We’ve added capability to search for rental homes in the Phoenix area that are listed in the Multiple Listing Service (MLS).
You can search for Phoenix area rental properties here. I’ll also put up a link in the menu bar as well as other various and sundry places across the site.
Why add the ability to search for rental properties?
Because a lot of people are doing just that. Sadly, with conditions as they are in the Phoenix real estate market, there are still many Phoenix area homeowners losing their homes ”“ and they need to find rentals. We have several agents that work rentals across Phoenix, and we’re here to help those that need to find a rental property.
Of note, not every property that is available for rent in Phoenix will be in the MLS, but many are. To the tune of 6,110 at the time this was written.
Pretty much anyone can find the right Phoenix rental home in a sea of 6,110 choices”¦
Photo Credit: TheTruthAbout on Flickr. CC License.
The Phoenix Real Estate Guy was started by Jay Thompson, and I have a little blogging problem... he liked to say...
Jay,
Here in Atlanta, seems like 75% of the inquiries on our site are from people looking for leases.
Brings a whole new set of issues.
Yeah, I would have to agree with what Rob said. Here in Atlanta there are plenty of rentals on the market right now. If marketed properly, they seem to be renting fast.
We get a lot of rental inquires and I have been thinking about importing the IDX here to display rental listings. That is a very nice addition and hope it works out for you.
Unfortunately, I can't make a business model/reason to support lease clients. So, I refer them to folks I know that like to work leases.
If I let all the lease prospects here fill up the calendar, I would go out of business.
Definitely a good value added to the visitor experience. And well, adding more content to your site will obviously help in other areas that SE's might love.
Jay,
I've been doing quite a few more lease options this year than I ever have in the past. At least you have a resource for the people in need. I would imagine dripping the clients your team helps over the year will keep you top of mind when they are looking to purchase a home.
My recent post Green Bay Homes for Sale – Outdoor Pool Paradise Black Creek
I'm not sure how to best monetize rentals from a brokerage perspective. It's a volume thing as the money in leasing rental property isn't exactly great. But with the number of people in Phoenix losing homes to foreclosure — and looking for rental property, it seems prudent to at least provide some rental services. Time will tell…
Oh boy… don't get me started on lease options. Jay, have you considered looking into presenting the idea of seller financing to your sellers or purchasing a seller financed home to your buyers who have the $$ but can't get a bank approval? Even if the home isn't free and clear, they can sell it with a wrap around mortgage with a 3 – 5 year balloon. That way they purchase the home of their dreams and also have sufficient time to repair credit to refinance. A lot of people shut down the idea right away because they are uneducated, but i would love to tell you more about it. Here in TX, i have my own real estate attorney, title co., etc. that know how to close any owner finance deal 100% legally and with full disclosure. Definitely not something anyone can do. In TX, lease options and rent to owns are walking a very thin line of being illegal. Also, not only are the "buyers" glorified tenants, they still need to get bank approval and at any time they can get evicted for whatever reason the seller wants and lose a ton of money. Very risky.
I avoid lease options like the plague. The risk is high, and my E&O carrier would get very ugly with my rates. For me, the risk / cost isn't worth it.
It's not lease option. The deed transfers at closing. Existing mortgage gets wrapped with a new mortgage. This way of selling/buying a home versus being a landlord/tenant is beneficial in every way for all parties.
I've been selling a lot of homes to investors recently who want to use the property for rental income. They can get twice for rent what the mortgage payments are.
Great idea, Jay. I might have to consider it too after spending the last three days talking to nothing but folks who want to rent (for a variety of reasons, not all just financial). Sign of the times, I guess.
I gotta say, with the state of foreclosures in Phoenix, I'm surprised this wasn't a feature on here a long time ago. Plenty of renters in AZ, plenty.
Now if only you could find some good tenants in Phoenix. Where is a search for those guys at?