All Forum Posts by: Walter Moneypenny

My company charges an application fee. The vendor we use has them pay for it as the last step, so the applicant can make the decision whether to pay the $55 and finish the application or not. That money goes toward a thorough background and credit check. As previously said by others, not charging would cause a flood of applications. Most of those would be unqualified people. Since we state our criteria in the listing, it would come as no surprise to someone of they are denied because of bad credit, criminal record, an eviction or something else we screen for. 

Hi @Ana Vhan. Phoenix metro has a lot of areas that would fit your criteria. As an agent that purchased several homes for investor clients in the metro area and was an HOA manager for 20+ years, you have some good criteria. A quick look at the MLS shows more than 3,700 single family homes in the 400-550k range that are listed for sale. There are more than 7,000 that are above 550k. You will need an experienced agent to help you navigate though all of the inventory. What you may consider a good area may not be good to someone else. As an agent, I cannot tell someone where they should live or purchase a home. There are pros and cons to areas in any geography: schools, access to transportation / highways / freeways, location of the home in relation to work and a whole lot more.

It's hard to find a property without an HOA in metro Phoenix. As previously said, condos and townhomes have higher HOA dues. Your agent needs to know what to look for in the CC&R's and what the red flags for rentals are. With the rates where they are at the moment, compared to where they were two years ago, you will need to get significantly more rent now than in 2022 before the rates started going up.

Feel free to reach out to me and I can help guide you in your search. 

I did HOA's in Phoenix metro for a long time and was never able to find such a list. It becomes trial and error. You can look up the CC&R's on the County Recorder website if you have a question about STR restrictions. The restrictions should be in the CC&R's or a recorded Amendment to the CC&R's. It is not something that can be done by just passing a rule.

Take a look a the comparable listings in the area for condos and apartments. If someone can pay a little bit for a gym membership and get what you have then they will most likely pass on your rental. Those amenities probably will only appeal to a small portion of the renters. Most renters shop by price and won't even read the ad if it is too far out of line. 

I have found that Craigslist and FB Marketplace are too full of scammers. My company sends our listings out to many different platforms, but now does not use Craigslist or Facebook.

The majority of inquiries for me come from the Zillow family of sites and rentals.com affiliated sites, as well as our robust internal database. 

The followed locations feature does not seem to be working. I follow several local areas and the site tells me that I am not following any locations.  Anyone else having issues?

@James Lorimer I agree with the previous replies. Reach out to a professional who is familiar with the area (like me). There are a lot of variables to take into account and a pro will know how to give you the best estimate of what the home will rent for, especially in different kinds of market environments. 

@Laura Au You are most likely priced in a good spot for a normal market. I believe that the previous reply from an excellent broker just looked at the listings in the MLS. When you account for the FRBO's and companies such as mine that do not use MLS for listings, then there are a lot more rentals on the market. We have seen the days on market slowly come down, but it is still high compared to previous years. Hang in there! If the home is in good shape it should rent.

It seems to be not working. I follow 4 or 5 locations and the site says I am not following any. 

I live in Moon Valley and so I am biased. It depends on your situation. There is more for kids to do in the MV area than in PV. It's a good area with a lot going for it.