Friday, August 23, 2013

Did you just miss the market for listing your home for sale or for rent?

Call:  (301)943-4370

For several months I have been in conversations with a new client about their investment property.  It is a complicated situation.  They've been unhappy with their renters and their property management company for a while, and want a clean slate. 

One day they called the office when I happened to be answering the office telephones.  I said that we are a full service brokerage, that I can list their property for rent and that my brokerage has a property management team.  But, first they have to get a copy of their property management agreement to see when their contract ends, if there is a way if they want to end the relationship before the contract comes up for renewal. 

It took a while for them to connect with their property manager, mostly because the homeowners were uncomfortable telling the property manager of their plans.  The owners have continued to work with the tenants, giving them time to find a new place, which has been a challenge for the tenants.

Yesterday the renters told the owners that they (the renters) could probably be out of the house by the end of September.  On the one hand, the owners felt a sense of relief as there is now an end in sight and they could soon start fresh with new renters.  On the other hand, the owners are nervous that they've missed the market for renting, spring an summer months, and that if listed now, as we enter the the fall-winter months, that we wouldn't get a new tenant and they wouldn't be generating any rental income.

They asked me if it would be better for them to just extend their lease with the renters through the spring, when the 'high rent' season begins?

The average person would probably tell them that nobody (figuratively) rents homes during the fall or winter, so deal with the tenants for a few more months before starting fresh in the spring.    Before giving the owners an answer, I looked at their local market trends in the fall-winter months, going back 3 years and compared it to the spring-summer months.

Would it surprise you that nearly as many homes rented during the fall-winter months as did during the spring-summer months and they commanded the same rent (On average 75 homes rented during the winter months while 81 rented during the spring-summer period)?  On average it took on or about about a month for homes listed in the spring-summer to get rented, while in the fall-winter months it took close to 2 months to rent.  And, similar homes rented for close to the same price during both time frames.

So, when do people move?  Always.  Is it a good time for these owners to start fresh with new renters or to stick with their current tenants through the spring?  I told the owners that before making a decision, they need to evaluate how responsible the tenants have been in paying rent, communicated, cooperated and accepting responsibilities for home repairs---when their fault and the property condition.

After answering these questions, I told the property owners they really need to come into town (one of the challenges is that they are not local and haven't been in the home for probably 2 and a half years, being hands off, completely relying on whatever their former property manager told them about the home), meet me at the house, see how well (or poorly) the current renters are taking care of the house and decide whether they are in a good, manageable situation with their tenants, or if it is time to move on.   I strongly sense that there is a fear of change and missing the market, but we have answered those issues.

Hopefully, after analyzing the situation, the owners are happy, or at least satisfied, with their current situation and can continue to generate rental income with the current tenants instead of having to go through a tenant turnover and missing a month or two of rental income.  But, if the tenants have not been diligent in paying rent and caring for the property, I hope the owners will tell the tenants to leave as it could prove to be more costly in the long run to keep irresponsible tenants than going a short term without rental income while making home repairs and finding new renters.   Whatever the owners decide, I am here whenever they are ready. And, in the meantime, the can retain a new property manager to take care of their home.

Whenever someone you know is thinking of buying, selling or renting a new home, or is considering purchasing an investment property, please pass my contact information to them and I pledge to take wonderful care of them.  I'm a full service agent, licensed in MD & Washington, DC.

Life is good!

Call:  (301)943-4370
O:  (301)469-4700 - ask for Adam

Long & Foster Real Estate, Inc.
Adam Bashein
Licensed in MD & DC
information deemed to be accurate, but not guaranteed.

Monday, August 19, 2013

A speaker references my linkedin profile in his 'Linkedin Seminars'.
 A couple of years ago I had the pleasure of attending one of Chip Leakas' Linkedin seminars, which was hosted by Embrace Loans.  I found Chip to be very enlightening and follow him on Linkedin.
Last year several colleagues attended Chip's seminar at GCAAR  and told me that, when giving an example of what makes a good linkedin update, he referenced my linkedin profile on one of his powerpoint slides.  I was quite flattered.   
It's pretty excited that he still thinks highly of my linkedin profile and referenced it again in last week's seminar. 
If you or someone you know is thinking of relocating, has a real estate question/comment and/or wants to keep up with the real estate industry, call, email or connect with me on Linkedin. 
Life is good!

