It’s a Sellers’ Market in Home Sales and a Landlords’ Market for Rentals.
I’ve been in the Residential Property Management business for almost 26 years and Real Estate Sales since 1981. In all my years of doing business here and in the Bay Area, I’ve never seen a rental market quite like this one.
If you’re a renter looking to move start earlier than you think. If you find a place you like be prepared to take it immediately even if you haven’t given a 30 day notice to your current landlord.
Yes.. you might have to pay an overlapping rent on two places, but that’s the current market.
Is the Phrase “Highest and Best” coming to the Rental Market..?
If you have read the paper or watched local news or Social Media, you’ve seen reports from time to time regarding Sacramento and Folsom Home Sales with multiple purchase offers with some of them over list price.
Well, I’ve been thinking what if Landlords and Property Managers treated multiple rental applications the way some Real Estate Brokers/Agents treat multiple purchase offers?
Often times in that situation, rather than write a counter offer to each buyer, the Listing Broker/Agent would advise all the various Buyers’ agents to re-write their Buyers’ offers to a price higher than list price in order to get the “highest and best” offer for the Seller. They call it “making your highest and best offer”.
The Seller and Seller’s Broker/Agent would then pick the strongest offer based upon price/cash/financing and then the lucky Buyer(s) gets the deal in escrow and would commence their “due diligence”.
All the other offers would be rejected or told they could be in a “back up” position.
For us, our most recent rentals in various areas have experienced “high traffic” and “multiple applications”. The result is some ordinarily qualified people are left out for someone “more qualified”.
Haven Properties has not suggested a “highest and best offer” scenario to “approved” multiple tenant applications over the posted rental rate in order to see what the market would bare. However, isn’t that an interesting “ponderable”….?
If you’re looking to hire a Property Management Company, then give us a call at 916-203-1260 or drop an email to me at firstname.lastname@example.org
In the Mean Time…?
Make it a Great Day…!