Susan's Real Estate Guidebook

The Loneliest Open House

Many Realtors question the value of open houses. I look at it as something you just have to do sometimes.

When you just list a property, a broker open house let’s your colleagues know what is on the market. Not only do they now know the property, they can also help you by providing feedback on your staging or your price. You may have to ask for feedback or some folks just offer it (even when you don’t want it :-))

I do a broker open house when a new property is listed and when I reposition the property. Reposition is the fancy schmancy word for lowering the price. After the property has been on the market for a while, a broker open can be lonely. Especially if there aren’t other open houses in your area, you are the outlier. The downside is.. you have to tell your client that no one came or it was a low turnout. The upside is, I get to read the paper and check off items on my to do list. It’s quiet time. My glass is half full.

A public open house is the chance for potential buyers to view the house. There are a lot of ups and downs. Here are some of both:

The first is security. You are in a home with strangers walking in and out. I prefer to do open houses with at least two people. My husband usually joins me and uses the time to catch up on his emails or a crossword puzzle. How to stage a home for security during an open house is a whole other blog.
The second is weather. If it rains or is very cold, you won’t get the turn out you had hoped for. Again, use the time to your advantage.
On the upside, potential buyer feedback is important. You can stand on your head and spit nickels, but your buyer won’t believe that they are overpriced, or that the house is dated. But when the buyers repeatedly make that remark, boom, you have some good information.
Can you sell a house at a public open house? Will the buyer just walk in off the street? Well, the answer to that is a big maybe. So is the time spent of value? Maybe?

All in all, it is not my favorite thing to do on a weekend day but it is part of the job we signed up for. I would much rather be home in my sweats watching some old movie or playing mah jongg with my friends. We do what we have to do.

Some of my colleagues feel strongly for open houses and some are very anti-open houses, especially public open houses. What are your thoughts? Please let me know in the comments section below.

Either rent or sell.

This may seem a bit obsessive, but after putting in offers on homes for rent, and being turned down because, “They really want to sell,” I am about to burst.

Dear Real Estate Colleague.

I know that your client, who really wants to sell their home, has instructed you to put it up for rent as well as for sale. I know that nine times out of ten, they only want to sell, but you have to put it on the MLS for rent. Now I come along with folks that are here for a two to three year corporate rotation, and they want to rent the home. After days, if not weeks of waiting for a response, I am thanked for my interest, but they really want to house sell.

Do me a favor, let me know from the beginning if there is little to no chance of that house being rented. It takes so much time to make appointments, go see the home, prepare the paperwork, get my clients’ hopes up, to have them shot down. Just today I got turned down for two different homes, one in Greenwich, one in New Canaan, because they really want to sell. What was frustrating is that the owners took some time to make that decision, so we were kind of blowing in the wind for a bit.

I understand the premise, I do. Even if we have a back-up plan, more often than not, I have to take those folks back out to revisit homes we have seen or investigate new ones. Yes, this is the nature of our business. I should not be complaining, this is what I signed up for. But I am complaining anyway, because I have to bear the brunt of my clients complaining for 40% of a months rent (what happened to 50%??).

Throw me a bone, let me know at the outset that the plan is to sell, and may not be worth our time and effort to visit the home for rent. Of course, you may not know this and I get dogbone that. If you know in your heart of hearts that it will never be rented, just let me know.

Thank you.

Have you had a similar experience? Let me know.

Rentals, part two.

Last blog we chatted about renting an apartment where the leasing office is on premises. There are opportunities to rent directly from an owner, be it a condo, co-op, or home.

Most of what I wrote last week still stands, but here are some key tips to keep in mind when dealing with the owner.

1. When renting directly from an owner, you can negotiate the price -maybe. You have the opportunity to come in lower than asking. Of course, the owner can say no dice, but you should ask.

2. The landlord sets the security payment. In Connecticut, a landlord cannot collect more than two months security, and if you are over 62, it is one month.

3. Because the landlord may ask for two months security and one month’s rent, when you sign the lease, you will need three months rent.

