Has your home been on the sale market for a few months? Are you thinking about switching it over to a rental as we get closer to the winter months and the holidays?
Yes, it is that time of year again. We are headed towards the 4th quarter and that means colder temperatures, the holidays and, sometimes, a bit of a slower real estate season. Though we are busy 12 months a year, we do have cycles and December, January can be a bit slower than the warmer months.
>> See When Is The Best Time To Put Your Home On The Rental Market?
In a few months, many homeowners who have been attempting to sell their homes start to think about renting out their homes. Perhaps they have moved on to their new location (hopefully they are in a sunny, warm climate!), they have been trying to sell their home for a few months and they are now concerned about carrying an empty home during the winter. However, we find that many sellers and landlords miss the market by about 6 weeks. And we understand how this can happen. You want to give your home enough time on the sale market but, by doing that, you may miss the prime rental market. So it puts you in a bad spot. We are suggesting that you start considering making the switch today.
So what is the answer? Switch now! If your home has been on the market and is not getting activity, it is time to discuss making the switch today. Don't wait.
Switch Over To A Rental Property Now!
Here are some things to think about before making the switch:
1. Assess the reality of whether your home is going to sell in the next 30 days.
Here are a few questions to consider:
- How long has your home been on the market?
- How many showings have you had?
- Is your realtor excellent?
- What is the realtor's plan to make something happen in the next 30 days?
- What is the feedback from the other agents?
- What do the numbers look like for you?
>> See How To Price Your Baltimore Area Home? 3 Strategies
Be objective. Unless you make an aggressive move, chances are high that the next 30 days will be the same as the last 30 days. So if you truly want to sell your home, you are going to have to make a change, i.e., a new price, an aesthetic update, a new realtor. Are you ready for this? Or should you go to plan B now and rent out your home?
>> See 8 Reasons To Rent Out Your House Rather Than Sell It
2. Start planning to switch over to renting out your home now.
Switching over to a rental so you can rent out your home may take a few weeks and you can't waste any more time. You need to get a rental license, have a rental inspection, switch over your insurance and find a great landlord agent and property manager. All of these things take time and the calendar is starting to work against you. So, even if you decide to give your home sale a few more weeks, start planning for your switch to a rental property today.
>> See What Are The Start Up Costs To Rent Out My Home?
>> See Should You Hire A Property Manager?
>> See How To Prepare Your Home For The Rental Market
>> See 12 Tips for 1st Time Landlords In The Baltimore Market
3. Can you put it on the market for sale and rent at the same time?
Yes, but if you do so, you will probably rent it out first. There are more renters than buyers at this time and the rental process is quicker than the purchase/loan process.
>> See Can I Market My Home For Sale And For Rent At The Same Time?
Start to prepare yourself with the right temperament now, so you can be a great landlord.
>> See Should I Sell Or Rent Out My Home? What Is Your Temperament?
4. Since you are already listed for sale, can you stay with that agent and just hire us to list as a rental and manage it?
Unfortunately, no. We need to market and manage the home so that we manage the process as much as possible. By controlling the process from start to finish, we can greatly reduce your risk and educate all parties along the way.
We know that you feel badly about replacing your current agent. We understand. But you need to make an objective business decision and try to get some cash flow going in your home as soon as possible. By switching over to our team and the rental market, we are going to make things happen for you as quickly as possible and we have the experience and results to back it up.
>> See Why Market and Manage Your Rental Property With The Same Company?
5. Move on both physically and mentally.
Even though you did not want to rent out your home and be a landlord, we encourage you to embrace the experience. We are here to help so you don't have to worry. Move on, enjoy your new location, and next year, before the lease term ends, we can assess the numbers and put a realistic plan together to help you sell your home. Renting it out for a year buys you some time to change strategy. And, who knows, you may even enjoy being a Landlord and stick with it for a few years.
>> See How A Good Property Management Company Can Save You Money
>> See 8 Reasons To Rent Out Your House Rather Than Sell It
>> See Rental Property Tax Deductions & Depreciation For First Time Landlords
Ready To Help You Become a Landlord
Chesapeake Property Management is here for you. Whatever you decide, selling or renting out, we can help. Our clients go back and forth between both options frequently, depending on the market and their personal situation. No need to switch companies, interview other agents or explain your story again. We get it. We do this every day. Let's get started.
