I got a phone call from a local homeowner inquiring about renting his house and in the fashion that these "cold calls" usually go, he was hesitant to give me his address * like I was going to come over there and stuff his mailbox with my literature! ?He should BE so LUCKY.
After some basic questions, I gleaned that 1) he had a LARGE rural home that he was in the process of finishing off the basement himself; 2) he has at least 2 mortgages on it and he bought at the HEIGHT of the sales market; 3) he loves the home and "hates" to leave it. Meanwhile, he is talking to HeadHunters about his employment prospects and expects to leave this summer.
He THEN proceeded to tell him what rental amount he wants and how I should proceed to market his home AND who his target renter market would be.
I suggested that while I had not seen his home, I know where it is * within NOISE distance of the interstate * 20 minutes to the nearest public school and middle school students have to change their bus once * 15 min to nearest grocery store * and YES! ?his home is in God's Country because I live 5 minutes away in the same ZIP CODE.
He had the PERFECT opportunity to get a professional property manager's expertise and insight FREE! ?A professional property manager who LIVES 5 minutes from his property and has done rental management in the area for the last 20 years.....and YET, he wanted to tell ME MY business.
So the COLD HARD truth is what I told him....his idea of $3k for rent is unrealistic - they are not getting that in the GATED, golf course community 10 minutes CLOSER to town with the same zip code; that his "finishing" off the basement would not get him an additional $500 per month in rent AND that he may have to include yard service in the rent because of he home was on 3 acres that required 3 hours of mowing every 2 to 3 weeks.
I told him that I would be happy to view his home; however, I would not take it to lease and manage if he insisted on being unrealistic * YES! I said THAT word * with his anticipated rent....WHILE I was thinking that I am sure he can find a newbie real estate agent who would L?VE to take an over-priced RENTAL listing.
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Wallace S. Gibson, CPM * GIBSON MANAGEMENT GROUP, Ltd.
Central Virginia
LandlordWhisperer
View our available Charlottesville, Albemarle and Lake Monticello rental homes online with photos and floor plans
"...to be a Virginian, either by Birth, Marriage, Adoption, or even on one's Mother's side, is an Introduction to any State in the Union, a Passport to any Foreign Country, and a Benediction from the Almighty God...." Anonymous
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