I WAS LOOKING TO RENT MY SINGLE FAMILY HOME IN SARASOTA FL

Asked by D Cro, Ludlow, MA Mon Feb 23, 2009

HOMES IN MY AREA RENT MONTHLY FOR $1,700 ,,, SQ FT IS 1,999 3 BEDROOM 2 BATH I WAS LOOKING TO GIVE A DISCOUNT IF A 2 YEAR LEASE WAS SIGNED WHAT IS A GOOD PAPER TO ADVERTISE HOMES IN FLORIDA OR IS THERE A GOOD RENTAL SERVICE

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7
Randy Schwei…, , Sarasota, FL
Fri Mar 6, 2009
Hello D Cro,
What is the address/neighborhood of your home for rent? That info would help us give you more accurate feedback. With the abundance of empty homes on the market, anticipated rent has come down substantially in the past 3 years. In Lakewood Ranch for example, a similar home 3 years ago would get $1,800/month and now $1,100 to $1,200. Ask a realtor to send you an MLS linkof comp rentals so you can see what is available. If you email me randy@besthomesinsarasota.com and clarify what you need, I would be happy to send that list. As Bill pointed out below, many of these properties are in pre-foreclosure and I have met tenants who had to leave on short notice being served by the sheriff. Therefore, I would mention that there is no risk on your property in your ad.

ADVERTISING---Check out http://www.craigslist.com & Sarasota or Bradenton to see other properties. This is totally free to you and worth considering; however, you should have a number of pictures and details. Personally, the Sarasota Herald is very expensive but the best local paper unless your property is on Siesta or Longboat.

MANAGEMENT--Considering you are an absentee owner, I would definitely use a property management company probably to qualify the renters, collect rents, and look after your property. Having personal experience of 2 seperate incidents with flaky renters that I had to evict and fortunately was able to accomplish within 30-45 days and without damage. I am a Coldwell Banker realtor who doesn't get involved in rentals, but we like the other major firms have rental divisions with seperate websites. I would google Sarasota rental companies to get a list of the independent rental companies like Rossi, Sarasota Properties, etc..

In closing, in my opinion for the next few years, I don't think the inventory of rentals will subside resulting in market rates going up. With that in mind, I don't think an offer of reducing the rent would be that enticing to a prospect, but you never know. So much depends after you qualify the tenant, what I would recommend. If you found a couple with multiple incomes or retirement incomes, it might be worth it to have stable tenants. With the current economic unknowns, one never knows if one of your tenants may lose their job and ability to pay. I am an eternal optimist, but wanted to give you practical advise. And be prepared for prospects to negotiate for a lower price. It is a sign of the times.

Hope all works well for you.

Randy Schweitzer
2 votes
Sara Leicht, Agent, Sarasota, FL
Wed Feb 25, 2009
D Cro,
I am a New Englander too and moved from Westboro, MA to Sarasota 10 years ago. I owned several properties that we rented. The real estate market here is different then it is up there. Even though you can get $1,700 in New England for a 3 bedroom, you probably won't get that here. People make less money and rents for 1999 sq ft in that area may only generate $1300 a month. Is the cost of carrying the property for two or more years greater than selling it now while the value is higher? You may be better selling and buying something in Ludlow where you can watch the property more carefully. It is expensive maintaining a property in Florida. I can refer you to a rental agent, her name;is Terri Lindsey with Rossi and Company. All they do is rentals. Her direct line is 941-730-1459. Please tell her I sent you.
Sara Leicht
Web Reference:  http://SaraSellsSarasota.com
1 vote
Mugsie Quinl…, Agent, Lakewood Ranch, FL
Sat Mar 9, 2013
Michael Saunders and Company has a rental division with a rental agent specialist located in each of the offices. Let them do the work for you.
Rentals are very active right now both seasonally and annually leases.
I would not recommend a two year lease to start. Observe the tenants interest in your property and if you have no concerns after first year, offer discounted rent for years two and three.
0 votes
Sarasota Pool…, Home Seller, Sarasota, FL
Fri Mar 8, 2013
Hi D Cro ~ Of interest on this subject is yesterday's CNBC article, in which Ivy Zelman of Zelman Associates states: "We’re in Nirvana for Housing." Ms. Zelman, who correctly called both the housing market's top in 2005 and the bottom in 2012, refers to "rent inflation" and says that US housing inventories are at a 30-year low.

Closer to home, Lesley Deutch, senior vice president at John Burns Real Estate Consulting said today about the Florida housing market: "Forget ‘improving’ or ‘rebound’ – Fla. is ‘on fire’"

My advice is that you may want to buckle your seat belt and, like Ms. Zelman, become "bullish." Florida housing seems to be about to take off.

See more at: http://www.cnbc.com/id/100533720

Also more at: http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=2…
0 votes
Rick Aguirre, Agent, Orlando, FL
Tue Feb 24, 2009
D Cro,
Bill is right, Do your research due diligence and I would also suggest looking into a good and reputable property management company. Here is link that may help.
Rick
.http://www.allpropertymanagement.com/?msn
0 votes
Bill Eckler, Agent, Venice, FL
Tue Feb 24, 2009
D,

Good luck with your venture...
We would like to provide a word of caution. Either pay a service for a background credit check or do one yourself.

There are so many, many people that have gone the eviction route, care should be taken to avoid the cronic non-rental payment sinerio because once they are in, it is very difficult to get them out, even if they are not paying rent.

Good luck
0 votes
Teresa M. Fe…, Agent, Sarasota, FL
Tue Feb 24, 2009
Hi D Cro,

In my opinion, the paper that would get the largest audience would be the Herald Tribune (link is below). You could have a realotr list it in the MLS but there would be a commission paid to the listing agent, who would split this with the agent who brought a renter (prices vary). I recently listed an annual rental which was a 4 bedroom, 3 bath home in Bradenton for $2,000 a month and I received many responses for it. It rented within a few weeks.

http://www.heradtribune.com

You might want to advertise that you would offer the right to lease a second year at a discount rather than lock yourself into a two year contract that you might want to get out of later.

More people seem to be renting now, so good luck.

My best,
Terri

Teresa M. Fellows
Broker/Associate
Waterside Realty LLC
941-350-4297
tmf4257@mac.com
http://www.floridawestproperties.com
0 votes
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