Forget the old saw that all real estate is local. What's pummeling housing prices in your nabe is the same thing that's hurting them around the country: the credit crisis.
You know the drill - banks' troubles have made it harder for many home buyers to get mortgages, and those who do qualify have to pay more. A borrower with good credit and a 20% down payment recently got charged an interest rate of 6.7%, on average.
It's true that this rate is not historically high (rates often surpassed 9% in the early 1990s). But it's more than the 6.2% that the same borrower would have paid at the beginning of 2008.
The fact that mortgage rates have remained stubbornly elevated despite the government takeover of Fannie Mae and Freddie Mac leads some experts to believe that those rates are not headed down anytime soon.
Then look at the fact that 18.6 million homes in this country are now sitting vacant, more than at any other time since the Census Bureau began tracking that figure in the 1960s. And that 2.8% of U.S. mortgage loans are now at least three months in arrears, up from 1.4% a year ago. That rate is projected to peak in early 2009.
But if a recession lasts for three-quarters of the year, as some economists are predicting, the number of foreclosures could remain high longer. Add it all up and you have another lousy year for real estate.
Home prices are down 20% nationwide since their peak in July 2006, according to the S&P/Case-Shiller home price index. Economist's expects another 20% decline in home prices next year.
The damage will likely hit even areas that have so far escaped many problems, such as New York City. It looks like we won't see the market turning until late 2009.
Showing posts with label property management. Show all posts
Showing posts with label property management. Show all posts
Monday, November 10, 2008
Monday, October 6, 2008
Give Renters What They Want Most at Home: Safety & Security
The people have spoken. The top two features people look for in housing are security and fire safety, says a study by the Bethesda-based Society for Fire Protection.
The study says 43% of those polled answered with one of those two categories as the most important. With such overwhelming numbers behind security and fire safety, landlords should pay close attention. Chris Jelenewicz, an engineering program manager with SFPE, says landlords can, and often should, make simple changes that will have a high impact on both security and fire safety.
“When security and fire protection aren’t coordinated, it can lead to devastating affects,” Jelenewicz says. “It can be an issue at any property, really.”
Among the simplest improvements a landlord can make is ensuring all exits to a building are clear of obstructions/ blockages of any kind. This can include plants, stored equipment, etc.
Jelenewicz says it is shocking how many buildings, especially high-rise buildings with auxiliary staircases, use areas such as back staircases to store boxes and random items occasionally needed on site.
Another somewhat easy fix it is arming auxiliary doors with alarms, so they can not be accessed to enter the building and only will be used as exits in emergencies. A similar renovation would be installing technology that forces a 10-second delay before a door will open in a low-traffic part of a building. Jelenewicz calls the measure a key new crime deterrent.
“If someone stealing a TV or a laptop in that situation, they’ll likely drop it and leave [through a more accessible/ more public exit], says Jelenewicz.
If the landlord is involved in building or overhaul of a rental property, it would behoove him/her to consult a fireprevention engineer during the design phase to make sure new safety issues aren’t being created, says Jelenewicz. Remember, spending money up-front could save a lot more money down the road.
The study says 43% of those polled answered with one of those two categories as the most important. With such overwhelming numbers behind security and fire safety, landlords should pay close attention. Chris Jelenewicz, an engineering program manager with SFPE, says landlords can, and often should, make simple changes that will have a high impact on both security and fire safety.
“When security and fire protection aren’t coordinated, it can lead to devastating affects,” Jelenewicz says. “It can be an issue at any property, really.”
Among the simplest improvements a landlord can make is ensuring all exits to a building are clear of obstructions/ blockages of any kind. This can include plants, stored equipment, etc.
Jelenewicz says it is shocking how many buildings, especially high-rise buildings with auxiliary staircases, use areas such as back staircases to store boxes and random items occasionally needed on site.
Another somewhat easy fix it is arming auxiliary doors with alarms, so they can not be accessed to enter the building and only will be used as exits in emergencies. A similar renovation would be installing technology that forces a 10-second delay before a door will open in a low-traffic part of a building. Jelenewicz calls the measure a key new crime deterrent.
“If someone stealing a TV or a laptop in that situation, they’ll likely drop it and leave [through a more accessible/ more public exit], says Jelenewicz.
If the landlord is involved in building or overhaul of a rental property, it would behoove him/her to consult a fireprevention engineer during the design phase to make sure new safety issues aren’t being created, says Jelenewicz. Remember, spending money up-front could save a lot more money down the road.
Resident Feedback - Turning Negatives Into Positives
No matter how expansive a company’s efforts toward improving resident experience may be, resident feedback is the most efficient means of evaluating a community’s overall viability.
Resident feedback is essential to maintaining a viable apartment community. Whether it’s a four-unit apartment building or a 25,000-unit, nationwide portfolio, properly addressing resident concerns should play an integral role in any property manager’s strategic plan.
