Archive for the 'brooklyn landlords' Category
There’s always a rotten apple…
August 1st, 2008
… in a barrel. Be it a barrel of real estate agents, a barrel of landlords, or a barrel of tenants-to-be.
It would be a big fat lie, or at least a willful misrepresentation, to say that all of us (agents/brokers) are great.
Some of us are still in the training stage, on our way to a fully rewarding professional destiny… and have no clue what we’re doing.
Some of us unwillingly disregard our manager’s warnings for the day.
Some of us fail to get fully familiar with all the particulars of listings—or we may forget to pass crucially (or seemingly crucially) important information on to our clients.
By virtue of being human ourselves, there are days when we get up and start the day off by hating it. There are days when our boyfriends tell us they’d like to start seeing other people. There are days when our beloved pets die of cancer. There are days when our mothers manage to convince us to visit the family friends we never liked. There are days when the lunar cycles are just simply off.
But most of those days are rare.
And most of our work days are great, because we work in a great firm. We joke around, we tease each other, we share details about listings, we share our professional and private stories.
And most of the clients we encounter on a daily basis are great people, in need of a good, honest, professional service. And the “most” in the previous sentence can be hypothetically quantified at 99.9%
But there’s always that .01%
What a small number, and what a big pain!
We all surely agree that reality warrants a dutiful blog entry whenever identified. So, from now on, we promise to bring you a monthly “Rotten Apple of The Month” column… We will faithfully record events and situations, take a vote on the one deserving of a blog mention, and present the “rottenest” entry to our blog readers.
This month’s rottenest client will remain a secret, because we’re still trying to get one of our agents off the ledge of mental distraction.
Cheers.
Divorced… or about to get single again? Now what? What do you do with your rental apartment?
June 20th, 2008
On June 14th, Brooklyn Paper cited Kings County Supreme Court sources and declared Brooklyn the city’s “Splitsville” central. The borough’s divorces are up 30% in four years—and the “sad trend” was graphically illustrated through an appropriately colored, blue chart.
It’s not too big of a secret that divorce and real estate often mingle in not-so-pleasant ways: disposition of a formerly happy family home often causes a host of problems in a divorce proceeding and divorcees’ life-to-come.
When it comes to marriages, real property is typically an emotional possession; but from the practical point of view, it is extremely difficult to divide between formerly emotionally engaged parties. Real property is not easily converted to liquid funds; it is expensive to maintain, and implies tax liability. Rental apartments, on the other hand, are not as emotionally imposing on either party, and could be fairly easily replaced with a smaller, more appropriate unit in case of urgent need.
From a point of view of real estate professionals, we get typically involved in rentals to divorcees with the acute awareness of the utmost of urgency and tightest of deadlines. Divorced people need to rent immediately, and tend to be less demanding in terms of amenities—what they traditionally require is speed, and immediacy of attention.
For the sake of brevity, we will only address situations involving rental properties; broken relationships are hard enough—can you imagine when a mortgage is involved? Ouch.
First, what to do when one person must go, and the other decides to stay? If the lease cites both yours, and your ex (or ex-to-be) spouse’s names—have it redone. Most landlords will want to have only the remaining spouse’s name on the lease. Most landlords will also be understanding of the situation and would want to make sure to make the process relatively painless.
Whichever party stays in a rental apartment—covering the rent can become an issue, and so what are they to do…
…but get a roommate! Picking up a stranger or a friend to split the cost of a rental apartment in the heated Brooklyn rental environment is the most logical course of action; as agents, we find this to be the most frequent path taken. Living with a loved one—and usually a combined income—normally allows one to live in a preferred neighborhood in a decent size apartment. When love goes to hell in a hand basket, however, suddenly affording the same type of domicile can become tricky without the help of a second party. Picking up a roommate can boost your budget from, say $1,300/month, to $2,600/month, thus allowing one to stay in their neighborhood of preference, close to friends and favorite hot spots. I, personally, have been with my roommates for quite some time at three different abodes, but all have been in the area we love precisely because of the point mentioned above. It’s much, much easier to get a two- or three- bedroom place for a $1,000 each than it is to find a one-bed (or a studio even!) for $1,000 by yourself.
Divorces and split relationships are traumatizing and painful enough, so moving out alone can realistically only compound the situation. One should attempt to keep the stress level to a minimum by picking up a roommate and getting a new place to call home immediately. Who knows, it may just end up being the ultimate bachelor/ette pad!
Licensed Real Estate Salesperson
Ideal Properties Group LLC
mcolombo@idealpropertiesgroup.com
917.757.4958
Who Recently Moved to/within Downtown Brooklyn***?
