Mike's Blog

head_left_image

Landlords Who do Not Screen are Shooting Themselves in the Foot

Landlords- check out this great post on screening prospective tenants...

Via Bill Gray (The Collector):

Of the 20 to 30 emails I receive per day from landlords with tenants who owe them money, 5 or 6 are from landlords who did not screen their tenants before they rented to them and are now upset that the tenant burned them.  I shake my head when I read these requests for help.

For whatever reason, the landlord rented to someone who "looked okay" and then got upset when the tenant burned them.  Would these landlords buy a used car sight unseen?  Or show up at a dog shelter and say, "give me any dog, I don't need to see it or know anything about it."?  Of course they wouldn't.  As absurd as this sounds, it is basically how they run their rental business.

As I scratch my head I always wonder why.  Do they just not know how to screen?  If this is the case, I am happy to help educate them on good business practices that will help them reduce the possibility of a tenant burning them, or help collect any debt that could not be foreseen.  Most of my articles emphasize the good business practices landlords should use to minimize tenant debt. 

The cynic in me says that a certain percentage of landlords who run their business sloppily, just don't care who they rent to.  The only advice I can offer these types of landlords is, "good luck".  That pile of debt you are writing me about is the by-product of the way you run your business.  There is nothing I can do for you other than to ask you to reconsider how you go about being a landlord.  To continue running your business as if it were a hobby will continue to cost you money and possibly get you sued if you violate the law.

Maybe they don't want to spend the very small amount of money it costs to screen a tenant.  Seriously?  You don't want to spend $20 to screen, but you are writing me for advice about the $6000 your tenant owes you?  Think about how ridicules this scenario sounds.

As I have published in other articles, I do not consider myself a landlord or tenant advocate.  I encourage landlords to run their businesses legally and in a way that minimizes their risk. I also expect tenants to pay their rent and take care of the property they are renting.

Please email me your questions and will try to help you.

Bill Gray

Bill@thelandlorddoctor.com

www.thelandlorddoctor.com

Mike Hogan

Associate Broker

RE/MAX Commonwealth

(804)503-0811

RVARealtor@live.com

____________________________________________________________________________________

0 commentsMike Hogan, MBA, EcoBroker • September 23 2009 07:38PM

A New Park for Historic Chimborazo

The Historic Church Hill community of Chimborazo got a great new addition today. The Friends of Chimborazo with help from Kaboom! and Home Depot, built a new racing themed playground, sixteen community garden plots, three compost bins, an arbor, a community bulletin board, blackboards and a kid's teepee.

 

Earlier this year the Friends of Chimborazo applied for and was awarded a grant to build the new playground from Kaboom!. Kaboom! is a nonprofit organization that partners with communities and funding partners to build playgrounds across the country. Home Depot was the funding partner for the Chimborazo playground.

 

Many thanks to the Home Depot employees, Nascar driver Joey Logano, and countless Church Hill residents and business for volunteering their time today.

 

 

Mike Hogan

Associate Broker

RE/MAX Commonwealth

(804)503-0811

RVARealtor@live.com

____________________________________________________________________________________

5 commentsMike Hogan, MBA, EcoBroker • September 10 2009 09:02PM

Richmond Area Pending Sales Increase 22% from a year ago

The Richmond Metro area saw a slight 3% decrease in month to month sales in August. This was expected as historically sales drop in August. We continued the positive year over year sales trend with a 21% increase in sales from last year at this time.

As expected, Days on Market increased to 82 days in August. Overall- the market in Richmond continues to look healthy. Even as we move into the historically slower time of year, we continue to see positive signs from the Richmond Metro market.

New Listings 2,236 in August, down  from 2,470 in July. This is a normal trend as we historically see a slight August decrease.

New Under Contract 1,056 in July, down 3% from 1,094 in July. The real positive is the 22% increase in year over year sales from the same time last year.

Closed Listings 816 in August, down from a revised 1,063 in July.

Total Available Listings 7,607 in August, down from 7,661 in July.

# of Months Supply of Houses 7.2 in August, relatively unchanged from 7.0 in June

Avg Days on Market- SFH 82 in August, up from 69 in July and down from 88 in January

Avg Days on Market-Condo 98 in August, up from  95 in July.

An interesting statistic this month is the Ratio of Sale Price for Single Family Homes to the List Price. The average sales price to list price ration in August was 94.43%. This statistic means that on average, the sales price of the home was 94.43% of the asking price. Now it's more important than ever to price your home correctly.

Mike Hogan

Associate Broker

RE/MAX Commonwealth

(804)503-0811

RVARealtor@live.com

____________________________________________________________________________________

2 commentsMike Hogan, MBA, EcoBroker • September 02 2009 08:45PM