If you’re a Realtor in Dayton, when’s the right time to pitch an idea to your client whose home isn’t selling?
It might be time for them to think about renting that home out, rather than allowing it to languish on the market.
As Dayton property management experts, we suggest that you begin having these conversations early. Why not go into the listing with a plan for what you’ll do if it takes a little longer than expected to sell or if the price that buyers are offering doesn’t quite match what your client was expecting?
Today, we’re talking about when you (the Realtor) should reach out to us (the property manager) about a partnership that will benefit everyone, in particular the client you’re trying to keep.
Let’s take a look at how we help our local real estate partners.
Selling vs. Renting: The Struggle is Real
We sympathize with Realtors who have clients trying to sell a home, but for one reason or another, it’s just not happening. When do you call it?
Our view is that you shouldn’t waste too much time bringing down the price, going back and forth on offers and counter-offers that will ultimately go nowhere, and trying to keep morale up for your client who thought they were moving on.
Instead, offer an alternative. Renting out a home while earning more equity and even some rental income on a consistent basis is a great way to wait out a market that simply isn’t aligned with your client’s goals for the sale of their property.
Maybe renting wasn’t the initial plan. The good news is, it doesn’t have to be the end goal. It can simply bridge the gap between not selling and selling. The market might look different in a year or two. The home will certainly be worth more. Instead of trying magic trick after magic trick, make the recommendation to your client as soon as you sense the sale will be more of a struggle than either of you anticipated.
Partnering with a Dayton Property Manager
We have talked about the importance of Realtor and property management partnerships in another blog. You’ll want to have a reliable property management team who you can trust with your valued client. We know we’re that partner, not only because of our experience, our relationships, and our service-driven management style, but also because we work with Realtors and their clients all the time. We make sure that the property is occupied, profitable, and preserved so that when it’s again time to sell it, there’s no doubt that it will earn top dollar and attract eager buyers.
Reach out to us as soon as you determine that selling right now might not be the best option for your client. We can assess the property, talk about some potential improvements that might make it rent for more money, and lay out a plan for leasing, managing, and maintaining that home for a year, two years, or even 10 years.
It’s in your client’s best interests not to leave their home vacant and not selling. Instead, let’s get a tenant placed and they can earn some rent while thinking about the best path forward in terms of selling that home later. When they are ready to sell, the client goes right back to you. Our role is solely to take care of the management while it’s being rented.
Maintaining and Protecting Dayton Properties
As a Realtor, you may feel you’re not in a position to give your clients advice about the costs involved in maintaining a rental property.
That’s why you partner with us.
Not only do you get professional and experienced property management help, you can also count on us to be your experts on renovations and maintenance. We can do a cost/benefit analysis of fixing up a property to the point that it can be sold or rented out. We can talk about preventative maintenance, and how such services will save your client money while it is being rented. We can also discuss and even show hard data that reflects the impact certain improvements and upgrades can make when you’re renting out a home.
With an in-house maintenance team and strong relationships with contractors and vendors who are licensed to do more extensive and specific work, we have everything covered; from basic drywall to kitchen rehabs. This is an important part of managing rental properties, and your client will have the peace of mind that their home is in good condition before, during, and after the tenancy.
Helping Realtors Help Their Clients
We understand the frustration and the volatility of a shifting sales market. With interest rates remaining high and mortgages still more expensive than they’ve ever been, a lot of potential buyers are holding back. There’s not as much activity in the market when we’re talking about sales, and that may hinder your client’s plans for selling a home at a certain price point.
The good news is that the rental market in Dayton is hot. There’s a lot of demand for well-maintained homes, and qualified tenants are willing to pay the higher rental prices for a home that they love. With inventory still not exactly meeting the demand, your client deciding to rent instead of sell a home can be a lucrative decision.
Count on us to help you look good to your client. Once you recommend that they rent it out, we’ll support that client with:
- Marketing and advertising the home once it’s ready to rent.
- Scheduling showings and screening potential tenants.
- Negotiating and signing lease agreements.
- Collecting rent and enforcing the lease.
- Managing all tenant relationships and communication.
- Accounting statements and financial reports reflecting income and expenses.
- Maintenance, inspections, and repairs.
Once you refer a client to us for management, we’ll make sure that the lines of communication remain open with you, and you’ll always know where the property stands and how it’s performing. Because if it’s a property that’s managed by ManCo, life just got better.
Contact us at ManCo Property Services.