellers in the Western suburbs & Philly, so please dont hesitate to call, 610.348.7972 or email info@R5Realty.com.  

There are instances when using a Realtor to find a rental is a good idea, especially when you are looking in an unfamiliar area,  but I truly believe Craig's List is the best resource when looking for a house or apartment to rent. Yes, Craig's is chock-full of scammers and folks who  have been ripped off. But the same thing is true of say, car dealerships, yet people successfully buy cars from dealers all the time with wonderful results.
.

Some "Pros" of using a Realtor to find you a rental:
1- Having a Realtor involved introduces an element of professionalism and a code of ethics into the process of entering into a rental agreement. A Realtor can be of great assistance in protecting your rights as a renter and act as a buffer for any negotiations.
2- Realtors also have access to properties which can only be found only on the Multiple Listing Service and not accessible to the general public.
3- Realtors are generally compensated by the Landlord and it usually costs you nothing to have a Realtor help you find a rental.
4- If you dont know that much about the area/region/town in which you wish to rent, have a Realtor helping you can have enormous benefits in making sure you make a good decision about where to rent.

Some "Cons" of having a Realtor find your rental:
1- Many landlords do not compensate Realtors for delivering a tenant. Practically, there is no incentive for a Realtor to help you find a place when there is no commission reward. For many many available rentals there is nothing monetarily in it for the Realtor - so a Realtor may have an interest in showing you just a fraction of what is available.
2-Some landlords prefer to have a Realtor manage the process of finding a tenant, but very many feel they can do it just fine by themselves via a free craig's list advertisement. There is no law or rule of thumb and everything is negotiable, but typically I see that Landlords pay a commission of one month's rent when employing a Realtor to handle the renting. If Realtor A is the Listing Realtor and Realtor A also brings the renter to the table, the money involved isn't bad. But when Realtor A (the Listing Realtor) gets the tenant from Realtor B (the renter's realtor), the commission money is split between Realtor A and Realtor B. Once each Realtor's Broker takes a cut, there is very little cash left on the table to make it worth either Realtors time.
3- Bottom line is most Realtors (with significant exceptions) can't put food on the table with  rentals. Motivation is low and effort expended is rarely met with worthwhile rewards. And since a preponderance of landlords don't wish to pay Realtors a commission, Realtors are likely only going to show you a small slice of the available, commission-backed, rental market.

NEVERTHELES - Go ahead and give a Realtor a try if your are looking for a rental. While most Realtors inventory of available rentals that pay commissions may be small, you just might find a diamond in the rough. Some excellent rentals and apartments are Only advertised via the Realtor network and not findable anywhere else. So if looking for a rental, contact a local realtor and see what he or she can do for you. But definitely do let the Realtor know you will also be doing your own search via newspaper or CraigsList.

BY ALL MEANS, never EVER pay a fee to anyone, especially anyone on CraigsList in order to find a rental in Philadelphia or its suburbs. And of course always use common sense when meeting a stranger. Ideally, don't go alone when responding to a CraigsList ad and consider calling a friend when you meet the landlord. Make sure the prospective landlord overhears you describing where you are, who you are with, and other vital facts to discourage any nonsense. There are creeps on CraigsList, but I have also found it to have  the most comprehensive, diverse list of available rental homes. And most of CraigsList advertisers are good folks like you and me.