Some applicants may have foreclosure and/or medical bills. It is necessary to have an office policy about how to handle such issues. We are more concerned with credit card debt than foreclosures and medical bills. Establish what FICO score is necessary to qualify for your rental properties.
Peter Meer is President/Broker of Meer & Company, Inc., 303-322-1550, which manages 150 single-family homes and properties in Denver. He holds the Master Property Manager (MPM) designation and the firm holds the Certified Residential Management Company (CRMC) designation from the National Association of Residential Property Managers (NARPM). To learn more about Peter's Landlord solutions visit Meer and Company website at www.meerandco.com.
Peter Meer provides information, resources, advice, tips, and techniques on residential property management in Denver. Peter Meer is President/Broker of Meer & Company, Inc. (303) 322-1550 and manages 150 single family units in metro Denver. Visit Meer & Company, Inc. at www.meerandco.com.
Thursday, April 24, 2014
Thursday, April 17, 2014
Foreclosures Make New Class of Tenants
Our standards of yesterday may end up excluding up to 40 percent of your applicants. In order to keep your property rented you may have to modify your rental qualification standards.
The entire lending situation has created a new class of tenants. Individual tenants recently were homeowners and have now become tenants again. I have made a business decision that a foreclosed individual does not provide as high of risk as in the "old days". So even though this individual has lost ownership of a home, I believe he/she may be a reasonable risk.
Peter Meer is President/Broker of Meer & Company, Inc., 303-322-1550, which manages 150 single family homes and properties in Denver, Colorado. He holds the Master Property Manager (MPM) designation and the firm holds the Certified Residential Management Company (CRMC) designation from the National Association of Residential Property Managers (NARPM). To learn more about Peter's Landlord solutions visit Meer and Company website at www.meerandco.com.
The entire lending situation has created a new class of tenants. Individual tenants recently were homeowners and have now become tenants again. I have made a business decision that a foreclosed individual does not provide as high of risk as in the "old days". So even though this individual has lost ownership of a home, I believe he/she may be a reasonable risk.
Peter Meer is President/Broker of Meer & Company, Inc., 303-322-1550, which manages 150 single family homes and properties in Denver, Colorado. He holds the Master Property Manager (MPM) designation and the firm holds the Certified Residential Management Company (CRMC) designation from the National Association of Residential Property Managers (NARPM). To learn more about Peter's Landlord solutions visit Meer and Company website at www.meerandco.com.
Tuesday, April 8, 2014
Landlords and the Recent Recession
The recent recession has created a different owner/tenant psychology. These changes are outlined below:
Let's start with the owners. Tenant turnover in rental property is to be expected. When a tenant does not renew the rental agreement for another year, the owner will certainly face "make ready" costs along with advertising, a potential vacancy period, change of locks, and possibly higher management fees to find the replacement tenant. None of these things are any different than they have been for all these years, however, now I am seeing owner insistence on doing the "make ready" themselves. Literally flying or driving to Denver and doing the painting and other non-technical repairs with family and friends. They are also out shopping for building items that are on sale.
Peter Meer is the President/Broker of Meer and Company, Inc., 303-322-1550, which manages 150 single-family homes and properties in Denver, Colorado. He holds the Master Property Manager (MPM) designation and the firm holds the Certified Residential Management Company (CRMC) designation from the National Association of Residential Property Managers (NARPM). To learn more about Peter's Landlord solutions visit Meer and Company website at www.meerandco.com.
Let's start with the owners. Tenant turnover in rental property is to be expected. When a tenant does not renew the rental agreement for another year, the owner will certainly face "make ready" costs along with advertising, a potential vacancy period, change of locks, and possibly higher management fees to find the replacement tenant. None of these things are any different than they have been for all these years, however, now I am seeing owner insistence on doing the "make ready" themselves. Literally flying or driving to Denver and doing the painting and other non-technical repairs with family and friends. They are also out shopping for building items that are on sale.
Peter Meer is the President/Broker of Meer and Company, Inc., 303-322-1550, which manages 150 single-family homes and properties in Denver, Colorado. He holds the Master Property Manager (MPM) designation and the firm holds the Certified Residential Management Company (CRMC) designation from the National Association of Residential Property Managers (NARPM). To learn more about Peter's Landlord solutions visit Meer and Company website at www.meerandco.com.
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