I’ve received a lot of calls from investors and past clients asking how the rental market is doing? Over  all, I would say that the market is down 10-15% in some areas. Less in better locations where the schools are best.

I’ve had  no problems renting my listings as long as you are realistic and pricing it right. Kind of the same rule of thumb as when you sell.

The reason is twofold. There are more rentals to choose from and a lot of tenants are trying to take advantage of the low interest rates and tax breaks for first time home buyers and would rather pay for their own mortgage instead of someone else’s.

If you are thinking of renting your property, make sure it’s light , bright and very clean. It won’t hurt if it smells nice too.

Happy Holidays

Fay

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Hello Everyone,

We recently received a question regarding a certain status on a listing in the area so we figured that we would explain what each status means and what it means to you (the buyer and seller).

ACTIVE - Means “Buy Me” or “I’m for sale”, “please make an offer!” An active listing could be a new listing, or it could have sat on the market for 30 days or more. Or, it could be a re-list where the home was listed before at a higher price, or listed with another agent. It could have also been listed and expired. Please note: Make sure you work with an experienced agent who knows the area where you are looking.

PENDING - means the property has sold and there are no contingencies and is waiting to close escrow.

PENDING W/ RELEASE - means the buyer has agreed to purchase the home subject to selling their own home, or another contingency that allows other buyers to make an offer on the home. If the seller receives another offer, the buyers in contract usually have 72 hours to determine if they would like to move forward with the purchase and remove their contingencies, or bow out and do a release of contract.

PENDING W/ OUT RELEASE - means the buyer and seller have agreed to terms and the buyer has a set time frame to do their inspections and or get their loan approved. Other buyers cannot make an offer and push the buyer out of first position, but they may make a back up offer. Please note: If a buyer really likes a home that is Pending, they should have their agent contact the listing agent to see if they can write a back up offer. If the seller agrees, the buyer would go into first position without the home going back on the open market. The seller does have the right to renegotiate the terms and conditions unless specified in the contract.

EXPIRED - means the property did not sell within the time frame set in the listing agreement. Please note: When a home expires, it is almost always because the home was over priced. Many sellers who have had their properties expire believe it was the fault of the listing agent, not the price.

WITHDRAWN - means the property was taken off the active market (the MLS) but the listing agent still has a valid contract. Please note: Sometimes sellers decide to remodel or do some clean up and painting before re-listing their home and putting it back on the open market.

CANCELED - means the seller and listing agent have agreed to terminate their relationship.

SOLD - means that property has closed escrow and transfered ownership. This is often music to a buyer’s ears, the house this finally theirs! For more information, on the transfer of ownership read this post.

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Recently we have had questions asked of us about different real estate terminology and jargon. Here I will define all the different Real Estate Classes. This is beneficial for both consumers and Realtors.

Class 1 = Single Family Homes (1-4 Units)

Class 2 = Common Interest Developments (Condominiums & Townhouses)

Class 3 = Multi-Family Residential (More Than 4 Units)

Class 4 = Mobile Homes

Class 5 = Residential Lots & Land

Class 6 = Commercial Lots & Land

Class 7 = Commercial and Industrial

Class 8 = Business Opportunities

Class 9 = Commercial Rental Property for Rent

Class 10 = Residential Rental Property for Rent

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Almost two weeks ago our manager informed us about new forms needed to advise and disclose California residents of the new High Speed Rail plans.

Earlier this week, an associate of ours from Cashin Company  shot out a company wide e-mail describing a Palo Alto city council meeting. At this meeting, many residents and business owners were concerned about the appearance of this new system. Below is a YouTube Video of a Palo Alto architect (Jim McFall) of the proposed location and appearance of the system in Palo Alto.

I sit split in my opinion. I am concerned about how this huge and potentially dangerous system will look and function. But, I also see the necessity for a functional statewide transit system to promote high speed train travel and transportation within our state. Traveling through Europe a few years ago really made me realize that our nation is in need of a more convenient, yet up-to-date transcontinental transit system. I think if this project is done right it could serve as a great example for the rest of our country.

We have been told that if you don’t approve of this system or have comments/concerns about the project to please write a letter to “High Speed Rail” by this Monday (April 6th,2009).

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Hi Everyone,

This is my first blog post so forgive me if my formatting is a little off. I have been fortunate enough to find my niche in the real estate market. I am a rental Realtor who caters to the needs of prospective tenants and landlords looking to fill vacancies with their income investment properties.

So in this blog post I will address the needs of investment property owners.

Real estate investors (or geniuses, as I like to call them) – Sit back, relax and watch your bank account grow, as I find quality clients to pay the top tier of market rent prices. I do this by creating and maintaining an up-to-date marketing plan that is molded specifically to rent your unit quickly. My goal is always to have a tenant lined up before the prior tenant moves out. I have all the documentation – contracts, applications, credit report forms/services, etc. If you should choose to accept Section 8 tenants, I have friends at the housing urban development (HUD) that give me extensive information to ensure quality tenants are moving to your apartment, condo, or home. I also have a proven list of affordable contractors, lawyers, plumbers, electricians, locksmiths, gardeners, etc. if you should need a recommendation.

Uh oh, do you have a tenant who stopped paying their rent? Again, please put your feet up and relax as I help provide you with one of the top eviction attorneys in the area. This is all just part of my service, if you should choose me to represent your property.

When it comes time to acquire more real estate after I have proven myself as your rental agent, I then place you in the hands of one of my well qualified team members as well as myself to acquire more property. We are all well qualified to negotiate the best prices so you can start earning equity on your new investments as quickly as possible. We are also very familiar with 1031 tax exchanges if you choose to swap properties. If you are selling, we are also well qualified to list your property with our renowned marketing plan (which even earns you a featured property spot on our blog.

I hope this helps you see value in the services that I and many rental real estate agents can provide.

Thanks for Reading!

-Fay “The Rental Queen” Tapper

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