What to Ask Your Property Manager in Spokane

Hiring a property manager in Spokane is a good thing because it helps you as in investor to maximize rental returns from your properties. However, this does not mean that you should detach completely from your properties and tenants. It is very essential to make sure that your real estate management company provides you with regular updates about your properties and the welfare of the tenants. The following are some of the key questions that you should ask your property manager in Spokane regarding your investment to find out if they are doing a good job.

  1. What is the state of the properties?

This is a very important question to ask the person managing your investment in Spokane to make sure it is in good condition. The company managing your investment should be able to tell you when they lastly inspected your property, what was the inspection report and if they did any repairs. The manager should also assure you that your property is in good condition.

  1. What is the welfare of the tenants?

The company managing your investments should be able to give you an accurate update about the welfare of the tenants. A good property manager should be able to check how tenants are doing and make sure they are always satisfied. The company managing your properties should be able to make sure that there is no tenancy related issues in your properties and no complaints are coming from tenants.property managers deal with financial reporting

  1. What is the vacancy rate in the properties?

The vacancy rate determines the amount rental income that you will get from the investment. You can tell if the investment is doing well by asking your property manager whether your rental houses are fully occupied by tenants or not. The company managing your investment should be able to give you accurate information about the number of vacant houses, why no tenants have moved in so far and what should be done to attract potential tenants and lower the vacancy rate.

  1. What needs to be repaired or renovated?

A good property manager should be able to advise you accordingly about what needs to be repaired or renovated in your property so that it can gain value and become more appealing to the potential tenants. The company managing your investment should be able to access the property and advise you on what needs to be changed or improved. They should be able to give you an approximate cost of repairs and renovations.

  1. Are there any complaints from tenants?

As a landlord, it is very important to make sure your tenants are always satisfied even after hiring a management company to take care of your rental properties. You can ask the person managing your property if tenant complaints are many or not. If tenants are complaining now and then, then you should know that the person taking care of your investment is not up to the task. If there are no cases of tenant complaints, then the company managing your investment is doing a commendable job.

Spokane properties

  1. Are there cases of rent defaulters or late rent payment?

One of the most important responsibilities of a property manager in Spokane is collecting rent and rent deposits. As an investor, you should ask the person managing your property if there are many cases of rent defaulters or late rent payment among your tenants. If cases of rent defaulters are many or tenants have rent arrears, then know that the person managing your investment is not up to the task. A good property manager should be able to collect rent from tenants on time.

  1. How many tenants have left the properties and why?

It is very important to know whether tenants are quick to vacate your property and why. The Spokane Company you have hired to manage your investment should be able to update you on why tenants are quick to leave your property. The property manager should be able to tell whether the tenants leaving the property are doing it willingly, because they are unsatisfied or they were evicted. A good property manager should be able to solve tenant issues amicably and make sure cases of tenant eviction are minimal. If the manager is quick to evict tenants, then that is not the right person to entrust with your investment. If you’re looking for a great Spokane property manager visit www.guenthermanagement.com.

     8. Is it the right time to revise rent upward?

A good property manager should be able to advise you on whether it is the right time to increase rental rates or not. You can ask the person managing your property in Spokane this question to see if they are conversant with the market trends and they know the value of your property. The manager should be able to advise you on the right time to increase rent and give you valid reasons to support their recommendations.

The Future of the Real Estate Market in Georgia

property management in marietta ga

Real estate market in Georgia has been one of the most stagnant in the country for the last 10 to 25 years. Home prices have not appreciated much and rental rates have remained relatively affordable. According to Rent Appeal, property management in Marietta GA and other suburbs of Atlanta has not been a booming business like in other suburbs of other big cities in the country. According to the National Association of Realtors report, Georgia is one of the ten states that are lagging behind in as far as housing recovery in the U.S. is concerned. One of the reasons why Georgia has not caught up with other states in the ongoing housing recovery process is because of tight mortgage credit, explains realtor Howard Flaschen.

However, real estate in Georgia experienced some changes in 2015 and some areas registered highest home appreciation in the country. This has caused panic to many people and stakeholders are wondering whether this could be the upsurge of Georgia real estate market. Moreover, the recent increase of Federal Reserve interest rate has raised many questions about the direction that Georgia real estate is going to take. Although no one can really predict Georgia’s real estate future with certainty, realtors in the region are optimistic that real estate in Georgia will begin its recovery journey in 2016.

Property management in Marietta GA and other suburbs of big towns in Georgia has recently attracted more stakeholders because they believe 2016 will be an excellent year for Georgia real estate. Many property managers in the region believe that Jonathan Smoke, Chief Economist with Realtor.com was correct when he predict real estate growth in Georgia and North Atlanta as the fifth best real estate market nationally in 2016 (http://www.atlantaintownpaper.com/2016/01/home-trends-realtors-make-predictions-for-2016-market/). In order to have a better understanding of Georgia real estate market, the following are highlights on how expert believe different factors will affect real estate market trends.

