We recently talked about "Breaking The Rental Log Jam", where we went into an overall glimpse of how the market was fighting back during "COVID-19" or "Fragile" Market. You can read that blog here, but as we have closed all leases currently in our pipeline-I wanted to take a moment to go in depth about each type of unit and how it did in said market.
Rental A is a 3 Story Townhome in Yorba Linda. It became available just before the shut down started, and you can see how the shock to not only the market, but the world in general, reflects itself in our numbers. Funny enough, we have leased this out before and did not get as much inquiries as we did this time around leasing it. So the needed numbers were there, but fear is a powerful disabler. After week 5 during COVID-19, it went to a lovely group with plenty of "really interested" people ready to submit an application if it fell through.
This unit is the front unit in a recently purchased duplex in Orange. Both units in the duplex were similar in size, only differing in layout-but I can tell you one felt different than the other one, this one also came with a 2 car garage. This one came on at the same time as its sister unit. It took a couple of weeks to get it rented, with multiple applications for this unit. Great showings, but I could of sworn that more people that walked through would of applied. Security Deposit and Application fees came up a lot, being these are "hard times". No matter how hard the times are, if you are renting you need to offset the risk to the landlord and pay the dues...or buy your own house and stop renting.
This is the sister unit of the above unit, so for a couple of weeks the metrics are the same. This unit had a different feeling, and generally we were told it felt more normal and secluded. Week 6 is where you get to see how this unit did as a solo unit. We were tempted to go with an application from the front, but we ended up going with a gal that was super sweet and appropriate for the unit. The newly created issue of "Old versus Modern" became very real for us. Even if the unit was otherwise perfect, without a cosmetic face lift, they couldn't even picture themselves in it. I would love to show some of those people how badly constructed some of those "pretty" units are.
This is a newly renovated 1 bedroom condo in Rancho Cucamonga. The renovation turned out great, and it hit the market at a good time, you can see a steadily increasing amount of interest. Due to the condition being good, everyone who came by was happy to come and marveled at its beauty. Are you interested in leasing or purchasing it though? We got a lot of first time move in couples, which makes sense for the type of home it is. The winner was a grandmother moving back to the area to be with her son and grandkid living solo with pets. Which is also a type of profile that fits for this type of unit, maybe even better than the first time move in couples when it comes to income. I am quite happy with a two week turn around, and look forward to a little bit of downtime before our next lease.
From Yorba Linda to Orange to Rancho Cucamonga, fear is the name of this market. It has hit every product type, townhomes to duplex to condo. If you look at all the graphs, and notice the overall trend-you will see the market trying to fight back and getting stronger every week. Life still needs to happen, even if the world has gone on "economic pause" and the motivated people are starting and finishing the process of moving on with their lives while everyone else lays in wait to come out with the rest of the herd that is humanity. On the brokerage side of business, we started off COVID-19 by closing a Condo in Corona with little problems, and recently closed a Home in Jurupa Valley with a second escrow. The first escrow was minutes before the finish line, but dissuaded by fear. Happy to say after we were contacted by a fellow veteran agent who had a clean offer and early closing. It was refreshing given the "fear market".
For those of us on this side of the real Estate market, days on market is one of the many metrics we track and use to show how competent we are as agents. But thanks to places like Zillow, you as the consumer can see the days on market too. A lot of buyers wait to buy while the sellers wait to sell because days on market is very important to them. Because of COVID-19, listings are hidden or choosing to use COVID-19 as a reason that you should ignore it. No matter what the market, days on market is an important number to look at honestly. Days on market is a direct reflection of what the agent did, or did not do, to bring not only themselves but their client to the finish line.
Orange, CA-TRREG DRE#01843673-RP100 DRE#02059058-P:714-831-1800-E:info@theresultsrealestategroup.com-W:www.theresultsrealestategroup.com-Facebook - Twitter - Instagram - LinkedIn
From Yorba Linda to Orange to Rancho Cucamonga, fear is the name of this market. It has hit every product type, townhomes to duplex to condo. If you look at all the graphs, and notice the overall trend-you will see the market trying to fight back and getting stronger every week. Life still needs to happen, even if the world has gone on "economic pause" and the motivated people are starting and finishing the process of moving on with their lives while everyone else lays in wait to come out with the rest of the herd that is humanity. On the brokerage side of business, we started off COVID-19 by closing a Condo in Corona with little problems, and recently closed a Home in Jurupa Valley with a second escrow. The first escrow was minutes before the finish line, but dissuaded by fear. Happy to say after we were contacted by a fellow veteran agent who had a clean offer and early closing. It was refreshing given the "fear market".
For those of us on this side of the real Estate market, days on market is one of the many metrics we track and use to show how competent we are as agents. But thanks to places like Zillow, you as the consumer can see the days on market too. A lot of buyers wait to buy while the sellers wait to sell because days on market is very important to them. Because of COVID-19, listings are hidden or choosing to use COVID-19 as a reason that you should ignore it. No matter what the market, days on market is an important number to look at honestly. Days on market is a direct reflection of what the agent did, or did not do, to bring not only themselves but their client to the finish line.
Orange, CA-TRREG DRE#01843673-RP100 DRE#02059058-P:714-831-1800-E:info@theresultsrealestategroup.com-W:www.theresultsrealestategroup.com-Facebook - Twitter - Instagram - LinkedIn
Comments
Post a Comment