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Archive for February, 2009

When to Fire a Property Manager

Friday, February 27th, 2009

For some landlords having a property manager is essential. For whatever the reason, not every one has the time nor the inclination to handle all of the day to day operations of managing their property, so hiring a property manager is ideal until its not. As with everything in life, some property managers are excellent and everything you ever wanted and then there are others that are lacking in some way. If you find your property manager falling into one or more of the following categories then you will either want to fix the situation or find a new property manager.

Not Communicating

If you’re suddenly having trouble getting your property manager to return your phone calls, or regular correspondence has dropped off, then you’re headed down a bad road. It’s essential that your property manager contacts you regularly to let you know how your investment is doing. If you’re getting nowhere no matter how many times you ask for information then its time to find a more responsive property manager.

The Money Just Isn’t There

If you think the property manager is asking for money for repairs and other odds and ends that just aren’t necessary, or if you’re not getting all of your percentage of the rents then there is a problem. Ask for an accounting of everything they’re requesting and consider making a surprise visit to the property to see if the repairs are really being made. If things don’t add up its time to find a new property manager.

Property managers can make the difference in your bottom line, so it’s essential that you only hire the best and if there is a problem you need to move on and find a new property manager.

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Where to Retire

Thursday, February 26th, 2009

If you’re getting ready to retire, or daydreaming constantly of the day you get to break the bonds that hold you to your desk, then its time to seriously start thinking about where you’re going to retire. Sure you can retire where you currently live, a community you’ve not doubt established bonds with. Or you can life the high life and retire somewhere that is more exciting, a place that you can spend years exploring. If you’re the sort who needs that excitement, then its time to take stock of what you can afford and where you want to go.

CNNMoney.com has come up with a great list of homes that are near water, affordable and the communities are affordable enough that your income goes further. Their number one location, Fort Smith Arkansas. Seated in the Ozark Mountains with the Arkansas River cutting through, this town offers affordable housing, mountainous views with water activities and even wine country tours a short distance away.

If longevity is your goal after retirement, CNNMoney.com has also scoped out the best places to live and to live longer. Their first pick here is Montgomery County in Maryland. The reason for the inhabitant’s long life spans has a lot to do with the quality medical care and the availability of public trails for exercise.

No matter how you envision your retirement years, the time to start planning for them is now. If you don’t they’ll sneak up on you and you may never accomplish your goals.

Posted in Investment Property | No Comments »

How to Select Condo Management

Wednesday, February 25th, 2009

If you live in a condo and are looking to change your management or to hire your first manager then there are a few things to consider. The first is that you need to run your condo as a business and select the management firm that will provide the management services that you most need. The Board of Directors is responsible for reviewing prospective companies and then contacting their references to see how other condo associations have fared with each particular service. Price should also weigh into the equation but make sure it’s not your only criterion.

Before signing a contract with a management company you need to spell out all of your requirements and the job duties in writing so there is no misunderstanding about who is to handle what tasks. This may change over the course of time and as it does there should be a new contract or agreement written and signed by both parties or representatives thereof.

Once you’ve hired a condo management company the Board of Directors or the President should not waste their time micromanaging, but trust the company you’ve hired. Initially you’ll need to supervise some activities, ask for resident’s impressions and keep an eye on things, but after that its time for the condo management firm to take over and do its job.

Posted in Condominium & Homeowners Associations | No Comments »

Using Media to Promote Rental Property

Tuesday, February 24th, 2009

photo credit: boliston

Managers of High-end condos in downtown areas often use photos, videos, 3D walk-thru’s, and music to promote rental listings online. As more people move toward database searches and free listings like Craigslist, knowing how to effectively use media as part of your listing will put you miles ahead of the competition. What can you learn about media promotion from the purveyors of posh?