June 16th, 2008
This report examines the profile of tenants who moved to (or within) Downtown Brooklyn in the first quarter of 2008…
(***For the purposes of this Report, “Downtown Brooklyn” includes nine neighborhoods in the borough: Boerum Hill, Brooklyn Heights, Carroll Gardens, Clinton Hill, Cobble Hill, Fort Greene, Park Slope, Prospect Heights, and Windsor Terrace.)
Let’s meet Downtown Brooklyn’s typical tenant of Q1 2008… He or she:
- is 21 to 25 years old
- is one half of a couple (roommate or family)
- lived in Brooklyn before
- works freelance in entertainment industry
- makes $50,000
- needs no guarantor to be approved for an apartment.
Age
According to Ideal Properties Group LLC documentation, it would seem that young adults prefer to move during cold months. 93% of those who rented an apartment in Downtown Brooklyn were 21 to 35 years of age. The single largest sub-group within this category is that between the ages of 21 and 25—this age group makes up 42% of all those who moved to (or within) the area from January 1, 2008 through March 31, 2008.
Status: Singles v. Couples/Roommates
Singles appeared to prefer staying put during the cold early months of 2008. Couples and/or roommates make up three quarters of those who moved into a rental unit during Q1 1008.
Previous Residence
Brooklynites kept on dominating the rental market during the first quarter of 2008. 47% of all those who rented an apartment during this time—previously lived in Brooklyn. The second largest group were Manhattanites, at 27%.
Occupation
Freelance writers and entertainment occupations were on the move in the first quarter of 2008. 33% of tenants who moved to (or within) the area were employed by the entertainment industry. In general, creative professions seem to have moved more than others—24% were those employed in art, design, and architecture fields; and 9% in advertising and media.
Median Income
Median income of people who moved to (or within) Downtown Brooklyn in Q1 2008 was $50,000.
Gender
It seems that moving didn’t discriminate along gender lines during the first quarter of 2008: 51% of those who moved were male, while the remaining 49% were female.
Guarantor***
18% of people renting in the area in Q1 2008 used a guarantor during the rental approval process. Half of the guarantors were female (the other half male), and a guarantor’s median income was $425,000.
***Guarantors are usually required by local landlords when an applicant for a rental unit either makes less than 40 times the rental amount, has blemished credit, or no credit. Should a tenant default on rent payment, a guarantor would guarantee rent payment by assuming full financial responsibility associated with the rental… for the entire lease term. An income of approximately 80 times the monthly rent is required to qualify to act as a guarantor.
research@idealpropertiesgroup.com
Comments: Who Rents Here?, Brownstoner
Landlords: How does you rental apartment stack up?
May 16th, 2008
It’s no longer a secret that demand for higher-end residential units in Brooklyn persists. But how do you, the landlord, stack up against your competition? Why would a tenant decide to rent from you, and not from your neighbor?
For Brownstone Brooklyn property owners this is not always an easy question to answer. Traditionally, they will live by the rules of “the gut” and let this weird monosyllabic word lead their decisions in the domain of rental unit renovation.
Sure, each and every landlord’s objective is to improve their property as much as necessary for it to be rentable. But with the increased demand for higher-end rentals in the competitive markets of downtown Brooklyn—as well as tenants’ increased expectations—knowing just what to include, and what to exclude is no longer a shotgun decision.
When spying through your neighbor’s windows fails, it’s probably time to bring out the big guns: turn to statistics! So, keep on reading if you want to learn how to stay ahead in this super competitive rental environment…
—–
On May 12, 2008 Ideal Properties Group LLC released a comprehensive research report on rental amenities in Downtown Brooklyn, and their role in rental unit improvement decisions. (Q1 2008)
Titled “Landlord in Brooklyn? Rely on Statistics instead of Gut,” the report’s goal was to help bridge the gap in knowledge how Brooklyn rental property owner’s improvement dollars could be best spent. (The findings featured in the report are presented here in entirety.)
Data featured in the report was based on information supplied by owners/landlords/property managers of 752 residential rental units that were available for rent, and listed as such, by Ideal Properties Group LLC during the period of time beginning January 1, 2008, and ending March 31, 2008. The records were statistically measured against occurrence and neighborhood prevalence.
—–
Boerum Hill
If you are a residential landlord (or management company) in Boerum Hill, here are some useful pointers that may make the difference in the speed at which your units rent.
Outdoor space: Only 5% of your competitors offered apartments with outdoor space. Whether this was due to the time of the season or not, is a different question altogether—but an abysmally small percentage of units offered any outdoor space. For the purposes of this study, “outdoor space” included back yards, roof decks, balconies, terraces—either exclusive or shared.
