Tag: Fort Myers

Never Forget, Freedom is not Free

Please, Remember all of those who have, are or will serve to protect your Freedom..

 

Memorial Day

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Motivational Monday – February 15, 2016

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3 R’s of Property Management

Just like being successful in school, you needed the 3 R’s of Reading, ‘Riting, and ‘Rithmetic, you need the 3 R’s of Property Management for success in a Buy and Hold Investment Strategy.

Renting – The obvious reason for holding property is for cash flow.  It is imperative the property does not sit empty.  An established Property Management team makes this happen.  For example, my company, Real Estate Services of SWFL, LLC currently manages 62 properties and we have 100% occupancy.  Our cleaning, maintenance and leasing teams all work together to get the rental ready and place a tenant as soon as possible.

Retaining – A rental costs money every time a property is empty.  There is nothing worse than going to collect a late rent payment and finding the property abandoned.  My team drives by the property at least twice a month to actually see the property from the outside.  The owners receive verification that the property is occupied and being maintained.  Once a quarter there is an internal inspection or more if problems were spotted on the drive.

Renew –  It costs money to advertise and get the right tenants in place.  A much better plan is to offer the tenants customer service on rent collections and maintenance.  Our team would rather renew a lease than needing to do a cleanup, possible painting, advertising, interviewing prospective tenants and then writing a new lease.  It is so muchworking together 2 easier to renew a lease with the current tenant.  Also, keeping a good tenant is much more valuable than needing to find a prospect who is a stranger.

A well planned and managed property management business is a win-win-win situation.  Tenants are kept happy, property management is easier to maintain and best of all, the Owner/Investor has positive cash flow!

Mike Cathell,
Broker/Owner, Investment Property Consultant
Real Estate Services of SWFL, LLC

Cell:  (239) 770-6250   Fax:  (239) 288-2505
Email:  InvestSWFL@gmail.com

Motivational Monday – December 14, 2015

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For House Buyers in a Seller’s Market

A quick definition of a Seller’s Market is when many Buyers are competing for a small inventory of houses.  We are currently experiencing this trend in SW Florida. The inventory has dropped significantly the past few months and new Home Buyers are migrating to Florida in record numbers.  What does this mean for current Buyers?

With a low inventory, the Buyer needs to be less selective on the features that are needed, wanted or would like to unnamedhave.  In the past I had Buyers list all the features they wanted in their Dream Home.  Then we would edit the list crossing off things that were not necessary in the decision, items that were negotiable and items the Buyer could not live without.  This list has never been more important than in a Seller’s Market.

Every Buyer needs to realize, there is lots of competition on each house.  To get the offer to contract a Buyer needs to be aggressive, have everything in order and be realistic.

First thing first.  Get your financing in place.  Sending an offer with a Bank Loan approval letter is far stronger than the Buyer who will apply after the contract is accepted.  Cash offers will always take precedence over financing, but taking this step first shows the Seller you are a serious Buyer.

If you are planning to put in “Low Ball” offers, you are wasting everyone’s time.  If the property is priced correctly, the Seller should get multiple offers very quickly.  I have had clients in shock when they lose an offer at List price.   Price is dictated by Demand.  More Buyers than Sellers + Low Inventory  =  Demand.  It is not unusual to see houses selling for higher than list price in a Seller’s Market.

Compromise in inevitable.  The chances of finding a home with all your wants and needs is very slim.  As I mentioned earlier, take your list and decide what you are willing to give up.  With fewer choices, the house with all your wants may not even be in the current sales inventory.

A Seller’s Market is not for every Home Buyer.  Buyers need to weigh the importance of buying now or waiting.  The Buyer needs to be aggressive and realistic with offers.  Most important, work with a knowledgeable Realtor.

Mike Cathell,
Broker/Owner, Investment Property Consultant
Real Estate Services of SWFL, LLC

Cell:  (239) 770-6250   Fax:  (239) 288-2505
Email:  InvestSWFL@gmail.com

 

Real Estate Services of SWFL, LLC

 

 

 

 

Why Move to Florida?

Florida in November

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Florida in December

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Florida in January

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Florida in February

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Northern States Same Time Frame

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Need to say more?  Call our Relocation Team NOW!

Mike Cathell,
Broker/Owner, Investment Property Consultant
Real Estate Services of SWFL, LLC

Cell:  (239) 770-6250   Fax:  (239) 288-2505
Email:  InvestSWFL@gmail.com

Residential Real Estate Trends – mid year update.

About half way throught the year I like to update the trends I see happening in the Fort Myers/Cape Coral, Florida and the surrounding areas.

  1.  House prices continue to rise in many markets.  In Lee County, the average prices are up 16.8% as in the sameReview promotes growth time frame last year.  Prices locally have dropped 3.6 % in the last 30 days.  Historically there is a small price drop just before back to school.  Prices will start climbing again in October as seasonal visitors start their trek for the Holidays.
  2. With prices rising, new construction is back on the rise and more home owners are putting their house on the market.  Investors have backed off their activity and we are now in a “Sellers’ Market”.  Home Buyers, especially retirees or Baby Boomers, are looking for move-in ready houses rather than inheriting the problems that may come with a re-sale.
  3. Interest rates have climbed a small amount but still remains very favorable for home buyers.  This may change in the near future which makes the urgency to buy now very important.    Also, Mortgage companies and Banks have loosened the very rigid standards that were in place after the market fell in 2005 to 2006.
  4. Foreclosure numbers have dropped extensively.  They no longer a significant number in the available housing inventory.  Again, in a Sellers’ Market, REO’s (Bank Owned) are priced to be competitive, no longer the bargain they were from 2008 to 2010.

In summary, if you purchased your house over 15 years ago or bought an REO at a bargain price, NOW is the time to put your house out there.  Prices will continue to rise slowly but not as high as they were in the early 2000’s.  Don’t join another round of “Coulda, Shoulda, Woulda” Home Owners.

If interested in Selling your home in SW Florida, contact our office to see our 21 part marketing plan.  Check out “Do you want to List your Home or Do You Want to Sell IT?”.

 

Mike Cathell,
Broker/Owner, Investment Property Consultant
Real Estate Services of SWFL, LLC

Cell:  (239) 770-6250   Fax:  (239) 288-2505
Email:  InvestSWFL@gmail.com