Market Conditions in 85022>Question Details

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

I own a town house at 85022 zip code. It is vacant for 6 month. I spend about $200 to advertise it online.

Asked by Michael Khait, San Jose, CA Thu Jul 3, 2008

No luck. Actually it owns me now,

What would be my options. I want to get rid of it, but I know market is bad. Foreclosure and Short sale are not options. Can some body help me find a tenant?

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Answers

19
Michael-

There are just 2 reasons a rental doesn't rent quickly in the Phoenix market right now:

#1) the asking rent is too high
#2) the property isn't marketed correctly

I've rented 30 homes this year alone, and the longest one took me 40 days. My average marketing time is under 2 weeks. I market correctly, and I know how to price a rental. If that's the kind of help you are looking for, feel free to contact me.
2 votes Thank Flag Link Thu Jul 3, 2008
How much are you asking for rent and where is it located? I may have someone depending upon the size and rental price.
2 votes Thank Flag Link Thu Jul 3, 2008
85022 has taken a pretty rough beating. Are you considering selling it as well, or would you just want to rent it out for a while? A rental a property management company would be your best bet, if you wanted to rent it. They do charge a little extra each month, however they take care of everything for you. In both cases your sale or rent price is imperative. Price it to high and you will generate no interest.
Web Reference: http://www.TeamKearney.com
2 votes Thank Flag Link Thu Jul 3, 2008
Michael,

Did you spend $200 advertising for sale or lease? Most of the paid sites for leasing are worthless for individual owners. If you're putting it up for lease make sure the price is competitive by doing a rental survey and that you have someone local to keep an eye out on the property.
2 votes Thank Flag Link Thu Jul 3, 2008
Michael,

Have you considered putting it in the hands of a rental management company. They have someone that would be a good match for your property.

Good luck,

The "Eckler Team"
2 votes Thank Flag Link Thu Jul 3, 2008
Michael,

It sounds like you have already figured out the best option. I am personally not familiar with that zip code very much, and there would be a lot of things an agent would need to know in order to be able to help you.

Please give us more info, or send me a note and I will find an agent or firm that handles property management in the area you need.

John
2 votes Thank Flag Link Thu Jul 3, 2008
Michael:

The rental market is NOT strong, contrary to other posters misinformation. Currently the metro has about 11% vacancy rate, and rents actually slopped $5 per month over the last quarter.

That being said, a proper price and accesability should get it rented. You need it advertised every day on craigslist, and you need a local agent as in 'lives very near your house' who would be wiling to manage it for you. I'm not soliciting, I don't manage rentals that far from where I live, it simply isn't worthwhile business.

MOST rental management companies plain suuck. THey will put it on the MLS and that is that, you need someone who will take a more active interest in getting it rented.
1 vote Thank Flag Link Sat Jul 19, 2008
Michael,

There are quite a few rentals in the market, however price and property condition are what renters are looking for.

A lease to own option is a possibility or you may want to price it correctly and sell it. I will be selling one in the 85022 zip code and am very familiar with the market in this area. Feel free to contact me if you have any questions.

Lucinda
1 vote Thank Flag Link Thu Jul 3, 2008
A rental management company is definitely your best bet. They know the market and will help you determine a fair rent price. They are also experienced on where and how to advertise it.

Another option will be a lease-purchase, which is becoming very popular know that the lending standards are thight.
1 vote Thank Flag Link Thu Jul 3, 2008
Michael,

Our team can assist you in getting that townhouse leased.

Just contact us when you're ready.

Respectfully,

Daniel
1 vote Thank Flag Link Thu Jul 3, 2008
Try offering the property as a lease-option. You may be able to find someone willing to pay slightly above market rent (in a lease option, often the payment is somewhat above the going rent, with the excess being credited to the purchase price or closing costs if the tenant-buyer purchases), and ultimately sell it to the tenant-buyer. And even if the tenant buyer ultimately doesn't buy, you'll have been able to rent it for at least (and hopefully more than) fair market rent.

Hope that helps.
1 vote Thank Flag Link Thu Jul 3, 2008
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
Do you still own this place?
0 votes Thank Flag Link Mon Nov 25, 2013
Have you considered craigslist?
0 votes Thank Flag Link Mon Nov 25, 2013
MIchael Khait: My name is Alex Starcevic. PLease call me I can reduce your marketing expenses to zero until we rent the property. My number is 602-761-8824
0 votes Thank Flag Link Thu Nov 21, 2013
there are a few options available if you have if you are still in possession of your house.
0 votes Thank Flag Link Sun Oct 26, 2008
Michael - try http://www.arizonarentalservice.com - they are a property management company with an innovative idea. They realized how bad the market is and decided that not everyone needed a full service property management company - so they developed an ala-carte type service - you get to pick and choose what serfices you need them to do, ot the other way around! They ahve been a great help to me!
0 votes Thank Flag Link Mon Aug 18, 2008
Michael,
You can look into an investor buying this property or taking over your payments if there is equity there. I specialize in doing this so let me know if you want to find out more info on this option
0 votes Thank Flag Link Fri Jul 25, 2008
Michael,
Send me your listing and I will give my opinions on renting your property. Is it listed, do you have an MLS number?
Catherine
0 votes Thank Flag Link Sun Jul 20, 2008
Michael

Prudential American has a good property management division which could assist you with leasing the property. Call Alana Bell on 480-966-9030 and she will tell you what the prospects are and discuss the rental market generally. The rental market is pretty strong at present.
Web Reference: http://www.homedreamsaz.com
0 votes Thank Flag Link Thu Jul 3, 2008
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