4. Walk through the property and document every ding and scratch that exists prior to moving in. Take photos with your phone. Make sure all of the appliances, mechanicals,

Major scratch in floor — Major floor scratch

faucets, showers and toilets work. Take a peek under the sink while you are running water to make sure nothing leaks. You don’t want to be responsible for something that was wrong before you got there.

5. Read your lease thoroughly to understand what utilities and other services you will be paying for. If you are renting a house, who is responsible for the lawn and snow removal? Who pays what utilities? What, if anything, is included in rent? Again, the lease is a binding contract that is very hard to break, make sure you read it and it makes sense for you. You can ask for changes.

6. Okay, here is the bottom line on Craig’s List rentals. There are a lot of scams going on out there. If you are not working with a Realtor, go see the property. Meet the person at the property, make sure they have keys and bring a friend, or more than one. Check with the local town hall to make sure the person renting the property is the owner!!! I would recommend working with a Realtor and look into homes that are listed on the local Multi Listing Service.

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7. And we come back to our pets. Not everyone likes them, or they like certain kinds but not others. You know, they like dogs but not cats or birds. If in doubt, ask.

8. There will be a credit check. Landlords do this differently. If you are working with a Realtor, they will be able to run the check for you and provide it to the landlord. Some landlords like to run their own. Landlords may or may not allow the tenant to provide a credit check that they have run.

Of course, if you are considering renting, I can help you.

Any questions? Did I leave anything out? Let me know.

Everything you wanted to know about..renting an apartment.

Are you daunted by the prospect of renting an apartment? Not to worry, read on to get some tips that will help you through the process. I am addressing apartment buildings with leasing offices in this blog, not privately rented condos or homes. That is the subject of another blog.

I have worked with a number of folks that have rented apartments throughout Fairfield County. Here are some things you should know at the onset. (Some of the fees may vary depending on your location.)

1. Make an appointment with the leasing office. You don’t always need one, but if hoards of folks show up at the same time, the appointment should give you priority.

2. Always get a floor plan of the apartments of interest and ask the leasing professional to write on the floor plan – rent, security and all applicable fees – application fees, amenity fees, trash & water, and parking. Parking may vary with the number of cars you have and whether your parking is reserved, indoor or outdoor.

3. Security fees vary with your credit rating. There are numerouse scenarios. Some apartment buildings will charge up to one month’s rent if your credit is shaky. Some ask even more. If you are moving here from a foreign country, and you don’t have a US credit history, or even a social security number, ask what your security will be.

4. Ask if there is a move-in/move-out fee. Plus, ask if you need to reserve an elevator for move-in.

5. Pets. Not everyone loves pets. Most apartments that allow pets charge a one-time, non-refundable fee ($400-500). Plus there are monthly fees ($40-50 per month/per pet).

Buildings may restrict: the types of pets allowed, breeds, weight, and the number of pets. Most buildings I have come across allow two pets, if they are the right breeds and their combined weight doesn’t exceed 100 pounds. If you claim to have a service animal, make sure you have all the paperwork, otherwise forget about getting the fees waived.

6. Hours of operation. Make sure you know when you can use the common areas, gym, grills. Some people like to grill late in the evening, and that may not always be an option.

7. Landlords require liability insurance. This will protect your assets in case of theft, fire, or flood. Plus it will protect you in case someone gets hurt while in your apartment. The cost varies by amount and deductible. I hate to sound like a commercial, but talk to your auto insurer and you can probably bundle the insurance.

8. What utilities, if any are included in the rent??

9. Always ask for a special or if they have preferred employers. Many times you can get a month free or application fees waived if the stars align in your favor.

Lastly, a lease is a legal document. If you think you might want to move out before the end of the lease, check the terms. You may have to pay 1-2 months rent and you may need to give 60 days notice on top of that. Read your lease carefully and don’t be afraid to ask questions.

Of course, the first thing you can do is call me, and I will help you with your apartment search and the whole process of looking and reviewing the lease. Also, let me know if I left anything off the list. What else should renters be aware of?? Feel free to add elements in the comment section

Any questions about this blog or anything about real estate, drop me a line.

The Journey Begins

Thanks for joining me!

Good company in a journey makes the way seem shorter. — Izaak Walton

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