Renters and Landlords CYA
My friend Jack Meeks in Orlando, Florida, who bought back his Real Estate Professionals of America brokerage in 2007, has now re-opened his property management division. And the timing couldn’t be better.
In fact, renting out homes appears to be the mindset of more and more investors and homeowners who are paying a mortgage for a property they do not inhabit. Indeed, homes for rent are up more than 30 percent in Orlando. And with supply comes demand. Thais Soler, president of the Orlando chapter of the National Association of Property Managers, says she hasn’t seen a rental market like this in a while.
She told me the current economic climate has brought out more renters who either are being stalled from buying a home due to the credit crunch, or have foreclosed and need a place to live.
Meeks, who has been an Orlando-area real estate broker since 1988, says the rise in rentals and tenants has ushered in new issues under the current economy. He says tenants need to be screened with even more scrutiny, and tenants need to be assured the homeowner is not facing foreclosure, so they don’t face a surprise eviction.
Today, more than ever, neither party can afford to be left high and dry. People can skip out without paying. Worse yet, they can destroy the property before slinking out in the night. Or the renter can find themselves on the street because of an unscrupulous landlord who knew all along the home would be taken over by the bank. The last thing we need is more families with no place to live.
Kevin Fritz, Fritz Communications