Why use a Realtor to Find a Lease?

A smart client moving to the South Bay from out of state asked me today why she should use a Realtor and concentrate on MLS-listed property leases instead of just using Westside Rentals (which I frequently recommend) or Craigslist. Great question! Here's the answer:

You're definitely going to find many more properties listed privately on sites like Westside Rentals than through the multiple listing service. The differences are that multiple listing service properties are actually available, you will be represented by my brokerage, your lease will be negotiated by Realtors, and the lease agreement will be documented on the California Association of Realtors lease rental contract.

Of course many of the non-multiple-listing service properties are available too, but there's little enforcement that listings are removed once a property has been leased. That can be a nuisance but I wouldn't discourage you from checking those sources. To me, the bigger factors are representation and documentation, but many landlords prefer to save real estate commissions by finding tenants directly or through property managers.  

So I would say it boils down to a) bigger selection vs. b) convenience, representation, and documentation.

Rent A Home Or Buy A Home : The Case For Both Sides

Is it better to rent a home, or to buy one? The answer may not be as clear-cut as you think. In this balanced, 3-minute joint interview from NBC's The Today Show, you'll hear the case for both sides.

From the pro-renting part of the talk, there's valid points about the economic impact of low credit scores and/or no cash for downpayment, and the ongoing, annual cost of home maintenance -- estimated at 2% of a home's value.  Plus, renters have the ability to "follow a job" to a new town or region whereas a homeowner may be restricted, somewhat.

From the pro-purchase part, however, there's excellent points that were made, too:

• Mortgage rates are low and each 1% drop to rates equates to a 9% drop to home price
• Buyers can zero in on a particular area with particular schools or walkability, for example, better than renters
• A home can a piggybank over the long-term; a place for "forced savings" for families that want it

The segment then closes with 5 of the best cities in which to rent, and 5 of the best cities in which to buy.

Whether buying or renting, don't try to go at it alone. There's lot of resources online, and an email to a local real estate or mortgage pro can set you in the right direction.