Category Archives: Property management

Landlords, Are You Ready for the Spring Rental Market?

RENT-USIR

Match Day is coming! This means rentals will be in high demand as medical students from all over the U.S. will be making plans to move to Boston to complete their residencies.

If you have an apartment on a June or July lease, now is the time to reach out to your existing tenants to confirm if they are staying for another year. After the Match Day rush comes the busiest rental day of the year, September 1st. It will be here before we know it, so begin to reach out to those tenants in June.

If you will have availability, let the professional rental team at Unlimited Sotheby’s International Realty help you find new, high quality tenants during the flurry of the Spring rental market. We’ve got over 75 years of combined experience, a new office in Newton Centre, and a proven marketing strategy to ensure top exposure for your properties.

To learn more, email us at rentals@unlimitedsir.com, visit our website at unlimitedsir.com or stop by one of our three high-profile offices in Brookline, Jamaica Plain or Newton.

Sick of managing properties yourself? Check out our partner, Boston Property Care, a full-service property management company with more than 20 years of experience. Learn more at bostonpropertycare.com.

Thinking about buying a multi-family home for an investment?

Buying a Multi-Family Home

One of the benefits of buying a multi-family home is the ability to use the rent payments to help pay your mortgage. This lets you have a lower housing expense and build more real estate equity. A two- or three-family home can be a great investment, but it’s not for everyone. Use these questions to help you decide if buying a multi-family might work for you.

How comfortable are you with home maintenance?

You might have the tools and not mind doing small jobs, or you might know somebody reliable who is handy. But remember, there will be two or three kitchens, two or three baths, painting, plumbing, electrical, and yard work.

How are your boundaries?

Your tenants will be your neighbors, maybe even your friends or family. These can be really rich relationships, but having tenants can also be complicated and contain possibilities of miscommunication, differing expectations, even court action.

Do you have a cash cushion?

That mortgage payment is due every month – whether your apartment(s) are rented or not.

If you are still excited, then a multi-family with its mix of home and business may be right for you. We have a lot of experience and excel at working with first time multi-family buyers. Call or email us and let’s go look at some houses!

Flexibility

Some two-family homes have a modest “rental” unit and a larger “owner” unit. You can live economically in the smaller unit until you need the larger space. The higher rent you can get from the larger unit will pay a larger part of your mortgage payment. Or you can live in the larger unit, yet still have part of your mortgage paid by the rent. Click here for our Multi-Family Financial Worksheet.

Next Step

When you’re ready to move to your next home, you have the option of keeping the multi-family as a rental property for extra monthly income, for future college tuition, or to help finance an early retirement.

If selling is the right strategy, you could sell it as a multi-family. You could also sell each apartment separately by converting to condominiums.

Prudential Real Estate Ranked Highest for Customer Satisfaction in Three Segments of J.D. Power and Associates 2013 Home Buyer/Seller Study

Prudential Real Estate Ranked Highest for Customer Satisfaction in Three Segments of J.D. Power and Associates 2013 Home Buyer/Seller Study 

(Brookline, MA) – Prudential Real Estate, an HSF Affiliates LLC company, and Prudential Unlimited Realty announced that the Prudential Real Estate affiliate network ranked highest for customer satisfaction in three of the four segments included in J.D. Power and Associates’ annual Home Buyer/Seller Satisfaction Study. The network scored highest in Repeat Home Buyer, First-Time Home Buyer, and First-Time Home Seller categories. It ranked third in the Repeat Home Seller segment.

The sixth annual study measures customer satisfaction among the nation’s largest real estate brokerage companies. Overall satisfaction is gauged across four factors of the home-buying experience: agent/salesperson, real estate office, closing process, and variety of additional services. Seller satisfaction is evaluated through the same four factors plus marketing.

Among repeat home buyers, Prudential Real Estate scored 829 on a 1,000-point scale, performing particularly well in agent/sales person, variety of additional services and closing process. The network tallied 811 points among first-time home buyers, showing strength in all factors. Prudential Real Estate scored 809 points in the First-Time Home-Seller segment, drawing strong marks for marketing and closing process. This represents the third time in six years Prudential Real Estate ranked highest in seller satisfaction including recognition in 2008 and 2010.

“Prudential Real Estate stands for quality and consistency in neighborhoods across America,” said Earl Lee, network president and CEO of HSF Affiliates LLC. “Buyers and sellers alike appreciate our affiliates’ market leadership and our agents’ skill and innovation.”

Lee added that the Prudential Real Estate network enjoys one of the industry’s highest average selling prices and that its agents stand out as local-market experts. “Affiliate to affiliate, Prudential Real Estate sales professionals have a strong work ethic and drive for client satisfaction. These prestigious awards further underscore our agents’ success and the quality of our network.”

The team at Prudential Unlimited realty works hard to exceed the expectations buyers and sellers alike, explained Prudential Realty.  “In today’s market, our clients require all the expertise and service we can offer. Through our knowledge, innovation and guidance we maximize the home-buyer/home-seller experience to ensure our clients’ needs are met.”

Among other survey findings:

  • First-time home buyers and sellers are most influenced by a company’s good reputation and the recommendations they receive from friends, family and colleagues.
  • More than one-third (35%) of first-time home buyers and 27% of first-time sellers indicate they selected their real estate company based on its reputation.
  • 28% of first-time home buyers and 27% of first-time sellers selected their company based on recommendations.
  • Overall satisfaction with real estate companies is higher among repeat customers compared to first-time buyers or sellers.
  • Suggesting better times in residential real estate, the percentage of first-time home sellers increased to 44% in 2013 from 30% in 2012.
  • The percentage of first-time home buyers also increased significantly, 49% in 2013 vs. 40% a year ago.

