"I don't need a broker, I'll stop by myself" or the wolf has a thick neck because he does his own work.
Do you want to rent out your property quickly, easily, without intermediaries, with minimal stress and maximum efficiency in finding the perfect tenant? More and more often, property owners resort to their social media profiles to rent out their home, relying on their personal contacts and in an attempt to avoid interacting with brokers or traditional real estate agencies. Various groups and communities on Facebook are also becoming a platform for searching and offering apartments "WITHOUT WRITE TO ME BY BROKERS", "DIRECTLY FROM THE OWNER", "WITHOUT COMMISSION", etc.
However, what are the risks in this relatively new housing supply process?
Although some landlords succeed and things happen quickly and without stress, because they were lucky or they hit the right moment and person for the offered property, in most cases the process drags on for too long. The owner falls into a vicious circle of communication, coordination, inspections, inspections and more inspections with a multitude of supposedly interested buyers. And in the end, on the verge of a nervous breakdown, he still turns to an agency or broker, hoping that the property will simply be rented out, without having to deal with it and without wasting any more valuable time. But does this happen and at what cost?
Advantages and disadvantages of working with a traditional real estate agency and working with a broker
The traditional rental process in theory involves several steps – from publishing the ad on the relevant website, through communication with potential tenants and inspections, to negotiations and settling legal formalities. While renting through personal contacts may lack transparency due to formal agreements that leave room for disputes and misunderstandings, working with an official intermediary minimizes such situations. It is important to note that each agency and/or broker has access to an extensive network of potential tenants/buyers. An unwritten rule is that some of the properties do not even reach publication and are rented out through the contacts of the agency/broker. Last but not least, you get the advantage of receiving expert advice on market trends, professional negotiations and preparation of all necessary documentation.
All this seems like an extremely orderly and efficient process, but unfortunately it hides its pitfalls. The process, although orderly at first glance, often turns out to be inefficient and too lengthy. In most cases, the property owner is again involved in inspections to attend, and therefore a significant amount of time is wasted in conversations and coordination of a total of three parties. Although brokers, whether they represent an agency or are freelancers, offer personalized services, they do not always prioritize the interests of their client. The lack of adequate communication and contradiction in the positions of the parties involved can lead to misunderstandings and legal troubles. And all this at a rather high price, given that brokerage and agency commissions start from the value of a minimum of 1 rental, and in addition, an exclusive offer agreement, which limits the owner to act or seek alternative options for renting out their property.
Is there an alternative that would save landlords time, nerves and money?
If you haven't heard of the existence of a digital real estate agency, it's time to get acquainted with it. the innovative model for offering homes for rent and for sale. This model is developing successfully in different countries around the world, completely changing the way real estate markets function. Its basis is to provide more value for property owners, saving them time and effort and giving them the freedom to decide whether they want to participate and control the process or leave everything in the hands of a team of specialists. Unlike traditional agencies, digital ones operate without brokers and are distinguished by an almost completely digitalized process, respectively low commissions for property owners and a completely free service for tenants and buyers.
The innovative model has already entered the Bulgarian market with the platform flatimo, which stands out from the familiar sites by offering listings with an exact address, detailed photos and videos of each property, as well as the ability to reserve a viewing via an online calendar. In addition, landlords can choose whether to conduct their viewings themselves, managing the process digitally, or to delegate the organization and conduct of them entirely to the flatimo team. The platform allows for the conclusion of online contracts and additional assistance on legal matters, if necessary.
This revolutionary approach is yet to develop in our country, setting new standards for the real estate industry and certainly providing more opportunities, both for property owners, and for those seeking them. Will you be part of the change?
Contact us today and rent out a property without a broker!