Real Estate News

Questions to Determine if a Landlord Should Offer a Month-to Month Lease

March 27, 2020 by Helen Miltiades

In some cases, month-to-month leases may be a more effective and efficient way to run your property rentals. Here are some questions to ask and help determine if offering a month to month lease option would be beneficial for you.

Is Eviction Likely?

Longer-term leases are great to keep residents in your rental for longer, but they also make the eviction process more difficult should it be needed. If there are a large number of potential residents and you are having trouble thoroughly screening them all, starting them out with a month-to-month lease could prove helpful. You can transition responsible tenants to longer-term leases as they gain a positive track record. This creates a win-win situation for the tenant and landlord.

Do Residents Need Flexibility?

It is always good for a landlord to know the demographic of the type of renters in their area. Maybe you have a rental in a military town, college town, or near major corporations known to relocate employees regularly. In these types of areas, month-to-month leases make more sense because the majority demographic of renters need short term options.

When Will the Lease End?

Will the end of a longer lease hit at a time when it could be difficult to fill an empty rental unit? For example: will the lease end during the holiday season when new rentals are typically slower? If you are renting to a college student, a shorter 9-month lease would be more beneficial than a year-long lease. It would allow the lease to end when the student is out of school for the year and eliminate the need for students to sublet the rest of their lease during the summer or walk away and default if they cannot find a person to sublet or if subletting is prohibited in the lease agreement.

Are Market Rent Costs Constantly Fluctuating?

Charging higher rent than other rentals all around you could cause your rental spaces to sit vacant for longer. If you adjust your rent to be more in line with fair market value it will help you to retain renters. Some markets can go through periods where that fair market rent number fluctuates often. If you are in a market where this is happening shorter lease terms may be more helpful. It can allow you to adjust rent rates as the market shifts. In general, renters expect month-to-month leases to be just a bit higher than longer-term leases and this can help a landlord to compensate for any sudden vacancies or the cost of switching tenants.

Are You Reviewing Your Current Leases?

Knowing what leases you have, when their term is up, and if they are bringing in good results for you and your tenants is a smart move. Periodically adjusting them to help you to alleviate even minor but consistent headaches with tenants will allow you to continue to landlord with less stress.

For more helpful tips about being a landlord or help with managing rentals in Savannah and surrounding areas please contact me any time.

Additional:

Design Trends to Avoid When Renovating Rentals

Should You Install a Smart Thermostat in Your Rentals?

Do Solar Panels Add Value?

What College Students Seek in Rental Properties

Tips for Cleaning Rentals Between Tenants

10 Home Improvement Projects You Should Never DIY

Dual Agency and Savannah Real Estate

April 29, 2016 by Helen Miltiades

Is dual agency necessarily a bad thing?

Dual agency is the term given when the same agent represents both the buyer and the seller in a real estate transaction. Typically this is where confusion and controversy intertwine and many agents stay far from this situation but is it really all that bad? Let’s discuss the circumstances and instances where dual agency is not the bane of Realtors® existence.

The most natural setting where this occurs is when a listing agent shows a buyer their own listing and the buyer decides to purchase the property. Simple, clean and easy. Most of the time, the agent will mention that the seller sought the services of the agent first so first come first serve, sort of situation, even though the listing agent will do all that is necessary to ensure that the buyer is well taken care of in addition to the seller. This usually happens at an open house but not always.

State law has different rules for whether dual agency is even allowed. For the state of Georgia a broker may act as a dual agent the written consent of all clients. According to Georgia US law, the written consent must contain:

A description of the transactions or type of transactions in which the broker will serve as a dual agent
A statement that, in serving as a dual agent, the broker represents to clients whose interest are at times could be different or even adverse
A statement that a dual agent will disclose all adverse material facts relevant to the transaction
A statement of the broker or the brokers affiliated licenses will time disclosed to each client in a real estate transaction the nature of any material relationship the broker in the brokers affiliated licensees have with the other clients
A statement that the client does not have to consent to the dual agency
A statement that the consent of the client has been given voluntarily and that the engagement has been read and understood

In some instances dual agency can even be referred to as one brokerage with the same real estate transaction even though there are two distinct agents involved. This typically is not an issue as each party has their own representing agent even though the brokerage is the same.

It’s very easy to understand why dual agency is wrapped in so much controversy. How is it possible for one agent to represent both parties whose interests are in conflict? Many agents feel that this simply can be done or can be done with at least one party being at a disadvantage. However, as long as the steps are taken above, both parties understand the situation and they should also understand that there are severe penalties for agents who fail to disclose dual agency. The law specifically prohibits someone acting as a dual agent from telling the buyer how low the seller will go over from telling the seller how high the buyer will go. This keeps the fiduciary duties but also protects the agent. The agent is simply facilitating the transaction on behalf of both the buyer and the seller.

Another natural consequence were dual agency might be applied in the case of your buyer and seller and need for real estate license involvement. For instance, let’s say two neighbors want to buy and sell particular properties. Perhaps one neighbor was a renter and now wants to buy his or her neighbor’s property. They’ve already discussed the details of the transaction and just need an agent to facilitate the deal. The buyer and seller are both well aware of dual agency and just prefer to have one agent involved in the transaction. The agnet is simply acting as a mediator between the two and facilitating the transaction with legal paperwork and documents needed.

While Dual Agency slippery slope can be done in the right context. For the buyer that comes to me to purchase one of my listed properties and informed them that I am the listing agent and will be conducting the transaction on behalf of both the buyer and the seller. If you agree to this in writing, we can have a fairly amicable transaction however, the buyer is free to acquire representation if they feel is necessary.