The 2013 Home Buyer/Seller Study includes 4,371 evaluations from 3,930 respondents who bought or sold a home between March 2012 and April 2013.

 

About Prudential Real Estate and HSF Affiliates LLC

Prudential Real Estate is a part of the HSF Affiliates LLC real estate brokerage family, which includes Real Living Real Estate and the new Berkshire Hathaway HomeServices brand available later in 2013. Prudential Real Estate franchisees are independently owned and operated.

HSF Affiliates LLC, based in Irvine, Calif., is a joint venture of HomeServices of America and Brookfield Asset Management.


About Prudential Unlimited Realty

Prudential Unlimited Realty is an independently owned and operated franchisee of Brookfield Residential Property Services (BRER). As an independent franchisee, our local owners have the freedom to make decisions quickly and on a local level, but with the backing of the strong, internationally recognized Prudential brand. We believe in maintaining the flexibility and entrepreneurial spirit that top agents are looking for. This allows us to respond better to our local market with speed and innovation that may prove to be more challenging for a larger enterprise.

Prudential, the Prudential logo and the Rock symbol are service marks of Prudential Financial, Inc. and its related entities and are used under license with no other affiliation with Prudential.

About J.D. Power & Associates

Headquartered in Westlake Village, Calif., J.D. Power and Associates is a global marketing information services company providing performance improvement, social media and customer satisfaction insights and solutions. The company’s quality and satisfaction measurements are based on responses from millions of consumers annually. For more information on car reviews and ratings, car insurance, health insurance, cell phone ratings, and more, please visit jdpower.com. J.D. Power and Associates is a business unit of The McGraw-

Cost Saving Tips for the Property Manager in us all

‘A Penny Saved is Twopence dear’ — Poor Richard’s Proverbs

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An article by Thomas O’Connor

Generally interpreted as ‘A Penny Saved is a Penny Earned’, Benjamin Franklin’s wisdom is as true now as it was centuries ago.  Property owners are limited in their options for making more money.  One can only improve the property so much before there is a diminishing return and the market will dictate only so much rent.  Assuming one has done all they can on that front, what other options are there?
 
 
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Water Consumption: Here are some facts:

  • The average family of four can use up to 400 gallons of water…a day.
  • A bathroom faucet generally runs 2 gallons…per minute (GPM).
  • Shower Heads generally run from a high of more than 4 GPM on older models to a low of 2.5 GPM for the new federally mandated heads.
  • Low flow toilets (standard now since the 1990s) still use 1.6 Gallons per flush.
  • Top loading washers can use up to 54 Gallons…per load.

Although the Commonwealth does allow for water metering to the tenant, the requirements to be able to do this may be expensive, time consuming, and not always possible.  In the vast majority of cases, it is the property owner that pays and the only motivation for a tenant to conserve is personal choice.

The good news is that there are products on the market that can cut deeply into some of the above numbers and their cost is surprisingly reasonable.

Here’s where to start:

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Faucets are a good place to start.  This source makes up about 15% of our water consumption.  Most faucets are equipped with aerators.  This is the ‘thingy’ on the tip of the faucet that keeps water from coming out in one big stream.   The purpose is to prevent splashing and save water.  Swap out the aerator from the common 2.5 GPM to a 1 GPM or even 0.5 GPM version.  This is a savings of up to 80%.  The volume goes down, but the pressure remains the same for washing hands and rinsing toothbrushes.

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Shower Heads
are another place to save money.  Showers make up close to one fifth of household water use.  Swapping out an older 4-5 GPM head for a 2.5 GPM is a savings of close to 50%, but going further and using a 1-1.5 GPM head will see a savings of close to 75%.  Remember, it’s the pressure, not the volume that really counts.

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Toilets
today are now generally 1.6 gallon flush models (older homes may still have the 3.5 gallon versions).  1.25, dual flush, and even some 1.0 models are now out.  There is one available using only 0.8 gallons per flush.  This is a 50% savings from the federal requirement.  Toilets make up over a quarter of household water consumption.

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Washing Machines
use over 21% of household water.  Front loading washers generally use 20-25 gallons per load which is close to a 50% savings over a traditional top load model.  Front loading washers are more expensive than top loaders which is a consideration to take into account.

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Rain Barrels
are increasingly more common as a way to provide a water source for outdoor gardening.  One inch of rain on a roof surface of 1000sqft can harvest up to 600 gallons.  While it may not provide all the water needs for the outside, it is an effective, low cost way to make another dent into water usage.
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Bringing down water consumption saves money.  Using these applications can do that without relying on the tenant to change their habits and should not make a substantive difference in quality of life.  We at Prudential Unlimited Property Management have helped several of our clients make these changes on their properties without any complaint from tenants.

Prudential Unlimited Property Management is dedicated to providing not only the best service to our clients but also committed in adding value as part of our mission.  We welcome you to find out how by contacting us.

via:

http://www.consumerenergycenter.org/home/appliances/washers.html
http://www.epa.gov/watersense/pubs/indoor.html
http://thegoodhuman.com/2008/08/25/just-how-much-rainwater-can-you-collect off-your-roof/