I've been asked twice this week if one of my FOR LEASE properties was also on the market for sale.

Seems that many UNsold homes are now going on the FOR RENT market after the owners have DEPARTED and the listing agents are being tasked with finding  a tenant and they are NOT taking off the FOR SALE sign.

While it could be that 1) they don't have any FOR RENT signs; 2) that the owners want the property to stay on the SALES market while attempting to RENT it also; or 3) that the agent is too lazy to remove and replace the signs, it is MORE likely that a PROSPECTIVE BUYER may call on a FOR RENT sign than a TENANT PROSPECT will call on a FOR SALE sign.


 

See, someone looking to RENT a home, in all likelihood has just gone through the process of showing their former/current home by either their sales agent or landlord and so they do not want to have to think about SHOWING their next rental home at the same time they are making their home selection.

Giving rental prospects the idea that they will AGAIN, be showing their home is a bad mental image and is a turn off.

I just had a phone call from a tenant prospect from one of my Craigslist postings of today...they want to see a home I have available for occupancy NOW.  When I asked them when they were moving, she said that their landlord just put their home on the market FOR SALE...when I asked when their lease is ending, she said NEXT AUGUST!...so she wants to leave NOW.

 

Wallace S. Gibson, CPM * GIBSON MANAGEMENT GROUP, Ltd.

LandlordWhisperer

View our available Charlottesville, Albemarle and Lake Monticello rental homes online with photos and floor plans


"...to be a Virginian, either by Birth, Marriage, Adoption, or even on one's Mother's side, is an Introduction to any State in the Union, a Passport to any Foreign Country, and a Benediction from the Almighty God...." Anonymous

 

 
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8 Comments on AGENTS! Owners want to NOW RENT their Homes? Take Off the FOR SALE sign

OCT
11
778,346 Points 97 Featured Posts Outside Blog Called Shot Master

Wallace - there is a home that was overpriced for sale, now is asking too much for lease. Not sure what they will be doing next.  :)
8:34pm • #1
OCT
12
1,022,688 Points 66 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Tom - sellers and agents rarely factor in the cost of utilities and upkeep as well as the loss of insurance coverage if a property stays vacant...having a good tenant in at market rent is the preference!
3:16am • #2
648,519 Points 69 Featured Posts Outside Blog Attended Rain Camp

Hi Wallace.  Really dumb to give a prospective tenant the idea that their stay will be a short one.
3:43am • #3
1,022,688 Points 66 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Fewer FOR RENT signs really show how popular an area might be; whereas MORE FOR SALE signs show the opposite!
3:52am • #4
379,000 Points 5 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Wallace, 

Interesting.  We actually do offere homes for both, and 90% of them lease out first AND get pulled off the sales market.  We do not show the homes while the tenant is there until the last 60 days of the lease.  It's a normal showing period and isn't an issue. 

For the recent one we sold, there was just more demand at that price point and condition than we had realized and it sold well wihtin the week.  (It also had an offer for lease within the week, but the owner was thrilled to get it off his books!)

Having said that, one last home we leased that was also for sale had an agent try to come by to show just as we leased ti.  The prospective buyer said that was the fourth home they had looked at for sale that had leased instead!  Very dynamic market.

All the best, Michelle
11:52am • #5
532,427 Points 8 Featured Posts Outside Blog Called Shot Master

Wallace,  interesting twist to the 'rent vs buy' question.  Here in Erie we are finding that rents are going higher and higher so it makes sense to buy if credit and job prospects are good.

 
5:30pm • #6
1,156,628 Points 29 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Wallace I am seeing more homes here for rent and sale at the same time.  Most of the time the for sale sign is what you will see.  Some here are looking for short term rental and will be agreable to showings by appointment.

The signage is probably something that should be discussed with the owner and if they are more motivated to sell the for sale sign will stay up.

 
11:06pm • #7
OCT
13
280,587 Points 14 Featured Posts Called Shot Master

Wallace, I agree that is a big turn off, I would not want to look at leasing a home that could end up being sold...
8:29am • #8

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Wallace S. Gibson CPM *

LandlordWhisperer

Charlottesville, VA

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Gibson Management Group, Ltd.

Office Phone: (434) 825-1933

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