Include multiple photos with your listing. Typical subjects include the bathroom, living room, kitchen, one or more bedrooms, and a context photo of the neighborhood. For low to mid-cost units in particular, including tasteful photos will set your listing apart from the rest.Don’t seek angles that obviously try to hide some negative characteristic of your listing. Take real photos and use the text portion of your listing to deal with any possible negative response. Prospective tenants will appreciate your honesty and you’ll spend more time doing showings for people who genuinely want to see the unit.
A simple $50 digital camera is all you need. Make sure you use the photo editing software (often included with most cameras) to optimize your photos for the web. Photos will load much faster if optimized. You don’t want a prospective tenant waiting to view your photos.
If you have even an inkling of a sales personality, buy a simple digital camcorder and start making video tours of open units. Make a short list of things you want to talk about in your video and discuss those points as you walk around the unit. If you have an especially family-friendly unit, a video is a great way to let prospective tenants know about your listing.There’s no need for any fancy editing equipment or a video guru. Just set up an account on Youtube and upload your videos. You’ll be able to link to the video from anywhere and will even be able to embed the video in your own website, if you have one.

Take the time to name each media file and create a folder for each listing. You’ll want to know where you’ve stored the photos and video if you need to list a property again. They can also prove invaluable in dealing with a dispute over property damage.

An inexpensive camera, a few minutes, and a bit of creativity are all it takes to set your listings apart from the rest.

Tags: Promoting rental property, media
Posted in Rental Market | No Comments »

Small House Movement

Monday, February 23rd, 2009

Not only are people going green but they’re getting smaller, or at least as far as housing they are. Those huge and uninspired McMansions of a few years back are becoming the trend that was as home owners are facing new financial issues and they’re becoming more environmentally conscious at the same time. These two huge factors are leading to more home owners looking for smaller housing so they can be more environmentally sound and leave a smaller footprint on this earth.

While giving up the huge home, people are learning to live with less, spend more time together as a family (rather than spread out throughout the home) and getting creative with ways to go green. From the very get go you’ll instantly reduce your environmental footprint by cutting down on the energy you consume. This can be a drastic reduction and the side benefit is you’ll also be saving money, a scarce commodity in these economic times.

Remarkably some people have taken the small house movement even further, rather than downsizing from a McMansion to a more traditional sized home, these people are looking to create housing for themselves that is less than 1000 square feet and in some cases much less than that. This may not be exactly perfect conditions if you have a young family, but even a modest decrease in your home size may be the economic and environmental change that makes all the difference.

Posted in Real Estate Market | 1 Comment »

Home Building Trends for 2009

Friday, February 20th, 2009

Well, another year is upon us and its time to sum up where the home building trends are headed for 2009.

Smaller is Better

The McMansion has seen its day and homes are getting smaller and more multifunctional. In fact, some homes are getting downright tiny.

More Storage

Don’t think of the walk-in closets of the past, but imagine compact storage areas where every inch is used and thoughtfully considered. Basements and attics will become more important.

Outdoor Living

As the green movement builds, spending more time outside is becoming fashionable. Look for green space at home that can be converted into functional living space.

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Green Features

Speaking of the green movement, home builders and home owners are looking to incorporate more environmentally friendly aspect into their homes.

Priority Technology

It would be hard to ignore the importance of technology in our everyday lives, so homes are taking that into consideration and adding computer areas and home offices, dedicated electrical wiring, built-in speakers, nanny cams, security systems and other technological conveniences.

Kitchen Companions

No longer trying to ignore the importance of the kitchen, home builders and decorators in 2009 are focusing on the kitchen as the center of activity at home and formal dining rooms and living rooms are becoming secondary if not tertiary.

If you’re building in 2009 use these trends to keep your house up to date, no one wants a new house that looks outdated. If you’ve got a home, but you’re looking to update it focus on the tips above to make it more functional and a trendsetter.

Posted in Real Estate Market | No Comments »

What is a HOA

Thursday, February 19th, 2009

An HOA or a Home Owners Association is a legal entity created to help develop, manage and sell a collection of homes for the real estate developer. These HOAs have become a necessity in many situations as the fastest growing form of housing in the U.S. today is common interest developments, which means planned neighborhoods where common properties are shared and there is a consensus to maintain the aesthetics.

