Should I Rent or Sell My Property???

As a Phoenix Real Estate company we get this question a lot as people’s lifestyles change whether it be for a downsize or a job transfer. Here are some questions to consider to assist with the decision process:

1. What is your long term goal with the property?

2. Is there a chance you might move back to the Phoenix area?

3. In general what type of investments do you own?

If your long term goal is to retain the property for at least the next 3-5 years than renting is a good option for you because there will be market movements during that time frame. Also, if you there is a possibility that you may move back to the Phoenix area then renting is definitely a good decision just keep in mind that when you are ready to move back you may want to do some upgrades after having the property be tenant occupied.  Lastly, renting is a good option if in general you like longer term investments rather than the short gains.  And the good news for the rental option is that rents have been on the rise and with short supply of single family Phoenix home rentals an appropriately priced rental property that shows well will rent quickly.

Alternatively if you are looking to sell the property within a year and/or prefer short term gains than selling is probably your best bet right now as currently the market is strong for sales with inventory at an all time low.

You can always reach to RPMWV Phoenix to discuss comparable pricing for both options to assist with an educated decision.

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Top 5 Questions to ask a Phoenix Property Manager……

So you just closed on your Phoenix investment property and are doing your due diligence to find the best property manager in your area.  You’ve made some calls and everyone has given you a break down of their fees but what can you do to see who stands out from the crowd?  Here are the top 5 questions to ask your Phoenix property manager contenders:

1. Do you manually process each applicant or do you let your property management software make the decision for you?  Be careful of companies who relay on their property management software because unfortunately the computer can’t pick up small nuances in credit reports such as an apartment collection in which only part of the name is listed.  In this case you want to be sure that a qualified member of the Phoenix property management team is reviewing the credit so they can do further research with the partial name and previous addresses and/or cities where the applicant has resided to catch undisclosed past due rent and damages.  Otherwise you can end up with a tenant who left damages in another city or state living in your home!

2. Can I speak with the leasing agent?  If you leave a message do you receive a call back within 24 hours?  What kind of questions does the agent ask as part of the screening process? Does the agent set up a time to meet you at the property to tour or are you just given a code?  All of these questions can give you good insight into whether your property will be protected while on the market.  If the agent doesn’t do any screening then anyone regardless of their background (including criminals) can be pursuing your home AND if given a code they won’t even be accompanied by an employee from the company.

3. Do they complete a move in inspection with the tenant or do you just hand them a form to complete? Many property management companies give new tenants the keys to your property at their office and then give the tenant a “move in form” to complete and mail back.  The issue with this is the tenant can move in, create damages AND then send the form in with tenant caused damages claiming the house was that way when they moved in.  You want to be sure that someone from the property management company accompanies the tenant through a documented move in and that both inspector and tenant sign off of the report.  This way when the tenant vacates damages can be easily determined with tenant signed documentation of the original condition of the property.

4. How do they handle the Transaction Privilege Tax payments? Most cities in the Metro Phoenix area collect a transaction privilege tax (called TPT) so you want to know whether the property manager is going to file that on your behalf or whether the funds will be sent to you to take care of. Also, be sure to ask how the manager how the lease agreement is structured so you know whose pockets the tax will come from.

5. What is your lease renewal process?  Most property management agreements allow for the property manager to execute lease documents on your behalf in your best interest.  However, you want to be sure that the property manager is going to contact you first because your situation may change in a year and you may need to sell the property, move back into it or rents may have increased warranting a raising of the rent.  If the property manager doesn’t communicate options with you than a renewal may get executed without your knowledge.

It is important to remember that as with any service, price is just one component but the actual details of the services and the processes in which the manger utilize are way more meaningful in the long run.  Good luck with your Phoenix property manager search!

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Buckeye, AZ and Riata West Subdivision Rental Market Data from 2013-2015

On the last post, we took a look  at Surprise, AZ and the subdivision of Western Meadows.

This week, we will analyze the rental market in Buckeye. We will go over the market data from 2013-2015 in the city of Buckeye and also review the rental figures in the subdivision of Riata West. 

Some adjacent Buckeye subdivisions to Riata West are Sonoran Vista, Rancho Vista and Ironwood Vista.

Riata West is west of Watson Rd, east of Apache Rd., south of Roeser Rd and north of Southern

All of our Buckeye rental market figures are taken from closed rental data from the Arizona MLS from 2013-2015.

This comparison will focus on all of the Buckeye rental market price and Buckeye rental property inventory data for 2015 and compare these numbers with the same data from 2013 and 2014.

The City of Buckeye rental market numbers show growth in rental price and a notable drop in rental home inventory from 2013 to 2015. In the Riatta West, the rental  property rental price data in the last 3 years shows a similar pattern.  The chart below displays the details.


The full year rental market inventory decrease was a substantial 38% in Buckeye, AZ from 2013-2015 according to our Surprise rental market numbers chart. The average property rental prices went up 11.7%. 

In Riata West, the rental price numbers mirrored the City of Buckeye at 11.1% rental price increase and a 43% rental market inventory decrease.
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Surprise, AZ and Western Meadows Subdivision Rental Market Data from 2013-2015

On the last post, we charted some of the rental market data in the Greater Phoenix area and compared 2015 to 2013 and 2014.


The rental market news in the cities we focused on has been good for landlords . 

In summary, according to the rental listings from the Arizona MLS in these cities, rental home prices have increased 11-15% from 2013-2015. The number of rental property listings on MLS in the same Phoenix and Greater Phoenix cities has decreased a very significant 48%.

This week, we will take a look at Surprise, AZ and the subdivision of Western Meadows.

Western Meadows is a subdivision is located south of Greenway Rd north of Waddell Rd. It is west of Reems Rd. and east of Sarival Ave. 

The adjacent Surprise subdivisions to Greer Ranch are Legacy Parc, Greenway Parc and Countryside.

All of our Surprise rental market figures are taken from closed rental data from the Arizona MLS from 2013-2015.

This comparison will focus on all of the Surprise rental market data for 2015 and compare these numbers with the rental market data from 2013 and 2014.

The rental market numbers in the City of Surprise show growth in rental price and a notable drop in rental home inventory from 2013 to 2015. The Western Meadows sample size is tough to draw a conclusion on due to the small sample size. The chart below displays the details.



The full year rental market inventory decrease was a hefty 37% in Surprise, AZ from 2013-2015 according to our Surprise rental market numbers chart.
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