Top 3 Mistakes Landlords Make When Looking for New Renters

Over the next three weeks, we will review BIG mistakes made by rental property owners... three, in particular. Big mistake number one?

#1 Relying on newspaper classified ads when setting market rent rates.

Prospective tenants have many avenues by which they can compare rents besides the newspaper: Local property managers, Realtors, and Internet listings. Property owners renting their own units need to check these sources in addition to the newspaper.

Real estate agents can discuss current market rents broken down by areas.

In order to assess current market rent rates, owners should also check sites such as craigslist.com, yahoo.com, rentnet.com, as well as local property management websites.

The best thing you can do is to go out and see some other units personally! Be honest with the landlord and ask if you can tag along when he/she is showing their unit to other prospective tenants.

Utilizing these additional sources, you are better informed as to what the market rent for your units should be. Check in next week for #2 on the list of big mistakes made by landlords.

Foreclosure Stats

In Cumberland and York counties, the latest data indicates 4,954 properties with foreclosure filings (as of August 2008). That equates to 1 in every 2,477 housing units. That is roughly a 60% increase from a year prior and the numbers are expected to rise.
~information obtained from Realtytrac.com

Countdown to Election Day

The credit and financial markets are crashing around us so I'm here to infuse some sunlight into the bleak backdrop. With 26 days until the election, it's prudent to note that historically, activity in this business picks up after an election; especially at the end of an administration (regardless of who wins). Is the Presidential election going stymie the economic downward spiral??? Probably not. However, there is some sense of relief and settling-in that occurs once the next Commander-in-Chief is named. Although we have been plugging away with very little to complain about, it would be nice to see overall activity pick up... here's hoping!

Just Listed...

Beautiful Oakdale Neighborhood Arts & Crafts Style 2-Family consisting of 2+ BR Owner's unit and a 1 BR rental unit upstairs. Hardwood floors, moldings, glass doorknobs, charm galore! Could easily be converted back to a large single family as well. Call or write for more info.