Listing Courtesy of RE/MAX REALTY GROUP REHOBOTH
Every landlord has had the feeling at one time or another that a prospective Milton 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 Milton 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 Milton income properties currently offer, I’d like to show you some of the best ones. Give me a call!
Real estate offices have been gearing up for the imminent spring selling season, the time when Delaware listings swell to meet the expected surge in buying activity. I sometimes put quotes around ‘selling season’ because so many factors go into home sales that it can be slightly misleading—we do sell homes all year long, after all!
But there is a lot of truth (and historical verification) to the idea that springtime brings a burst of new Delaware listings and accompanying selling activity. There can be lots of reasons why that happens, area homeowners who were reading The Wall Street Journal might have seen some extra reasons to hurry up and add their homes to the Delaware listings.
Some of those reasons have to do with weather; some with the economy.
The front page of WSJ’s Weekend Edition headlined the first piece of long-awaited good news: “Job Rebound Eases Fears of Spring Stall.” It explained payroll numbers showed upticks despite the widespread harsh weather that should have knocked them down.
Most economists had been on the fence about whether the years-long weak economic recovery would continue. Even though the previous two months of slowing growth had been attributed to the ‘endless winter’ blanketing much of the nation, it wasn’t clear that underlying weakness wasn’t also present. But the sudden improvement in the job picture, even as the weather failed to lighten up, was an unexpected event—one that could “ease worries” about the likelihood of a fundamental slowdown. In fact, forecasters were beginning to project that the negative economic effects due to the unusual weather (estimated at a loss of 1%) may be more than restored when the sun returns. Spring conditions are now expected to add an additional 1.2% to second quarter growth.
Even a slight rise in the unemployment rate was greeted as hopeful news. What sounded like a negative turns out to be the opposite: more people were returning to the workforce, a sure sign that workers see jobs beginning to reappear. Jobs have always been tied to real estate listing and sales activity, so this year, the NAR’s website truism may be on the mark:
“Spring brings rain and flowers – and possibly extra green in the final sales price of your home.”
Call/text 302-228-7871 or email me, Russell Stucki, REALTOR ® of Beach Real Estate Market to provide detailed information on Delaware homes for sale, investment and commercial properties, luxury and waterfront homes, condos/townhomes, new construction, lots and land, farms and equestrian properties located in but not limited to Bethany, Bethel, Bridgeville, Dagsboro, Delmar, Ellendale, Fenwick Island, Frankford, Georgetown, Greenwood, Harbeson, Laurel, Lewes, Lincoln, Milford, Millsboro, Millville, Milton, Ocean View, Rehoboth Beach, Seaford, Selbyville, Delaware.