Home Rental Agencies: Want to Fill Your Vacancy Fast?
Sunday, May 4th, 2008This article is for those who have a vacant house right now or are about to have a vacant house. Many situations cause this to happen. A landlord has had a renter move out. A home seller has moved to another state and is going to list the house. A seller has built another home or bought another home and never sold the past home. Someone is behind on payments or needed to downsize to a smaller place. The list goes on and on. Let’s talk about the solutions to this:
There are 3 main categories to think about here:
1. You want to sell the house no matter what
2. You want to sell it, rent it, or something, you can’t afford the payment any longer
3. Your life situation has changed, you realize selling it could take awhile, so you may want to just rent it out for now
Keeping it vacant doesn’t make sense. For a $1500/mo mortgage payment you are easily at over $50/day for the cost of vacancy. Let’s fix this for you.
First off if you want to sell your house, please see my blog article on listing your house and that will go over the process of working with an agent and establishing a value and everything that’s needed to sell a house. I’d very much recommend the use of an agent on that.
If you can’t afford the monthly payment, and you know you could rent it out, but it would create too much negative cashflow and you eventually couldn’t even afford it even after it’s rented out, if you just think that you have to sell now, and have some motivation, you may want to do a short sale, which is selling for less than what’s owing on the house. If you have equity and you can sell for a profit that’s great, if you you owe too much on the house, you can usually get the bank to take less than what’s owing on the existing loan so that you can get it sold. Please see the “short sale article” I wrote.
If you feel that your mortgage payment is reasonable and getting rent for around the same amount or a little less is acceptable for awhile, then renting out your property may be one option. You can fill out your info about your property for any of these options here: http://www.minnesotainvestors.com/propertyowners/ and I can have an associate of mine contact you back and help you with the situation. When you decide to become a landlord and rent out the property, here are some different options a rental agency will do and the money each one costs as an example from this page:
Tenant Find: (Recommended)
One of our associates will do a brief phone consultation, Arrange Appointment to see the property(s) to do a on site rental analysis, Market and Advertise your Vacancy(s) on 17 to 81 different websites. We will arrange, schedule and do all showings, process 100 point background check, prepare and do all lease documents associated with each property. Also comes with Free 60 Day warranty on tenant. If I come across some renter leads myself, I should give them to you and you’ll still do all the showings and all the work.
FEE: (1) MONTHS RENT.
Full Service Property Management: (Recommended)
Collection of Rent, Coordinate Maintenance Requests, Pay Bills, Annual & quarterly Inspections of the property, Facilitate Evictions, Enforce Lease, End of Lease Turn Over, Provide Monthly Statements, Process CRP’s for IRS, and much more.
FEE: ($100/m Flat Fee) -up to- (10% of Collected Monthly Rent) ” Rate Varies with every Property, Also Ask about our Ala-Carte services!
Tenant Warranty Program: (Recommended)
If we place a tenant in your property and for any reason they are problematic or in need of eviction, whether this may be late payments, no payments, noise complaints, etc. We will pay for the eviction, go to court on your behalf to have them evicted, and find you a new tenant at no additional cost. Free for 60 days with every Tenant Find, 1 year program available for additional fee. We are the only company confident enough in the caliber of tenants we place that we will WARRANTY everyone of our tenants!
Tenant Find 1/2 Price: (Not as Recommended)
One of our associates will do a brief phone consultation, Arrange Appointment to see the property(s) to do a on site rental analysis, Market and Advertise your Vacancy(s) on 17 to 81 different websites at our expense. We will arrange, schedule and YOU SHOW the property(s), take your own photos, we’ll process 100 point background check, prepare and do all lease documents associated with each property.
FEE: (1/2) MONTHS RENT.
The above is if you decide to rent out your property. If you decide to list your house with an agent, here are some services you can expect from him/her:
The full listing service which will include the following:
-Agent puts listing on Realtor® MLS
-Agent gives ideas on home staging
-Agent gives tips on how to get in show condition
-Agent will discuss today’s market value (CMA)
-Agent will help with the purchase agreement
-Agent will help with the negotiations
-Agent will help with ?’s from buyer’s agents
-Agent will help to get a sign in the front yard
-Agent will help to post street signs
-Agent will help to put out ads for marketing
-Agent will help with in-house marketing and flyers
-Agent will help with seller disclosures and paperwork
-Agent will help with understanding buyer’s inspections
-Agent will help with understanding buyer’s appraisals
-Agent will help with updates from the loan officer
-Agent will help with the closing process
-Agent will help on the closing day, reviewing closing paperwork
-Agent will help get photos taken and on the MLS
-Agent will help with measurements, data, add to MLS
-Agent will help get a lockbox on my door
-Agent will help with communication by email and phone
If you decide that you need to sell and you owe too much on the house, and you need to do a mn short sale, then you are most likely going to be emailed some forms from us and we’ll need to help you with that situation, but here are some questions that will asked of you if you do a mn short sale:
Borrower
First Name
Last Name
Home Phone
Cell Phone
Co-Borrower
First Name
Last Name
Home Phone
Cell Phone
1st Lender
Lender Name
Amount Owing
Monthly Payment
Payments Behind
Account#
2nd Lender
Lender Name
Amount Owing
Monthly Payment
Payments Behind
Account#
Market Value
Sheriff Sale Date
Bankruptcy
Had Bankruptcy When
Other Liens
Judgments
Past Due Water Bill
Past Due Taxes
Letter of your situation:
Almost anyone who has a vacancy falls into one of these 3 categories above: rent, sell with equity, sell with no equity.
If you need help with any of these above situations please feel free to email me ron@Minnesotainvestors.com so that I can have an associate assist you. The person I recommend or refer you to will be different in all 3 situations as I would pick the one that’s an expert at each situation. I already have associates in each of these situations and they work on up to 300++ transactions per year with their team, so they know what they are doing.
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