OWNER MAIN
We are a licensed real estate brokerage, specializing in residential leasing and management.
We serve individual owners, investors, and corporations.
Lease Rates
There are many methods used when setting a lease rate. Some landlord's science might boil down to licking their finger and sticking it up into the wind. We prefer a more advanced technique- we read tea leaves (kidding). We perform a process known as a Comparative Market Analysis, or CMA. This is the most accurate way to set a lease rate, and is the same technique utilized when selling a home.
It's important to understand market trends when determining your lease amount. One thing to consider is how long you will have to wait to find a tenant willing to pay what you're asking. In a strong market, renters may line up at the doors and you have a good chance of leasing the unit quickly for a strong price. In a soft market you may throw the rules out the window.
Market supply can fluctuate often, making it wise to set your rent aggressively. You should weigh the loss for a twelve-month period. For example, if you attempt to lease a unit at $1500/mo., but the unit sits vacant for 3 months, you are losing $4500.00 in income PLUS the holding expenses accrued during the period. If the unit leases immediately at $1450, what is your loss to the market? Only $600 vs $4500. Plus, you could increase the rent to $1500 or more at the end of the lease term. We always like to start at the upper end of the rate spectrum when possible, but we recommend flexibility to owners if the lease rate should be changed.
Asset Preservation
Not too long ago, owners were able to get a substantial return on their investment with little money going into the property. Today, the way your property appears to the tenant is crucial to a quickly lease. Clean homes with fresh paint/carpet drastically improve your chances of finding a quality tenant. Everyone is drawn to a clean, well maintained home; tenants are no exception.
A poorly kept property will attract a tenant that is comfortable living in that environment. Don't expect them to have a sudden change of heart when they move in. They see how little you care about your property and so they in turn treat it with the same level of respect or lack thereof. A property in ill repair will lead to lower rents and more problems down the road.
Real Estate Sales
Our firm is comprised of Brokers, Agents, and REALTORS®! We are able to list a property For Sale and For Lase at the same time! The owner may take whichever deal comes first, be it a lease or sale. This is a huge benefit in a slow market, and many of our owners have taken advantage of the ability to advertise both ways!