“Whether you think you can, or you think you can’t- you’re right.” Henry Ford

I currently have one vacancy as we begin December. With the Holidays coming and people busy shopping, who wants to move? As a housing provider, that can be a perplexing problem. It has been proven that the best months to rent an apartment are July and August, with December and January being the worst. That being said, what if YOU have a vacancy in December?

THERE ARE PROSPECTIVE TENANTS OUT THERE. There are people who are moving from other areas and others who have ended their lease and are unable to renew. There are also people who have sold their homes and need a place to live for 6 months to a year while they look to purchase a new residence. There are also excited first time renters, students who need a new place before school starts and couples who are going their separate ways. This is just to name a few. Don’t despair, you can find a good tenant even in December. I have done it many times.

PUT YOUR BEST FOOT FORWARD Is your flooring and wall paint looking like it’s move-in ready? You should have your unit super clean including your appliances and windows. Would a ceiling fan or a microwave oven or a room air conditioner make it more attractive? One of my clients, a retired firefighter, told me he would only rent a unit that he would move into himself. This is great advice. Do you have good photos of your rental unit? You may want to consider hiring a professional photographer. They can really make your unit look great and it’s usually tax deductible.

WHERE ARE YOUR ADS? I have found that apartments.com is great and offers a number of additional websites for maximum coverage. They also offer a service allowing the prospective tenant to fill out an application online. They offer a number of services which even include rent collection, but they are no longer free. Your basic ad will cost in the area of $350.00 but the exposure is great! There is also zillow.com which is still free and offers some similar services as well. Don’t forget craigslist.com. They are completely free but they list just your basic ad. My suggestion? All of the above!

RENTAL SIGNS I don’t personally use these but many housing providers do. You can always give the sign a try next vacancy and see if it works for you. It will be seen by locals and people looking to move into the area. I wish the best of luck to all the housing providers who have vacancies this December!

“The only place success comes before work is in the dictionary.” Vince Lombardi

What we at PRS PROPERTIES CAN DO. We can give you a good idea of the current value of your building. We can suggest changes you might want to make before sale to give you an idea what type of building you would be able to exchange into. You may decide to stay in the rental business or you may want to move into a more passive real estate investment, such as a triple net or a DSL. We are always available to chat. We can give you referrals for professionals, such as lenders, contractors, and engineers, so that you can decide who you feel best with. We can supply you with rent and sale comparable in the area of your properties, so that you know what rental values are in your area. It is important that you know the true value of your rental units, so that you can get them rented right away at market value, or at least as much as possible with rent control restrictions. We can look at potential purchases that you may be interested in to make the property more desirable, and maybe look at potential issues that an insurer might require you to repair.

If you should decide to sell your building, we can help you exchange into a larger or smaller properties. We can even help you move into something with less management responsibilities. We can also help with getting the paperwork together for a refinance if that is your desire. We can also recommend experienced licensed contractors who can perform any repairs or installations you may need prior to selling. We can also look at your building for other easy and inexpensive changes that might allow you to get a higher value. We can help you to get the maximum value for your property, should you decide to sell, or the maximum return if you are planning to keep your building.

We are currently looking for “as-is” properties and are willing to purchase with low rents, deferred maintenance or even with a problem tenant in place. We can offer a 7 day escrow and all cash at closing. Give us a call. We have also put together numerous transactions over the years which involve properties that are not listed for sale. Many investors are currently in 1031 exchanges and need to identify a replacement property before their 45 day identification period runs out.

Should you decide to put your property on the market, we will put together an aggressive, targeted and professional campaign to get your property sold fast. We have been doing this for over 40 years, and we will use all the tools available to bring you the most dollars at closing. If you are thinking of selling or are just curious about the value of your property, don’t hesitate to give us a call.