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For Sale and Rental SQUARE FOOTAGE is NOT the SAME * Rental Prospects may be Confused!

By
Property Manager with Gibson Management Group, Ltd.

I've been having more discussions lately with rental prospect callerts who THINK that a Rental listing SqFt is the same as For Sale listing...and it is NOT.

While the UNimproved SqFt of a For Sale property may mean something to a prospective buyer, I'd rather have that description space in the listing for something else of importance.  

The ENTIRE SqFt of a rental is what is being rented; however, the UNfinished area available for expansion or build-out may be important to a prospective BUYER.

Since I have floor plans of my listings available on my website as well as 20+ interior photos, it is easy to see when there is UNfinished space available for STORAGE, Workshop Area, Winter Play Area.  

A little education on this difference is important so that rental prospects get the WHOLE picture of the available property!


Posted by

Wallace S. Gibson is a Certified Property Manager with over 50 years of property management experience and expertise.  She maintains a specialized property management business in Central Virginia serving Albemarle, Greene, Fluvanna and Louisa counties  

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Comments (6)

Dennis Swartz
Full Circle Property Management - Columbus, OH
MBA, GRI...experience counts!

Good point, and you are correct. Tenants need usable living space, not potential square feet!

Dec 27, 2011 11:18 PM
Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA
LandlordWhisperer

Dennis * UNfinished square footage may increase rental rate by $100 to $150 if prospects need storage space....

Dec 27, 2011 11:23 PM
Al Raymondi
Ocean View Realty Group in Ormond By The Sea Florida - Ormond Beach, FL
Ormond By The Sea Florida - Home and Condo Sales

Providing the floor plans and multiple photos is a great way to allow prospective tenants to understand what is available Wallace.

Dec 27, 2011 11:34 PM
Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA
LandlordWhisperer

Al * I agree * If I can't get them from the builder or previous MLS listings, I draft them myself and have them done by EZFloorplan - AWESOME!

Dec 27, 2011 11:48 PM
Roger D. Mucci
Shaken...with a Twist 216.633.2092 - Euclid, OH
Lets shake things up at your home today!

It certainly makes sense, but this is something I hadn't even thought about Wallace.............good point.

Dec 27, 2011 11:54 PM
Michelle Francis
Tim Francis Realty LLC - Atlanta, GA
Realtor, Buckhead Atlanta Homes for Sale & Lease

Wallace, 

We typically have it as the same sq footage.  How it will be used for a tenant or buyer can be the same.  In many cases, even tenants are looking for extra space or storage that doesn't necessarily have to be finished.

We have one unfinished basement in a nice house that has been used as his office, teenager hangout room, storage, and rainy day play area for kids from California.  It's all in the eye of the beholder.

All the best, Michelle

Dec 28, 2011 12:47 AM