Market Update From Empire

      The rental market is smoking hot right now. Here at Empire we have been watching and managing property for nearly 17 years and have not seen the market more competitive. This has been good for landlords who have been struggling with the low rents and higher vacancy rates that the 2008 depression gave us, but not good for new landlords entering the market and certainly not good for tenants who are struggling to make ends meet.Currently, we seem to be at the top of the boom cycle as the amount tenants can pay has pressured the market down a bit.
       A boom bust cycle is dangerous place for investors. If you timing is right investors can do well. However, many are caught at the wrong time with assets that turn toxic. The solution is simple, but it is impossible to buy votes with a simple solution. In the end landlords are left with the passage of laws that complicate business. Do not worry about the management side. Empire has you covered. We are on top of all the latest laws from Salem.

 Ed Waggoner - Lead Manager at Empire

Pink Flamingos- The Thin Line Between Tacky and Tasteful

Pink Flamingos

 The Thin Line Between Tacky and Tasteful

The rental market is full of strange and varying creatures called people. If you are a landlord these people are your customers. That means we must try to design and color your rental property to appeal to the largest slice of your customer base. With such varying tastes the goal is to appeal to most without offending any. How is this to be done without being boring?

• Curb Appeal-  In this digital age prospective tenants will see your ad online and then drive by before contacting you. If the paint and front of the home are not  fresh and pretty then your home gets crossed off the list. You want colors that attract all and do not offend anyone. There is no secret ingredient or magic color scheme (Sorry- Wish I knew it). Getting creative can be risky. I once picked colors at the paint store, left for the weekend and came back to a purple house. My limitations were then realized and I now rely on copying other color schemes that work. Your best judgment will be needed here to attract attention without being tacky. 
•  Landscaping- The landscaping needs to be tight and tidy. No overgrown bushes and obvious work to be done. This is time consuming but well worth the trouble. A low maintenance yard shows well and will reduce friction between you and your tenants in the future. And yes, leave the plastic flamingos out.
• Clean- First of all there is no substitute for clean. Clean is the ingredient all  tenants want. Clean is safe and welcoming. Clean is not complicated. Dirty and disorderly means this home is not ready to live it. As the saying goes- "Nothing is as gross as someone else's dirt!"
• Finish- Old tacky carpets, vinyl flooring, countertops, appliances, and such look tired and uncared for. Good prospective tenants will cross your home off their list and you will be left with lowering the rent until you meet the market. Case in point- A local landlord I know owns only older homes. She is a master at keeping the rentals up to date. She rents her homes quickly and for top dollar since her tenants can see that the landlord cares about her business and will treat them as valued paying customers.

Overall, your job as a landlord is to attract a good customers and then keep them. it is not really much different than any other business model. A tacky and tired rental can be a sign of future failure. A tidy rental tastefully painted and decorated is a sign that someone cares about their business and wants to succeed. Happy landlording!

Ed Waggoner -Lead Manager at Empire