Property Management Maven

Predictions have been that there would be fewer good rental homes on the market this rental season (May thru August) and those predictions are proving to be correct.

While some of our current residents are being forced to purchase a new home because they are at the end of their 2 year window from selling their former home and purchasing their "replacement" home for tax purposes, most of our departing residents are actually leaving the area through graduation, advancement in their medical specialties or reassignment by the military.  Those who are remaining have accepted a $100 to as much as a $300 rental increase to remain in their current rental homes.

For those properties that are going to be available in July and August, I've raised the rents $100 to $400 and have had no resistance.  Most incoming military families have significant housing allowances to rent LARGE homes in pricey areas such as Forest Lakes, Fontana and Redfields.

Schools continue to be a MAJOR feature in housing desirability; however, many incoming residents either home-school or have smaller children and convenience to day-care is also important.

As I have maintained for the last 5+ years, a 4th bedroom or bonus room for a home office is critical and broadband or DSL connections are a MUST.  Luckily over the last year or so, HughesNet high speed internet via dish has greatly improved so that even the more remote properties can get high-speed access.

Prospective residents who have been directed to search our local MLS rental listings are finding that homes being featered there are homes that are also available for sale and the owners/agents wish to continue to show them during their tenancy....since most military and incoming medical residents want housing for 10 months to 2 or 3 years, the prospect of having to move in 3 to 6 months removes these listings from consideration quickly.

Likewise, most "agent listings" * whether on MLS, Craigslist or broker websites * are poorly worded to attract rental prospects as few agents realize that what might attract a homeowner is not necessarily what is attractive to rental prospects.   

I am pleased that I started taking photos of homes while they were vacant many years ago and have kept those photos updated as interiors were repainted, carpets replaced, appliances changed out.  Since our web site listings also feature property floor plans, our website has become the "go to" web site for prospects wishing to rent "sight unseen".

To maintain this position, I routinely post our listings on Craigslist, Kijiji, HotPads, Google base using postlet format.  This creates the greater potential for "first capture" with a "long tail" as these listings contain hyperlinks directly to our website. 

Several other local property managers have now created their company web sites through HomeRentals.net * the national website that is highly ranked for national rental home searches.  The addition of these management listings  has populated the area listings on their national website with 30 and sometimes 60 rental listings which is good for all of the rental listings featured.

I suspect that in June or July, those owners who are attempting to rent their homes AND sell them at the same time will realize that they should hire a professional to give their full attention to leasing their property.

I sus