If you live in one of these developments the HOA will organize committees or rules which will help keep the shared property and facilities in the best working condition and appearance. They may even arrange for regular maintenance and oversee such activities. An HOA may also be responsible for enforcing local rules that may have been violated by homeowners. Such as subdivisions that have restrictions on hanging out laundry, certain landscaping requirements, abandoned automobiles in driveways, et cetera.

In addition to serving as sort of an ad hoc rules enforcement agency and pseudo property manager, HOAs are often charged with helping developers bring in more clients and show the open properties, so in effect they also act as realtors at times.

If you’re moving into an area with an HOA its important to determine what the reputation of your HOA is and how they work with residents. You don’t want to get into a situation where the HOA makes the living situation unbearable and on the other hand, you don’t want an HOA that doesn’t have your neighborhood’s best interests at heart.

Posted in Condominium & Homeowners Associations | No Comments »

Understanding New York City Through Its Landmarks

Thursday, February 19th, 2009

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Classic landmarks are valuable far beyond the everyday business of giving hurried visitors something to take photos of. Each landmark has gained its status because it demonstrates an important part of the culture that surrounds it. In a small town, inhabitants may give directions that include “turning by the CVS” and perhaps, “take a left before the bronze sculpture of the general on a horse.” As a population grows and changes, landmarks take on an even greater importance. They serve as the embodiment and guardians of a people’s heart, strength, and ingenuity. (more…)

Posted in Mixed Bag | 1 Comment »

The Condo Market: Attracting First Time Buyers

Wednesday, February 18th, 2009

photo credit: Sarah Jane

First time homebuyers have a lot on their mind. In addition to figuring out how to pay for their first property they must also decide on what to buy. Although not the case with every first time buyer, many of them are attracted to the condo market. Does this sound like you? There are many reasons why first timers feel that a condo is the best way to go.

What makes a condo the perfect buy for a first timer? For one, they cost less in many cases. When you buy a condo you should be able to save money when compared to a single family home. Of course, you need to have a budget in mind nonetheless. Even though some condos cost less, many of them can set you back much more than a single family property. It is important to know your budget so you don?t make a mistake no matter what type of property you have in mind.

Moving on, condo owners do not have to worry about exterior maintenance. Most condo owners love the fact that they don?t have to cut the grass, keep the exterior clean, or deal with expensive repairs such as replacing a roof, windows, siding, etc. Before you buy a condo be sure to know what type of maintenance is included. If you simply want a place to live without having to stress about the exterior a condo is the right choice.

Even though the condo market attracts many types of buyers first timers are always at the top of the list. For this reason, the best condos are often times purchased quickly. So if you are in the market and know that you want to make a purchase it is important to move forward to ensure that you don?t get beat to the punch.

Posted in Condominium Market | No Comments »

Riding the Ups and Downs of the Rental Market

Tuesday, February 17th, 2009

photo credit: rawkblog4

If you are a real estate investor or thinking about getting involved with the rental market listen up: you should be ready to ride the highs and the lows. Just like anything else there are times when the rental market is at its peak and times when you will have to deal with losing tenants, etc. Simply put, you need to take the good with the bad.

Right now, many consumers are finding it difficult to obtain a mortgage. For this reason they are either staying in their rental or looking for a new one. In turn, if you own a rental property you may be making out big time.

But guess what? There will come a time in the future when the rental market softens because banks begin to lend money to those who previously couldn?t obtain a loan. This means you may lose your tenants and be faced with a situation in which you don?t have any cash flow for a period of time. Are you comfortable dealing with this sort of situation?

There is no denying that it can be tough to ride the ups and downs of the rental market. But if you are an investor or want to become one you need to realize that this is part of the industry. When times are good you will have quality tenants who pay on time and respect you and your property. But when times are bad you will have to fight to stay on track.

Even though the rental market is a series of highs and lows you can still make plenty of money by investing in the right properties. Do you have the stomach to get involved with the rental market?

Posted in Rental Market | No Comments »