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Sell, Lease, or Rent...What do I do?

I just took a listing in which the homeowner really wanted to sell but would settle for a lease or rental option just to be out of the house. With supply of available homes far outpacing the demand this could be a question that many Realtors begin to hear. A quick review of the Landlord/Tenant Laws, area rental market conditions, and the local players in property management for your area could be a wise investment of your time. Many agents that I come in contact with avoid property management like the plague. With that being said, most agents do not have a good handle on the ins and outs of the rental community and property management. I suggest that you invest some time in talking with a few people and add this service to your referral list. A passing knowledge and the right people on your team will enable you to handle these questions and situations with the same expertise that you convey when talking about the neighborhoods that you are an expert in, negotiatiing skills, or marketing skills.

Good day!

Chuck

Think B.I.G. www.theBakerInvestmentGroup.com

Posted by Charles Baker on 10/06/2007 03:29 PM

Comments (7)

property management, phoenix real estate, arrowhead real estate, glendale real estate, glendale property management, phoenix property

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7 Comments on Sell, Lease, or Rent...What do I do?

OCT

2007

Great advice! Many of my clients have opted for leasing their properties instead of selling as well. Many of them have asked me if I would manage their properties for them (actually the requests keep pouring in!) so I have structured a property management division within the REMAX office my husband and I own. I actively managed the rental properties my husband and I had and enjoyed it very much. Funny thing is, it had never dawned on me in the past that many other rental property owners prefer to have someone else manage the regular activities involved rentals. I agree with you, agents do need to be more aware of the rental community in which they live and be prepared to know all the top players in property management.

I thought the same thing 1 1/2 years ago. So I am a go-getter, I thought lets take on a couple of rentals...all the while my broker, older and smarter, said "watch out". After 2 horrific rental clients who ran me to death and were never satisfied, I am now out of the property management game.

My advice is this, unless you have a network of service providers, and experience with the rentals, leave it to the professional property managers. It is too much work for the small amount of homes you can get without rental resources.

OCT

2007

Zulma it sounds like your experiences mirror mine. You need to know your market and have a system in place to handle property management. Thanks for the comment.

Brian your advice is what I was trying to say as well. Unless you have the team in place a referral to the local experts in property management is where you should be heading. Thanks for the comment!

OCT

2007

We have become bombarded with calls for property management. Even though we are successful at it, we are not quick to jump at each phone call. Some owners we have to let go, some we avoid, and some we are grateful to have. Owners and their property have to be screened just like tenants.

You advice is excellent for times as these. Many have not embraced the changes enough to make adjustments. Thanks for the write!

BTW - WELCOME to Active Rain.... and please join the Property Management Group here on Active Rain! We look forward to your contributions and hope we can contribute useful input to you as well!

OCT

2007

Diane,

Thanks for the comments and advice. I agree with you totally. I read my blog again and perhaps did not state clearly that I think MOST agents should refer clients to an established property manager as a matter of good customer service. Picking up one or two properties here and there in my opinion is a recipe for disaster...like Brian's story a few comments up.

I look forward to chatting with you in the future.

Chuck

JAN

2008

I agree. Investors should always have their team of real estate advisors lined up and ready to go before they jump into the game, which should include a good realtor who understands their market place and investment properties as well as a good property manager.

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