Can't sell my house! Now looking for great property management..

9 Replies

Hello!

My house has been on the market to sell in Chesapeake, VA for a few weeks now and we've already come down $10,000. If I lowered the price any more, I wouldn't even break even after closing closes and realtor fees. So being as I'l be carrying two mortgages come October 1st, I want to get a tenant in the house ASAP.

Looking for a GREAT property management company in Chesapeake, Virginia Beach, Norfolk or Suffolk that is reasonable with their fees and will streamline the process on my end.  Any investors have recommendations for this area?

@Rob Roy I use Tidewater Homes as my property manager, they're pretty good. You'll find most places in this area charge 10% for the monthly management. The leasing fees vary by property manager but $200 - $300 paid to the leasing agent who places the tenant is a reasonable expectation.

@Patti Robertson is the owner of Tidewater Homes and active member in the Tidewater Real Estate Investor Group (TRIG). She'll probably jump in here and comment but if not just search it and you'll find it.

I would run the numbers you might be better off selling at a loss and buying something with even better cash flow

Think of what your goals are.  Monthly income, cash now etc

@Rob Roy I am an investor and PM in Virginia Beach. I agree with @Michael Plante , you should definitely consider the long term financials of the property (if you haven't already). 

You may cashflow for a few years, then end up spending that to get the house market ready to try and sell it again later just to end up back in the same position you are in now.

On the flip side, if the property is appealing as an investment property and you still want to sell, having a tenant placed could potentially help it sell faster. Just a couple things to think about.

A few weeks is not enough time to test the market The big price drop might have been unnecessary What is your agent recommending for a timely sale ?

@Jason Runkle Thanks for the great insight!

@Michael Plante I took what you said to heart and just lowered the price some more.  We'll see what happens!

@Christopher Lightner Great advice.  I certainly didn't think about what it takes to get a property "market ready," as I've never had a rental property before.  Thanks!

@Account Closed You may be right on that one, but my market is pretty active.  The real driving piece for me is having to pay two mortgages come October. 

Originally posted by @Rob Roy :

@Jason Runkle Thanks for the great insight!

@Michael Plante I took what you said to heart and just lowered the price some more.  We'll see what happens!

@Christopher Lightner Great advice.  I certainly didn't think about what it takes to get a property "market ready," as I've never had a rental property before.  Thanks!

@Account Closed You may be right on that one, but my market is pretty active.  The real driving piece for me is having to pay two mortgages come October. 

Uggg great now I feel I have to do the same on one of our personal houses we are selling.   Lol

Hope it works for you.  

Was just running the numbers on what we are missing out on having the money tied up as opposed to having it work for us. 

@Rob Roy what area of Chesapeake is your property? Have you made any progress on getting it sold? I am actually staying in a hotel in Chesapeake right now as I am in town until Oct 20th for work. 

Looking to make some investments in this area in the future.