Property Management Blog

Remodeling Cost vs Value 2013

Deryk Harper - Wednesday, September 25, 2013

In today's real estate market most Buyers are looking for an updated home, ready for move in, with little, or no, work needed. This is true for investors and owner occupants. But how does a Seller weigh the cost of improvements vs the value that adds to resale? The link below will help shed some light on this.

Remodeling Cost vs Value Report 2013

While some improvements are done to add value others may need to be done more to bring the home up to date and get it sold, or leased, faster. This means time and money saved in carrying costs.

It is also a good idea to make improvements based on similar improvements in the surrounding community. 

Steps to Getting Rent Ready

Web Admin - Tuesday, June 04, 2013
Like attracts like. Properties in good condition attract good tenants. Properties in poor condition attract poor quality tenants. With the current market and competing properties we need the property in rent ready condition the day it is put on the market. Not doing so can cause concerns with potential residents. They may worry that the property will not be in proper condition in time for their move in, or worse, they may choose to rent a competing property that is in better condition. We like to have all of our properties in the best possible condition to rent. Agents or prospective tenants that see one of our listings in poor condition may decide not to view any of our listings assuming they may all be in the same poor condition. We want them to know that when they rent from us the property will be in good clean condition and properly maintained.

The process of leasing a house is quite different from selling one. While marketing for lease can take 10 to 60 days or more on average, the actual time from application to lease signing and move in is usually MUCH quicker. Property sales can take 3 to 8 weeks or more to close once an contract is in place. It usually only takes us 1 to 3 business days to qualify a resident. Tenants typically don"t begin their search in earnest until 2-3 weeks in advance of the date they want to move in. Additionally, most potential residents won"t make a final property choice property, sign a lease and put down a deposit until 2-10 days away from the date they want to move in.

Ideally, you will want to have the room colors and decorating of the house in a mostly neutral color scheme. If you have customized the property to fit your tastes and you do not neutralize it, then you will be narrowing the market of potential residents only to those with decorating tastes similar to yours. In order to find the best possible resident in the shortest time and best rental price possible you would want to appeal to the largest group of prospective tenants, and the last thing you want to do is to let a couple gallons of paint or needed maintenance issue stand in the way. When you choose to lease your principal residence you are now making the mindset change from owner to investor and your home is now your product. You need to be able to make decisions based on practical business sense and not personal feelings or emotion. That will give you the greatest bottom line net on your property. Remember, vacancy rate is the single largest expense in leasing your property. Anything you can do to reduce your vacancy rate is usually your best option in the long term.

In addition, several other items may need to be addressed; they can include, but are not limited to the following:

  • Removing all of your possessions and personal property
  • Making sure that all the usual appliances are present and working properly for their age
  • We do recommend that you have a refrigerator, stove/range, dishwasher and if possible a built in microwave
  • We also recommend leaving a washer and dryer but this is optional
  • All electrical, plumbing, alarm systems in the house need to be in normal working condition
  • We do recommend garage door openers, gas logs in fireplaces (where applicable), and blinds on all windows for many reasons to do with marketing and risk management
  • A complete & thorough interior and exterior cleaning of the property is mandatory
  • Curing any odors from pets or other sources is mandatory 
  • All lawn maintenance must be completed and the yard made as simple as possible for residents to maintain
  • You should keep gas, water and electric services on until the house is leased

Reasons to Hire a Professional Property Manager

Web Admin - Monday, June 03, 2013
You have a large number of properties or rental units. 
The more rental properties you own and the more units they contain, the more you're likely to benefit from a management company. Management can be very time consuming and keeping up with landlord/tenant laws will consume your time, let alone actively managing the units.

You live out of town. 
If your rental property is located far from where you live, hiring a property management company can be invaluable in dealing with issues that may arise, such as:
  • Advertising, taking rental calls and showing the property
  • Screening prospective Tenants
  • Executing rental agreements
  • Handling with Tenant issues or maintenance requests
  • Collecting rent
  • Legal notices and evictions
  • Accounting reports

You don’t have time. 
If you view rental property ownership strictly as an investment and want little or nothing to do with the day-to-day management of your properties, consider hiring help to manage your property.  Even if you enjoy hands-on management, you may not have much time to devote to your business, especially if landlording isn't your day job. And if you prefer to spend your time growing your business, including searching for new properties, arranging financing for renovations, or changing your business structure, then a management company may be a good way to spend your money.

How Do I File For The First Time Homebuyer Tax Credit?

Web Admin - Monday, January 02, 2012
I have been asked this question often. The IRS has a First-Time Hombuyer Link

FHA Announces Policy Changes That Tighten Loan Standards

Web Admin - Sunday, January 01, 2012

Windward Mill Mixed Use

Web Admin - Sunday, January 01, 2012

Congress Set To Vote on First Time Home Buyer Tax Credit Extension

Web Admin - Saturday, January 01, 2011

How Do I File For The First Time Homebuyer Tax Credit?

Web Admin - Thursday, January 28, 2010
I have been asked this question often. The IRS has a First-Time Home Buyer Link on their site that will guide you through the process and help you locate the forms you need. I am also hearing that this tax credit will not be extended beyond it's current April 30, 2010 deadline so those that want to use it this year need to keep that in mind and get your new home purchase under contract before this time.

FHA Announces Policy Changes That Tighten Loan Standards

Web Admin - Saturday, January 23, 2010
In an announcement Jan 20, the FHA disclosed changes to their policies that will affect consumers ability to qualify and obtain an FHA Mortgage. Here is a brief summary of the changes:
  1. Mortgage Insurance Premium up front cost increased from 1.75% to 2.25%
  2. New borrowers must have a minimum of a 580 credit score in order to qualify for a 3.5% downpayment. For scores lower than 580 the downpayment is 10%.
  3. Allowable Seller's concessions have been reduced from 6% to 3%
  4. Increase policy enforcment with FHA lenders.
These policies are set to go into effect in late spring and early summer leaving a small window for Buyers that want to purchase using the current standards.

Alpharetta Georgia Welcome Center Has New Home

Web Admin - Friday, December 04, 2009
The Alpharetta Convention and Visitors Bureau and Welcome Center invite the public to stop by on Wednesday  December 9 between 2 and 6pm for an open house to explore their new office space located at Park Plaza 178 South Main St Suite 200 Alpharetta, GA. Everyone who stops by will have a chance to win major giveaways from Alpharetta hotels. RSVP at .

Key Locations Property Management

Key Locations Property Management, LLC
1035 Lake Windward Overlook
Alpharetta, GA 30005

Deryk Harper
Broker, GRI, ASR, Relocation Specialist
Phone: 770.722.6922

Call Deryk to discuss having Key Locations Property Management Lease and Manage your property.

Debi Key
Accredited Buyer Representative
Phone: 770.906.0317

Call Debi to see any of our listings.

Fax: 877-744-6440

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