Market Conditions in 85022>Question Details

Michael Khait, Both Buyer and Seller in San Jose, CA

I own a townhouse in Phoenix. I've not been enable to rent it out for 5 month now.

Asked by Michael Khait, San Jose, CA Thu Jun 5, 2008

I know I'm not asking a lot. I do advertise online but I get no leads. Is market really that overwhelmed with rental properties?

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Answers

5
Michael,

I manage rental properties in central and North Phoenix. I recently leased a town house in North Phoenix off Bell & Cave Creek. I think it took me 11 days. The owner was ecstatic, but honestly, if a home takes me longer than 30 days, I consider it a failure. I only ask for a 45 day listing period, and have never needed an extension. Any home in Phoenix that has been on the market for over 30 days, and is priced under $2k/month, is either being marketed wrong, is over-prioced, or both. Above $2k, then we start to get into a supply/demand scenario, where it becomes understandable to take a bit longer.

I market homes for rent aggressively, and what I do works. Price is definitely a factor, but the way you market is an equally important factor. I consider vacancy to be your highest and most avoidable expense, so I work to minimize that expense.
2 votes Thank Flag Link Thu Jun 5, 2008
Rentals properties are moving better than properties for sale. People loosing their homes need a place to rent, but there is also a lot of competition from former foreclosures and/or owners who can not sell their homes who are also placing their properties for rent.

But even on this market thousands of homes are sold and rented every month. Currently there are almost 9,000 properties for sale pending in the valley.

If your property is showing well and you are providing it with the right exposure and marketing, most probably you have too much competition from other people asking less for their units. I know this is probably not what you want to hear, but you might want to consider revising the asking rent and/or terms.
1 vote Thank Flag Link Thu Jun 5, 2008
Where is it - what is the address? eremench@yahoo.com
0 votes Thank Flag Link Sun Jun 22, 2008
HI Michael!
I am a property manager here in Phoenix and have been in property management business for nearly 10 years. Currently, I work with approximately 10 different investors, managing nearly 60 homes. I just started my own property management company in January, after leaving the apartment industry. I usually rent out my vacant houses within 14-21 days. If you are interested in speaking with me further, please do not hesitate to contact me. Thanks! Bonnie 623.329.8066
0 votes Thank Flag Link Mon Jun 9, 2008
You might want to look into Property Management companies or consider rent to own option for people with bad credit it's a good opportunity. Look into the doing it the right way with your local escrow company or by contacting one in Phoenix. They have legal departments.
0 votes Thank Flag Link Thu Jun 5, 2008
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