Leasing

THERE ARE THREE OPTIONS BUT ONLY ONE IS THE BEST CHOICE

More and more people are looking into renting their properties these days and that leads to a natural first question: Who’s the best person to lease your rental property for you? These days, with Youtube in our pockets, it’s more common for landlords to think they could likely do it themselves. Then there are some people who go to the complete opposite extreme and seek out a realtor.

HOW BEST TO DETERMINE THE LIKELY MARKET VALUE OF YOUR RENTAL UNITS

It’s simply beating a dead horse to talk anymore about how out of whack the real estate sales markets are and have been since the changes in supply, demand, and interest rates that followed the pandemic. When will sales prices come down? Who knows? How much will the interest rates come down this year? Not much. What else can we speculate about that won’t be all that helpful in the present? Plenty…but let’s not.

IS THE LARGE AMOUNT OF HIGHLY QUALIFIED TENANT CANDIDATES A GOOD THING?

It goes without saying that there is always a pool of prospective renters and current renters out there but that group has never been larger, or more highly qualified, than they are today. At first glance this sounds like a great thing but in reality it is just another downstream effect of the wonky real estate market and it’s hurting more stakeholders than it’s helping.

THERE ARE SO MANY QUICK AND EASY OPTIONS THESE DAYS…WHY NOT USE THOSE?

It’s never, in the history of the planet, been easier to exchange money. A Nigerian prince could email me right now and I could send him $500 to help his undoubtedly worthy cause by the time you finish reading this paragraph…what a beautiful thing!!! Peer-to-peer payment through mobile phones and the internet has revolutionized the sales and business world, but like so many things that prioritize convenience, it is not without its risks. 

IS THERE A NATURAL CYCLE TO RENTAL UNIT DEMAND THROUGHOUT THE YEAR?

It doesn’t take over a decade in the rental real estate business and over a 1000 units under management to notice there are clear trends when it comes to rental property demand.

DON’T MAKE THESE MISTAKES WHEN SENDING KEYS IN THE MAIL

There are plenty of things you can’t legally send through the mail but keys are not on that list. Quite often we at Nexus will have keys mailed to us by outgoing tenants or onboarding owners and more often than not there are no issues.

6 REASONS OVER-EAGERNESS TO FILL VACANCIES QUICKLY CAN AND WILL BACKFIRE

From time to time we at Nexus Property Management® have conversations with owners with upcoming vacancies regarding when to start advertising the unit. Intuitively, owners want to get a new paying tenant in as soon as they can, to minimize lost rent, and in doing so they elect to advertise occupied apartments. Does this save time? Yes. But is it best practice? As an investor, your decision making should always hinge on long term results.

WHAT ARE THE TRICKS TO GETTING LATE RENT PAID?

A tenant owes money because their rent is late. TRUE OR FALSE: The property manager is responsible for rent collection so it’s their job to do all they can to collect that money for the owner that employs them? If you answered “true”, your enthusiasm can be commended, but regardless of what the task might be and who it might apply to (more globally than just property management), doing “all you can” is one of those phrases that can get you into trouble.

WITH DATA FROM THE APPLICATION IN HAND, WHAT MORE DO YOU NEED THAT IS WORTH THE RISK OF A DISCRIMINATION ACCUSATION?

Some property owners insist on meeting potential tenants before deciding whether or not they can rent their property. If landlords want to meet after they’ve already given their approval to place the tenants, that’s one thing; but to meet a prospective tenant and then after that meeting decide not to rent to them opens landlords up to accusations of discrimination.

PROPERTY MANAGEMENT SERVICE HIGHLIGHT: 

NEXUS’ RENT4U® PROGRAM  

The real estate market is in a funny place right now.