How is the renting market nowadays?

S

Shamu_IHB

New member
Hello,



This is my first post but I have been lurking on this forum for a while. I have a few questions in regards to rent out a property in Irvine. We are moving to a new property in Tustin and planning to rent out our first house. The house has 3 bedrooms and 2.5 bathrooms. It is about 1400 sqft (TownHouse) and located in Northwood neighborhood. How much should I expect to get for this house?



Thank You,

Shamu
 
[quote author="Shamu" date=1241848791]Hello,



This is my first post but I have been lurking on this forum for a while. I have a few questions in regards to rent out a property in Irvine. We are moving to a new property in Tustin and planning to rent out our first house. The house has 3 bedrooms and 2.5 bathrooms. It is about 1400 sqft (TownHouse) and located in Northwood neighborhood. How much should I expect to get for this house?



Thank You,

Shamu</blockquote>
Rent market has been soft recently and I decreased the rent on one of my condos by $50/month. Depending on the condition and upgrades in the property, you could expect about $2,100 to $2,400 per month.
 
Thank You usc for the prompt response. Do you think I should get an agent to represent me so he/she can post it on MLS? or should I just advertise it on craiglist?
 
[quote author="Shamu" date=1241848791]Hello,



This is my first post but I have been lurking on this forum for a while. I have a few questions in regards to rent out a property in Irvine. We are moving to a new property in Tustin and planning to rent out our first house. The house has 3 bedrooms and 2.5 bathrooms. It is about 1400 sqft (TownHouse) and located in Northwood neighborhood. How much should I expect to get for this house?



Thank You,

Shamu</blockquote>


You can get lease comps via <a href="http://www.irvinerealtorsite.com/IrvineLeases2008.xls">this Excel workbook</a>. Get an agent. <a href="http://www.californiamoves.com/agentoffice/agentdetail.aspx?agent=18263">Use this guy</a>.



Is your place in Northwood Pointe or old Northwood?
 
[quote author="Shamu" date=1241849911]Thank You usc for the prompt response. Do you think I should get an agent to represent me so he/she can post it on MLS? or should I just advertise it on craiglist?</blockquote>
It's really up to you, but I have had good luck using craigslist on my condos. Shoot me a PM with the address and your e-mail and I'll send you some closed rent comps off MLS. Do take a look at craigslist to see where comparable units are being offered for. If you would like to list it up on MLS and have me be your leasing agent, I can do that as well.
 
[quote author="usctrojanman29" date=1241852135][quote author="Shamu" date=1241849911]Thank You usc for the prompt response. Do you think I should get an agent to represent me so he/she can post it on MLS? or should I just advertise it on craiglist?</blockquote>
It's really up to you, but I have had good luck using craigslist on my condos.</blockquote>
Heh... no fair... you have a real estate license so you would know the drill.



Pros for MLS: Usually a qualified renter and a credit report would be provided by the agent(s).

Cons for MLS: Percentage commission paid to agent(s)



Pros for Craigslist: Cheaper

Cons for Craiglist: Mostly students and lesser credit qualified applicants
 
[quote author="irvine_home_owner" date=1241852831][quote author="usctrojanman29" date=1241852135][quote author="Shamu" date=1241849911]Thank You usc for the prompt response. Do you think I should get an agent to represent me so he/she can post it on MLS? or should I just advertise it on craiglist?</blockquote>
It's really up to you, but I have had good luck using craigslist on my condos.</blockquote>
Heh... no fair... you have a real estate license so you would know the drill.



Pros for MLS: Usually a qualified renter and a credit report would be provided by the agent(s).

Cons for MLS: Percentage commission paid to agent(s)



Pros for Craigslist: Cheaper

Cons for Craiglist: Mostly students and lesser credit qualified applicants</blockquote>
Haha I rented out my condo before I had my real estate license. That's not always the case with craigslist in terms of the renter quality. I got some great renters for my HB townhouse and they had excellent credit and references (I used a website to run credit and called on the references myself). Typical commission for the rental listing will be 5-6% (to be split between agents) of the total rental amount of the closed lease plus the brokerage transaction fee ($250-$500). For example...if you have a 6% commission and the lease is for 12 months at $1,000/mo then the total commission would be $12,000 x 6% = $720 plus brokerage transaction fee.
 
[quote author="Shamu" date=1241849911]Thank You usc for the prompt response. Do you think I should get an agent to represent me so he/she can post it on MLS? or should I <strong>just advertise it on craiglist</strong>?</blockquote>


Welcome Shamu,



<strong>Why not both? </strong>



I'll offer in here too... here's my proposal:



1.<span style="color: red;"> You can advertise on craigslist on your own.</span>



and simultaneously



2. <span style="color: blue;">I'll advertise on MLS, zillow, realtor.com, trulia, craigslist, homes.com, googlebase, oodle, Vast, Hotpads, Geebo, and Viewr.

I'll get you a lockbox with timed, traceable access, and do a full background/employment/credit check on any candidates before their offers are presented to you.

I'll write the copy and post 20 photos + video tour for your listing, plus a floorplan shot if available.

If the tenant defaults, I handle evictions.

If the toilet backs up, I handle plungers, too.

You pay $100 to cover my photographer's time. (He gets paid for his time, and deservedly so.)</span>



If you get a tenant on your own work, you don't owe a dime beyond the photos. Call me to cancel the listing agreement, no questions asked.

If I bring an offer that you find acceptable, you pay 6% to Coldwell Banker (no additional broker transaction fee) and I earn my keep.



I think it's fair, and I like my odds.



Local references available upon request.



PM me if interested.

-IR2
 
[quote author="Shamu" date=1241848791]Hello,



This is my first post but I have been lurking on this forum for a while. I have a few questions in regards to rent out a property in Irvine. We are moving to a new property in Tustin and planning to rent out our first house. The house has 3 bedrooms and 2.5 bathrooms. It is about 1400 sqft (TownHouse) and located in Northwood neighborhood. How much should I expect to get for this house?



Thank You,

Shamu</blockquote>


Hi Shamu, can I ask about your new property? Did you just bought? New construction? Where... welcome!
 
[quote author="reason" date=1241878333]"If the toilet backs up, I handle plungers, too."



IR2, You're joking, right?</blockquote>


No... he is not kidding. I have video of it too. But, I promised not to post it unless he really pisses me off. So far, so good. He really knows how to work a plunger, much like his sod skills. Seriously, not only is he a fantastic Realtor, but he goes above and beyond with his real estate skills. You should see him when he has to evict someone... it is a whole other side we at IHB have never seen, that would scare even awgee and no_vas. He is well worth his money, even if you are missing a beer or five.
 
wow, IR2, I'm impressed.



all that work for half of $1500? and half of that goes to your broker? so you would gross $350 on that?



you are truly the exception to the rule.
 
Hello All,



Thank You for the prompt responds. Once I received respond from usj, I talked to my agent who helped me buy the property in Tustin. So he agreed to help me listed it in MLS. If I know about IR2 earlier, I would have him to become my agent. Well who knows maybe things don't turn out on how I want it... looks like the agent does not have much experience in renting but we will see. Stay tune =)



Roundcorners,

The property that i bought is in Tustin Field I.
 
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