It really is a bear of a situation, being an agent selling a home that is rented. Of course you want that income stream. The fact is that it will impede what is perhaps the right buyer from finding it.
In many cases it is worse on your pocket book to have it rented and for sale at the same time. I say this because the longer the home is on the market the more likely it will be that you lower the price. I don’t and won’t encourage that, but it is a fact.
In almost every price range and location there is competition. Your home isn’t the only one to choose from. If you throw any hurdle in the way of showing your home it is possible the right buyer might miss it. Maybe I should use the work probable, not possible. Rented homes almost always need appointments. Some renters don’t cooperate. Often the rule is at least 24 hour notice. There is one condo currently for sale in downtown Salt Lake City that only allows showings once a month. It’s pretty ridiculous to even have it on the market. In lesser extremes it’s still a problem.
Having your home presented for sale is important. I believe in staging it as practical as possible. I showed a home this week that was rented and kept in sloppy condition. Hey the renter doesn’t care, it wasn’t their home. Instead of staging this home was, shall we say, destroyed. In many cases the buying or not buying decision is made the minute they walk through the door. It is an emotional decision. To some buyers the condition affects the decision.
Sales Prevention Program #84: Sorry It’s Rented. Do you like snakes? I showed one rented home that had a python to greet you as you entered the living room? We did a fast exit out of the front door. I wonder if the home ever sold.
We showed one home where the renter was present. Hey “no problem” they said. We were then treated to a clear explanation of everything that was wrong with the place.
Do you like smells of the unusual nature? We have been subjected to them. Renters rarely care, so there.
Of course it’s a financial situation. My suggestion, if you really want it sold, wait until the renter is gone to put it on the market.
About Larry Cragun Windermere Real Estate I write this post to share why I believe I am a great choice for you to use to find your home or condo. Thus the title Why Larry Cragun Why Windermere Real Estate.
The not too long ago photo includes my talented wife Kathleen. She is an important partner in my real estate practice. She has been an award winning and magazine published interior designer during her business career, and considered to be the best designer in whatever firm she worked for or whomever she performed her magic for. She brings to my clients an important eye on how to best present your home for sale. She is an important second opinion on home values, understanding that value is based on more than the square foot of the home. Having Kathleen as my partner is your asset.
I have over 30 years of experience in this industry, including owning one of the largest mortgage companies in Washington State, which I sold prior to the housing crash. Understanding financing is a big asset for my clients.
I am one of the most successful condo focused agents in Salt Lake City. I understand the market. I understand value. I understand the benefits one building vs another. I have sold condos from Draper and Daybreak to North Ogden.
Also, selling condominiums is not like selling homes. Their are sometimes hidden risks not all agents can spot. An important issue is what does FHA think of the property. Is it FHA approved? If not why not? There are many things to understand and many things an agent needs to help you evaluate. I am good at this.
Last year I closed on a condo in Governors Plaza. The buyer came to me off of my website: http://ItsGreatInSaltLake.com/ She had been doing research and as I mentioned the condo product that was available out there she seemed to know they weren’t what she was looking for. She mentioned that she really liked Governors Plaza. Nothing listed matched her wishes. So I went to work looking for something not currently on the market and found the right one. It was perfect for her. It took a bit of price negotiating with the seller but all went down just fine.
This buyer is another example of my approach to this business. She was defensive when we first spoke on the phone. She had talked with other agents she felt were high pressure, were trying to immediately lock her down as their client. Sensing this resistance I shared my philosophy, “if it isn’t working between us, no problem”. I won’t try and contract you with a buyers contract, except when we make the offer and it will only be on that specific property, which contract is required by Utah law. Mutual respect is the rule I try and follow and look for.
All of this was while I was licensed with MediaOne Real Estate, a subsidiary of The Salt Lake Tribune and Deseret News. In January we learned that Windermere Utah had purchased MediaOne Real Estate. At first I, as were my colleagues, were extremely concerned about what this meant for us and our clients. The concern quickly turn to excitement. Their marketing power is unlike any brokerage I have been licensed with in my entire real estate career. I began to realize that I had more to offer to buyers and sellers than before, and in fact I suggest I have more to offer now than my competition. Take for example the Matterport Camera Windermere just purchased. It provides the current internet shopper, which are the majority of shoppers the ability to actually walk through the home on line, with a beginning overhead view of the floorplan. It is amazing. I am currently scheduling filming with each of my listings to include a Matterport show for my sellers. List with me and you will have a fabulous tool to share, and for me to market with. It is at a cost to me, but man is it worth it. Here is a sample: . https://my.matterport.com/
If we meet I will share many other things we have at our disposal for you, such as the Living magazine Windermere publishes to high end and other targeted potential buyers.
To buyers, besides Matterport, besides our terrific search on my site, I have special tools to assist you. For example neighborhood news advertised at the bottom of my website. Subscribing here will provide you a monthly report by zip code of every on home or condo on market, under contract, and sold in that zip code, that month. You receive that report as long as you desire. Pretty cool for sure.
I love helping people with their real estate needs, as do most in this business. It’s a very satisfying career and I am glad to have come out of retirement to enjoy it again. I am pretty state of the art with technology, started a dotcom, am about to have a company publish an app I designed, and am grateful for finding a cool niche in Utah. I look forward to assisting some of you.
Larry Cragun – Windermere Real Estate
Residential and Condominium professional.
Recently two appraisers have called me with this question, “how did you get that high price”?
One query was on a Canyon Road Towers listing and the other was in Zion Summit. High Price
It is factual that a sellers agent has the responsibility to follow the instructions of his or her sellers. Of course that means instructions that are legal and ethical. In most cases sellers want the most they can get for their homes. The exception might be to instruct the agent to price it so it sells fast.