Unfortunately, while resident feedback is undoubtedly a valuable tool, the vast majority of it is negative because a satisfied resident is typically a quiet resident. The true challenge exists in communicating openly with these residents, addressing their issues and continuously searching for ways to improve the resident experience through information gathering.
Keeping it Personal
While access to new technologies and up-to-date research materials has significantly bolstered property managers’ communication capabilities, the most effective means of resident communication remains one-on-one dialogue.
Despite the expansive size of the community and the potentially high number of resident concerns, taking the time to listen and respond to residents’ issues through interpersonal communication will foster goodwill among the resident population and increase residents’ confidence in their property management firm.
Resident feedback is essential to maintaining a viable apartment community. Whether it’s a four-unit apartment building or a 25,000-unit, nationwide portfolio, properly addressing resident concerns should play an integral role in any property manager’s strategic plan.
Unfortunately, while resident feedback is undoubtedly a valuable tool, the vast majority of it is negative because a satisfied resident is typically a quiet resident. The true challenge exists in communicating openly with these residents, addressing their issues and continuously searching for ways to improve the resident experience through information gathering.
Keeping it Personal
While access to new technologies and up-to-date research materials has significantly bolstered property managers’ communication capabilities, the most effective means of resident communication remains one-on-one dialogue.
Despite the expansive size of the community and the potentially high number of resident concerns, taking the time to listen and respond to residents’ issues through interpersonal communication will foster goodwill among the resident population and increase residents’ confidence in their property management firm.
Thursday, October 2, 2008
Introduction To Absolute Property Management
Our company's mission is to provide the highest quality, cost effective management services your homeowners or condominium association deserves. If you have a new community, we can set you up with everything you will need, without any headaches. We also specialize in assisting condominium and homeowners associations which may be in financial or other difficulty as the result of poor service from a prior management company. That is, in fact, how Absolute Property Management came to exist.
There are many qualities that are important to a company's success. At Absolute Property Management, Inc. we believe the most important is the guiding philosophy that forms the character of our organization. Absolute Property Management Inc. has a written philosophy that guides our organization and our business relationships. Every person in the Absolute Property Management, Inc. organization knows our philosophy and is accountable for insuring that these standards are consistently maintained. We also encourage all of our business partners to hold us accountable for maintaining these standards by informing us if we ever fail to meet these commitments.
HONESTY
Honesty is the foundation for all activities of the Company.
Absolute Property Management, Inc. personnel will be honest and ethical in all of their activities.
Absolute Property Management, Inc. personnel will not lie or distort the truth regardless of the consequences.
Honest mistakes will happen. We will acknowledge a mistake and correct it to the extent possible.
RESPECT
We will show respect for each and every person with whom we come in contact while performing our duties.
CUSTOMER SERVICE
Our commitment is to provide outstanding service to our customers.
We will promptly and courteously respond to all phone calls or other inquiries.
We will meet our commitments and follow through on all of our responsibilities.
We will continually update our knowledge and professional training to maintain the skills necessary for the highest level of service to our clients.
TEAMWORK
We will support and help one another.
ATTITUDE
We will be courteous and friendly at all times.
We will strive to have fun and enjoy our work.The owner and founder of our company was deeply frustrated by the treatment they received as a board member dealing with their association’s management company. They never answered the phone, they let the grounds and facilities deteriorate, they were frivolous with funds, major projects (i.e. hurricane repairs) never got completed, etc.
There are many qualities that are important to a company's success. At Absolute Property Management, Inc. we believe the most important is the guiding philosophy that forms the character of our organization. Absolute Property Management Inc. has a written philosophy that guides our organization and our business relationships. Every person in the Absolute Property Management, Inc. organization knows our philosophy and is accountable for insuring that these standards are consistently maintained. We also encourage all of our business partners to hold us accountable for maintaining these standards by informing us if we ever fail to meet these commitments.
HONESTY
Honesty is the foundation for all activities of the Company.
Absolute Property Management, Inc. personnel will be honest and ethical in all of their activities.
Absolute Property Management, Inc. personnel will not lie or distort the truth regardless of the consequences.
Honest mistakes will happen. We will acknowledge a mistake and correct it to the extent possible.
RESPECT
We will show respect for each and every person with whom we come in contact while performing our duties.
CUSTOMER SERVICE
Our commitment is to provide outstanding service to our customers.
We will promptly and courteously respond to all phone calls or other inquiries.
We will meet our commitments and follow through on all of our responsibilities.
We will continually update our knowledge and professional training to maintain the skills necessary for the highest level of service to our clients.
TEAMWORK
We will support and help one another.
ATTITUDE
We will be courteous and friendly at all times.
We will strive to have fun and enjoy our work.The owner and founder of our company was deeply frustrated by the treatment they received as a board member dealing with their association’s management company. They never answered the phone, they let the grounds and facilities deteriorate, they were frivolous with funds, major projects (i.e. hurricane repairs) never got completed, etc.
541 S. State Rd. 7 #12 • Margate, FL 33068
Phone 954.984.8200 Fax 954.984.4211
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