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Archive for August, 2009

Property Management Problems? Change your Strategy

August 17th, 2009

Are you having problems in the property management department? This is something that nearly every property manager or landlord faces at some point. It is essential to know when a problem needs fixed, and when you are simply going through a rut. If you are facing an issue that needs addressed, it may be time to take care of by changing your strategy.

Take a common problem such as not getting paid on time, for instance. When it comes to being a property manager, this is just about as big an issue that you will face. How are you going about getting paid right now? Once you answer this question and consider the pros and cons of your strategy, you can then decide how to make the necessary changes.

Changing your strategy will not always work the first time around. You may have to go through a trial and error process to determine what is going to work best for you in the future. The last thing you want to do is make things worse on yourself. Continue searching for a solution until you find it.

Every property management problem, big or small, can be fixed. If you are willing to tweak your strategy you can find a solution and a better strategy in no time at all.

Marketing as a Resource to First Time Homebuyers

August 17th, 2009

Despite the woes and hair-pulling the current housing market has caused (and continues to cause), there are those who can benefit from the plummeting prices: first time homebuyers. With no house to sell off in order to buy, and federal programs like the $8,000 tax credit, first time buyers have an outstanding opportunity to find an incredible home or investment property for a tiny price.

Still, first time buyers are not exactly racing to the market, and why? Fear. The exposure of aggressive lending as well as the rocky economy has made people jumpy and these potential homeowners are hesitant to dive in. Here is how some savvy real estate companies in Florida are changing their minds, and capitalizing in the process.

Florida real estate service companies (link: http://www.heraldtribune.com/article/20090601/COLUMNIST/906011008/2264/REALESTATE?Title=A-lifeguard-for-those-first-timers) are offering first time buyer seminars and workshops to help potential homebuyers become more comfortable with the process. In Florida in particular, one of the nation?s areas hardest hit by the housing crisis, cities like Sarasota-Bradenton, Palmetto, and Lakewood Ranch have all had similar programs.

Whether it?s a Sarasota property management company, Palmetto title agency or Lakewood realty group, companies in the industry are using the housing crisis as both an opportunity to educate eligible homebuyers, and undoubtedly market their skills and services in the process. It?s important to remember that marketing doesn?t always have to be about ad placement and cold calling; by providing a free resource or service you?re able to demonstrate your expertise, professionalism, and undoubtedly, draw new clients from seminars who now have the information they need to take the first step into buying a home or investment property.

Rent a Room in your Home

August 14th, 2009

With the economy diving so deeply many Americans are desperate to save their homes and find a way to make ends meet. If you?re in this pickle you may want to rent a room in your home as a way to do both.

The first step when heading down the road to becoming a landlord is learning what your state and city will allow and what they won?t. Are you looking to share your home with a boarder who will basically have access to every room or are you looking to convert a basement, attic, or garage into a separate apartment? This will determine what laws and regulations you need to follow. There will be more regulations and rules if you?re going to create a separate apartment.

You?ll also want to establish some rules, you may think that people would respect some certain common courtesies when living in your home but that isn?t always the case so make sure you know what you?re willing to accept and what is totally not allowed. Then put the rules in writing.

Establishing a price for your rental is a little more difficult as you can?t simply pick a number you think is fair or one that will cover your unmet bills. You have to research the area to determine what similar rental units are going for and what is fair for what you have to offer.

Selecting a tenant should be the most important part of the process for you. You want someone who you think you can live with, you want to make sure they?re responsible, and you will have to comply with federal, state and local fair housing laws.

The last step is doing a final cleaning and inspection of the property with the tenant to make sure that everything is ready for them to move in.

Measure Windows for Shutters and Storm Windows

August 13th, 2009

If you?re thinking about adding shutters or storm windows to your home?s exterior then you?re going to have to measure the windows properly to make sure you?re getting your shutters and storm windows in the property size.

Unfortunately older windows are frequently no longer square, and in fact, some new construction that was created during the housing boom never even started out square.

Measure the opening of your window horizontally at the top, the bottom and in the middle. Measure the window vertically in much the same way, measuring both sides and the middle.

