Tuesday, October 4, 2011
Friday, September 30, 2011
5 Home Improvement Projects that Will Get You Top Dollar For Your Home
You can increase your chances of selling faster - and at today’s top dollar - by investing in a select few home improvement projects that have been shown to make a big impact on buyers.
Bad news alert: it might cost you a little time, effort and cash. The good news, though, is that the best projects for quickly increasing your home’s resale value tend to be cosmetic and fairly simple and inexpensive to do. Here are five projects with big-time return on investment for home sellers-to-be, in terms of their power to attract buyers, and to attract dollars from those buyers.
1. Painting: Adding a fresh coat of paint to ceilings and walls is a tried and true way to increase your home’s appeal to buyers. Go for white or neutral tones that help lighten your rooms. (Now is not the time to show off your fascination with fuschia and lime green.) Buyers will have an easier time envisioning how they will infuse their own personalities into your home if they’re looking at a relatively blank slate.
Painting lightens and brightens rooms, instantly removes scuffs and dings and gives every room a fresh, polished feel.
Fresh exterior paint - even if your time or cash budget limits your efforts to accents like eaves, shutters, doors and trims - is also a quick, inexpensive way to polish the look of your home from the curb.
2. Landscaping: Everything you’ve heard about curb appeal is true. First impressions matter - especially if your house is one of eight or nine a buyer has seen in one day. Buyers will be more excited to look at the inside your home if the outside looks clean, charming and inviting. Mow the lawn, trim the hedges, pull the weeds and plant some flowers, bushes or shrubs for the biggest impact - and be diligent about keeping your landscaping very well-manicured throughout the time your home is on the market.
Be sure to keep it low-key, relatively low maintenance and neutral, though. This is not the time to indulge your personal fantasies of living in an exotic paradise, unless that matches the existing look and feel of your home, nor is it the time to install a time-intensive English garden that buyers will love, but not want to take on. Think clean, simple and elegant for the biggest boost in value.
3. Cleaning and de-cluttering: Start by removing all your family photos from the walls and all sorts of tchochkes and clutter from the tops of tables, desks, dressers and counters. Buyers want to be able to envision their lives in the house, not yours. Personal items - and the visual clutter they create - have been shown time and time again to block buyers’ ability to create this vision.
Also, remember that buyers are coming to see the house and evaluate its space, not to bear witness to all the fabulous furniture that means so much to you (no matter how amazing your personal taste). Remove furniture that takes up too much space and fills up rooms. Get rid of clutter such as clothes, boxes, piles of mail and other items.
And then clean - and keep cleaning obsessively, the entire time your place is on the market. Kitchens, bathrooms and bedrooms should look unlived in when they are shown. And don't forget to clean less obvious places like windows, walls, doors and and floors, to dust off shelves and furniture, and to polish appliances.
4. Plumbing repairs and water stain/damage repair: Paying a plumber to make a few stops throughout your home can be well worth the investment. Leaky faucet in the master bathroom? Get it fixed. Does the space under your kitchen sink look like a science experiment? Leaks and water stains definitely provoke disgust and exasperation on the part of the buyers you want and need to impress. And they can be pretty cost effective to fix - ask your agent for a referral, if you need one.
5. Staging: Staging your home can make a dramatic difference in the price for which your home sells. Good staging is equal parts:
It’s a highly competitive market for home sellers right now. More homes to compete with means that the impression your homes makes - from the curb,
(a) removing your personal belongings and replacing it with more artwork, decor and cleaner-looking furniture,
(b) and tweaking the home’s paint, wall coverings and even landscaping to show the place in its very best light.
When done well, staging can convert your home from just another listing on a buyer’s list to the setting for a fresh, new start to the fresh, new life of their dreams. Professional stagers, in particular, have special skills and materials they use, from convincing you to get rid of a bunch of things you value (but read: junk to a buyer), to items like mirrors, plants, art work, lamps, pillows and even furniture that tells a visual story of the life buyers can fantasize about living in your home.
Talk to your agent about staging - some agents have the skill to do this on their own, while others might have a professional stager they frequently work with.
In some cases, you might want to take on even larger projects. Before you go that route, talk with a local real estate agent; they are well-positioned to know what sort of updates and features will make the most impact on local buyers. Not all major, non-cosmetic upgrades to your home will create a significant difference in the price it commands, so take advantage of your agent’s expertise as you make decisions about whichproperty preparation investments to make (and which to forego).
P.S. - You should follow Trulia and Tara on Facebook!
This article is from Trulia - a great website to read about the latest in Real Estate News, shop for homes, or get information about your home and market information for your neighborhood or city.
Thursday, June 9, 2011
Memphis, TN and Cordova, TN Home Buyers and Sellers
Memphis Property Management Professionals, better known as MPMP, is not just in the rental home and Commercial and Residential property management business, but we are a full service Real Estate Agency! If you are looking to purchase or sell a home, give us a call. Here are some tips for home buyers.
