Here’s how a hot seller’s market can affect property management.
How does a hot seller’s market affect property management? First, your days on market will decrease. In other words, the number of days it takes to lease out a house will fall dramatically, which is excellent for you. We’re seeing a low supply of rental properties and high demand from people wanting to get into those houses.
Second, your property will probably appreciate, and many more people will want to buy it. When buyers are having trouble finding homes to purchase, they may look elsewhere, and one of the things they do is look toward people who own houses. There are currently many opportunities if you’re interested in that.
We’re seeing a low supply of rental properties and high demand for them.
Third, rents will trend upward. If prices climb and your property appreciates, then it’s likely you can charge more rent. That’s the only negative side to selling your house—you’re selling off your cash cow, and finding another great investment is difficult right now.
If you have any questions about this or other property management matters, give me a shout via phone or email. I would be glad to speak with you.