Are you a property owner that wants to sell their condo, investment property or needs to rent an apartment or retail space in New York City? Call or text me: Sam Moritz, licensed real estate agent, 203–209–3640.
Do you know a property owner that might need real estate help? Refer me! I provide great and professional real estate services across all five boroughs.
Whether you’re selling or renting, I think you should always make it a point to list your property (but ultimately, it’s up to you).
This is a story about a rental, but the message is the same if you’re selling. Once upon a Pandemic, after living in or right around New York City for my entire life, I decided I would move to Salt Lake City, Utah. Crazy idea, long story. I only lasted four months, and then moved back to Brooklyn.
But when I was there, I got my real estate license, and really wanted to rent apartments for landlords. Rentals are quick money and if you get enough listings, you can have a nice quality of life.
I saw a definite need for landlords to hire agents in Salt Lake for apartment rentals, because near where I had chosen to live, close to downtown, in a neighborhood called “Trolley Square,” I noticed many “for rent” signs stuck into the ground with a phone number outside of different properties. There were apartments available in these buildings, but there were no online advertisements for them. You’d only know there were vacancies if you drove by the sign.
I’m not sure this is the best way to get your space rented quickly and for the highest amount of money possible.
On two occasions, I called the numbers listed on the signs, and sometimes the calls would go unanswered. Only when I’d ring a second time, would someone pick up (it was the owner on the other end). On one conversation, I asked what the price was for a one bedroom apartment in their building, and they gave me a number a couple of hundred dollars lower than other one bedrooms I had already viewed in the area, and there was always more than one vacancy in these buildings, which had about fifteen total units.
On one occasion, the owner told me that she would be coming in from Layton, Utah, about a thirty minute drive north to show the apartment, and wanted to know if I could meet at a time convenient to her? I couldn’t.
Some caveats: I’m not saying that maybe you can’t list a unit for sale or rent yourself — if you feel you are capable of listing it, have the time to answer all the leads and show the unit to everyone that wants to view it, then that works. But if you’re far away, or have another full time job, and you can’t give your full effort to the listing, maybe it’s time to hire someone. Professionals also have listed and sold not just your property, but units for other property owners and landlords. We can educate about price, similar units, and what your competition may be doing.
This owner coming from Layton, Utah, was selling herself short. She didn’t have proper exposure (ie, she wasn’t advertising online), was charging fairly below market rent for the apartment, and had several vacancies, probably because she didn’t have the time to commit to showing the apartments consistently. I think she was charging a lower amount so the units would rent quickly.
Listing and showing a rental or sale allows for the highest possible price to be achieved for a unit. In the end, it’s your asset, so it’s your decision on how you want to handle marketing it or working to get it rented or sold, but do you want to be the landlord from Layton, schlepping down to show an apartment, when you could get more money for the space, and spend your weekend skiing? Sure, maybe you’d have to pay a commission, but maybe that’s worth it for a higher price and to have more time for yourself? Something to think about it…
Are you a property owner that wants to sell their condo, investment property or needs to rent an apartment or retail space in New York City? Call or text me: Sam Moritz, licensed real estate agent, 203–209–3640.
Do you know a property owner that might need real estate help? Refer me! I provide great and professional real estate services across all five boroughs.