Why isn’t my Uptown Charlotte Condo Rental getting foot traffic??
Posted On: April 22, 2009 By: admin
Reports have shown that one out of every five units in Uptown Charlotte is vacant. This is happening as Condo owners aren’t willing to take losses on their Condo by selling them. In turn, they are hoping to rent them, even at a negative cash flow, before eventually putting them back on the market in the near future to try to get fair-market value. Let’s look at how many units have been sold in Uptown Charlotte in recent years.
| Month/Year | # of Units |
|---|---|
| January 2009 | 4 |
| February 2009 | 5 |
| March 2009 | 7 |
| January 2008 | 32 |
| February 2008 | 17 |
| March 2008 | 21 |
| January 2007 | 31 |
| February 2007 | 47 |
| March 2007 | 47 |
As you can see the numbers are staggering. It truly is a buyer’s market out there and Interest rates are so low, if you have a secure job and ever wanted to get a fabulous deal. Then now is the time!
After giving you the numbers you can see why so many owners are looking to rent out their units. To get a unit rented you can go about this in several ways. You can post it on craigslist and do it yourself, hire a property management company or call your favorite real estate agent.
The property management company or your real estate agent will put your unit on the MLS more often than not and offer a 10% commission of 1st month’s rent to the agent who finds them a tenant. Here lies the problem. Not many real estate agents are going to spend their entire day showing rental properties in hopes of making 10% or on average $150 dollars.
There isn’t even a guarantee they will like any of the units you show them! I recently had a client moving here from California. I couldn’t meet with him on Saturday and I called 5 other agents to see if they would take care of him and they all said no.
Recently I’ve noticed a positive trend and that is as competition is increasing, agents are offering higher commissions for those agents who find them tenants. The Catalyst Condos are offering $500 and a lot of units at Fifth and Poplar are offering $500 referrals.
If you have a rental property and the referral is being offered at 10% of 1st month’s rent then they are doing you a disservice. At the very least they should be offering $500 dollar or half 1st month’s rent.
Now you know why your rental isn’t getting as much foot traffic as it should!
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