Realtor / Property Management (Austin, Bowie: days on market, sale, rentals)

[infoseeker2010]

As some you guys know, I will be moving out of country for ATLEAST 2-3 years. There is a very high possibility that even if I am back in US, I won't be in Austin but some other part of country. Probably East Coast.

Long story short, I own a home in Southwest Austin. I talked to my realtor (through whom I bought the home initially couple of years back) to get her advice whether I should lease or sell the house. Honestly I didn't get a clear yes/no from her, but looking at numbers, I decided to lease it.

Right now, I am still in US, but left Austin about a month back. So she put the house on MLS. Before putting on market she was all ga-ga that Austin rental market is great we will probably find A+ tenants in 7-10 days. Worst case 15 days. And now its been 30 days and she has not been able to find one good tenant. She forwarded me application for one group of 4 guys. Two of whom had been arrested for DWI and Marijuana Possession.

Do you guys suggest I should change my realtor? A friend of mine, who is renting few properties in Phoenix suggested that I should have never gone through "pure" realtor. But someone who is a realtor and also a property manager. They are more motivated to get a tenant since they make same irrespective instead of a pure realtor who earns more from a sale then a lease.

Please advice. I would appreciate if you guys can recommend good property management and realtors.

[FalconheadWest]

I work the SW area a lot and houses are flying off the shelves. Rentals, especially feeding into Bowie, also fly off the shelves. You must be asking way too much for rent otherwise you would have a family moved in ready for the next school year.

I try not to handle rentals myself unless the seller really really wants me to after deciding not to sell. I like to hand them off to a property management company because they do this stuff day in and day out and have an entire portfolio of people wanting to lease in specific areas.

If you would like a referral, please send a message.

[FrozenCucumber]

Does your contract allow you to change realtors?
Can you find your posting on Craigslist?
Have you reviewed the MLS listing yourself to gauge quality of description, photos?
Have you looked at lease comps (provided by your realtor) to ascertain the right rental range?
Have you considered lowering your rent below market to attract a higher quality tenant?

[austin-steve]

The "hot" rental market is somewhat overstated, at least for those of us who heavily scrutinize applicants. 30 days is the outside of what I'd expect, but not unheard of.

There are at present 36 houses for lease in the 78749/39 zipcodes. That's a lot. Many have had a price drop. There are 29 Pending Lease listings in the same area. Avg days on market is about 15 days. 6 of the Pending have DOM over 30.

Avg price of the Active listings is over $2,000. Avg price of the Pendings is under $2,000. Price and condition determine which homes are selected and which remain. You have to make sure, whichever price range/size you are competing in, that yours is a strong contender.

Many of the Active listings are going to roll into August unleased, which is not good. Families needing to get into schools will be settled by mid-August at the latest, and after that, the market slows considerably.

I would just talk with your agent and make sure the home shows extremely well, is priced right and is being marketed with excellent full set of photos in MLS.

Steve

[FalconheadWest]

Originally Posted by austin-steve

There are at present 36 houses for lease in the 78749/39 zipcodes. That's a lot. Many have had a price drop. There are 29 Pending Lease listings in the same area. Avg days on market is about 15 days. 6 of the Pending have DOM over 30.

Avg price of the Active listings is over $2,000. Avg price of the Pendings is under $2,000. Price and condition determine which homes are selected and which remain. You have to make sure, whichever price range/size you are competing in, that yours is a strong contender.

His property is in 78748, further south down Brodie where rents aren't as high as 39 & 49...