We get many questions from potential and current clients regarding their personal situations. I got this email from a past client, and called her with her options -
I've been giving more thought to moving from downtown. Can I have my place for sale and rent at the same time? (Whichever comes first and/or whichever one that I can get the best price)
This was a great question, and when you are thinking of moving out of a primary home, and the home is not free and clear, it is good to have some options.
I had given this seller a few property management companies to contact when she has questions regarding the rental option. They had come over and given her a list of repair items and the potential rental amount to expect. She was happy, but now wants to compare the option to sell.
In my listing agreement, I always enter - if the seller wants to terminate prior to end of the listing period, the seller will pay me $XXX for advertising, and seller will be released immediately. With this, I suggested she contact the management company to see what they would charge her, if anything. In Denver, the rentals could be quicker, as this property is in the heart of Denver and in a desirable neighborhood. After doing the CMA, I suggested she prepare the property, and offer it for rent for a month, then we could do both, and can review her options to make sure she chooses the option to benefit her.
I always refund this advertising fee collected once we eventually close, so a win-win for the seller!