My Investment property not selling: List for rent/for sale at the same time?

[paramount]

After nearly 2 weeks on the market, my investment property has received very little interest. No offers. Barely any traffic. Nothing. Price a little over zillow.

I’m considering listing it for rent as well as for sale.

Anyone done this? Thanks.

[The-Shoveler]

Don’t know anyone who has done that but there seems to be no shortage of people wanting to do lease-option-to-buy right now.

[livinincali]

I wouldn’t list it for rent and for sale at the same time. If you aren’t getting any interest then your asking price is wrong, aka too high. If you aren’t willing to sell it for what the market will bare (probably close to 10% off your current asking price) then rent it out and wait until next year. Maybe prices will catch up by then or maybe you decide you can live with a lower price.

[FlyerInHi]

I would rent it out and continue to market it as an investment.

Some investors like to buy with tenants already in place. Some buyers are pressed for time because they are doing 1031 exchanges.

[Jazzman]

What is the asking price and rent?

[Coronita]

Maybe you’re asking too much?

[an]

[quote=flu]Maybe you’re asking too much?[/quote]Yep, there’s a price for every property. If you’re not getting any interest, then that just mean you’re pricing it too high.

[FlyerInHi]

Doesn’t sound like he needs/really wants to sell.

I see nothing wrong with pricing it above market. Someone might bite. It only takes one buyer. It’s a seller’s market after all.

[paramount]

[quote=FlyerInHi]Doesn’t sound like he needs/really wants to sell.

I see nothing wrong with pricing it above market. Someone might bite. It only takes one buyer. It’s a seller’s market after all.[/quote]

That was my thought – I’m 5k over the zillow estimate.

What I’m runing up against is the active rental season. Once September hits (or school starts) it get harder and harder to find a tenant and I might have to lower the rent or standards.

I’m thinking of lowering the price 10k for the weekend to see what happens. After that on Monday it goes back on the rental market.

[paramount]

[quote=Jazzman]What is the asking price and rent?[/quote]

335k/1750

[Coronita]

[quote=paramount][quote=FlyerInHi]Doesn’t sound like he needs/really wants to sell.

I see nothing wrong with pricing it above market. Someone might bite. It only takes one buyer. It’s a seller’s market after all.[/quote]

That was my thought – I’m 5k over the zillow estimate.

What I’m runing up against is the active rental season. Once September hits (or school starts) it get harder and harder to find a tenant and I might have to lower the rent or standards.

I’m thinking of lowering the price 10k for the weekend to see what happens. After that on Monday it goes back on the rental market.[/quote]

I never understood why people price above market only to reduce it. Doesn’t that just send a bad message? It seems like it would be more effective to price at market, get a bunch of bids, and play them off each other.

[paramount]

[quote=flu][quote=paramount][quote=FlyerInHi]Doesn’t sound like he needs/really wants to sell.

I see nothing wrong with pricing it above market. Someone might bite. It only takes one buyer. It’s a seller’s market after all.[/quote]

That was my thought – I’m 5k over the zillow estimate.

What I’m runing up against is the active rental season. Once September hits (or school starts) it get harder and harder to find a tenant and I might have to lower the rent or standards.

I’m thinking of lowering the price 10k for the weekend to see what happens. After that on Monday it goes back on the rental market.[/quote]

I never understood why people price above market only to reduce it. Doesn’t that just send a bad message? It seems like it would be more effective to price at market, get a bunch of bids, and play them off each other.[/quote]

I had spoken to this supposedly superstar realtor a few weeks ago, and he said always price high (initially) to make an agent work to sell it. In the past I’ve done what you suggested, priced a little low – sort of the same strategy with a rental property.

It may be to late – maybe I should completely pull it off the market.

Keep in mind all I’ve been hearing is that sellers are in control, it’s a strong sellers market with low inventory.

I was originally planning on including an appraisal waiver addendum.

[ltsddd]

Don’t trust Zillow’s wild-ass guestimates. Instead look at the recently sold properties similar to yours to see if your pricing is too high. Redfin/zillow are good resources.

[(former)FormerSanDiegan]

What was your original reason for selling ?

What were you going to do with the proceeds.

The rent to price ratio seems to be pretty good for San Diego these days (assuming you can actually get 1750).

As far as “rental season”… while it’s true that you get more traffic in the spring/early summer, my experience in filling my rental house is that it doesn’t matter that much when you market it for rent, with the exception of November/December …

If your reasons for selling it are not valid with a lower price, and you are price-sensitive for your reason for selling, then I would continue to market it.

[paramount]

[quote=FormerSanDiegan]What was your original reason for selling ?

What were you going to do with the proceeds.

The rent to price ratio seems to be pretty good for San Diego these days (assuming you can actually get 1750).

As far as “rental season”… while it’s true that you get more traffic in the spring/early summer, my experience in filling my rental house is that it doesn’t matter that much when you market it for rent, with the exception of November/December …

If your reasons for selling it are not valid with a lower price, and you are price-sensitive for your reason for selling, then I would continue to market it.[/quote]

I’m selling it for a couple of reasons:

1. I’ve had enough of being a landlord.

2. For the last 6 months I’ve been losing close to $200/month on the rental due to tax/escrow increases over the years. I had long term tenants and did not increase the rent.

My current/primary house needs work. I bought it fairly cheap during the housing crisis years.

My plan was to sell both properties and buy a house that doesn’t need improvements. I’m also considering buying a house closer to work.

I do have enough equity to lower the price – and yet I’m not desperate to sell (yet).

A house very close to mine but 300+ sq ft smaller just sold in 5 days for 330k. It was a single story though.

[Author]

Posts