Choice of agent to sell a rental property

Choice of agent to sell a rental property

Rental Property Investor · Houston, TX · Member since 2013 · 3 posts · 0 votes

Thanks everyone in advance for your input. 

I am interested in selling one of my rental properties located in San Diego, ie., taking some money off the table while the market is still warm in southern California. It is a small condominium unit currently managed by a small local property management firm. The property manager have been able to provide fairly good services for several years, and has gained some of my trustworthiness on the property management side of the business. Since the property manager is also a licensed real estate agent, I want to know whether it will be a good idea to list the property directly with the manager. 

The idea to hire property manager as the listing agent is essentially based on the assumption that the good agent should be knowledgeable about the particular unit and should have demonstrated reliability in general, which makes the property manager particularly attractive. On the other hand, the property manager may or may not be as motivated to sell comparing to other agents, simply due to the current property management business. 

Although I have been investing for years since last market downturn, this will be my first sale and I am still learning all the rules of thumb. What principle do you use when deciding on whom to hire as the listing agent? 

Thanks again everyone. Any input will be useful greatly appreciated. 

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  • Real Estate Broker · Bay Area · Member since 2018 · 1k+ posts · 3k+ votes
    7y

    Hi Hui,

    If the property manager has experience selling the property I think you will be fine.  Selling the property and getting the commission check will motivate them.  Since they will be familiar with the property it will be easy on the tenant and they will be able to answer all the questions.  Ideally, you want to sell the condo vacant.  This way you will attract more buyers and get a higher price.  If you would like a referral for a listing agent in SD, DM me and I'll pass you the info of a top guy in the area.

  • China, ME · Member since 2014 · 3k+ posts · 4k+ votes
    7y

    @Hui Wang Property management and marketing a property for sale are two different skills.

    Here in MA and probably in CA, property managers must hold a real estate license, so that's not a surprise.  There are a couple of exceptions, like being a W2 employee of the owner.

    If this agent is also regularly engaged in selling properties, that's probably a good sign.  If however, he is primarily focused on placing tenants, managing repairs and collecting rents, he might not be the best option.  

    In my opinion, you want someone with at least a few years of FULL TIME experience and someone who doesn't have another source of income.  That will filter out the part-timers and hobbyist agents.

    I'd call around to some of the larger brokerages - Keller Williams, Century 21, Coldwell Banker, etc and get a proposal from them.  At a minimum, that should include a market analysis and a game plan for getting your property sold.

    You don't say how many doors you have, but if it's 10 or more, you should consider a commercial broker.

    Good luck!

  • Real Estate Broker · San Diego, CA · Member since 2016 · 355 posts · 195 votes
    7y

    @Hui Wang

    I wrote you private message. With my contact. More than help you with any questions you may have about the SD market.

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