All Forum Posts by: Sheri Prather

@Michael K. that market being hot for larger units is definitely something I'm taking into consideration. However, I specifically asked to start with an aggressive number to get it sold faster. Priced it based on comps and then dropped the price. And you are correct that 1.5 months isn't too long, but it took 6 weeks to get those showings (they were in the same week). You also make a great point about maintaining relationships as I initially brought her on to help me buy a multiunit closer to Q4 and I just so happened decided to sell my place this summer. 

@Joe Splitrock @John Warren I really like the idea of keeping her on to continue selling while actively getting new tenants with another agent. I always thought listing agreements meant exclusivity no matter what the transaction was so it's good to know that it can easily be amended to place a tenant.

@Brie Schmidt the condo is in the South Loop. From I'm hearing, my difficulty is coming from it being a 1 bed. And throwing tenants into the mix is adding fuel to the fire. But I agree, price is everything, so it may be that it's not priced accurately.

The agreement includes a marketing commission fee that is required for all sales whether it's sold of not, but it doesn't state any specific termination fees or documentation requirements. I wasn't sure if there's a typical document/format for terminating the agreements apart from providing an email with an effective date and writing the marketing expense check. 

She has not provided a net sheet, but that is an excellent idea. To be honest, I didn't know realtors would provide such things. I thought that was on the seller to put together themselves.

This definitely helps @Dustin, thanks!

I own a condo in Chicago and put it up for sale in early May with a referred realtor. I did an intake call before deciding to sell with this agent and she appeared to be fully capable. From the beginning I notated that I can only list my property until July as I don't have the financial luxury to let it sit empty for long. If it's not sold or under contract by July, then I need to pivot and get it rented. We agreed to edit the listing agreement to end in July. 

Since it's been on the market I haven't felt a sense of urgency or that "take charge" attitude that I initially felt when we were interviewing. I'm so motivated to sell that I asked if it strategically made sense to do a price drop after the first 2 weeks based on the metrics of sales/showings/listing views of similar properties. The only 2 showings I've had came 1 month after the price drop. 

My place has renters until the end of the month which does present challenges, but I'm all about solutions to problems. I'm not confident that she can get this sold even if she had more time and she mentioned a 2nd price drop which would put me below my break even point. If that's my only option then I'm definitely renting it and don't want to waste anymore time. At this point, I'd like to start the renting process with another realtor so it's rented around the time my current tenants are out. However, her contract is still valid for another 1.5 months and I don't want to be obligated to pay her a fee due to her contract on top of paying another realtor a fee for finding a tenant. 

Can I please get some advice on how to navigate this? I know sellers decide not to move forward with sales regularly, but I'm not sure if it's as clean a break to put it back on the market for rent with another realtor.
I appreciate the advice.

Hi @Crystal Smith, I hear you on that. Being open to both areas may give me my answer naturally. You mentioned you started local and then branched out. Did you find that starting local was a good way to find your ground and work through new investor dilemmas? Or would your first experience have been the same regardless of where you started?

Hi @Kevin P., I understand your perspective. Those are the some of the things I was also thinking by staying close to home. I do agree, people tend to work harder when they have someone regularly checking in on them who's truly invested.

Hi @Mark Allen Kenny, thank you for the offer! I will take you up on that as I would like to start gradually building my network while I figure out the best location for my next investment. What made Philadelphia the best place to start with compared to other cities? Was it the specific to staying within the overall East Coast area?

Hello everyone!

I am fairly new to the real estate scene and have been silently educating myself through BP's forums, webinars, my own reading, podcasts, etc. I say fairly new because I own property in Chicago, currently rented, as I have recently moved to NYC. My long term goal for real estate is to buy multiple multi unit buildings so I can become a FT REI / landlord.

I have been ansty to start making moves towards my next investment. I'm thinking a 3-4 multi unit will be my sweet spot to start. However, I am torn on where to buy, Chicago or NJ. I say NJ as I cannot afford anything in the city of NYC and I have family in NJ that can help me manage the property for emergencies, large issues, etc who live in NJ. Do I stick with the area that I know and is more affordable or is the value of being on-site worth more?

I know Chicago neighborhoods, have a much better understanding of the market, have a network, and my current property is there. On the flip side, I live in NYC. I am learning the NY/NJ real estate markets, neighborhoods, and will be creating a network from scratch. I thoroughly enjoy being an active participant in maintaining my property and I learn best by doing the work. Real estate in the city of Chicago is more affordable than anything in the suburbs of NJ. However, a solid PM would be the key to this working in Chicago. Though no one will care about your property as much as you do.

What is the forum's experience with buying long distance rentals, especially for first time multi unit owners? Does living nearby hold more value than having a great PM?