Kitchen
- Countertops: If you haven’t already updated the kitchen counters in your rental units, you may want to hold off on investing into granite. Only three percent of high-end rental units in your neighborhood feature granite countertops.
- Stainless steel: It would probably be prudent to invest into stainless steel appliances—67% of apartments in your area come equipped with these shiny symbols of high rental status.
- Dishwasher: Approximately one third of rental kitchens in Boerum Hill come with a dishwasher.
Washer/Dryer: One third of all rental units in your neighborhood offer the convenience of having a washer/dryer either in the unit, or on premises. (For the purposes of this study, the exact location of the washer/dryer was deemed irrelevant.) If you wish to stay competitive, you may consider redoing that empty basement and installing a few washer/dryers. This may allow you to more readily attract tenants, and keep your existing, good tenants happy.
Pet policy: 33% of rental apartments in Boerum Hill accept pets (some dogs, others cats, and yet others accept all these lovely four-legged companions). For the purposes of this study, whether a landlord accepted cats, dogs, or any combination thereof was deemed irrelevant, as well as the number of pets allowed.
Brooklyn Heights
If you are a residential landlord (or management company) in Brooklyn Heights, we have only two words for you: kitchen, and pets.
Outdoor space: Approximately 36% of your competitors offer apartments with outdoor space.
Kitchen
- Countertops: Majority of rental units in your neighborhood (71%) have granite countertops in their kitchens. If any of your rental units are about to undergo renovation, consider investing in brand new countertops (even if granite is not your primary choice, a similarly higher-end finish would be much appreciated by your tenants-to-be). The time is right to think Ceasar stone, recycled concrete or any other finish material you come up during your research.
- Stainless steel: 57% of apartments in your area come equipped with stainless steel appliances—this would suggest that people looking to rent in Brooklyn Heights expect to see them as part of standard offer in the area.
- Dishwasher: Even a larger percent of rental units features dishwashers—64%. Again, this would imply that if you wish to meet the expectations of those looking to rent in your neighborhood, a dishwasher in your rental kitchen is a must.
Washer/Dryer: 71% of rental apartments in Brooklyn Heights feature this time-saving amenity. Clearly, it cannot be worked around—your building needs at least one communal machine.
Pet policy: Landlords and property owners/managers in Fort Greene, Windsor Terrace, Cobble Hill, and Prospect Heights are more likely to accept pets that accompany people who are looking to rent. In Brooklyn Heights, only 36% of landlords welcome pet owners as tenants. Know your competition—and maybe by offering a positive option to pet lovers, you may speed up your rental process, and retain your good tenants longer.
Carroll Gardens
According to our statistical research, Carroll Gardens is indeed an outdoor-lover’s paradise. On average, Carroll Gardens consistently delivers—reasonably pet-friendly, reasonably well-equipped high-end units abound.
Outdoor space: 54% of rental units in Carroll Gardens come with outdoor space. Back yards, roof decks, balconies (exclusive or shared) dominate the apartment rental offer. Only Windsor Terrace outdoes this petite neighborhood in the amount of outdoor options on offer.
Kitchen
- Countertops: Granite countertops are an avoidable amenity—only 27% of Carroll Gardens’ apartments feature them.
- Stainless steel: Nearly a half of all rentals in the area feature stainless steel appliances (45%). Equipping your rental apartment with one may provide you the competitive edge.
- Dishwasher: Apparently all apartments that have stainless steel appliances, also have a dishwasher. (45%). Another possibly prudent investment.
Washer/Dryer: 27% of rental units in the area feature washer/dryers (on premises, or in unit). Not overly important? Or maybe the landlords believe that tenants seeking the outdoors really don’t mind doing their laundry outdoors as well?
Pet policy: Over a third (36%) of rental apartments in Carroll Gardens accept pets. Given the overwhelmingly larger amount of outdoor space on offer, this comes as a bit of a surprise.
Clinton Hill
Clinton Hill’s landlords make up for the lack of high-end units with their welcoming stance toward pets.
Outdoor space: Only 12% of rental units on offer in the first quarter of 2008 had outdoor space.
Kitchen
- Countertops: Sixteen percent of rental apartments offered granite countertops. Definitely not a priority on landlords’ list. This would suggest few high-end renovated kitchens in the area, but could also provide you, the landlord, with a major advantage. Investing into a granite countertop may help you stand out (easily, and without too much financial burden) from the rest of the crowd.
- Stainless steel: 24% of apartments feature stainless steel appliances.
- Dishwasher: Dishwashers seem to be pushing their way into the standard list of amenities in this area. 28% of rental kitchens have one.
Washer/Dryer: Not many landlords offer this treasured option to their tenants in Clinton Hill: only 16% of rentals allow the tenants to do their laundry on premises, or in their own apartment.