Call:  (301)943-4370
(301)469-4700 - ask for Adam
Long & Foster Real Estate, Inc. 
Licensed in MD & DC

Rookie Event: LinkedIn for REALTORS®
Chip LeakasAdd to Contacts
Wed, Aug 14, 2013 at 7:27 am
I am speaking tomorrow at GCAAR….
I was trying to remember where we met and I can't recall exactly…
Can you refresh my memory?
How are you doing? Well, I hope!


Wishing you continued success in all that you do!
*I use you as an example in my Linkedin Seminars now as an example of what make a good "status update"!


LinkedIn for Real Estate
LinkedIn for REALTORS®

Join us for this free Rookie Event, and walk away with priceless information about how to leverage LinkedIn to build relationships, extend your network, generate leads, and multiply referrals.
Click here to register.

Details: Wednesday, August 14 from 9:00 a.m. - 11:30 a.m. at GCAAR's Rockville Office, 9707 Key West Avenue, 2nd Floor. Ample time will be given for discussion and questions.
The complimentary continental breakfast begins at 9:00 a.m. The program starts at 9:30 a.m. This event is free for GCAAR members, but registration is required.

About the Speaker

Chip Leakas Social Media Guru Speaker and author, Chip Leakas is a 30-year financial services and marketing veteran. His focus over the past 10 years has been on Internet marketing and social media in the mortgage and title space. He's worked as a mortgage broker and loan officer. His resume includes stints with Salomon Smith Barney, Lexis Nexis and Linear Title. Currently Chip is the Social Media Director for Embrace Home Loans.

Thank you to our sponsors
Embrace Home Loans
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8757 Georgia Avenue, Suite 600 | Silver Spring | MD | 20910

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Thursday, August 1, 2013

Awesome and spacious rental. Suburban lifestyle in the city. In the heard of Georgetown, Washington, DC

Call:  (301)943-4370 

Whether you are thinking of buying, selling or renting in MD or DC, call or email me for a free, private, professional consultation. 

It was my pleasure to find this unique 2 bedroom condominium unit in the heart of Georgetown, where my clients want to be. 
What a location!  98/100 'walkscore'.  Convenient to everything, yet in a quiet location, between Wisconsin Ave, NW and Water Street, NW.
 This condo is a well thought out, multi level home, allowing one to maintain privacy, which is hard to do, when entertaining. The entry level has a dining room, fireplace, kitchen and balcony for entertaining.  In addition, there is a main level powder room
There is a spiral staircase leading one from the main level to the loft, which makes a great office area, play area or lounging area. It could also make a good guest area or if you need a 3rd sleeping area.

The bedrooms are in a completely separate area from the rest of the home, down the steps from the main level.  Each bedroom is a pretty good size and boasts sliding doors to a balcony. 

The downstairs has a full bath off of the downstairs hallway...specifically for residents (remember the powder room for guests is on the main level so residents maintain privacy).  In addition, the hallway boasts
the resident's washer/dryer.  If you have looked at condominiums and apartment buildings in Washington, DC, you have probably observed that most buildings have a coin fed/debit card fed common area laundry room.  It is hard to find condominiums with washer/dryers in them, so I was excited for my clients about this feature.

Finally, this condominium unit comes with an assigned garage space, which is vital if you have a car.  Not all condominium and apartment units come with assigned parking spaces and many places in Washington, DC don't even have a parking lot with unassigned parking.  It can take a while to find street parking and you have to pay attention to parking restrictions. Speaking of paying, you also often have to pay for street parking.  And, if you can't find a spot, pay for a parking spot in a local garage.  If you have a car, it worth budgeting a little bit more on your home purchase or rental for a parking spot, especially in the city.
The common areas feature a pool, picturesque views and peaceful area to walk around, sit and talk or picnic. 
I know my clients will love living here over the next couple of years.
If you or someone you know is thinking about relocating or has a real estate question, contact me any time. I greatly appreciate and always have time for your referrals.

Life is good!
Adam (301)943-4370
(301)469-4700 - ask for Adam

Adam Bashein
Licensed in MD & DC
Long & Foster Real Estate, Inc.