  1. Availability of inventory

Real estate in Georgia is expected to be attractive to sellers in 2016, although stronger economy many change things and make the market attractive for homebuyers. However, it is worth noting that home prices in in-town places will remain relatively high. The good thing is that more homes are expected on the market as the economy and real estate continues to strengthen. Unlike in 2015 when there were low inventories of in-town homes, things are expected to change in the near future because of numerous constructions taking place in Georgia. With more inventories in the market and good economic conditions, the number of first-time home homebuyers is expected to rise regardless of tight lending rates. However, real estate market in Georgia is expected to “remain sellers” market for quite some time.

  1. Increase in Interest rates

Many people believe that the recent Federal Reserve interest rate increase is going to have big impact on Georgia real estate. However, experts seem to have a different opinion. For instance, according to Lisa Johnson, Vice President/Managing Broker with Atlanta Fine Homes Sotheby’s International Realty–In-Town Office, interest rates are still low compared to past years. She believes that real estate in Georgia is going to experience steady growth throughout 2016. The recent interest rates increase will not have big impact on real estate because rates are still low, even after the increase. The recent increase in interest rates will have a minor impact to many homebuyers and only those with limited income will be greatly affected.

  1. Change of lending regulations

The introduction of new lending regulation in Georgia real estate market is expected to slow down closing of deals in the next few months. However, experts believe that the situation is going normalize after sometime, when the industry settles-in with the new closing guidelines and lending regulations. It is also worth noting that funding will remain available to homebuyers who will satisfy the classic lending standards.

  1. Population increase

Atlanta is believed to be the city for millennials due to availability of jobs, affordable housing and vibrant nightlife. About 13.5 percent of the population in Atlanta is between 24-35 years.

More people are expected to relocate to Atlanta and other major towns in Georgia in the near future. The population increase is expected to cause rental prices to go high in the next few years but the situation will eventually normalize after the ongoing constructions are completed, especially in out-of-town neighborhoods. However, home prices and rental rates are expected to continue appreciating in in-town neighborhoods due to lack of space to build more houses.

 

The Recovery of the Real Estate Market Over the Past 8 Years

The United States housing crash in 2008 affected more than half of the U.S. states. Housing prices were highest in early 2006 and started to decline by the end of the year. In 2008, housing prices in the U.S. declined completely and this was the time when the country’s real estate bubble busted resulting to credit crisis. This caused the 2007-2008 recession in the U.S. and the government had to come in to save the country’s economy. The USA government bailed out many homeowners who were unable to pay their mortgage debts to save the housing market. It is worth noting that the real estate recovery journey has not been an easy one until 2014 when the market experienced some stability.

Consequences of Real Estate Market Crash

The truth of the matter is that this wild rise and fall of real estate prices in the USA over the last 10 years has caused severe consequences to the country’s real estate investors. When the real estate prices went up in 2006, there was crisis among homeowners because paying mortgage debts was a problem. Homeowners could no longer keep up with the mortgage payments; foreclosures dominoed and the crash took its toll. Prices fell and that is when many rich investors bought in to the market. Buying more houses cheaply hoping to sell them later at a profit. The Government also intervened hoping to stop the bleeding.

Since the beginning of the recovery of the housing sector in the U.S., the real estate has become pricier with about 10 percent year after year according to Chase-Shiller home price index. Consequently, very few people are willing to sell their homes because they believe prices are likely to go higher in the near future. Those willing to sell their property are asking for very high prices, which is frustrating to first-time homebuyers. Banks are less willing to lend money to first-time homebuyers and those willing are asking for strict requirements and high interest rates.

Although the housing market has shown some positive progress since the beginning of the recovery process, the housing market has not settled to where it was before the 2008 real estate crash. However, the rapid increase of real estate prices witnessed in 2012 and 2013 is slowing down gradually. Normally, home prices are supposed to appreciate slightly faster than inflation and with the current trend in the USA real estate, the market is expected to settle into that pattern once more.

For instance, home prices are gradually declining in the recent past on a month-over-month basis although home prices increased by double digit in the last two years. The good thing is that home prices have stopped to increase at an alarming rate and eventually valuations will begin leveling off. It is also worth noting that prices for non-seasonally adjusted real estate remained constant during the winter of 2014 throughout the country. In some parts of the country such as Midwest, prices even went down. This is a clear indication that real estate market in the USA is now on the right track.

real estate market recovery

It is now evident that the past trend when rich investors in the US would buy every single family home they come across so that they can sell later at a higher price could be ending. Although, real estate is appreciating, the trend is normal just like it is in other countries. Therefore, it will be possible for average investors in the U.S. to buy homes in the near future because prices will be relatively affordable.

There are indications since 2015 that U.S. real estate is positively responding to the price increases of the past decade. More houses are available for sale and house builders have constructed more homes in the past five years. In 2012, there was about 8.4 percent increase in inventory and the number is increasing gradually. Additionally, homeowners and banks have realized that the property they own are unlikely to increase in value as it was in the past two years despite the prevailing economic situations in the country.

Generally, real estate in the USA has shown signs of full recovery and it appears as if the supply and demand will eventually balance out. Initially, it was hectic to buy or sell a home in the USA but taking in to account the 2014 indications, it will be less stressing to buy or sell a home by the end of 2016 because the market will have stabilized. Cases of sporadic real estate valuations changes within a short period will no longer be as present in the coming years. At least for now, price trends seem to suggest more stable growth in the coming years.