Retiree ventures into the rental market

Posted Thursday, March 9th, 2023 by Enterprise Property Management

I received a call from a retiree looking to venture into the rental market for the first time, during our first meeting, I learned he was also working with several other agents so I knew I had my work cut out for me. I identified his spending limits, desired rate of return, re-hab or turn key and went to work Immediately. Over a short period of time I won his business and became his sole agent. I utilized several tools to set myself apart the main tool; I set him up with his own private MLS search designed to meet his specific criteria.

After several swings at the plate we finally found a Gem near the University of Memphis, a very hot area, properties rarely last a week on the market and usually go for asking or more. I did research on the sellers and their agent where I learned some information that lead me to believe the sellers were distressed due to marital difficulties however they had plenty of equity. Our initial offer was countered close to market value; at my advice my client rejected the counter and the deal for all intense purposes was dead. I believed that they would come around and after a week the agent called, countered at $112K which we gladly took.

Property Details:

Market value $130K-136K
Purchase $112K
Re-hab $8K
Total Investment $120K
Equity $10K
Monthly rental income $1200

I asked my client why he eventually decided I was his sole agent: he said:

“It was the constant attention, always answering the phone, detailed analysis on every property I inquired about, but most importantly the custom MLS search, no other agent offered or took the time to do that for me.”

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