Charlotte Property Management Weekly: The Only Property Management Question You Need
Here’s the logic: if you put the average Charlotte house up for rent for $100, we could have someone locked up today to rent it. Conversely, if you put your house up for rent for $10K today, it would take us years to fill with a tenant (if ever).
The equation is:
Learn MoreCharlotte Property Management Weekly: Solving the High-End Home Sales Stagnation with Rentals and Rent-To-Own
Many are realizing that they need a solution to get them past the next few years. They are starting to explore rental and rent-to-own options. They’ve heard the horror stories that people tell about renters, but they can also do basic math.
What do I mean by that?
Learn MoreCharlotte Property Management Weekly: The Top 3 Reasons Why Good Property Managers Matter More Now (Reason #3)
3. The skills needed for selling a home have (and will continue) to trend to more of a solution-based, “cash now, sell later” approach; outright sales are becoming scarcer as there are less qualified buyers available in the market
Learn MoreCharlotte Property Management Weekly: The Top 3 Reasons Why Good Property Managers Matter More Now (Reason #2)
Traditionally, this could be considered a “lowering” of standards; however, in today’s market, I would argue that it is understanding, collecting, and interpreting tenant data better. Tenant selection has become more of an art and less of a science.
And this makes it much harder!
Learn MoreCharlotte Property Management Weekly: The Top 3 Reasons Why Good Property Managers Matter More Now (Reason #1)
1. If this economy has taught us anything, it is cash is always king and real estate is an investment. The ONLY decision criteria for hiring a prospective property manager should be their ability to maximize the cash flow of your investments. Period.
Learn MoreCharlotte Property Management Weekly: Top 6 Miscellaneous Tips for Rent-To-Own Deals
5. What about the much publicized “higher rental rates” you hear about that rent-to-own arrangements command? I don’t see evidence of this. Does this ever happen? Sure. Does it happen often in competitive markets? No. As an example, try to list your rental home for $200 above market rate as a “rent-to-own” and see what your response rate is. There are plenty of rent-to-own opportunities at market rate rent (or below).
Learn MoreCharlotte Property Management Weekly: Signs of the Times: Layaway and Rent-To-Own Are Back!
If you owe the bank $100, that’s your problem. If you owe the bank $100 million, that’s the bank’s problem.
(J. Paul Getty)
This can easily be reworded to fit today’s real estate market:
“If you can’t get financing to buy a house, that’s your problem. If millions of people can’t get financed, that’s the home seller’s (and their real estate agent’s!) problem.” (Brett Furniss)
Learn MoreCharlotte Property Management Weekly: It’s All About the Narrative: The Key to Maximizing Your Rent-To-Own Client’s Value
“I can’t sell this couple on anyone. If their financial history was made into a movie, it would be in the “Horror” section. Well, the “Drama” section would fit, too. And with eight kids, it could probably be get into the “Adult Content” section as well… (Charlotte Realtor bemoaning the plight of their rent-to-own client with less than stellar credentials)
Learn MoreCharlotte Property Management Weekly: Why Don’t Big Real Estate Firms Embrace Rent-To-Own?
So, I thought about it. These people running these firms must be really smart (I’m not being facetious at all); they’ve made a lot of money for a long time. Why are they so anti-rent-to-own? Why are they scaring their agents with stories of disaster and endless risk? Smart people don’t make strategic business decisions on a whim. So why are they so overtly steering away their agents from rent-to-own (lease option) transactions?
Learn MoreCharlotte Property Management Weekly: Drive + Drink = Lease + Option?
“Lease options might be the worst idea ever. Who would ever be a party to one? I tried one once and it was a complete disaster! I mean, I’m not a lawyer- there’s just so much that can go wrong; I don’t have firsthand knowledge of this mind you, but I’ve heard lots and lots of stories.” (Traditional Realtor)
“Combine two innocuous substances and “Walla!” A homemade bomb.” (Al Qaeda training manual quoting a MacGyver episode)
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