What are the Benefits for Landlords to Signing an Exclusive Right to Rent Agreement?
Massachusetts Landlords have multiple routes when it comes to listing a rental property. Those options range from listing it directly by owner, to using dozens of real estate agencies in the area. This article will discuss the benefits for landlords to signing an “Exclusive Right to Rent Agreement,” and the important factors to look for in a real estate agency. What is an exclusive right to rent agreement? In this type of agreement, you as a landlord give exclusive rights to one agent or company to rent your property during a specified period of time. What’s unique in this arrangement, is that it entitles the agency to be the exclusive listing agent for that property. It commits the landlord not to list it with any other agent or real estate company. This agreement is signed for a limited period of time, and the agent is paid a commission only if the property is rented during the fixed term of the agreement. Keep in mind, it doesn’t have to cost the property owner anything out of pocket! In the current market environment, only 12% of property owners are paying the full broker’s fee, 10% are paying some of the broker’s fee, and 78% of property owners are not paying any of the fee- the tenants are paying the fee. The Real- Time Availability Rate (RTAR) is 1.01% in Greater Boston, so owners are at an advantage here. Click to view full article: What are the Benefits for Landlords to Signing an Exclusive Right to Rent Agreement?
