Blog Post

Leasing Process

Lori Todd • September 15, 2020

It's that time of year again.... Leasing efforts cycle again.

It's always mixed feedback. Some people think we start too early for leasing the following year while others start calling because they are ready to sign a lease. It's a constant battle of trying to balance demands of the leasing industry.

It's September. We just finished a huge turnover in July & August and many tenants are just getting settled in. In a month, we'll start working on lease renewals for current tenants and require them to commit to another year OR we'll have to offer their rental to other prospects who are ready to sign on the dotted line! We also require existing tenants to fill out new applications every year. Most tenants understand that's just the process but others can be quite irritated or even offended that they are asked to do this step for us. But, here's why. Things change. People change. Debt & Income change. In order to properly verify that tenants remain qualified and good tenants for the rental property, we must review their current situation. A lease has a start date and an end date. There is no guarantee that the next lease term will be approved and there is no law that states a landlord must allow a tenant to stay if the end date comes and goes. By doing this task, a property manager can reduce the risk of non-payment and reduces liability of any damage occurring to the rental property. It's a common practice in the industry and statistics show that it is a responsible process.

The housing shortage applies to both properties for sale and for rent. The next few months will have a large demand for leasing since we are a college town and do our leasing efforts early. This year, with the uncertainty of Covid19, it is expected to see more tenants renew their lease and stay in place so that they do not have to move during the pandemic. We shall see.

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Making a Rental a Home

By Lori Todd • October 8, 2021

Although you may be renting a place for a short time or a year or two, having a rental can feel so temporary. There are many ways to create a more permanent feel without spending a bunch of money or making unapproved alterations. Start with decorating. One of the easiest ways to make your rental feel more homey is to decorate and accessorize. By adding plants, candles, throw pillows and other home decorating items, you can quickly create a warm and inviting space. If you're not permitted to put nails in the walls, you can use products that are temporary, such as double-sided tape or non-sticking hangers for wall art. In addition to the inside, you can also consider adding some decoration to the exterior. Whether it's only a simple welcome mat or a welcome mat along with a door wreath, flowers or holiday decorations, adding to the exterior can make your entry more inviting and cheerful.

Internet Crime - How to Protect Yourself

By Lori Todd • September 26, 2021

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March Madness

By Lori Todd • March 31, 2021

Combining the effects of the pandemic with the housing shortage, the rental market is as tough as the sales market right now. We are experiencing the highest retention in history with tenants choosing to renew their leases rather than move to a different rental. The housing shortage has also caused the rental rates to rise, some seeing more than 5% annual increase. What does that mean for the future rental market? Some forecasting shows that the rental market will continue seeing rental rate increases for the next few years while some believe the market is due to level off in the next year. Until local, state and federal governments can help the private sectors in creating more affordable housing and less government restrictions, Bloomington will continue to struggle with the high cost of living. Although it's a Seller's market right now, it may be a good time for Tenants to consult with a Realtor to see if it is a good time to consider purchasing. Studies show that lifetime wealth is substantially better for those who own real estate versus those who have rented. To learn more, contact our office for a free consultation.