The two units that are the subject of this post were where the sellers wanted top dollar. I got that for them.
So to the Zion Summit question; we just closed at $19,000 more than the same condo 4 floors down is on the market for. It is $10,000 cheaper than a unit on the same floor, remodeled nicely, and still for sale. How do we do it? The answer has three parts. 1- I believed the view was better than the condo on the same floor, even better than the unit $19,000 cheaper. 2- My listing had two parking stalls. I understood the value of the second parking stall. The actual buyer in his negotiations claimed the second stall was only worth $5,000. I inquired of the HOA onsite manager what stalls in Zion Summit were going for and he gave me the $5,000 figure. I assumed than that is where the buyer got this number. The fact is parking stalls to some people are worth much much more money. For example, people in Canyon Road Towers have paid as low as $5,000 for a stall, That hasn’t happened recently. There is a resident of Canyon Road Towers offering $12,500 for an extra stall and he has no takers. (In both of these buildings there are stalls included in the deed and some extra stalls that can be bought and sold.) There are buildings in Salt Lake City where buying a parking stall for $12,500 would be considered a steal. Kathleen and I paid $25,000 for an extra stall in our condo in Issaquah, Washington. 3- One of my talents is being able to recognize buying signals. There were a couple of them with this buyer. First, when I showed his wife both units for sale on the floor I could tell she like the other agents listing better. Why didn’t they offer on that unit I asked him? I concluded he wanted my listing, either for the extra stall, the location, or the better view. I look for buying signals and this one had my listing written all over it. We did come down from our original asking price, actually dropped down in negotiations three times, but the final price was the right price and as this appraiser queried, it seemed to him to be confusingly high.
In the Canyon Road Towers querie I understood the value of a remodel. This unit was extremely appealing. Many of the downtown condos need updating. This one did not. I was lucky enough to have the appraiser contact me for access. I told him how much money the seller had put into the remodel. I offered receipts for the work which he didn’t want. He did give us the value.
I take serious my role, am I a buyers agent or a sellers agent? Am I a dual agent where I cannot work against either side. Whatever your need, I understand agency and act accordingly.
Larry Cragun Windermere Real Estate
Residential and Condominium Professional
About Garden Towers. Garden Towers was built in 1981. It is considered by many to be an extremely well constructed building. The parking stalls are indoor and spacious. It is a self managed condominium of 38 units of various sizes. Many of the condominiums have two dedicated parking stalls, but not all do.
The Common Areas Include Roof Top Garden with Views of the Entire Valley, There are BBQ’s on each corner of the rooftop. The rooftop can be reserved for private homeowner functions. It has a recently updated social room, a Fitness Center, and dedicated storage.
Its a perfect Downtown Location with Biking, Hiking, Restaurants, Shopping & Temple Square all within Walking Distance. There are parks all around and it is a great walk up through memory grove and city creek canyon which can go for miles. Walk everywhere, City Creek Shops, Restaurants, Temple Square, Harmon’s Grocery, Hiking & Biking Access
HOA fees include monthly water /sewer/ garbage, partial cable, exterior maintenance, common area maintenance and building insurance. No Pets, No Smoking and unit cannot be used as a Rental.
Some of the units have terrific views, some north, some southerly. Most units have a covered deck. The building is wired for Google fiber.
One sold unit advertises that It is 400 yards from the most expensive real estate in the state. Spacious and Light with floor to ceiling windows and doors. Expansive living and dining room with open kitchen. Recently Remodeled Clubhouse, Exercise room, Roof Top Garden,Secure Building with 2 elevators, 2 stairways, 16″ on center concrete and Steel post tension cable construction throughout & between all units.
My comment on their rental policy: It is the strictest I have seen in Salt Lake City. One of my clients backed out of being under contract when an HOA board member told him he couldn’t have a paying roommate. I do understand why condo projects are strict on rentals. Renters do no take the same care of a building as an owner will.
Larry Cragun Windermere Real Estate
Residential and condominium specialist
Continuing Kathleen and mine favorite topic: Sales prevention issues, or things we notice when looking at properties, Sales Prevention Program #82: They Can’t Get In is a sales prevention program.
If an agent can’t get in to show the home or condo, how in the world can it be sold? The process that works is to have a Supra Lock Box, or key box easily accessed in front of the residence. This key box should provide all agents the necessary to enter the home. The Supra key box records what agent entered the home, and at what time. A notice is sent to the listing agent with the ability to copy the notice to the home owner.
Recently I have seen these sales prevention instances.
One doesn’t want to confuse an agent. So how about putting clear identification on the lock box, which condominium the lock box belongs to. It’s bad at Canyon Road Towers, it’s a horrible situation at Parc Gateway. Its unbelievably bad there, so bad it isn’t worth showing the units where figuring out the lock box is a waste of time.
I had an occasion at the Metro Condominiums where no key matched the house. Some careless agent had put back the wrong key in the box. There were five units for sale there, what a mess. That could be alleviated to a great degree by going to the effort of adding a simple identification ring with a number on it. They cost about .35 cents at Glens Keys.
I have gone to listings where there was a key box, but where it was empty. Figure that one out.
Recently I had to call an agent, fortunately he answered his phone, to inquire where the key box was. The answer, “Oh, its out in back, attached to the gas meter”. Great, the gas meter was covered by a large plant.
Whatever your situation is, it might be wise to see if your agent, for some silly reason, has joined the Sales Prevention Item #82 club.
Larry Cragun Windermere Real Estate
Salt Lake City Residential & Condominium Professional