Are You A Rental Property Owner Or Airbnb Host? You Might Want To Take A Look At This...
Hey guys - I just wanted to update you on our current real estate market… in particular what is going on with supply and demand and Airbnb owners.
I don’t know about you, but this Covid thing has caused me to re-think a lot of things.
I have a post-it note on my wall that says, “There is opportunity in crisis”.
I’ve given that a lot of thought the last few weeks.
How is this Coronavirus going to affect our real estate industry and how can our friends & clients turn this --- crisis --- into an opportunity?
One thing that we’ve noticed a lot lately is that there are way too many rental properties on the market right now! Why is that?
One big reason is because our travel industry has been hit so hard that many, if not most airbnb owners, have had to start converting their nightly short term rentals into long term rentals.
So they are shifting their incomes from $3500/mo to maybe $1400/month. That in and of itself is not that bad right?
It’s not bad if it’s rented, but we are seeing a huge upswing in vacant rental properties. There are just too many on the market so a lot are sitting empty.
In fact, I just got off the phone with one of my investors and quite honestly he’s really stressed. He’s worried for quite a few reasons:
- Travel has nearly stopped so he doesn’t have nightly renters coming into town!
- He’s super anxious about having to make mortgage payments, pay utilities, landscaping, pool maintenance, HOA fees, Property taxes, Insurance etc. He’s going upside down quickly.
- He was saying he’s worried about vandalism and burglaries because his properties are unoccupied.
- It’s even possible that his insurance company may deny claims if his properties are sitting vacant.
If you or anyone you know owns investment properties that are vacant, don’t just wait this out because even if they open things back up tomorrow, it’s going to be awhile before people feel comfortable to travel again or even have enough disposable income to travel again any time soon.
I have some neat tools to help you think through the possibility of selling your property WHILE APPRAISALS ARE STILL STRONG.
The good news is: right now there is still considerable value in your property.
Our team of real estate experts are available to help you determine what your best options are. Perhaps you may want to use one of our property managers to turn your properties into long term rentals because our property managers can actually get your properties rented quicker and for more money than you may be able to do on your own.
Some of you may be worried about renters losing their jobs (maybe they have already lost their jobs) and not being able to make rent payments. If that is the case, or you are worried about lower rental rates, another great option is to talk to anyone on our team about having our full-time certified appraiser and listing specialist come out and determine how to get you top dollar for your property so you can BANK THE MONEY NOW AND REINVEST IT AT A LATER TIME.
What we don’t want to see our investors do is sit and wait to see what happens and then they miss this incredible opportunity to get top dollar… because right now… we have a health pandemic not a financial pandemic so values are still high, appraisals are still coming in at good values, interest rates for buyers are at all time lows so it is a perfect storm for investors to take advantage of this time to sell because our resale inventories are are super low right now and that’s what keeps our values high!
I would like to put together a Zoom meeting in the next few days and let you meet the experts on our team and discuss what your best options are right now in your zip code. Our panel will consist of: one of our property managers, our full time appraiser, our listing agent, buyers agent & negotiator to discuss what is going on out there and how we can best help you!
Do you have any real estate related questions? Just email me back with your questions for our panel. We can send you the zoom link to join in or you can watch it at your convenience. We don’t want you to be stressed. Let us help you... find YOUR OPPORTUNITY IN CRISIS.
P.S. I only want to do this if there is enough interest...If you are a property owner that wants to look at selling or handing it off to a property manager I want to get you on the Zoom call with the experts. They only want to give you the info you need to make the right decision. No sales, no gimmicks. I’m doing this Zoom for free, so if you’re interested just reply with a question you may have or simply say “Im interested!” and I’ll get you the Zoom link.
If you have any topics or questions you would like answered, contact The Shanna Day Dream Home Team - we’ll find the answers for you!
Shanna Day Dream Home Team
Keller Williams Realty East Valley