Be careful when deciding whether to rent or sell

Guest Commentary
April 13, 2008

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In today's market, it's not easy to decide if you should sell your house or rent it out for awhile. You see all the "for sale" signs all over your neighborhood. Some have even been on the market for months. Your Realtor has given you a price to sell your house, and you can't believe it's lower than what you paid for it or just about the same.

You have to do something because you are being transferred to another location, you're getting married and moving in with your new spouse, etc. First, talk to your accountant, especially if you want to rent it.

If you decide to sell your house, listen to your Realtor. They are experienced and they know the market. If they say that you should change the carpets, paint a few walls, get rid of the clutter, etc., you should do it. Telling your Realtor that you want to sell your house "as is" is saying you don't mind if the house sits for awhile. Let them go over why they think your house will sell at that price. Your feeling about your house and what you think it is worth won't sell your house -- the right price will.

If your house has sat on the market for a few months, you may want to look at renting it for a while. Do you try and rent it out yourself or do you hire a property manager?

First, ask yourself if you have time and if you are close enough to show the property daily. Are you asking the right price to rent it? What do you do if someone is interested in renting your place? Are you ready to get those calls in the middle of the night that the basement is flooded?

If you can answer those questions and are ready to do it on your own, make sure you keep up with all the laws about rentals. Join your local apartment association to stay informed.

If you want to hire a property manager instead, make sure they are licensed with the Real Estate Commission and get their references.

Property managers can show your house, find qualified renters, collect the rent, pay all the bills pertaining to the house, send you monthly statements, get the calls in the middle of the night, check up on the house and so much more.

The overwhelming majority of property managers do a terrific job for their property owners. They take their profession seriously and they know training and continuing education is vital. Just make sure the one you pick is someone you can work with, thinks the way you do and most important, puts your interests first.

Diane Quigley is the broker/owner of True Abundance Property Management and serves as the treasurer of the Greeley Area Realtor Association.