Listing Courtesy of SUNRISE REAL ESTATE - LEWES
Every landlord has had the feeling at one time or another that a prospective Ocean View tenant may not be a good choice. Call it a hunch, or intuition—but something tells you that this tenant may be trouble down the road. There is more than enough riding on the decision to make you want to pay attention to your instincts, but that’s where being aware of the dos and don’ts of tenant management comes into play. You need to protect your business and property, but in so doing, you also need to heed outside factors.
Chief among those factors is the housing laws and regulations. This is a realm where there’s no shortage of fine print—and since I don’t offer legal advice, we needn’t wade into the technical weeds. But there are some common sense concepts that should shed light on the subject.
One of the key things to remember is that it is frowned upon to arbitrarily accept or reject tenants based on personal preferences or whims. Of course, a landlord does own the property whose use the tenant is asking to borrow, but nevertheless, most people understand why anti-discrimination laws have been created. Some feel they go too far—some, that they don’t go far enough—but at any rate, one fact is indisputable: ignoring the rules can have bad consequences.
One easy-to-follow idea is to prepare your own written standards for accepting prospective Ocean View tenants (standards that are certain to not contravene discrimination guidelines). Another that is universally considered good practice is to require every applicant to fill out an application form with the kind of information that state and federal guidelines allow. When everyone is required to complete an application in full, failing to do so becomes grounds for rejection. The kinds of information should be relevant to the landlord’s business needs; and the standards may be high or low, as long as they are evaluated evenly for every applicant. Some common criteria:
· Prospective tenants should never have been evicted from a property.
· Prospective tenants should have a credit score above a certain level
· They should have no record of any judgments having been levied against them for failure to pay utilities.
· They should have proof of employment and enough income to reliably pay rent (the national average income level is 3 times rent).
· Prospective tenants should supply references from previous landlords—references that can be verified over the phone.
Of course, none of this means a landlord is required to rent to just anyone who comes by. The key is to define the ideal tenant, make sure that ideal isn’t based on random discriminatory criteria (like race or sex or religion)—and then to adhere to a consistent evaluation process. And the fact is, the potential financial rewards should more than compensate for heeding the basic ground rules.
If you will be taking a look at the inviting opportunities that Ocean View income properties currently offer, I’d like to show you some of the best ones. Give me a call!
Today’s Ocean View real estate market is an alien landscape compared with what it was ten years ago, when it seemed as if a seller could just plant a sign in the front yard and wait for competing offers to roll in. This summer’s real estate scene is equally unlike that of five years ago, when many properties could languish for long months with few showings and fewer legitimate offers.
It’s been a welcome return to a more stable, predictable area real estate climate. With sale prices rising at a sustainable rate and the average days on market making a return to levels approaching historical norms, Ocean View real estate participants—both buyers and sellers—gain confidence on what to expect on both sides of home selling transactions. Particularly for Ocean View homeowners who are planning to list, that means that their properly prepared property is much more likely to garner a reasonable offer within a reasonable timeframe.
This outcome is only likely when sellers prepare their properties in a deliberate manner. Fix up, de-clutter, renovate, clean—all the common tips that are touchstones for making a strong positive first impression apply. Doing it all before listing is a best practice, just as waiting for buyer feedback to tell you what’s awry is not. Be your own Devil’s Advocate when it comes to repair and maintenance issues as you assess whether you should sell the property as-is, or order repairs. Careful, open-eyed preparation has real value. It makes it much less likely that a pre-closing home inspection will catch everyone by surprise. You put yourself in a solid negotiating position when your home hits the Ocean View real estate scene as ready as you can make it.
Preparing the property is Job One, but Job One-and-a-Half is preparing yourself for what you are hoping to achieve. Make sure you have penciled out what the bottom line financial outcome is going to be, which includes what you owe, what price your home is likely to bring, and how the ensuing costs will work out as you move to your next destination.
The biggest unknown is, of course, your property’s ultimate sale price. While online valuation models like Zillow’s are easy to use, they can yield results that are so wide of the mark as to be seriously misleading. Have your real estate agent create the up-to-the-minute comparative market analysis (CMA) which will set out how homes similar in location and amenities have performed in recent months. Those listing and sales prices are the strongest indicators of how your home is likely to fare in this summer’s market—and provide a realistic pointer to what your asking price should be.
Today’s consumers are inundated with information online. With 92% percent of real estate buyers searching via their iPhones, notepads, computers, and all the rest of our electronic paraphernalia, increasingly the tendency is to make quick decisions, often based on price and photos. In a world where consumers swipe or click through hundreds of pieces of information a day, it’s much more easy to be overlooked if your price seems out of line. That puts a premium on right-pricing the first time out. It’s also not a bad idea to have a firm idea in your own mind of your absolute rock-bottom number should be—one that makes sense when your long term goals are taken into account.
This summer promises to be a fine time to enter our Ocean View real estate market. I’ll be standing by to assist in all the ways that have proved to be most effective—so why not give me a Call/Text me Russell Stucki at (302) 228-7871, email me at email@example.com, visit more listings at www.beachrealestatemarket.com.