Rentals in Saint Charles>Question Details

Lmcne, Home Buyer in 63301

My sister needs a good rental management firm in St.Charles MO? She has moved to Texas. The house has been for sale for 6 mos & not sold tho

Asked by Lmcne, 63301 Mon Jan 2, 2012

reduced. Is it possible to rent the home and still keep it for sale? Are there agents who handle both rental/sales? Her contract has expired with the realtor. What should she expect from a rental management company? She inherited the house, but does not live there. The house is near a nice university & on busline. It is a nice,older home but needs some updating which she cannot afford. Thanks!

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With the real estate market the way it is, it is difficult for a homeowner to sell a vacant property, let alone one with a tenant. However the market is also supplying a huge number of renters. With the house needing some work done to it, your best bet is to find someone (preferably a contractor), who can do a lease/purchase. Since your sister does not have the money to fix up the house, an a arrangement could be made with the future (contractor) tenant. Which could be: reduced rent, or security deposit, for repair work done to the house. This would benifit both your sister and the new tenant, and the repairs probably have to be done to get an occupancy permit. I have rental property myself, and could provide any help or property management assistence you need.
Thanks for the question and good luck,
Jim O'Brien-O'Brien Realty Group Direct: (314) 709-0650
powered by Prudential Select Properties (636) 720-1100
2 votes Thank Flag Link Tue Jan 3, 2012
Properties with tenants tend to be very hard to show. Even if agreed upon in the lease, tenants regularly cancel appointments and the home is usually never show ready. Buyers look at the property differently than an owner occupied home and would expect a lower price.

There are agents that handle both rental/sales. I personally do both, although I don't manage the properties.

If you hire a property management company to lease and manage the property you can expect to pay the equivalent of one month's rent when the property is leased. There will be a maintenance fee of about $120-$150/month. For that fee the company will collect the rent payment from the tenant and credit the remaining proceeds to you. If any issues arise needing repair, the company will call a professional contractor and have it repaired sending you the bill. If you are noticing a pattern...they do everything you can easily do and charge you a hefty fee for it. I have rental property and have never had issues but there are horror stories. The best thing you can do is protect yourself with a good landlord insurance policy that includes theft and vandalism.

We had an increased surge in buyer traffic during the last two months of the year. My recommendation is to keep the property on the market. If your sister was not happy with her previous Realtor, I would be happy to discuss options for her.

MikeGalbally
Real Living
314-479-8583
1 vote Thank Flag Link Tue Jan 3, 2012
Trying to sell a home with tenants in it is next to impossible. The law gives the tenant the right to refuse showings, so even if it's stated in their contract that they will make the home available for showings. As a result, what typically happens is that every time the realtors call to say that there is a showing, the tenant says that it's "not convenient" for them at that time. If they do let people in to see it, then often it's a mess inside since they have no incentive to keep it "show ready".

While MO law states that if they have a valid contract (not a month to month but a longer lease) then a new owner has to honor the terms of the contract, unless you find an investor who specifically wants rental property that is already under lease. Most buyers won't look at it, since they are looking for homes for themselves to live in and they don't want to wait until the lease is over to fix it up and move in. If the tenants contract is month to month, then the buyers can tell them to move out, but in that case, they have even less incentive to help the seller sell the home, since if it sells, they have to find a new place to live.

For reference, the market has started to take off in St Louis over the past couple of weeks. Buyers were out looking at homes on Christmas Eve and New Year's Eve. I'm working multiple contracts at the moment, and I know other agents who are as well.

I sell homes, I don't manage rentals, but if your sister would like a referral to some excellent and reasonably priced management companies, please have her contact me. If she'd like to discuss ways to get the home sold, I can help her with that myself.
Web Reference: http://www.yourstlhome.com
1 vote Thank Flag Link Mon Jan 2, 2012
Hi! My name is Demetria Williams and I am a local St. Charles Realtor and also a landlord of over 14 homes in the area. I can provide some guidance on what you can expect in rent and some little things you can do to get the house rented quickly. I also work for a brokerage that has a full service property management division. Please contact me at comehomestl@gmail.com. We are in the process of updating our website, but you may also go to http://www.stcharlespropertymanagement.com/ to learn more about our property management services. I am confident I can help you get your house rented. The rental amount will be based on the condition of the home but I'm very good with decorating on a dime! =) Looking forward to working with you!
0 votes Thank Flag Link Sun Feb 9, 2014
i would be interested in discussing a lease purchase agreement
0 votes Thank Flag Link Tue Oct 2, 2012
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