Take another measurement diagonally from each top corner to the opposite bottom one. The measurements should be the same, but if they?re not your window is not square and is what the industry refers to as racked.

The smallest of the three measurements on both the horizontal and vertical measurements is the one you will use when reporting the measurements to the shutter and storm window manufacturer. Make sure to tell them that you?re supplying actual measurements and they will adjust for any clearances. You?ll also need to inform them if you?ve got a racked window so they can make allowances for that as well.

photo credit: *Susie*

5 Things Every Tenant Should Know

August 12th, 2009

Whether you?re new to the rental world or you?re a seasoned renter there are some things that every tenant should know. The following 5 tidbits can help you get the most out of your renting experience.

Read the Lease

It seems obvious but most people don?t read contracts, they skim them and take away virtually no information. Take the time to read every contract, including a lease, before you sign on the dotted line.

Get it in Writing

If there are any addendums to your lease or agreements between you and the landlord you should always get it in writing. Email can be especially useful at times as long as you keep all correspondence to prove you have promises and agreements in writing.

Protect your Privacy

Even though you?re renting the property you live in is your home so learn what your state and city says about privacy. If your landlord has to enter your property you should be notified at least 24 hours in advance, unless there is an emergency.

Report Repairs

If something is broken or not working correctly you have to report this to your landlord. It is their responsibility to keep the premises and the appliances within it (as long as you?re renting them also) in working condition. If you break something it is obviously your responsibility but if not then your landlord should know and make the repair in a timely fashion.

Get Renter?s Insurance

Far too many people don?t know about or simply skip over rental insurance but it?s one of the best investments you can make and it?s relatively inexpensive.

By informing yourself and being a knowledgeable and proactive tenant you can do your share to insure that your renting experience is a good one for everyone involved.

6 Tools for a Beautiful Yard

August 11th, 2009

Yards are gaining in popularity and are being treated as a part of the house so keeping your yard neat and attractive is a high priority. With these six luxury tools for the yard you can keep everything in tip top shape and be the envy of the neighborhood.

Zero Turn Mower

The best lawn mower around, a zero turn mower will whip through the job with little effort and time expenditure and the precision may eliminate your need for a trimmer.

Electric Leaf Shredder

A beautiful lawn has big beautiful trees which means you?ve got leaves, an electric leaf shredder quickly turns those leaves into mulch that you can use to boost the beauty of your planted blooms.

Multitask Cultivator

Look for a multitask cultivator that will work as an aerator, sweeper, edger and numerous other tools. It may be expensive but you?re saving money by not having to buy the other tools and you?re saving space by just having one tool do all these jobs.

Alligator Lopper

An alligator lopper is a great pruning tool that handles branches up to four inches in diameter. This quiet tool is gasoline free and stays sharp, making it perfect for keeping your shrubs and trees neat and groomed.

Hedge Trimmer

Not your hedge trimmer of the past, hedge trimmers now trim, shred, vacuum and collect the clippings for you. The blades are also shielded so you?re not going to have that cut cord mishap that you did before.

Outdoor Sweeper

I loathe the leaf blower as a rake and broom do just as good a job and give you much needed exercise while not using energy unnecessarily. But the outdoor sweeper is a people-powered push machine which give you a dual action sweeping system with rotating bushes that pick up both wet and dry debris, giving you an excellent looking patio, sidewalk, and driveway with very little effort.

photo credit: *Susie*

Real Estate Websites to Know

August 10th, 2009

If you?re in the market for a new home you probably already know that the world has changed and most buyers no longer rely on their friendly neighborhood realtor to find them a home that fits their lifestyle and financial situation. Most people are becoming proactive and doing a lot of research on their own. In response a lot of websites are cropping up that offer real estate tools designed to help you or to sucker you out of money. So being a wise consumer is ever important. The follow three websites are reliable and packed with information.

Zillow.com

Zillow.com is a great website if you?re using your computer but it?s amazing if you have an iPhone as they?ve just added a free app that gives you everything you want to know on the homes you?re driving by, even the ones that aren?t for sale. The GPS driven application knows where you are and gives you the basics of for sale homes and then homes in the area so you can compare the price against relatively similar houses.

