Owner Deciding To Rent Instead Sell

Owner Deciding To Rent Instead Sell

It is Cory with Clear Property Management. We are at another beautiful home in Fletcher Ridge Subdivision, Little Rock. So it’s just right off Kanis Creek Road is actually where it’s at. It’s on the extended side. This neighborhood is actually being developed right now. There’s, I guess, more houses being built on the backside, but I believe that most of these houses right here are within two years old, something like that. The yards aren’t very big, but the houses are beautiful. So if you are looking for something that does not have a big yard and you want a nice house, this is for you.

So a little bit of backstory on this right here. What we are running into a lot here lately is people are trying to sell their homes and they are not working out because of interest rates or whatever. They’re just not selling. So actually this house right here, I actually met these owners several months ago and they were going the route of do we rent it or do we sell it. So after some back and forth, they decided to sell it. I told them and I’ll always be direct on this, it’s, hey, I want you to do what’s best for you, you and your family, you and your particular situation and everything else like that. I want you to do what’s best. So, after some back and forth, they decided to sell it. They put it out on the market. I think it’s been on the market for 50 days maybe, 40 or 50 days, and they obviously have not sold it yet. The owner then reached out to me earlier today, probably within 20 minutes ago and I happened to just be in the area, so I decided to come on over here.

We actually have another rental that is just across the street, kind of diagonally right there. So I’m very familiar with the area. We’ve got a fantastic couple over there, they love it, no issues. It is actually a brand new build over there. They’re the first people there but this house, obviously the owners live there and they have since moved on, and now are looking to rent it.

You can see the houses are just really on top of each other right there, but it’s not too bad. It is a beautiful home, to be honest with you. Yes, beautiful, beautiful, beautiful home right there. You can really see that house right there as well. The backyard, as mentioned before, is not very big. You can see the fence right there. Not much of a yard, but the back patio area is obviously beautiful. This is actually more updated than the other one is so if you have a small dog or something like that, it might work out. I don’t know if the owners are going to allow pets or not but we can always see about that.

This is the primary bedroom. Very spacious, very large. You can see the backyard a little bit better right there. Perfect to hang up a TV right there. Here is the primary bathroom. Gorgeous, gorgeous, beautiful. Got a little soaking tub, beautiful shower, and there’s your toilet in there. And a fantastic feature is look at this primary closet, man, the real deal. So it’s actually great, because it actually goes straight to your laundry right here. So it’d be really nice to have this and kind of have an in and out. This is definitely an office right here. It does not have a closet, so it cannot constitute as a true bedroom, but it is really nice. And this is your garage, three car garage, beautiful epoxy floor. You kind of see where you’re at. That’s the front door right there. This is the living room where we first started. And here are your other two bedrooms. One that faces the front. And your shared bathroom, all tiled up, nice and pretty. And here is your third bedroom right here as well. All closets are big. I mean, like I said, it is a beautiful home.

I mean somebody would be very lucky to kind of have this. But the way that interest rates are right now, I think it’s really deferring some people out, because people aren’t wanting to make that purchase right there and lock into those 7, 8% rates or whatever it may be.

So another alternative is to rent your home out. If you’ve ever thought about that, that could be an option to kind of have. Again, you’re not locking yourself into a ten-year commitment right there. Maybe you’re just looking to rent it out for a couple of years and see what we can do. At that point you can reevaluate once your tenants leave and stuff like that. Based on our numbers right there, most of our tenants do renew after the first year so you’re looking at probably about two.

Obviously there’s no guarantee on what rates will be then at that point, but you would hope that rates would go down just a little bit, your house would appreciate more in value and you could sell it down the line, even if you are breaking even or just making a like a 100 bucks or 10 bucks or whatever it may be per month. I mean, you’ve got to consider something like that because, obviously while this house is trying to sell, it is making you $0 and it’s honestly a liability then at that point. So again, everybody’s got different situations and stuff like that and I totally get that and obviously you don’t want to get yourself in a situation where you are unable or needing to do that but if you do have the option of trying to rent your home out, that’s obviously a great option that people are starting to use nowadays.

But yes, my name is Cory Cox with Clear Property Management. If there is anything that we can do to help you out with managing your property be sure and reach out. If you are trying to sell your home and you’re having trouble selling your home and you’re wanting to go the rent route, we would love to have that conversation with you. After I leave here, I’m going to send a message to the owner and say, hey, I believe that you can rent this home out for X amount of money. Ultimately it’s their call at that point. They can either keep it on the market, or we can try and put a renter in here. Obviously there’s no guarantee that we can find a renter within two days or anything like that, but we’ve going to get it out there marketing wise to be able to do that. Some people might be more prone to renting instead of buying right now as they want to be in this type of environment and can afford the rent, but they just do not want to purchase a half a million dollar home right now.

So anyways, if there is anything that we can help you with at Clear Property Management, we would love to be your real estate property manager here in Central Arkansas. Never hesitate to give us a call. You can reach us at 501.642.0202. Please give us a call. Thanks.
Get More Info On Options To Sell Your Home...

Selling a property in today's market can be confusing. Connect with us or submit your info below and we'll help guide you through your options.

Leave a Reply

Your email address will not be published. Required fields are marked *