If you own a property that is no longer your primary residence, what should you do with it? Sell or rent? We understand how stressful that significant decision can be.
In a previous blog post called “Should I sell or rent out my house?” we discussed some important factors to consider. For example, what are your long-term financial goals? How is the current market? What are the potential risks?
For some property owners, it’s a clear decision whether they should sell or rent out their house. However, for others, either option would be a win for them. Perhaps they don’t have a strong preference either way, or they want to test the market. In that case, we at Peace of Mind Property Management offer a special solution: we can list the property both for sale and for rent at the same time.
Realtors and Property Managers in Maryland
We are uniquely positioned to do that because we are both realtors and rental property managers. (Learn more about our team.) In Maryland, it’s not common for rental property managers to also be realtors. After all, not every property manager wants to deal with sales.
But because we are also realtors, we offer clients certain benefits, such as:
- Access to the Multiple Listing Services (MLS)
- Coverage by the Maryland Real Estate Commission Guaranty Fund
- Being bonded and insured
Preparing the Property to Sell and to Rent
When it comes to preparing the property, we treat properties for rent similar to how we treat properties for sale. For example, we want the house to look great, so we make sure any necessary repairs or updates are completed. (If a property is also being listed for sale, and not just for rent, we might suggest more cosmetic updates, such repainting. Buyers tend to see things as more permanent than tenants.) We also take professional photos, which can be used for both types of listings.
Working the Market to Sell and Rent
Once the house is ready, we put it on the MLS as two separate listings—one as a sale listing and another as a rental listing. Then we work both angles at the same time. For instance, to maximize opportunities for sale, we’ll host open houses. And to maximize opportunities for rent, we’ll advertise on websites that are specifically for renters.
Our goal is to get the best deal for the property owner. So, we entertain all offers for sale, as well as applications for rent, until the owner feels good about a particular purchase or tenant offer. Then we move forward with the owner’s decision.
Get Peace of Mind for Your Property
If you decide to list your property for rent—or for both sale and for rent at the same time—we’re here to help. (If you decide to only list for sale, then you are not obligated to work with us. And if you were referred to us by your realtor, then we refer you back to them.) Please contact us to learn more!