Thursday, December 13, 2007

A GOOD picture is worth more than a 1,000 words

I am amazed and amused at the quality of photographs still being posted on Realtor and MLS websites….It is one thing to show a poorly staged furnished home and another thing to not see the GREAT shot that is available by using your imagination.

Realtors who photograph the interior of the clients’ homes that are furnished need to allow time to “stage’ the individual rooms…the dish rag hanging on the stove handle does not indicate a “homey setting”…..placing items under the counter, in the cabinets or outside the shot can take mere seconds and allow the viewer to actually view the property rather than kibitz on the owners’ poor housekeeping.

Taking exterior photos when the grass is a week overdue for cutting or after the leaves have been removed are easy to comprehend when you view the resulting photos so why not ask the client to arrange for these events so that GREAT photos can be obtained.

I am marketing a home for Jan 2008 occupancy and I did not have a good exterior photo.  The exterior was repainted 2 years ago in the spring/summer and there is a large tree in the front yard….to take the VERY BEST photo, I waited until the leaves were off the tree in the front yard, then had them removed by a yard service and then took the exterior photo of the front on a bright sunny day…the result is awesome.

Yes, I have a good camera.  It is 3 years old and was expensive when purchased.  Yes, I take a lot of pictures - for marketing, documenting move-in and move-outs of residents as well to document repairs and maintenance.  I always have a camera with a charged battery in my car and one in reserve in my office.  As I drive by my properties, I document items that need attention by the residents and for my maintenance-to-do list.

In the past, while I had a camera in my car, it had film that had to be taken to be developed and then the photos had to be scanned as JPEG images to be used in listings or as documentation.  Storing photos were also a problem.

With digital cameras, photos are kept on a 2GB jump/travel drive and photos that are no longer needed are archived onto CD for storage. 

At the inception of my property management career, I never dreamed I would become a property photo journalist, interior decorator or set designor.

Posted by Wallace S. Gibson CPM at 02:01:50 | Permalink | No Comments »

Monday, October 8, 2007

Forget what Real Estate Agents are SELLING * Ask what Property Managers are RENTING

A prospective client/owner call over the weekend got me thinking about who purchases real estate as an investment in an area they have never been to and know virtually nothing about.

The web allows us to research a lot of information and a call from a CA investor who has purchased 4 units in a converted apt building at almost  $1/4 million per unit demonstrate my point.

This investor did talk to real estate agents, most with the company selling the units for the building owner/converter/developer.  With a few clicks of the mouse, he could have talked to a local rental property manager about the RENTAL PROSPECTS for his new units.

Unfortunately, he got to me too late for me to give him the ‘facts of life’ on his new investment properties.

          Had he called me BEFORE he purchased units which are essentially 20+ years old, I would have advised him to purchase a NEW home (SFR) in a desirable area like Lake Monticello with his funds.  He would get a NEW unit with few repair hassles that appeal to more prospective residents and which will provide greater potential for appreciation AND increased rental income.

          Had he talked to me BEFORE he purchased 4 IDENTICAL units, I would have suggested he purchase 2 NEWER SFRs in different areas with good schools.  Lake Monticello, Forest Lakes, Northern Albemarle/Greene counties.  These are the areas where there are new businesses * commercial building at the ZionXroads area of Louisa county 10 minutes from Lake Monticello makes it an ideal area for families to reside.  Additionally Lake Monticello is equi-distant between Charlottesville/UVA and the west end of Richmond/Henrico area.   The NGIC has had its plans approved to double the size of the facility which will bring 2,000 more families into the Forest Lakes, Hollymead Town Center, Greene county areas.  Those “new hires” will be arriving within the next 6 to 8 months and the facility will rent temporary space until their facility is completed.  

        He now has 4 units that each rent in the $1,000 range in an area that is overrun with similar properties * approx 3,000 by last count with new coming online daily.  The units are not attractive to UVa undergraduate residents as they are too small and too far from the “grounds”(campus).  The units are rented to graduate school residents and employees of the UVa Medical Center and because of the sheer number of similar available rental units, the prospects of increasing the rent for the next 3 to 5 years is not possible until these units are absorbed into the rental market.  Keeping the units rented will be costly using print media  and individual owners without access to the local Realtor MLS, a national rental website, or as a member of the local apt association will be at a disadvantage so they will take prospects on a first-come, first-served  basis.  The entire property will suffer from poor resident selection which does not happen in SFRs.

The GOOD NEWS is that I was able to refer him to a team of local property managers who are familiar with the local rental market for “converted rental units” and whose company is a member of the local apt association and which has a state of the art website featuring interior photos and floor plans.  I turned them on to posting listings on Craigslist and they have been successful in rental units through this “first contact” source. 

 

 

     

Posted by Wallace S. Gibson CPM at 21:07:46 | Permalink | No Comments »