Home Selling in 33189>Question Details

SoFl Person, Both Buyer and Seller in 33189

Miami - New Single Family Home- Rental Market vs Sale

Asked by SoFl Person, 33189 Wed Oct 24, 2007

While the housing market (sales) stabilizes, I am considering renting my home out (Pulling it off the market, since I am not desperate financially). I prefer to sell, but no "give aways".

My questions are: 1) How do you find tenants? Do Agents do this? 2) If the agent does find tenants, how are the agents paid? And what service do they provide after the tenant is found? Are they property managers at this point, looking after the property? 3) Who is in charge of getting the Utilities bills in the tenants name before they move in? 4) Should evection be necessary, who makes sure this is done properly, the agent or the owner? If the agent is being paid monthly to manage the property, should the liability not rest with them? 5) How long are leases for SFH? 6) Is the renting of SFH in South Miami a need? Are these being rented quickly or are they too sitting on the market like the homes for sale?
Or, maybe just wait till spring and hope a tax cut bill passes in Feb, and not rent at all?

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Answers

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Ruxpen - most real estate agents will handle a rental for you as well, and if they don't, they should be able to refer you to someone that can.
Renting your home is a great option until the market stabilizes and that same agent should be able to give you comparable rental rates in your area.
As for how much agents charge for rentals, there is usually a standard amount, but can't discuss it because in Florida, it would be considered "price fixing".
The agents get paid upon signing of the Lease agreement and it does not involve any property management. (some agents also offer single-property manament for their customers).
The tenants will be responsible for getting utilities in their own name (what the Lease agreement includes is negotiable).
If eviction is necessary, you will have to hire an attorney or the property manager (if you hire one) may be able to guide you.
The liability will not rest with the real estate professional, that's why they will recommend to get a credit check and credit reference before the Lease agreement is signed.
Rentals of SFH's vary depending on your need - short-term rentals of 3-4 months are usually more expensive, one year rentals are more common.

The rental market is HOT, which means your home, if priced correctly, should rent quickly.

Take a look at the link attached to get my opinion on the rental market. Sometimes renting a property that has been on the market for a while will help, because it will let it cool off from the market.
0 votes Thank Flag Link Wed Oct 24, 2007
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