Renting out my home for the first time. Is a realtor essential? I have a lawyer for the lease already.

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You can handle everything on your end if you know what you are doing. No need of realtor or lawyer if you do it right

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The house is in NY which is very tenant friendly so I’m having a lawyer do the initial lease.

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No, you can use Zillow for the applications and it’s free.

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I asked my realtor who also rents his own property and he said just use ZILLOW RENTAL MANAGER. I did, and I’m so glad. It’s easy AF. and Free!!! They have free contracts, manage the payments etc.

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Do it let you run background checks (for a fee)?

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Not necessary, but it helped in our case as they were able to line up 10-12 prospects within a week. Vetted the applicants and finally was able to execute contract at the asking price. Charged a fixed fee as opposed to 1 month rent like most realtors. Good luck!!

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A local realtor: generating leads, performing showings, vetting prospective applicants, credit checks & final contract.

I just run ads on Craig’s list. Never had a vacancy. I run background checks through a service from one of the credit rating agencies.

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I would highly suggest hiring a good property management company. So they can deal with everything for you and you can just sit back and collect a check. It's well worth the cost.

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Any suggestions for a property management company in NY?

The important thing for you to know is if the realtor is charging you a fee for leads. In my area in NJ, tenants pay realtor fees, so I don’t pay anything to realtors. If that’s the case why not? As they would bring you prospects + run background checks with no additional effort on your end.

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