Dave Poletti & Associates
Property Management Seattle
Real Estate Services
AGC Building
1200 Westlake Ave N. #1001
Seattle, WA 98109
206.286.1100
Email - info@davepoletti.com
Website - www.DavePoletti.com
Home of - "Seattle's Best Rentals"
With a stagnant local economy, we had a slight tick up in prices this summer from the beginning of the year which was slow across the board. The over-abundance of downtown condos for rent has also affected neighborhoods like Queen Anne, Ballard, Greenlake, Capitol Hill and South Lake Union.
The most common question we have from our owners is "How long will it take to lease my condo?" Unfortunately, this is an impossible question for anyone to answer unless the rent is set so low it is the best value around.
Tenants still love the urban living. With all of the new amenities, restaurants and entertainment options, it is a vibrant way of living. Tenants have become savvy in this market. The ease of information makes it easy to shop and compare for a relative bargain. Many tenants are viewing 5-10 properties before making a final decision. Be flexible and have a streamlined application process ready to go.
Preparing your condo properly is critical in this volatile market. You have to make sure everything looks absolutely great, is professionally cleaned, and is in ready to move-In condition when showing. Be prepared as an owner to pay any move-in costs your association requires for your new resident in this market.
You have to market, market, market right now. High quality and professional looking photos are important. The use of video and virtual tours is not just for condo sales. It has become a great way to make a professional presentation and gain high interest.
Here is an example of one of our great marketing videos to attract high quality tenants.
http://www.youtube.com/watch?v=mkhhrqEqcho
Dave Poletti & Associates
1200 Westlake Ave N #1001
Seattle, WA 98109
206.286.1100
Seattle Property Management Services
Email: info@davepoletti.com
Website: www.davepoletti.com
Home of - "Seattle's Best Rentals"
Property Management Seattle WA
The current economy definitely has mixed reviews - interest rates are still low, the stock market is recovering, and many people throughout the country have been working tirelessly to help unemployment, feed the hungry, and aid disaster victims. However, it is a particularly difficult time for many people. There is record high unemployment, record home foreclosures, battles on the health care issues, N1H1 virus, and devastating losses due to wars in Iraq and Afghanistan. It will be interesting to see how history will view this period.
Because many people are suffering emotionally and financially and during this season, others increase their efforts to help others in their time of need. This extra personal touch is what can make the difference in the lives of many. Sometimes a person can be having a terrible day and some small thing, a special consideration, a smile, or a little understanding, changes their entire outlook. This certainly holds true in the world of property management.
Renting a property
Sometimes offering an additional incentive can sway a prospective tenant to rent the property over the competition. It could be a ceiling fan, a free cable connection, a gift certificate for a grocery store, or the promise of a turkey during the holiday season. When the competition is high, there are many incentives to offer to show an applicant that the property owner is willing to go the extra mile and provide the personal touch.
Extending courtesy, understanding, and a smile when people are tedious, demanding, and angry will also make a difference with applicants, especially if they become tenants.
Working with the tenant
Facing an angry tenant challenges any property manager to remain calm and offer that human touch. We often have to remind ourselves that there is most likely an underlying problem. Expressing compassion and demonstrating a willingness to find a solution goes a long way. It can also help the tenant's disposition the next time a problem occurs.
It is very easy after a tenant moves in to forget that they could use some "extra motivation." Small things can make difference during the tenancy and particularly, when the lease is ending. Tenants are mobile - if they decide to move, the holiday season will not be a deterrent. If they feel the rental is not worth the hassle, then they will seriously consider moving. Did the owner authorize the repairs requested? Is the owner reluctant to do the little maintenance items but waits for them to become a major problem?
Tenants consciously or subconsciously make judgments and if motivated enough, will move. Do you have good tenants? If so, offer them something when they least expect it. It could be a gift certificate for a restaurant or local gym, winter yard clean up, turkey for the holidays, or a complimentary winter carpet cleaning.
Dave Poletti & Associates
Seattle Property Management
Study: Homeownership Rate Declines
Homeownership rates are down 2 percentage points for their 2006 peak, but could fall another 5 percentage points in the next couple of years, according to a study by the Federal Reserve Bank of New York.
The study subtracts the number of home owners who are underwater from the official homeownership rate calculated quarterly by the U.S. Census Bureau.
Officially, homeownership was 67.2 percent at the end of 2009, but the report says that effectively the rate is about 62 percent if those home owners likely to lose their homes are subtracted from the total.
Cities cited as having very low effective homeownership rates include Las Vegas, Phoenix, San Diego, Los Angeles, San Francisco, Miami, Tampa Detroit, and Washington, D.C.
Source: The Wall Street Journal, Nick Timiras (06/07/2010)
Dave Poletti & Associates
Property Management Seattle
Seattle Real Estate Services
AGC Building
1200 Westlake Ave N #1001
Seattle, Wa 98109
206-286-1100
Email - info@davepoletti.com
Website - www.DavePoletti.com
Home of - "Seattle's Best Rentals"
New Landlord Laws Effective Today!
SB 6459: INSPECTIONS AND CIVIL SEARCH WARRANTS
This law allows cities to obtain a civil search warrant after satisfying a judge that there was probable cause to believe that code(s) violations existed. The city would not be able to go on a fishing expedition.
SSB 6261: CLARIFYING MUNICIPALLY OWNED UTILITIES' COLLECTIONS FROM OWNERS
This law will make it clear that, so long as the landlord has properly notified the minicipality, a municipally owned electric utility can only hold a rental property owner responsible for a maximum of 4 months of unpaid bills if the tenant fails to pay.
SEATTLE RENTAL HOUSING INSPECTIONS - URGENT NEW LEGISLATION
On June 1st, the Seattle City Council moved forward on legislation to adopt a mandatory inspection inspection program for each rental unit in the City of Seattle. Watch the meeting - The City is working through an extremely complicated issue in a relatively small amount of time. While great strides to improve this ordinance have been made, unfortunately the current draft still leaves many questions unanswered. Click here for the most current version of this ordinance.
If you want more infomation about any particular bill, you can go to the legislative website http://www.leg.wa.gov click on "bill information" in the left hand column, and type the number of the bill that you want to review in the box entitled "search by bill number."
Dave Poletti & Associates
Property Management Seattle
Real Estate Services
AGC Building
1200 Westlake Ave N. #1001
Seattle, WA 98109
206-286-1100
Email - info@davepoletti.com
Website - www.DavePoletti.com
Home of - "Seattle's Best Rentals"
Dave Poletti & Associates is a full service Seattle Property Management company.
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