Thursday, July 01, 2010
But I need to find a rental in Albuquerque!
Have you had a hard time finding a rental through the MLS? A hard time finding a real estate broker who works in traditional sales to help you find a rental?
Don't feel alone. Everyone does. In case nobody has taken the time to tell you why, here goes -
In many areas of the country, there is a centralized database - either in the MLS or a similar product - which allows showing and cooperation between brokers and brokerages to show and lease out properties. This is a system very much like the use of the MLS for selling properties. This system establishes the inventory, and offers it with compensation to other brokers to show and lease the properties for their clients.
In Albuquerque there isn't any such product. Real estate brokerages that specialize in sales live in a separate world than property management companies. The property management companies will show and lease their own inventory. There is no centralized database to find all the rentals that are available, thus the best approach is to simply call all of the leasing agents that you can and see what they have in their inventory.
Before you do decide to rent for your Albuquerque relocation, make sure you have studied the standard lease agreements in the area you are searching in. What we find most often is that 6 month leases are difficult to obtain, anything shorter is nearly impossible, and the standard menu seems to be a 12 month lease. If you plan on buying a home while you are renting, make sure you know the penalties for breaking your lease before you sign on the dotted line.
What many of our customers have found useful are the short term executive suites that are available - and we are glad to share that with you anytime you ask. Just email us for a list of the opportunities.
Also, be sure that renting is really what you want to do - analyze your rent/buy options to see what your financial picture paints before you fill in the blanks on a lease agreement.
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