Is it normal not to have renters for more than 5 months at this time?

Nai
Other/Just Looking
Meridian, ID

My parents own a 4plex in Meridian and we live in California. Someone watches over the property for us and it has been more than 5 months with 2 units empty! Is this normal especially at this time?

Answers (4)
Best answer: Christina Et…
First to answer: Lynn911.com…
NonRealtor
Other/Just Looking
23456

Rents may have dropped in price and you are not competetive. If property prices fall, rents follow. Check Craigslist to see comparable rents, then lower your price accordingly.

Mon Jul 14 2008, 09:09
Christina Ethri...
Agent
83814
BEST ANSWER

This is a perfect example of agents from different states answer questions specific to a state that they know nothing about. The Dallas professional below clearly answered the question as it pertains to her area and is completely unaware of how things work in Idaho.

First of all, Realtors are not always (perhaps not even 1/2 the time) involved with rentals in Idaho. Rentals are not typically listed in the MLS so obtaining DOM and picture info from the MLS is out of the question. Additionally, a rental in Idaho doesn't typically pay a 'commission' (a commercial lease typically does, but not a residential lease).

I agree with Brian - something is wrong here. No, it is not typical for a unit to be vacant for 5 months, or even for 5 weeks for that matter. If the property is in good repair and priced correctly, it should rent quickly, throughout most of Idaho.

Do you have a property management company managing the property or do you have a 'friend' watching over the property? If it's a 'friend' - get a professional to do it. A professional management company has a vested interest in keeping your property rented.

Web Reference: http://www.blogcda.com
Mon Jul 14 2008, 09:05
Brian Brumpton -...
Agent
Boise, ID

Nai,

I would say there may be something missing there. The rental market has been picking up steam. However home prices have been in a decline for the period of time you've been vacant. That has started to bring buyers back to the market.

How are your rents in comparison to what the same square footage can be purchased for? Another piece to consider is with gas pricing going up more and more people want to be closer in to Boise to cut down on the cost of the commute.

Mon Jul 14 2008, 06:51
Lynn911.com Dal...
Agent
Dallas, TX
FIRST ANSWER

A local realtor can provide you the DOM for leases in that area. Have your looked at the MLS listing for pictures, description, interior & exterior posted. also what is the sales commission you are offering many agents wont show a home unless they receive 50% or more http://www.lynn911.com http://www.homes-for-sale-dallas.com

Mon Jul 14 2008, 06:49

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Is there a contract with a professional managing company?
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