I need to rent or lease my condo because I cannot sell because the market. Low fee?

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 04 2011 - Las Vegas
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (5)

Hi Lexxa,

My property management company has over 95% properties occupied, and we charge low fees. We charge monthly when rented at 7% of the gross rent, with a minimum $50 and max $100. Feel free to contact me direct for more details.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 08 2011

Hello Lexxa,

Isn't it sad that 80%+ of the property owners in Las Vegas are in the same position you are?  While it is unfortunate for you and me to be on the wrong side of this housing boom, it is a great time to buy.

As to your question about renting, there are a couple of options. The first option has you as the Landlord. I must say here as an aside, I have been one, and I am not a good landlord. I let my tenants stay in my homes without paying rent, because I feel sorry for them and then they get one and two months behind, and I just hate having to evict a tenant in need, so it drags on and I give them money so they can buy shoes for their kids, and give them a turkey for Thanksgiving.  Obviously, I am an easy mark.  I also hate having to go to the property and fix a leaky faucet, because I think the tenant should make the repair, and I hate having to replace the carpet as a result of the tenant changed to oil to his Harley in the Living room, and decided to breed a rare strain of cat that used my carpet as a cat box and the walls as a scratch pole. 

If this sounds like you, option number one may not a good one for you.  It is also the cheapest option though.  You can advertise the home on Craigs list at no cost.  You need a rental agreement, but those are easy to find on the internet.  Or, you can have an agent put it in the MLS as a courtesy.  They might charge you anywhere from $200 to $500 to put it in the MLS, and then you have to pay the cooperating agent another $250 to $400 to bring the tenant to you.

Option number two is to hire a property manager to take care of everything for you.  This is usually a turnkey type of relationship and they will handle everything including, but not limited to handling repairs evicting deadbeats, and even making your mortgage payment for you, which if the rent isn't enough to cover all costs and the mortgage, you will have to pay each month into an account so the property manager can make the payment on your behalf.  For this "Full meal deal", you will have to pay anywhere from 8% to 10% per month plus possibly a flat fee of between $50 and $100 per month.  This is an expensive option, but it doesn't require you to have a stock of Tylenol (or maybe something stronger) on hand to help with the headaches that surely come from being your own landlord.

Option number two is the choice I should always take, but I am a cheapskate, and when you add up the cost of the full service property manager, it is equal to a car payment.  (Looking back, it would have still been cheaper for me to take option number two.)

But the unasked question is, "When will this market return to the point where I am not completely under water?"  So, I will ask and answer it.  The answer is anybody's guess, but best estimates from people smarter than me is that the market may not return to 2007, 2008 levels for years for perhaps 10 or 15 years.  So, you may find it instructive to add up the accumulated cost of holding the property for the next several years, assuming that you have a negative cash flow for the next several years.  If you conclude as others have that the cost is just to great, you might consider selling on a Short Sale.  The climate for doing a Short Sale is favorable today.  There is no telling what it may be like in even a year  from now.

What ever you decide, let us know.

Best of luck, and Thanks for reading.

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 04 2011

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 04 2011
 
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 04 2011
in KY agents will list your property on the MLS- for Lease-  the fee is a full months rent (1/2 payable to the listing agent and 1/2 to the agent bringing the person that leases)  this fee is not set in stone and may be negotiable- Good Luck!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 04 2011
 
Related Questions
What was my property value in April 2008?
Profile picture for user1272055
Latest answer by user1272055
December 05 2013 | 2 answers
background checks
Profile picture for Phil Bailey
Latest answer by Phil Bailey
July 17 2013 | 1 answers
What's with all the misinformation on here (mislableled short sales especially in my area)?
Profile picture for Michelle McDermott
Latest answer by Michelle McDermott
July 09 2013 | 1 answers
Being Deceitful???
Profile picture for Pasadenan
Latest answer by Pasadenan
June 28 2013 | 6 answers
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 1900 N Torrey Pines Dr 212 # 212, Las Vegas, NV Home For Sale
    1900 N Torrey Pines Dr 212 # 212, Las Vegas, NV 89108

     For Sale: $89,900

    • Beds: 2
    • Sqft: 1022
    • Baths: 2.0
    • Lot: --
  2. 363 Marlin Cove Rd, Henderson, NV Home For Sale
    363 Marlin Cove Rd, Henderson, NV 89012

     For Sale: $340,000

    • Beds: 3
    • Sqft: 2428
    • Baths: 2.0
    • Lot: 6098
  3. 2009 Colvin Run Dr, Henderson, NV Home For Sale
    2009 Colvin Run Dr, Henderson, NV 89052

     For Sale: $488,000

    • Beds: 3
    • Sqft: 2769
    • Baths: 4.0
    • Lot: 8712