Trulia.com

With Trulia.com you can search for sales. They let users scan the prices homes were originally listed at, what their current price is and how many times the prices dropped, by how much, and the dates of the reductions. This lets you get a feel for how desperate the seller is and if they?re coming close to a price you can afford.

YouTube.com

Most people are somewhat familiar with YouTube.com and home sellers are using the site to their advantage. Why not give potential buyers a link to a virtual tour of your home that you can do yourself for very little time and financial expense. And if you?re looking for a home a video tour is much more effective as it gives you a better perspective on space and size. But note to the wise ? if the audio track is more soundtrack than informative, turn it off, it can affect your feelings about a home.

Stay Green, Even on the Road

August 10th, 2009

As a property manager, your day can be filled with tasks that take you outside of the office. Whether you?re meeting potential tenants to view vacant units, or signing leases in a nearby Starbucks, your daily appointments can inadvertently be taking quite the toll on the environment.

Here three easy steps that can instantly lessen your carbon footprint and make your life a little easier as well.

Avoid disposable products ? whether you?re stopping in for your favorite coffee concoction, or staying hydrated throughout the day, stay away from take-away cups and disposable plastic bottles. Instead, bring your own or request a ?for here? glass or mug if you?ll be staying for awhile.
Go paperless ? or at least lessen your paper use. Keep as much of your files as possible electronic. If you have to print those pesky pages for signatures and initials, use recycled stock and print on both sides of the paper.
Keep your car in top condition ? by taking your car in for regular tune ups, oil changes, and keeping tires full of air you?re ensuring your vehicle is running at its most efficient level. Get every mile you can out of each tank of gas by keeping your car in good working condition.

Seems pretty easy, right? The trend is catching on; from Napa property management companies to Washington, D.C. firms, going green is becoming a nationwide practice for property managers. Don?t be left behind with an office stacked with folders and a sluggish car full of old coffee cups. Simplify, recycle, and start a newer, greener workday.

Good News in the Housing Front

August 7th, 2009

Although the housing market is still struggling through a slump it seems as though it will be booming as big as ever when this slump finally slides away. Harvard University conducted a study and their findings are that the echo boomers (apparently a nickname for those born between 1979 and 1995) will outnumber the original baby boomers by more than 5 million, meaning there will be a swell in housing demand in the near future.

It is expected that in the next 10 years, as those echo boomers range between their early 20s to late 30s, housing will once again boom as they strive toward their American dream.

But on the downside, the weak economy and job losses throughout the country are forcing more people out of the home market or into smaller homes. There has also been a reduction in home values across the country that have made some leery about home purchases.

Another problem with the current economy and the housing market in general was the careless way that people went into the market, purchasing much more than they could afford on loans that were basically designed to fail.

Hopefully when the market does turn around and perhaps another boom winds up we?ll be looking at home buyers who are more realistic about their home purchases than their predecessors and we can prevent another housing crisis of this magnitude.

How to Hire a Contractor

August 6th, 2009

If you?re thinking about hiring a contractor to do some work on your home using the following tips can help you find a reputable contractor who will do a good job at a fair price.?

Get Recommendations

Start asking around, begin with your friends, ask a building inspector, and check with the National Association of the Remodeling Industry for a list of members. Even lumberyards may be a good place as they know which contractors buy the best materials and pay their bills on time.

Ask Questions

Before actually meeting them, give them a call and ask some questions. Do they have experience with the type of project you?re contemplating? Will they provide some reference? Do they use subcontractors? Who do they use and can you contact them? What?s their availability? How many projects do they do at a time?

Collect Bids

Don?t just jump at someone you like or the lowest price but see what comes with that price as there may be hidden extras that are omitted from some bids and will crop up later. Be informed before you agree to anything.

Written Contract

Then when you do come to an agreement, be sure to get everything in writing, this will prevent any surprises in the future and will help you keep things on schedule and budget.?

photo credit: patriotweb