2010 rental market
I'm not a huge fan of repeating blog messages but sometimes it is necessary and I'm one of the most efficient re-bloggers I know. So here's some updated data on the rental market and also a repeat of my September 2008 blog.
The statistics for the last quarter of 2009 rental market are below- Highest vacancy rate and a much needed decrease in rent for the first time in almost a decade. So what's that mean for landlords in 2010?
Heed the advice below, work with a good neighborhood agent, do everything by the books and things will go fine around here. Boston is still a great place to live and work as far as I'm concerned.
1) Hire a local professional real estate agent to rent out your property. Ask him how he screens his tenants, what type of lease he uses or recommends based on the landlords needs and wants, does he properly get filled out all the necessary forms, where does he market the unit, what does he think the unit should rent for and how long should it take, etc.
2) If he or she checks out and demonstrates some knowledge of the process, offer to pay a full one month fee to that agent. Make sure he is willing to spilt that with co-operating agents bringing qualified tenants.
3) Try to underprice the market (if you can). If tenants sense a deal, they will jump on it and you'll have a pool of tenants to choose from. Most likely, they will be willing to provide what you have requested (first, last and security). If you over price a unit all you get is pie-in-the-sky tenants who can't cover the rent anyways or you burn out yourself or the agent working with you.
4) Be a GOOD landlord and realize that you are providing a service to your tenant(s), and henceforth they are PAYING part or hopefully all of your mortgage, taxes, and insurance. Breaking even (landlord's expense $1200 and rent being paid $1200) is a good business deal and you are getting richer by providing a service. With that said, this is a business transaction and you should uphold your end of the bargain if you expect the tenant to do the same. Provide the best at the right price and you will always do well with your unit(s). I believe in exchange in abundance and if you are landlord who supplies a sub-par product you will get sub-par tenants. Don't cheat yourself.
5) Make sure the real estate agent you hire works the local market with fliers, letters to local businesses, and other creative ways to get the job done. (check out www.walkscore.com as a fun site that rates the workability of your location)
6) There are TONS of websites to market on and you will get leads from these. Screen professionally and be respectful.
Happy renting in 2010!
The statistics for the last quarter of 2009 rental market are below- Highest vacancy rate and a much needed decrease in rent for the first time in almost a decade. So what's that mean for landlords in 2010?
Heed the advice below, work with a good neighborhood agent, do everything by the books and things will go fine around here. Boston is still a great place to live and work as far as I'm concerned.
1) Hire a local professional real estate agent to rent out your property. Ask him how he screens his tenants, what type of lease he uses or recommends based on the landlords needs and wants, does he properly get filled out all the necessary forms, where does he market the unit, what does he think the unit should rent for and how long should it take, etc.
2) If he or she checks out and demonstrates some knowledge of the process, offer to pay a full one month fee to that agent. Make sure he is willing to spilt that with co-operating agents bringing qualified tenants.
3) Try to underprice the market (if you can). If tenants sense a deal, they will jump on it and you'll have a pool of tenants to choose from. Most likely, they will be willing to provide what you have requested (first, last and security). If you over price a unit all you get is pie-in-the-sky tenants who can't cover the rent anyways or you burn out yourself or the agent working with you.
4) Be a GOOD landlord and realize that you are providing a service to your tenant(s), and henceforth they are PAYING part or hopefully all of your mortgage, taxes, and insurance. Breaking even (landlord's expense $1200 and rent being paid $1200) is a good business deal and you are getting richer by providing a service. With that said, this is a business transaction and you should uphold your end of the bargain if you expect the tenant to do the same. Provide the best at the right price and you will always do well with your unit(s). I believe in exchange in abundance and if you are landlord who supplies a sub-par product you will get sub-par tenants. Don't cheat yourself.
5) Make sure the real estate agent you hire works the local market with fliers, letters to local businesses, and other creative ways to get the job done. (check out www.walkscore.com as a fun site that rates the workability of your location)
6) There are TONS of websites to market on and you will get leads from these. Screen professionally and be respectful.
Happy renting in 2010!
Labels: 2010, luxury rentals, rental market
posted by james@bostonbayside.com at
8:33 AM
