Being a Real Estate Sales Broker and a Property Manager I know both sides of the story. I am having this discussion more and more now that the market has changed from soaring equities to changing arms, and declining prices.
In my opinion you need to make a decision one way or another, you cannot do both. You need to gain information and then make an intelligent and focused decision based on your research. There are many factors to this equation…How much is my property worth right now? If I sell will I see a satisfactory amount of money in my bank account at the close of the transaction? How much would my property rent for? How much is my monthly mortgage payment? How much do I pay the property manager? And YES you absolutely must hire a property manager! That is another Issue I will write about soon.
If you have your property listed for sale, then live in it, remove all clutter, and make it shine, or vacate and keep it as pristine as it can get. Keep it as easy to show as possible.
Moving a tenant in will go against all, (the above), that you have tried to accomplish by keeping it show room ready, no matter how accommodating a tenant is, by law, they still require 24 hours notice.
If you attract a prospective tenant who “doesn’t care” that the property is for sale and could be sold at any time, they are too transient and not the tenant you want to rent to in the first place. Not to mention the wear and tear on the fresh paint, and professionally cleaned carpets?
These pointers are just the tip of the iceberg and without the consultation of experts, I understand that this can seem like an overwhelming predicament and a difficult choice to make. But it doesn’t have to be, you just need professional guidance in making a logical and intelligent decision.
You are welcome to contact me to discuss your personal situation further. If you are already working with a Realtor, you are both welcome to contact me!
PS…Whatever you decide to do, keep the yard maintained at all times!! (That’s a whole other blog)!
In my opinion you need to make a decision one way or another, you cannot do both. You need to gain information and then make an intelligent and focused decision based on your research. There are many factors to this equation…How much is my property worth right now? If I sell will I see a satisfactory amount of money in my bank account at the close of the transaction? How much would my property rent for? How much is my monthly mortgage payment? How much do I pay the property manager? And YES you absolutely must hire a property manager! That is another Issue I will write about soon.
If you have your property listed for sale, then live in it, remove all clutter, and make it shine, or vacate and keep it as pristine as it can get. Keep it as easy to show as possible.
Moving a tenant in will go against all, (the above), that you have tried to accomplish by keeping it show room ready, no matter how accommodating a tenant is, by law, they still require 24 hours notice.
If you attract a prospective tenant who “doesn’t care” that the property is for sale and could be sold at any time, they are too transient and not the tenant you want to rent to in the first place. Not to mention the wear and tear on the fresh paint, and professionally cleaned carpets?
These pointers are just the tip of the iceberg and without the consultation of experts, I understand that this can seem like an overwhelming predicament and a difficult choice to make. But it doesn’t have to be, you just need professional guidance in making a logical and intelligent decision.
You are welcome to contact me to discuss your personal situation further. If you are already working with a Realtor, you are both welcome to contact me!
PS…Whatever you decide to do, keep the yard maintained at all times!! (That’s a whole other blog)!
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