Connecting You To Better Living®
There’s no doubt that the residential housing market is a bit stuck across the country due to low supply and unfavorable interest rates. According to the National Association of Realtors (NAR), there were roughly 15,000 CT homes on the market in January of 2019. This January, that number was a paltry 3,600!!!
As of 2023, 66% of American homes have a pet and 78% acquired a new pet during the pandemic. With over 65 million households owning a dog, and millennials being the largest pet owning age group, it’s inevitable that successful landlords are going to need a plan and may need to be more flexible than they have been in the past if they want to maximize rental property returns.
Jesse Mayo is the owner and operator of Nexus Property Management’s Worcester, Massachusetts franchise office. He opened his doors in 2020, during the Covid pandemic, and due to early success recently bought and moved into a new mixed-use building on the corner of West Boylston and Mountain Road up in Greendale.
Nexus Property Management® offers franchise opportunities from coast to coast and has four offices right here in New England.
Those property owners who take advantage of professional property management overwhelmingly applaud and support this model for real estate investment.
One major goal everyone should have as property owners is to create hassle-free tenant experiences. If you’re providing the value you promised, tenants aren’t upset and that means there’s limited conflict and you can rest easy. The worst-case scenario is that there’s some issue that you just can’t fix, something that lingers, that just won’t go away and let your tenants forget that you exist.
Basement apartments come in all shapes and sizes and quite often basements can be fully furnished and renovated into great places to live and rent…but that is not always the case. In Arizona, where most of the properties we manage are relatively new, many having been built in the last 40 years with the oldest dating back to just the 1950’s, basement tenancy may be more appropriate.
As a general rule of thumb, you get what you reward for. As billionaire investor Charlie Munger puts it, “if you want ants to come, you put sugar on the floor”. So the idea of giving money to an uncooperative tenant to get them to vacate your property seemingly rewards their recalcitrance.
Real estate investment differs from other types of investment because you, the property owner, can have a greater impact on how your asset performs. If you put money into crypto, you just have to sit there and wait to see what happens. If you put your money into a favorite stock, say Amazon, you’re ordering a bunch of boxes to be shipped to your home the next day is not going to move that price. You are powerless once you’ve decided where to put your money. But real estate is different.
Drawing up a professional lease that will cover as many likely situations you and your tenant will face is just one of the many advantages of working with a property manager. Nexus Property Management® also offers a free tool to help you create your own lease if you prefer to go it alone. The fact of the matter is that you need to ensure that this initial contract is without errors or gaps.
Nexus Property Management
National Franchise Headquarters
49 North Union St
Pawtucket RI 02860