I always recommend my buyers to have full representation on any real estate transaction they conduct. It’s important to have your own representation for your interests as many details of a real estate transaction can be confidential and used as an leverage.

For more information on dual agency or for answers to your questions about this or similar buyer representation please contact my office today.

Give Each Room a Purpose When Selling Your Home

September 1, 2015 by Helen Miltiades

When selling your home, most buyers are interested in being able to move right in, changing out the current homeowners decor for their own. In order to help give your home an edge over the competition, make sure each and every room has a clearly defined purpose, along with an attention to detail that won’t go unnoticed. Because open floor plans have become a trend found in many homes built in the last five to eight years, it can sometimes be difficult to determine how to create an individualized purpose and flow from space to space.

Start With the Ceiling
Decorative ceiling details are a minimal expense that can dramatically change the look and feel of a space. Ceiling tiles, planks, or even a faux treatment with paint textures and stencils will add interest and definition, while in some cases actually causing the space to appear larger. A homeowner can add intimacy to a room by installing a coffered ceiling and using a contrasting paint color will help your great idea really stand out!

Flooring Can Define a Space
It can be quite easy to define certain spaces, like a social area from a dining area with the use of the initial flooring, then adding area rugs. In many new homes, builders have used hardwood angled in different directions to denote different living spaces. Inlaid borders and designs in the wood will also help to separate an open floor plan. Combined with the placement of your furniture, area rugs will help to anchor a space by clearly defining it.

Focus on Lighting
How you add lighting to a room can greatly help, or hurt, the way a home will show to potential buyers. For example, the third bedroom may be set up to show as a home office, but without the proper lighting, the function is less important. While creating a flow from space to space, keep these tips in mind: Subdued lighting creates an intimate reading area, while bright lights can highlight a hub of activity at the kitchen island. Dimmer switches can be a perfect addition to your lighting efforts, as they allow you to guide people to one area and away from another.

Create Spaces Within Spaces
Room dividers, pocket doors, and decorative screens are simple and low-cost ways to create spaces within spaces. A modern take on a simple room divider are contemporary panels that can be hung anywhere in the home by a simple cable system. Another way to separate a space from the open feeling of “what would I do with this space” is to add open shelving. These are great because you are not actually closing off an area, or making it smaller, you are simply adding a defined purpose to a certain area. Multidimensional wall decor items are also a great way to draw attention to a certain area, while adding a focal point to the room.

Paying attention to even the smallest of details will help give you a leg up on the competition. Making sure each space in your home has a clear purpose and function will help your home appeal the largest number of potential buyers, as they will be able to picture their own belongings in place of your own, making the transition that much easier for the new homeowners.

Home Seller Tip: Preparing to List Your Savannah Home For Sale

September 1, 2015 by Helen Miltiades

Living in Savannah is appealing to people partly due to its overall charm, atmosphere, and southern lifestyle. Today’s real estate market presents some very unique opportunities for the many newly qualified buyers out there, with interest rates near record lows and affordability near record highs. As an agent who has helped hundreds of families make their dreams of homeownership come true in Savannah, I would like to provide home sellers with these tips – things you will want to take into consideration before you list your home for sale.

Curb Appeal is the First Impression
Potential buyers will make their very first decision about your home as soon as they drive up in front of it. This is your opportunity to grab their attention and portray a nicely landscaped, well-maintained exterior, which will naturally invite them to come inside. If your home could use a fresh coat of paint, now is the time. Other ideas you may consider are updating the color of the front door, replacing the mailbox, or adding flowers to the porch. It will only help you as the home seller to go the extra mile to make that first impression a good one.

Check for and Make Repairs
The last thing you want to happen is for a cabinet door to fall off during a showing. It is really important to check all around the home for anything that may need some TLC or repairs. I’m not saying have the roof replaced because a shingle blew off, but things like leaky faucets, burnt out light bulbs, and loose cabinet doors should be in top working condition. If the home is remembered as well maintained, potential buyers will feel more at ease when it comes time to make an offer.

Prepare Your Home for Showings
Once you’ve given the exterior of your home the touch of charm it needed, you’ll want to move inside and get your home ready for potential buyers to envision them living their lives here. Each room should be cleaned top to bottom, including the windows and the baseboards! Remove any furniture that is crowding the room, and make sure each room has its own function. For example, a three bedroom home will appeal to the largest number of buyers if all three rooms are shown as bedrooms, as opposed to one being a room for storage. Once you’ve gone through your home and packed up some things to present it in its best possible light, you’ll be on your way to attracting an offer.

If you are getting ready to put your home up for sale and would like more information about where to start, please contact me, as I’m here to help!

What other tips do you have for Savannah home sellers?

Contact Helen Miltiades for any and all of your Savannah, Ga Real Estate or vacation needs and questions. You can also connect with me on my Facebook Page for events and happenings in the Savannah area, as well as home ownership tips, real estate market updates, and so much more!

Blogging About All Things Savannah, Ga

September 1, 2015 by Helen Miltiades

Welcome to my new and improved blog! In the near future, this blog will start to fill up with all things Savannah, Ga including but not limited to:

-Entertainment and Events

-Things To Do

-Family Oriented Information

-School Information

-Savannah news

-Real Estate News

-Home Ownership Information including tips, how to’s, do-it-yourself projects etc.

-Information for Buyers and Sellers

-AND So Much More!!

In the meantime, you can contact me by visiting my Facebook Page or calling 912-238-4915. I am a Realtor serving the Savannah, Ga area and am happy to help you in any way that I can in regards to learning about our beautiful area, as well as any and all of your real estate needs or questions! Whether you are a buyer, seller, or current home owner/renter interested in Savannah, this is a blog you will want to follow!