As a home buyer, you need to have an advocate on your side, looking out for you. Your buyer’s agent will not only show you houses, but will help you locate financing, negotiate on your behalf, educate you on the buying process and the real estate market, set up inspections, locate an attorney and other people who are integral to buying and will help you determine value of the homes under consideration.
A true buyer’s agent will also show you foreclosures and un-listed properties if you want them to.
Note: It is against the law for an agent in some states to show a buyer another brokerage’s listings without a signed buyer agency agreement.
A savvy buyer may not want to get locked into a long buyer agency agreement with an agent they just met - understandable. A way around this is to ask for a short-term agreement or one that only covers a select few properties. A buyer and agent can look at a few properties together and the buyer can “test-drive” the agent’s approach, industry and market knowledge - something that’s difficult to gauge in a meeting.
If the agent never asks you to sign a contract, then find one who will. If an agent isn’t willing to protect his/her own interests, then they may not be willing to protect yours. Or, that agent has too much free time on his/her hands.
Most of the time, a buyer’s agent only works with the home buyers in a particular real estate transaction and the home buyer can be assured that the agent is working to help you buy the home you want for the best price and terms.
However, sometimes a buyer may sign on to work with an agent who happens to also be the listing agent for a home the buyer wants to buy. When this happens, it’s called dual agency - where one agent represents both the home buyer and seller in the same transaction. Dual agency is legal in Connecticut as long as both buyer and seller are aware that the situation may occur - our standard buyer agency agreement has a clause.
A great place to find an agent is through people you trust - an attorney, an accountant, family, friends, etc.
OR YOU CAN CALL ME! NICKIE LANGLEY-PERMENTER. 901-848-9138 nickie@mpmpllc.com
I can help buyers and sellers with:
- Buyer Representation
- Property Sales & Marketing
- Securing/Choosing Financing
- Property Condition Analysis
- Price Analysis
- Inspection Negotiation
- Negotiation
- Process Management
- Contractor Referrals
- Market Research
- Sales/Purchase Strategizing
MPMP, LLC 901-756-5776
As a home buyer, you need to have an advocate on your side, looking out for you. Your buyer’s agent will not only show you houses, but will help you locate financing, negotiate on your behalf, educate you on the buying process and the real estate market, set up inspections, locate an attorney and other people who are integral to buying and will help you determine value of the homes under consideration.
A true buyer’s agent will also show you foreclosures and un-listed properties if you want them to.
Yes, You Need to Sign a Contract
In order to receive the benefit of all of these services and truly be represented by an agent, you will be asked to sign a contract. This contract also ensures that the agent can be paid at the closing.Note: It is against the law for an agent in some states to show a buyer another brokerage’s listings without a signed buyer agency agreement.
A savvy buyer may not want to get locked into a long buyer agency agreement with an agent they just met - understandable. A way around this is to ask for a short-term agreement or one that only covers a select few properties. A buyer and agent can look at a few properties together and the buyer can “test-drive” the agent’s approach, industry and market knowledge - something that’s difficult to gauge in a meeting.
If the agent never asks you to sign a contract, then find one who will. If an agent isn’t willing to protect his/her own interests, then they may not be willing to protect yours. Or, that agent has too much free time on his/her hands.
Who Pays the Buyer’s Agent?
A buyer agent’s service is not free. Although most buyers don’t pay anything out-of-pocket for the service, the home seller, through their listing agreement, pays for the buyer agent’s commission and the commission is built into the home price and paid with the proceeds of the closing.Most of the time, a buyer’s agent only works with the home buyers in a particular real estate transaction and the home buyer can be assured that the agent is working to help you buy the home you want for the best price and terms.
However, sometimes a buyer may sign on to work with an agent who happens to also be the listing agent for a home the buyer wants to buy. When this happens, it’s called dual agency - where one agent represents both the home buyer and seller in the same transaction. Dual agency is legal in Connecticut as long as both buyer and seller are aware that the situation may occur - our standard buyer agency agreement has a clause.
How to Choose a Buyer’s Agent?
You should work with an agent who represents buyers at least 50% of the time. Do not, and I repeat do not, assume that the person who has the most signs in an area or the most ads in a real estate book works with a lot of buyers. Some agents specialize in taking listings and don’t work on the buyers side very often. The only way to know is to ask the agent.A great place to find an agent is through people you trust - an attorney, an accountant, family, friends, etc.
OR YOU CAN CALL ME! NICKIE LANGLEY-PERMENTER. 901-848-9138 nickie@mpmpllc.com
I can help buyers and sellers with:
- Buyer Representation
- Property Sales & Marketing
- Securing/Choosing Financing
- Property Condition Analysis
- Price Analysis
- Inspection Negotiation
- Negotiation
- Process Management
- Contractor Referrals
- Market Research
- Sales/Purchase Strategizing
MPMP, LLC 901-756-5776
Tough Times Ahead for Rental Market
Harvard Study Warns of Rent Bubble
By Steve Cook
RISMEDIA, June 2, 2011—For renters, the national recovery could be very bad news. That warning came from the Harvard Joint Center for Housing Studies’ latest report on America’s rental housing. Rental markets are now tightening, with vacancy rates falling and rents climbing. With little new supply of multifamily units in the pipeline, rents could rise sharply as demand increases. Regardless, affordability is likely to deteriorate further over the next few years as persistently high unemployment limits renter income gains.