Pet policy: What the area may lack in high-end amenities, a welcoming pet policy (40% of units) rectifies. If you are a landlord looking to have your apartment rented swiftly, welcome the pets! Compare favorably to your competition.
Cobble Hill
A third of all Cobble Hill’s rental apartments allow pets, and very few feature outdoor space. The lack of outdoor space is outweighed by useful kitchens, more than half featuring a dishwasher.
Outdoor space: Only 17% of rental units in Cobble Hill offered outdoor space.
Kitchen
- Countertops: A third of rental apartments in the area feature granite countertops.
- Stainless steel: Only 17% of units feature stainless steel appliances (an easy way to distinguish your offer from your competitors!)
- Dishwasher: A half of all rental units has a dishwasher. The appliance is beyond any doubt on its way to becoming a standard expectation.
Washer/Dryer: One third of Cobble Hill apartment rentals features a washer/dryer.
Pet policy: 50% of Cobble Hill landlords accept pets. Staying in this bracket will allow you greater exposure, and better retention of tenants you want to keep.
Fort Greene
Fort Greene seems to have cut out its niche from the surrounding neighborhoods by offering their tenants the most time-saving feature possible: washer/dryer in unit (or on premises). At the same time, the neighborhood’s landlords seem to be the least pet-friendly crowd.
Outdoor space: One third of rentals in this neighborhood (33%) features outdoor space.
Kitchen
- Countertops: Fort Greene matches its neighbor, Clinton Hill’s low percentage of granite countertops: only 16%
- Stainless steel: 20% of rentals feature stainless steel appliances.
- Dishwasher: Apparently, all 20% of renovated units that feature stainless steel appliances, also include a dishwasher.
Washer/Dryer: Second only to Brooklyn Heights, a staggering 60% of Fort Greene apartments have a washer/dryer (easily beating Boerum Hill, Carroll Gardens, Clinton Hill, Cobble Hill, Park Slope, Prospect Heights and Windsor Terrace!)
Pet policy: Fort Greene landlords are not inclined to accepting pets. Only 13% or rental units welcome your non-human companions.
Park Slope
Park Slope’s property owners seem not to believe the hype of renovated kitchens that feature stainless steel appliances, dishwashers, and/or granite countertops. They are not overly inclined to have a washer/dryer installed on premises (or in rental units) either. Our guess is that they believe in the “location, location, location” mantra.
Outdoor space: Nearly a third (29%) of rentals available in the first quarter of 2008 offered outdoor space.
Kitchen
- Countertops: Very few landlords in the area have invested their renovation dollars into this feature—granite countertops are as sparse as 8%.
- Stainless steel: Park Slope is proudly featured last on our list of rental units with stainless steel appliances: only 13% have them.
- Dishwasher: Dishwashers closely echo the stainless steel appliance situation: only 13% of rental apartments boast one.
Washer/Dryer: Local landlords are not big believers in this amenity either—barely 16% have one installed in their building.
Pet policy: A somewhat surprising finding showed that 31% of Park Slope’s property owners would welcome a tenant with a pet.
Prospect Heights
Prospect Heights landlords are pet-friendly, and mindful of their tenants’ time, which they help them save by standard offer of laundry facilities.
Outdoor space: 24% of Prospect Heights rental units offer one form of outdoor space or another.
Kitchen
- Countertops: A mere 4% of local landlords invested into granite countertops. This may be the amenity that could help a renovation-savvy landlord shine.
- Stainless steel: 24% of units featured stainless steel appliances.
- Dishwasher: An equal number of rental kitchens (24%) included a dishwasher.
Washer/Dryer: Over 1/3 (38%) of Prospect Heights rental units have a washer/dryer in unit (or on premises).
Pet policy: More than a third of local landlords will welcome your pet. 34% of rental units welcome cats, or dogs, or cats or dogs.
Windsor Terrace
Clearly catering to family-style tenants, this quaint neighborhood favors outdoor space (and allows pets to populate it!), helpful dishwashers, and washer/dryers.
Outdoor space: 67% of rental units offer outdoor space!
Kitchen
- Countertops: Granite countertops, featured at one third of apartments, cater to possibly a comparable number of tenants who engage in the art of cooking.
- Stainless steel: Kitchen appliances are not necessarily stainless steel (only 17% are), but…
- Dishwasher: … the majority of Windsor Terrace kitchens (67%) features a dishwasher!
Washer/Dryer: A half of all rental units in Windsor Terrace features a washer/dryer.
Pet policy: 50% of landlords in the area welcome pets.
The report brought about a reverse set of questions that those looking to rent in these areas may want to check out… here
For more information, or to request a copy of the report:
research@idealpropertiesgroup.com
