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Should You Rent or Sell Your Rental Property?

David Cota - Tuesday, July 17, 2018

We are a professional property management company serving the Sarasota/Bradenton and Portland, Oregon areas, and we can help you decide whether it’s a good idea to sell or rent your property.

Deciding to Rent or Sell

Maybe you have a property on the sales market, but you’re not getting the price you want. Or, perhaps you’re thinking about becoming a landlord or adding a property to your portfolio. The first step in making this decision is to run a rental analysis. This will help you make smarter decisions. If you know the rent you will get, you can make the decisions better.

Help from a Property Manager

If your property has been on the sales market for a few months and it’s not selling, you should consider renting it out. Get help from a property management company. We are one of the only, if not the only, companies open seven days a week. We answer our phone 24-hours a day, we want to capture every single lead and monitor whether your property is going to get the rent we expect.

Consider Your Financial Situation

You also need to think about your financial situation and your tolerance for having a rental property. If you have never done this before, it can be challenging to manage a home. That’s why you need to hire a good property management company. We can handle the leasing, stay up to date on the tenant laws, and worry about the eviction process if that becomes necessary.

Calculate Your Tax Deductions

When you rent instead of sell, you can gain some tax benefits. You’ll get a few more deductions, such as expenses related to your property and our management fees. This strategy puts you into the rental market, and then you have an investment property that provides tax deductions. Think long and hard about whether you want to rent or sell. Contact us at PropM Property Management, and we will help you make the best decision.