I’m always confused when I see rental applications that are one page long. In large font. With lots of white space on the paper. Such a disaster waiting to happen… If you want to secure better tenants in your rental properties, the solution is simple. Ask questions. Lots and lots more questions. Trust me. We process hundreds of rental apps each year and NOT A SINGLE PERSON didn’t finish the application just because we asked for lots of data on their personal and financial lives. How many data points are on our application? 164. Yep. One hundred and sixty-four. We gather it all upfront so that the we have all the necessary information for our Landlord’s to make informed decisions on how risky a tenant profile really is prior to making a Go/No Go decision…. An additional residual value in gathering this data up front comes into play after they have moved […]
Each landlord we work with has a unique problem—filling their rental vacancy. On the surface, It may seem like a unique problem to only this industry. But when you apply business topology, the problem becomes quite common. In fact, there are at least 3 other industries who have almost the exact same problem. Unsold inventory. Billboards, hotels, and airlines all HATE unsold inventory because the moment when time passes, it is utterly worthless. As soon as the date changes on a hotel room with vacancies, that hotel cannot make up the lost profit. Same with the radio station with unsold advertising slots for radio commercials. Same for airliners that taxi and take off with seats missing rear ends sitting in them. Same for landlords. Which is why we are a strong proponent of aggressive and early marketing of properties with vacancies coming up soon. Think about the math here…. If you rent a […]
The City Council of Indianapolis is at it again…. They are debating again the Source of Income Amendment that was voted on twice now and defeated twice. If you’ll recall, I wrote about this idiocy and ignorance of risk/return and rental properties back in August 2014. They are holding a Rules and Public Policy Committee tonight at 5:30 pm in Room 260 of the City County Building. If you can attend, please attend and speak out on behalf of your Rights to Liberty and the Pursuit of Happiness. Here’s the link to that prior post….http://danbaldini.com/dont-you-dare-treat-income-sources-differently/ This is like a mental venereal disease that won’t go away…unless, perhaps, we VOTE OUT the Councilmen and Councilwomen who actually side with this socialistic collectivistic agenda. NOW THAT’S an idea that IS worthy of debate!
If you are going to fire a gun, there is an old saying: Pull the trigger and you ride the bullet. In other words, you take full responsibility for what happens not just at the time when the bullet blasts out of the muzzle of the gun, but for the entire flight of that bullet–where it goes, what it impacts, and beyond. In real estate investing, responsible investors practice this principle. They know full well that they, NOT someone else, is responsible for everything that occurs on/in/around their units. In addition, they are responsible for making sure that they have the financial resources available to fix things that go wrong, replace parts that wear out, and the shear guts to make the tough decisions. Also in real estate practice, responsible agents practice this principle. It has become quite fashionable for agents to provide counsel to Buyers and Investors on the […]
Is the party almost over for Landlords and Real Estate Investors in residential rentals? Rental rates across the US, Indianapolis metro area included, have been on a consistent tear for a number of years now….Landlords have benefitted allowing the asset prices to get bid up on both rental properties for sale. However, just like with everything in life, there are limits…. Here’s a good article that takes both a granular and high level approach at looking into this pending issue…. http://nreionline.com/multifamily/rent-burdened-nation-housing-expert-discusses-affordable-housing-crisis Certainly, if your local market conditions allow, maximize your rental revenue whenever possible, but keep this knowledge on your radar as we may be witnessing a market shift in rental rates. If you haven’t repriced your properties lately or done a competitive analysis, now may be a good time to get this information gathered. As always, if we can assist, call or click.
If you are a renter, you feel the pinch. If you are a landlord, you feel the bulge in your bank account. Here’s a good article and short video clip from CNBC about the top rental markets in the US as well as how they relate to affordability. http://www.cnbc.com/id/102159830 As Landlords and Real Estate Investors, you should be aware of the relationship between rent values and your tenant’s income growth patterns. As always, real estate is local, so if you need help understanding what is occuring in your area of town, email, call or click. Dan Baldini is the Executive Property Manager of Polaris Property Management, LLC. Dan focuses his practice on the residential real estate markets including Indianapolis, Carmel, Zionsville, Fishers and other surrounding areas. Dan continually seeks out new resources for Team training and education in order to keep all the Team members skills on the leading edge […]