Vacancy for 4 months - Sell, Hire, or Wait it Out? (Kansas City)
I have a rental property in South KC that has been vacant for four months now. The property went vacant in October 2017 and is still not rented. I understand that winter months are not ideal times to get a property rented, but isn't four months way too long?
There have been some errors between the PM and leasing agent...
I have had a lot of success in my local market (Milwaukee). I've built a great team (realtor, construction workers, and a great PM). I am debating if I should do one of the following...
- Sell the KC rental and apply those funds to my local market
- Hire a new PM
- Wait it out till Spring
Thoughts? Advice?
Most Popular Reply
Your price is too high, simply put. 4 months is too long for anything to sit vacant. The market dictates what the going rate should be. I would check Rentometer.com to validate going rates. Call some neighboring listings and see what they are going for and how long they've been available, pretend to be a renter.
Move someone in and do a six month lease so you can schedule the turnover in the summer going forward.