Many homeowners, when unsure about which way to turn, ask me "Can I market my home up for Sale and for Rent at the same time and just choose whichever happens first?"
I say "Yes, but... it usually will rent first. Is that what you really want?" Think about it.
Sifting through your options, evaluating your choices against your temperament and deciding which way to go is tough. I understand. And by putting your home up for sale and rent at the same time, you are kind of absolving yourself of these tough discussions and decisions and leaving the result to the marketplace. It reminds me of when people say to me "Whatever happens is meant to be". Yes, but, at the end of the day, this is a big decision and you need to take control of the situation so that you are comfortable with the result.
What You Need To Consider When Putting Your House For Sale and For Rent At the Same Time
1. Really think about what you want and the implications of Renting Out vs. Selling Your Home.
Yes, we can put your home for Sale and for Rent at the same time, but it will probably rent first.
Renters are not as emotionally attached and the decision to rent is not as permanent. So if your rental property is priced right and meets the tenant's needs, tenants will go for it and it is a much quicker process. The time from lease to "close," i.e., when the tenant takes occupancy, is days not months. Have you thought about hiring a property management company or would you manage it on your own?
2. If you really want to sell your house, give it 30 days.
If you really want to sell but are afraid that it might not sell within your time frame and you don't want to lose valuable time marketing it for rent, do you have 30 days to try to sell your house before you put it on the rental market?
At this time of the year and in this fast paced market, we can get great feedback and really read the market within a relatively short time frame. We will know whether your home is priced right and attractive to today's buyers. So do you have 30 days to try it?
3. If you are pressed for time and you don't have 30 days, then yes, we can do both at the same time but get ready to be a landlord.
Let's prepare for the rental license inspection, the landlord insurance and everything else that comes with being a landlord. This is the busy rental season and, if your home is priced right and in good condition, you will get a lot of activity.
How quickly can you vacate? Today's renters usually want the home within 30 days. Can you get out that quickly?
4. Be prepared for a hectic real estate pace.
With both renters and buyers looking at your home, you are going to be very busy with showings. Try to stay calm. Keep your home neat, be ready at a moment's notice and get ready to answer questions. If you have put your home up for rent and sale at the same time, you really have to be comfortable with either decision.
Renters, buyers and their agents take a lot of time to sift through listings and show homes and get very upset when they put in an offer only to find out that the homeowner really did not want to rent it or sell it. So be sure. And get ready to move. Start packing.
5. Keep in close communication with your real estate agent.
Going out of town? Getting ready for your move? Keep in close contact with your agent.
The market is moving very fast and buyers and tenants want answers to their questions quickly. If not, they will move on and they may actually write a negative review on your home. So, be ready to answer their questions quickly by keeping in touch with your agent and knowing what you really want.
Have fun! You are moving on to the next chapter of your journey. And we are here to help you every step of the way. Rent or sell - we at Yaffe Real Estate can help you decide which is best for you.