Chicago (Lincoln Park) : Rent out vs Sell and how to explore both

Chicago (Lincoln Park) : Rent out vs Sell and how to explore both

Member since 2024 · 4 posts · 2 votes

Hello, I've been living in a 3br/3ba unit in Lincoln Park for approximately 5 years, and I have been intending to lease it out. However due to limited interest I've dropped the price, and I'm approaching my bottom limit, in which I likely believe it'd be a better financial decision to sell (obviously contingent on the sell price). Therefore, I'd like to get it listed, so I can explore both options at the same time.

As I start interviewing agents, any common pitfalls/things to consider when dealing with an agent when you still prefer to lease (ie would they expect to get the rental listing as well, etc.). I can see how there's a bit of a conflict of interests here, where the agent obviously prefers a sell, however I slightly prefer renting it.

Thanks in advance for any advice!

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Brie SchmidtBusiness Member
Moderator
Real Estate Broker · Chicago, IL · Member since 2013 · 6k+ posts · 5k+ votes
1y
Quote from @Kyle Kulhanek:

Hello, I've been living in a 3br/3ba unit in Lincoln Park for approximately 5 years, and I have been intending to lease it out. However due to limited interest I've dropped the price, and I'm approaching my bottom limit, in which I likely believe it'd be a better financial decision to sell (obviously contingent on the sell price). Therefore, I'd like to get it listed, so I can explore both options at the same time.

As I start interviewing agents, any common pitfalls/things to consider when dealing with an agent when you still prefer to lease (ie would they expect to get the rental listing as well, etc.). I can see how there's a bit of a conflict of interests here, where the agent obviously prefers a sell, however I slightly prefer renting it.

Thanks in advance for any advice!


 Send me the address and I will pull comps.  I have been a landlord for 13+ years and never had a full month of vacancy unless I was doing a renovation, so something is off here

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  • Sarita ScherpereelBusiness Member
    Real Estate Agent · Chicago, IL · Member since 2018 · 659 posts · 376 votes
    1y

    Hi Kyle, I'm sorry you're having issues procuring a tenant. It's such a strong seller's market in every inventory range it might be a great time sell....says the realtor! 
    We have worked with many clients over the years that found themselves in the same predicament. Keeping both listings up is definitely an option and one we see a lot of owners take. It is not always a sellers market and renting is sometimes the best path. I've also talked many "sellers" into waiting to list until the market time aligns with when buyers are looking. This happens often in Fall and Winter. What the home offers tenants and prospective buyers will be critical in answering which path and timeline makes the most sense for you and your strategy.  I've just sent you a DM if you'd like to chat more! 

  • Brie SchmidtBusiness Member
    Moderator
    Real Estate Broker · Chicago, IL · Member since 2013 · 6k+ posts · 5k+ votes
    1y
    Quote from @Kyle Kulhanek:

    Hello, I've been living in a 3br/3ba unit in Lincoln Park for approximately 5 years, and I have been intending to lease it out. However due to limited interest I've dropped the price, and I'm approaching my bottom limit, in which I likely believe it'd be a better financial decision to sell (obviously contingent on the sell price). Therefore, I'd like to get it listed, so I can explore both options at the same time.

    As I start interviewing agents, any common pitfalls/things to consider when dealing with an agent when you still prefer to lease (ie would they expect to get the rental listing as well, etc.). I can see how there's a bit of a conflict of interests here, where the agent obviously prefers a sell, however I slightly prefer renting it.

    Thanks in advance for any advice!


     Send me the address and I will pull comps.  I have been a landlord for 13+ years and never had a full month of vacancy unless I was doing a renovation, so something is off here

  • Real Estate Agent · Chicago, IL · Member since 2018 · 1k+ posts · 1k+ votes
    1y

    @Kyle Kulhanek

    Did you pull rental comps to make sure you set an accurate market rent? Assuming you have decent photos for the listing, it mostly comes down to the rent price. So, your rent is likely too high.

    I'm guessing you have a nice low mortgage rate if you bought about 5 years ago, so if possible it probably makes more sense to keep it as a rental then sell it assuming the cash flow is decent. Unless you need the cash now of course. Because if you sell, where would you go?

  • Real Estate Agent · Chicago · Member since 2021 · 168 posts · 62 votes
    1y

    Hey Kyle, sounds like a smart approach to explore both options. When interviewing agents, be upfront about your preference to rent and see how they handle both listings. Some may expect to handle the rental too, but it’s not a given. Look for someone who presents a solid strategy for both outcomes without pushing you toward a sale. Happy to chat if you need insights! #LETSGO

  • Jonathan KlemmBusiness Member
    Moderator
    Contractor · Chicago, IL · Member since 2016 · 4k+ posts · 2k+ votes
    1y

    Hey @Kyle Kulhanek - For sure take up @Brie Schmidt up on her offer!  I love her and she'll be a great person to connect with.

    If your property is not listed on MLS for rent when it's in Lincoln Park one of the A neighborhoods in Chicago, that could make a big difference.

    You want an agent who will list it for rent and sale some one who knows the investment space...you've got some great agents above to connect with!

  • Aaron ZimmermanBusiness Member
    Accountant · Chicago, IL · Member since 2018 · 2k+ posts · 1k+ votes
    1y

    Assuming you can still cash flow reasonably well, I doubt you’ll regret owning in Lincoln Park which as you know is an A+++ area. 

    I would make sure your rents are in line with market. In addition, if you’ve been trying to rent out over the last couple months, that’s the hardest part of the year to rent out in Chicago. 

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