Can’t Sell Your House? Rent It Out

June 23rd, 2017 · Tell Me What You Really Think Here · Personal House, Property Management

Since I have been in business (10 years now) I slowly steadily chug along, adding a few property management properties to our portfolio, renting a few more, keep on top of things in a pretty unexciting way. Property management done properly should be totally boring.

From January this year, owners who had been clients for years just decided to sell. I even asked why they were selling out of curiosity and it just seemed that they thought it was high prices and that’s it. Vague. Even the strip mall I manage was sold. I was panicking a little bit, in 10 years it has never happened that I lost more clients over 6 months than I gained. In fact it’s kind of rare for people to move or change managers at all. This new development was a little frightening.

Enter My Saviours

Recently I’m having new phone calls, I can’t sell my house, can you rent it? Yesterday it was a potential client from Vancouver, no offers on his house in Toronto, he’s relocated for work. Can I help? They’re going to give it a few more weeks on the market and then they’ll rent/manage.

I’m already renting a house that didn’t sell in Oshawa.

That’s been the problem with housing traditionally, it’s not very liquid, and we’ve all been a little spoiled by the GTA market that has houses sold on multiple offers in a week after holding back offers.

I’m also currently managing a lot of houses for people who have to leave the country, and will eventually need their houses back.  They could sell but don’t want to.

Those trying to sell their houses and not being able to… that’s really new.

The only problem is that in this rental market, you can’t generally cover your expenses with the rent on a house or condo. If you rent a million $ house you’ll get a bit more than $2000 per month depending on the area, time of year, quality of house etc. Unfortunately the upper level of rents is determined by what people make in their jobs, and that has not changed to follow the housing market.

If  you can’t sell your house,  we can rent it.

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