Kansas City Homeowners: Should You Rent Your Home, or Sell It?

By
Real Estate Agent with Reece & Nichols Realtors-Kansas City

 

 Kansas City Homeowners:  Should You Rent Your Home, or Sell It?

 

Kansas City Homeowners Should You Rent or Sell?If you live in Brookside, Waldo or Red Bridge in South Kansas City, you may have noticed that the real estate sales market is moving a little slowly. After hearing from their real estate agent, many homeowners find out how much equity they would get from their home sale, and the net proceeds aren’t what they expected.  You may determine that now is not the time to sell your home. Perhaps, you want to wait to see if prices increase in the future. So how do you determine if renting your house may be an option for you today?

 

 

 

3 Scenarios That Mean That You May Want to Consider Renting Your Home:

 1.     If you have your home on the market, and according to your real estate agent and the comparable recent sales, it is priced competitively – and is still not getting showings, or offers.

 

2.     You want to move to a different home either because you need to relocate, or need more or less space – or just want to move to another house that meets your needs.

 

3.     You simply want to take advantage of the great low home prices in this buyer’s market. Plus, with the favorable loan terms, you realize that with the low interest rates (in some cases, under 4%), that now is really a perfect time to buy.

 

If you decide that you want to rent your home and become a landlord, you have to determine if you will hire a real estate agent to list your home for rent, or try it on your own. If you use an agent, they should have access to resources of professional services to promote your property to the largest number of potential tenants, as well as a renters screening service to screen their credit and rental history.

 

Then, once you find an acceptable and good renter, you should decide if you want to manage your property yourself, or hire a property manager to take care of it for you. Initially, you will probably pay one month’s rent to the agent for finding the tenant. Then, for a monthly fee, a property manager will field calls from the tenants regarding problems and manage the repairs for you. Be prepared if you decide to take care of any complaint calls yourself. You could end up with a call from a tenant anytime around the clock. Imaging that after you’ve settled in for the evening, and it’s below zero outside and the tenant’s furnace stopped working. You can’t simply say that you’ll figure it out the next day, or ignore the call. You must respond to your tenant quickly. You should have access to at least 2 professionals in each trade. 3 are ideal. If you can’t reach your first furnace person, then one of the other 2 should be available. You need your on-call plumbers, electricians, etc. as well. So, ultimately you have to determine if you have the time, patience and personality to be a property manager or hands on Landlord. If not, you should hire someone who has the time and dedication to properly take care of your property.

               

So Brookside, Waldo or Red Bridge homeowners in South Kansas City, if you want to see if there is a solid rental market in your specific neighborhood, contact me. Find out what the comparable sales are like in your area, or if there may be a better market for renting your home vs. selling it today.

   

Posted by

 Kansas City Real Estate Stacey Johnson-Cosby

 

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Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
Mid Hudson Valley real estate connection

Stacey so  me good tips for home sellers.  Making the leap to own or manage rental properties is not for every one.

Sep 26, 2011 04:54 PM #2
Rainer
482,868
Chandler Real Estate Liz Harris, MBA
Liz Harris Realty - Chandler, AZ
#ChandlerRealEstateAgent

I do my own property management to keep a pulse on what is happening...

Sep 26, 2011 04:54 PM #3
Rainmaker
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James Muhammad
RE/MAX Champions - Upland, CA
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Stacey I really like this Blog Post. The three (3) points you make are very, very good. In California the market is about 50-60% rentals now because of the loan process.

Sep 26, 2011 05:01 PM #4
Rainer
207,280
Stacey Johnson-Cosby
Reece & Nichols Realtors-Kansas City - Kansas City, MO
Selling Kansas City-Real Estate & City Blog

I agree, Jennifer. There's nothing more stressful than trying to manage a property when it doesn't match your personality, or skill set.

Hi Liz, I do too. My husband & I own rental property and we like to know first hand what's going on with the them. He handles repair call, and I take care of the "office" stuff.

Sep 26, 2011 05:03 PM #5
Rainer
207,280
Stacey Johnson-Cosby
Reece & Nichols Realtors-Kansas City - Kansas City, MO
Selling Kansas City-Real Estate & City Blog

Thanks, James. Wow, that's an awful lot of rentals. That has a big impact on market value, too. So, I know that we all hope the market changes and people can go back to living in their own homes, or being able to sell them. P.S. I wonder why I see a lot of code above your message? It's very different, I haven't seen that happen before. I'm glad you stopped by!

Sep 26, 2011 05:12 PM #6
Rainer
128,172
Erna Neal
The Viking Team, Realty - Winter Park, FL
A Knowledgable Central Florida Realtor
The rentals in our area are about 50% and has been that way for a while, but property management is not for everyone, I've seen owners try to manage their own properties and then not do it properly.
Sep 27, 2011 06:36 AM #7
Rainer
207,280
Stacey Johnson-Cosby
Reece & Nichols Realtors-Kansas City - Kansas City, MO
Selling Kansas City-Real Estate & City Blog

50% rentals? Wow, that seem have to be pretty tough. You are right, if they are not good property managers, they open themselves up to more liability than the cost of hiring a professional.

Sep 27, 2011 03:57 PM #8
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