Every year, new scandals rock the news. The worst of them can even represent an era, others can even come to define the building where they took place. Here are just a few of those. (more…)
Entries from August 2009
5 Places Where Famous Scandals Occurred
August 28, 2009 · Leave a Comment
Categories: food for thought
Affordably Spruce Up Your Property to Attract New Renters
August 25, 2009 · Leave a Comment
Whether you have a newly vacated property or a property that you are having trouble getting tenants into, these tips can help you update your rental property with spending a fortune.
Paint, paint and more paint!
It is absolutely amazing what a couple coats of fresh paint can do for a home. Modernize the kitchen by painting the cabinets a fresh white and adding new hardware. Update the entire house by painting the trim, doors, and walls in neutral colors. Add some curb appeal by painting the front door with a pop of red or blue. Remember to stay relatively neutral in your color choices: shades of white, grey, brown and tan are typically best. You want tenants to be able to picture themselves making a home in your rental and nothing can turn someone off quicker than an offensive (to them) color.
New flooring
Replacing the flooring in your rental can be costly, but it might not have to be. Many older homes may have beautiful hardwood floors beneath that dingy, old carpet that would just need a bit of refinishing to add tremendous value to the property. Even a quick carpet cleaning can make a room look new again. Also there are many new products on the market that are cost effective upgrades such as vinyl peel-and-stick tiles for a bathroom or kitchen or carpet squares which can be relatively cheap and are a snap for maintenance: just pop up the damaged square and put in a new one!
Enhance a unique feature of the property
Nothing is better than having some awesome feature or focal point to your home. One thing that could help push a renter to commit to your property is a having a feature that they would love to come home to. This can be anything from an amazing fireplace to a spa tub in the master bath to a unique patio space to a great view. While it may not always be feasible or affordable to add a new feature to your property, learn to work with what you already have. Play up a stone fireplace by choosing a complimentary accent color for the wall behind it and possibly getting the stone professionally cleaned. Add some new tile around the tub to make it seem more luxurious. Spruce up an existing patio by pressure washing the stone or concrete or adding some simple landscaping. Even consider adding a large window to better showcase a great view.
Think outside the box. Consider what you love about your home and try to bring a small piece of that to your rental properties. It might just be that little edge you need to get your property rented.
Categories: property management
Paris Hilton’s New Dog House
August 5, 2009 · Leave a Comment
Even celebrities are taking advantage of the real estate deals these days, though some less frugally than others.
Paris Hilton has recently built a 300 square foot $325,000 house… for her dogs.
I’ll just give you a moment to let that sink in.
The two story building has heating, A/C, a black crystal chandelier, a balcony, and a nicely manicured lawn. Hilton designed it with the help of her interior decorator Faye Resnick.
Remind me again that we’re still knee deep in a recession and people are losing their jobs to cut-backs and homes to foreclosure.
Okay, right, thanks– we’re still there, it’s not just me.
While it shouldn’t surprise me that someone of Paris Hilton’s caliber is dropping over $300K on a doghouse and making headlines for it…it somehow still does.
Celebrity pet houses are nothing new, with websites like Beyond the Crate offering scale sized models of rich pet owners’ homes or classic buildings for somewhere in the $5,000-$30,000 range, but Hilton’s doggy palace certainly seems to top them all.
So, while other celebrities are dusting off dresses in their closets and selling their third or fourth homes in exotic locales, we have further proof that we can always count on Paris to buck trends and go for the tackiest option available. Hey, at least we can look forward to her newest BFF having to live out there in the inevitable next season of her show, right?
Categories: Uncategorized
Tagged: celebrity houses, seriously?
Are Lenders the New Property Managers?
August 3, 2009 · Leave a Comment
It was only a matter of time before banks wised up to a solution for all of the houses they were reclaiming due to foreclosure. Really, it’s quite obvious once you think about it. Lenders have started creating their own property management companies in order to rent out homes they have foreclosed on until the market improves.
An article in the Copenhagen Post Online mentions four or five banks in Denmark that have already started management companies or intend to in the near future. Their reasoning? They don’t want to lose more money selling the properties they’ve regained in a failing market, nor do they want to put run down houses up for sale.
Is this the direction that American banks should be going as well? Hanging on to foreclosed properties and utilizing them as rentals instead of flooding the market with properties offered at bargain prices?
If this trend did pick up in the U.S., it could potentially mean a huge boost for the property management industry. Property management agents across the country would have the opportunity to capitalize if banks decide to create property management divisions in their companies.
Even better, if you are a property manager, why not be proactive and present a management package to local banks in your area? At the very least, you’ll get them started thinking about the opportunities holding on to properties can provide, as well as marketing yourself as the best manager for the job.
Categories: property management
Tagged: foreclosure, lenders, rent