When job growth regains momentum, the number of renter households could climb quickly. Given the long lead times needed to develop new multifamily housing, a sharp increase in demand could quickly reduce vacancy rates and put upward pressure on rents. While this would be good news for owners and investors in rental housing, it would also fuel the intense affordability pressures, the study warns.
A variety of rental market indicators suggest that the worst repercussions from the recession may be over. While this is good news for most of us, especially property owners, the recovery may increase the rent pressures on households still struggling in an environment of sluggish job growth. The ongoing foreclosure crisis should continue to spur growth in the number of renter households as former owners switch to renting. Single-family home foreclosures will also add a steady flow of units to the rental market. The ability of renter households to occupy these homes will be an important factor in maintaining the stability of distressed neighborhoods hard hit by the foreclosure crisis.
Although there appears to be an excess supply of rental housing at present, this could change quickly as the economy recovers and household formation among younger adults returns to a more typical pace. An upsurge in demand could outstrip the available supply and push construction activity back up, the study says.
One of the most important questions going forward is whether mortgage financing will be available to fuel rental property purchases and investments. Even before the financial crisis, Fannie Mae and Freddie Mac were an important source of financing for both multifamily and investor-owned single family properties. And during the crisis, the GSEs—along with FHA—accounted for the vast majority of new financing. As Congress takes up debate about what, if any, role the GSEs should play in the mortgage markets, policymakers must consider the vital importance they have as a source of capital for rental housing.
When job growth regains momentum, the number of renter households could climb quickly. Given the long lead times needed to develop new multifamily housing, a sharp increase in demand could quickly reduce vacancy rates and put upward pressure on rents. While this would be good news for owners and investors in rental housing, it would also fuel the intense affordability pressures, the study warns.
A variety of rental market indicators suggest that the worst repercussions from the recession may be over. While this is good news for most of us, especially property owners, the recovery may increase the rent pressures on households still struggling in an environment of sluggish job growth. The ongoing foreclosure crisis should continue to spur growth in the number of renter households as former owners switch to renting. Single-family home foreclosures will also add a steady flow of units to the rental market. The ability of renter households to occupy these homes will be an important factor in maintaining the stability of distressed neighborhoods hard hit by the foreclosure crisis.
Although there appears to be an excess supply of rental housing at present, this could change quickly as the economy recovers and household formation among younger adults returns to a more typical pace. An upsurge in demand could outstrip the available supply and push construction activity back up, the study says.
One of the most important questions going forward is whether mortgage financing will be available to fuel rental property purchases and investments. Even before the financial crisis, Fannie Mae and Freddie Mac were an important source of financing for both multifamily and investor-owned single family properties. And during the crisis, the GSEs—along with FHA—accounted for the vast majority of new financing. As Congress takes up debate about what, if any, role the GSEs should play in the mortgage markets, policymakers must consider the vital importance they have as a source of capital for rental housing.
Thursday, April 21, 2011
MPMP is getting social!
As a way to advertise our small company we are trying different types of social media to get our name out there. MPMP, LLC aka Memphis Property Management Professionals (that's a mouthful!) just passed our 1 year anniversary mark and we are still growing. Tony Fletcher, owner/broker of MPMP, was the President of Crye-Leike Property Management for over 25 years, and has taken his expertise to develop a different kind of company in the Real Estate industry. As a property management company we, of course, offer services to residential customers by managing and leasing rental homes, and in the commercial market we manage and lease all types of commercial spaces, but more recently we have been working with the banking industry to manage foreclosed commercial spaces. Most banks do not have an in-house property management department, so often times the tenants of commercial spaces are left in limbo while the bank tries to sell the property. When tenant services and complaints are not addressed you can bet that tenant will find somewhere else to conduct business and someone else to give rent money to. An unhappy tenant is a property killer, especially when actively trying to market that property for sale! By filling empty commercial spaces and keeping tenants happy, we make a property more marketable and more profitable for all.
We ARE a full service Real Estate Company, so buyers and sellers, give us a call too!! No home, space, or piece of land is too small or too large for us to handle! We work for you.
Nickie Langley
Affiliate Broker
901-756-5776
901-848-9138
http://mpmpllc.com/
We ARE a full service Real Estate Company, so buyers and sellers, give us a call too!! No home, space, or piece of land is too small or too large for us to handle! We work for you.
Nickie Langley
Affiliate Broker
901-756-5776
901-848-9138
http://mpmpllc.com/
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