What the lease listing TELLS you that is not in the MLS!
Was out showing properties for lease recently and was amazed at what I could tell first from just a quick glance at the listing sheet info and how that was confirmed by the showing. What I mean by that is when folks are looking to lease; a big component is how the landlord is going to handle the property.
There are a number of clues in the listing sheet – such as details about the property – pictures – if there are just a few or more info. Is it updated, clean, and ready to re-rent? Or does it need an overhaul of a bunch of main rooms.
From the listing sheet I noticed as we got out of the car that the co op fee was lower than the variable LOW fees. Not a big deal, there’s not a ton of money in showing leases; I just wanted to find a good home for my tenants. However, that single little clue gave way to a much bigger picture.
We met a nice listing agent that then shared with us she owned the property. (Not in the listing info and should be.) Then, as we walked through the property there were some nice updates, but some big items still needed help. After looking at a back yard that was entirely weeds, my client wondered why since it was pretty small it wasn’t in better shape. Then, as we toured the master bathroom, the house had a new vanity sink and granite countertop but the entire original tile from 50 years ago on the floor and in the tub. (Unfortunately in the tub – it was black – not just from mold – but truly needed to be re done.)
This was true in a number of areas where the work just didn’t add up. The agent/owner made suggestions of what the prospective tenant could do (with their own money of course to improve the property.)
So, the little clue in this case told a much bigger picture, the owner was most interested in maximizing their return, but not in maintaining and keeping up a big asset. My client just left shaking their head, as it seemed like the owner wouldn’t be interested in taking care of the property, but in making complaints about how the tenants weren’t taking care of it.
While there is not a ton on the leasing market available, my clients said NEXT, please!
What clues do you see in real estate?