The Life of a NJ Property Manager and Realtor - Ep 15
Recap of Last Week:
–Since our last update we started to advertise our student rentals that we manage. We have 70 properties to fill each year with the Leases starting in June. We start every October and track the occupancy rates each month. It will be challenging with Rutgers being online right now but there is a lot of pent up demand for students to return to college. Their customers want it, the question will be does the University decide to open. I'll spare the COVID arguments for another forum.
-We had a good issue pop up on the property management side last week. We have a pet policy in place that has been researched heavily and found to be effective. Well, we had a tenant who wanted a pet and kept arguing every step of the way about our policy. One of the steps is insurance and that we need to be named as additional insured. The reason we do that is that all animals that are on the property are a risk. Tenants don't like to think FIDO would ever bite someone, but it can and does happen. Nevertheless, we stood our ground and the tenant finally complied. This is why if you have a soft heart, you're better off hiring a management company. For us, it's nothing person, just business and certain property management procedures need to be followed.
-We finished our flip project for our client in Somerset. The house came out beautiful. I'll let the video below do the talking.
Items to Do This Week:
-90 Howard St is finally going to close! Thank God! That will happen during the middle of the week, it's a done deal. This one was one of the most painful closings I have ever had to deal with.
-62 Mitchell Ave in New Brunswick is also tentatively scheduled to close this week. This is a land deal with approvals from the town to build a duplex. The buyer did a tank sweep very late in the process that held up closing and then he wanted to dig up the concrete driveway to search for a tank under that area, which delayed closing some more. The dust has settled and everything looks to be clear to close so I expect us to close by the end of the week or the beginning of next week.
-Great news occurred this week. 60 Stone St in New Brunswick is a house we manage and it's by far the worse one in our portfolio (pictured above). It got so bad that we stopped showing it to potential tenants back in April (and told the owner we would not show it until he repaired it or sold it). It took the town coming by to do their annual inspection and writing up a laundry list of violations for the owner to come around. I am proud to say we got approval to do a mini rehab on the house. So we will be installing new flooring, new sheetrock, new paint and replacing the kitchen cabinets and bathroom tile and fixtures. Once we are done this apartment will rent super fast as it's a very desirable student rental area.
If you want to follow what we do day to day, check us out on Instagram: @tverdovhousing
Until next week!