October 24th, 2013 by Gary Mawson Jr.
Renting homes for owner comes along with the real estate industry, but there are a lot of agents that just don’t have a clue what they are actually doing. A lot of agents just automatically think that because they have a salesperson license that they can effectively market your rental listing. There are a lot of ins and outs to a rental property, and an experienced rental agent can help guide you in the right direction, so that you can make sure that you are getting a quality tenant.
Some things that you should know before you list.
- Has your agent done rental listings in the past?
- What are they looking for in a good tenant?
- Do they know how to read credit or are they relying on you (the owner) to decipher.
- What information are they expecting to receive from perspective tenants. At a minimum you should be getting a credit report, application, and pay stubs to start. You can get a good snapshot of who the tenant is with this information and than you can ask for more information as needed.
- Does your agent own any rental properties?
- Do they know the Certificate of Occupancy (C of O or CO) guidelines in the town? They don’t necessarily need to know all of the ins and outs, because each town has its quirks, but the main things are always the same. Fire extinguisher within 10 ft of the kitchen and smoke detectors on every level. Carbon monoxide detectors if gas is present in the home (electric homes do not require).
These questions should help you weed out most of the bad agents right away. Make sure that the agent puts photos in the listing within the first couple of days. It is important to have good photos for your property. It will become more attractive and more prospective tenants will come to see it. This is an investment for you so finding the right agent for the job will help you maximize your income by finding you the right tenant for the property.
October 1st, 2013 by Gary Mawson Jr.
Have you noticed the the price of rents have gone up steadily in NJ? How much longer can the market sustain the constant increase in rent? What will happen to my rental when the rental bubble does finally burst? All of these questions come to mind when thinking about the rental market. So when is the bubble going to burst?
My opinion is it will be in the next couple of years! The market has continually increased and the rents have gone up, but everything else around has stayed the same. The job market has not gotten any better. Median income has dropped, and the people who are hanging on to jobs are getting very minimal raises. So with all of this in mind what is the next step?
I think that these people should begin to buy again. Prices are still relatively low, and interest rates are very low as well. The buying power is tremendous right now and you can begin to build equity in a home rather than paying someones mortgage for them. There are a lot of homes on the market and as we enter the winter months the buyer pool shrinks and homes tend to sit a little longer. This may allow some buyers to get a better deal on a home than if they would have bought in the summer months when the market was on fire and everything was selling.
This rental market is always going to be strong in Monmouth County because of the proximity to the city, but let be realistic here, the market is going to come down a bit and we will see some of the undesirable areas become desirable rental markets in the future. There is only so much people can afford before they hit the breaking point.
March 29th, 2013 by Gary Mawson Jr.
Belmar has been quick to get everything back up and running. They have the boardwalk nearly half complete. The bridge between Avon by the Sea and Belmar is now open and cars are allowed on Ocean Ave up to Silver Lake between 5th and 6th Avenues. Although you are not allowed on the boardwalk or the beach yet. The boardwalk will be open for the summer rush of Memorial Day weekend. It is really great to see things begin to get back to normal and the real estate is no different.
With the exception of some of the waterfront homes that people are just waiting to see what is going to happen with FEMA and their new flood maps (date TBD) homes that are currently on the market are selling like crazy. Its not official yet, but we are moving into a sellers market! It is really a great time for sellers, because with interests rates still very low home buyers are out there in full swing looking for homes to buy. The buyers are not singled out to the first time home buyers though. There are investors snatching up any good deal that they can get their hands on and also people that are looking to move up into bigger homes and also the people downsizing.
Dont miss out on the hot real estate market. If you have thought about selling or buying another home call us first for a FREE market analysis of what your homes value is today! It will only cost you about 30 minutes of your time.
Call TODAY…for everything real estate!
March 15th, 2013 by Gary Mawson Jr.
Belmar NJ is getting back to full swing trying to get waterfront back up and running! There have been a lot of positive events that have shown that the beach communities will just not be affected as much as everyone thinks. Real Estate has become a hot item in the area and people have been buying homes as fast as they come to the market here in Monmouth county and Belmar is coming around too.
With St. Patrick’s day behind us it was a positive thing to see everyone flock to Blemar to see everything that has happened. This was the first day that they opened Ocean Ave and the bridge between Avon by the Sea and Belmar. There were hundreds of people throughout the day that flocked to the beach to see the aftermath for the first time. The positive is that the town has rushed to rebuild the boardwalk, so instead of seeing just a blank canvas of sand and water there are pilings and boards already in the ground.
Up and down Ocean Ave you can see that people are beginning to rebuild homes to get them back to a livable standards so that they can get back to Belmar NJ beaches in the summer and enjoy all that we have to offer.
There will be a lot of homes that are going to come to the market for both sale and rent in town now and in the near future. Some will be storm damaged homes and others will be homes that people just dont want to deal with anymore, but the reality is that we will always flock to the Ocean for the summer and there will always be a strong real estate market here in Belmar NJ.