Today I just got back from looking at apartment and townhome rentals in DeKalb, IL. A friend of mine is attending Grad School there and was looking at 2 and 3 bedroom places. The reason I am writing this is to say that from what I have seen I am disgusted at the property management companies and landlords. The properties were absolutely filthy on the inside and the outside had roofs that looked as if they hadn't been replaced in 50 years.
Being a landlord and property manager albeit my company is strictly commercial (retail and office space currently) when a tenant has an issue we respond immediately with a solution and as well we value our properties and keep them in immaculate shape. Appearance is EVERTHING and really leaves a lasting impression upon potential renters as well as the community as a whole.
If you are a property manager or Landlord keeps your properties manicured and cleaned as if you yourself lived in then.
@Patrick Yungck - It is a shame how some folks run their properties... good wake up call!
I almost went there for University.
But you see that often in the University areas.
Not saying it's acceptable, but it's something I have seen around the different University's in Illinois.
@Joshua Dorkin it really is a shame. I view real estate as more than just brick and mortar. To see others destroy as if you will "art" really is upsetting. But on the positive note one day these properties will be available at great prices for investors like us to come in and give it a new lease on life!
It's just part of the business. Not saying the good part. There is often a story behind the mess. Family inherited the property and don't want it. Owner is older and has stopped caring. Owner is a slum lord. Owner has ran into tough financial times and can't keep up the place or they overpaid for the property and do not have enough funds coming in with the tenants to make the repairs and the mortgage.
Lot's of colors of the rainbow and nothing surprises me anymore as an investor myself or in my commercial broker capacity.
the thing I have noticed. The "cheap" houses tend tI not be as well taken care of ! There is. A reason why the rent is below market
As I recall way back in my graduate rental days (in Southern Illinois) most rental properties to students were a wreck because 1. they were cheap housing to poor students and 2. students did their best to help wreck them.
I remember a fellow I barely knew (proudly) commenting that he and his roommates final "goodbye" before exiting their furnished apartment was to drink a six pack of beer and then urinate on the mattresses and couch and easy chair. The parents of these jackasses ended up paying for all this damage.
A few of the landlords over on another landlord forum manage student properties in another state and have recently posted interesting pictures of what these places look like during recent spring move outs.
I like the fact that some of my competitors have dumpy houses. When prospective tenants walk into one of mine, they usually say how nice it is. I like to ask if they've seen some dumps. They start telling me about filth, rodents, condoms, etc. We chuckle and then they rent my nice house.
I try my best to keep my property looking nice, inside & out & insist that tenants do the same. Years ago, I used to live in trashy student/low-end rentals, myself & I assure you: if the landlord doesn't care about the place, the tenants won't, either. I think it's great that other landlords let their places go - it makes mine look like a palace!
Originally posted by @Kathleen Leary :
if the landlord doesn't care about the place, the tenants won't, either.
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