All Forum Posts by: Patricia Steiner

As a Broker and Investor, I do not recommend replacing a roof for the sake of replacing a roof or for cosmetic reasons.  The purpose for being an investor is to build and preserve wealth - and over-improving is a ROI killer. I have known investors who have painted shingle roofs (a special paint is used) and the results were very good - even extending the life of the shingles. Guess who is against doing this? Roofers. Fix what needs repair/replacement and leave what you could do-but don't need to do alone.  It won't increase your return or valuation. 

Hope this helps.

As both a Broker and Investor, it's a move that is far overdue. The entire fee structure involved in real estate transactions is vulgar with lenders, title, realtors and more having their hands deep into the pockets of both buyers and sellers. NAR's claims that to accept this ruling will put buyers in harm's way as they will more than likely go unrepresented in transactions is far from the greatest threat to the public. My experience has been that many buyers and sellers are currently being represented by realtors who are social media experts but know little to nothing about real estate. And, it's NAR as well as the local realtor associations who place the emphasis on self-promotion and lead generation - rather than actually acquiring the knowledge of dirt. The last transaction I did for a client who was selling a highly profitable MF property was constantly in chaos simply because the buyer's realtor (as well the buyer - who was a new investor) didn't have a clue; the realtor had no concept of a commercial sale, couldn't even prepare the contract, yet was all about her commission paid by my Seller. Please know that there are great realtors who do tremendous work for clients and truly know the business. Investors need to get smarter on selecting their representation; if your realtor is 'the rock star,' you've got the wrong person...the rock star should be you.

As to why there have been so few replies, please know that news outlets have been proactively soliciting response from realtors. And, this isn't breaking news...it's been expected.  There was an earlier settlement by another realty mega-firm.  

Again, there are great realtors who EARN their commission regardless of who pays it. It is not uncommon in commercial transactions - that NAR does not control - for each side to pay its own realtor and those transactions are more seamless and cooperative. And, one look into the BP Realtor Forum will show that realtors have long been frustrated by the 'challenged' in the industry and its practices.

Change is good...favor please: this is my opinion only; not looking to engage in a debate over it.  Please feel free to exclude me from contributing posts.  Best.

The lease isn't valid until both parties have signed.  As such, you can continue to market the property in search of an acceptable tenant.  I recommend that you let the current prospect know that you will not be moving forward in executing the lease and that you wish them well in their search.  It may save you from being bashed online whether warranted or not...and it's just the right thing to do.

Hope this helps...

The voucher rules.  Affordability is determined and confirmed by the caseworker - not the landlord - and the voucher is issued from it.  When you get the Voucher, it is confirmation to the Landlord that the tenant has been qualified for the voucher amount. 

The rent can be deemed to be less than the max voucher amount based on the condition and amenities of the property determined by a Housing Inspector. If that's the case, then you can negotiate the rent price...but that has nothing to do with the affordability of the tenant.  

Two things we look at...there is a utility worksheet per occupant of the property so we can determine what that cost will be and deduct it from that rent price amount. It's part of the HUD paperwork and is posted with other landlord documents. But the issue for us is with the maximum rent amount as that is determined by the Housing Authorities based on the property itself. I have challenged the housing directors over the price before and they have accommodated the max amount less the utility allowance. (How to do this: introduce yourself to the Housing Director (not the caseworker) - and verbally provide evidence of their rent price being below market rent. Most landlords don't know that the housing directors can override the assigned rent price. It's worth doing - they need the housing and I always remind them about the increased cost of taxes/insurance).

We (frustratingly) deal with multiple agencies - as you do - and have chosen to not be certified (do business) with those that prove to be 'unappreciative' of the landlords' investment in providing quality housing to their clients.  Best I not name names...you can probably guess this one.  

Hope this helps...get that utility worksheet - it's a greater expense than I had anticipated.

We have a housing crisis here.  Demand simply does not come near the available supply.  Rents are increasing 18% to 21% year-over-year. We need inventory desperately.  No shortage of tenants.  UGH!

The best source for answering your question is the market.  What is the demand for 3 bedroom - versus 4 bedroom properties in that specific market?  What is the rent price difference between 3 and 4 bedrooms and which has the greater demand). And, then consider how many people you want living in it - especially with 1 bath.  In most of the markets (if not all) that I do business in, a 3-bedroom house is preferred with 2 baths being the expectation.  You may find that adding a bath maybe the better investment.

Hope this helps...

Unfortunately, 'no shows' are common everywhere - restaurants, airlines, weddings/parties, and yes, real estate.  As a result, I have advised prospective attendees that they will need to confirm their attendance two hours before the appointment in order for it to be honored.  It has vastly changed the outcome.  Tire Kickers tend to opt out right then and there while the Real Deals appreciate that the showings are not open to the 'general public' - but are exclusive to those who are confirmed.

I recommend against offering incentives to attend...is there something about your property that requires you pay people to show up?  If someone can't keep their word in keeping a reservation they initiated, can you trust them to abide by the lease?  Make your showings feel more exclusive so that prospective tenants perceive your property as something worth experiencing firsthand.  

Just one opinion/experience...

We will not show a property to a Section 8 prospect without first receiving (in our state) the front cover of the voucher - which shows their name, payment eligibility from a specific Housing agency by zip code, and rent price allowance.  It's the 'no ticky, no laundry' requirement. If they're not qualified for the rent price, nothing good comes from showing them the property.  There have been times when a propect has refused to send their voucher citing fraud warnings from Housing. We simply advise them to verify that the landlord is certified with the agency and then submit the voucher for a showing.  

Hope this helps...

The PM is wrong - and has demonstrated a lack of knowledge and compliance with Florida Law.  I recommend that you have a check overnighted to the tenant to correct the stop or have the stop removed if possible to avoid the legal ramifications which will surely follow.  I also recommend that you know exactly what is being disputed; cleaning fees are an often-disputed assessment and under Florida Law cannot be imposed unless the cleaning required was excessive.  More importantly, you need to change your PM.  Security Deposit processing is pretty cut and dry in our state; if they don't get this, it's doubtful they know and abide by the other Landlord/Tenant Laws.

Here's an overview of the process - that was readily available online and in plain language:

https://www.amgrents.com/Kissimmee_Property_Management_Blog/...

Hiring a PM does not excuse the landlord from knowing and complying with the applicable state laws. I hope you'll step in and correct the error immediately; be sure to document what you did after/when learning of the PM's actions. You'll need that.