Junk Fees

Inman News started a 3 part series on “junk fees” charged by brokerages. Their plan is to lay out the “legal, ethical and competitive issues involved in charging such fees.”

My brokerage charges a $195 lease administration fee to each tenant at the beginning of their lease. My research of other property management companies in town reveals that similar fees are charged or the companies make a portion of the security deposit non-refundable. Another common name for these junk fees is a cleaning deposit. There were some management companies out there that did not have any such fees and of course investors without management companies do not have the extra fees.

I dislike having to charge the fees because it makes my job of renting homes harder but the decision is out of my hands. I am an employee and my broker wants the fees collected.

It will be interesting to see how the case in question pans out and the implications of any ruling on Phoenix real estate business.

Travis J. Bohling
Brewer Caldwell Property Management
480-212-7041 (Direct Line)
480-212-7042 (Fax)
Travisb@brewercaldwell.com

Citi on Camelback Sold

Some condo investors got a great deal today. The Arizona Republic reports that Orion Residential LLC paid $70,000 for each of the remaining 178 condos in the Citi on Camelback Development. Some of the original condo owners bought their units for as much as $300,000. The $1 billion investment group said it is looking at additional deals in the valley as well. This might look painful but it is the only way we can get back to equilibrium with supply and demand.

I would not be surprised if a lot of the units bought for $300,000 end up back with the banks. New foreclosures will lower the average price even further.

Brewer Caldwell manages properties in this complex and we are having trouble finding a renter for the $970 price tag. View the listing here. We dropped the price to $750.

Read the article here.

Travis J. Bohling
Brewer Caldwell Property Management
480-212-7041 (Direct Line)
480-212-7042 (Fax)
Travisb@brewercaldwell.com

Law Protects Renters From Foreclosure

MSNBC had a news story from the AP today about a new law being signed by President Obama. The law allows tenants to stay in a home for up to 90 days after a foreclosure auction. They are also entitled to stay in the home for free. Read the whole article here.

There are some missing facts in this article. Is it an Executive Order? What is the name of the law? Was there a vote in congress? Does this only apply to Fannie and Freddie loans? I am unsure on these questions but will update everyone with any new facts I can find.

Travis J. Bohling
Brewer Caldwell Property Management
480-212-7041 (Direct Line)
480-212-7042 (Fax)
Travisb@brewercaldwell.com

NEW PROPERTY – 9919 W. Southgate

Brewer Caldwell Property Management signed a new management agreement on a nice home in Tolleson.

9919 W. Southgate is north of Broadway and west of 99th Ave.

The home is 2 stories and features 3 bedrooms and 2 bathrooms. Home features a bonus loft space.

Built in `06 with 1889 sq. ft.

Home is ready for immediate move-in for only $995/month.

Click here to view listing.

Call me to view.

Attention property owners!  Take advantage of our superior marketing capabilities and allow us to fill your vacant home for you.

Travis J. Bohling
Brewer Caldwell Property Management
480-212-7041 (Direct Line)
480-212-7042 (Fax)
Travisb@brewercaldwell.com

Gilbert Rental Home Rented in 1 Week

You hear bad news about the real estate market every day. Here is a good story:

We got a call from a property owner/investor out of the yellow pages. She had a home in the Lyons Gate neighborhood in Gilbert that was coming vacant at the end of March. She had been managing the home on her own but was now interested in using our property management and leasing services to fill the house.

Her tenant moved out on 4-4-09. Brewer Caldwell had a representative drop off a lockbox and take some marketing pictures later that day.

We immediately started advertising the home for rent and sent over 10 prospects look at the home by Wednesday.

1 of the prospects liked what he saw and immediately completed an application and put down a $500 earnest deposit on Wednesday afternoon. He needed a new home FAST since the rental he was in was going into foreclosure and the sheriff could show up any day to change the locks.

Brewer Caldwell then did a full background and credit check, a rental verification, and a income verification. We had all of the required info to present a complete application to the owner by Wednesday evening.

The homeowner immediately approved the application when she heard the credit score and the immediate move-in date.

We signed the lease and collected the rest of the move-in costs yesterday afternoon. The tenant is moving in on Saturday.

We helped a renter going through a difficult foreclosure ordeal and helped a homeowner/investor get their home rented fast!

Travis J. Bohling
Brewer Caldwell Property Management
480-212-7041 (Direct Line)
480-212-7042 (Fax)
Travisb@brewercaldwell.com

New Available Properties

I added several new rental listings to my website yesterday.

The best rental homes get rented FAST! Be the first to see them.

Call 480-212-7041 to view today!

Travis J. Bohling
Brewer Caldwell Property Management
480-212-7041 (Direct Line)
480-212-7042 (Fax)
Travisb@brewercaldwell.com

Renting a home

Applicants must meet 2 simple requirements: You must earn 2.5x the rental rate and have no rental judgments/evictions on your credit report within the past 3 years.

I am able to work with all credit situations including bankruptcies and foreclosures. We do not count credit card debt, student loans, or medical debt against you. Credit blemishes will not disqualify you from 1 of our great rental homes.

Here is how our application process works:

• View our homes and choose the one that will work best for you. Click here to see our current inventory.
• You complete our simple application and submit it via fax or email.
• You pay a $500 earnest deposit with a cashiers check, money order, or debit/credit card.
• You submit paystubs or other documentation to support income equal to 2.5x the rental rate.
• We call your current landlord to verify residency or check your credit report to verify past mortgages if you are a homeowner.
• 1 of our talented property managers will then submit this information to the property owner.
• We are usually able to approve your application within 48 hours.

Click here to view Available listings.

Click here to see estimated move-in costs.

Call me at 480-212-7041 if you have specific questions about the approval process, want to view any of the homes listed, or want an application.

Click here to complete my online application.

Travis J. Bohling
Brewer Caldwell Property Management
480-212-7041 (Direct Line)
480-212-7042 (Fax)
Travisb@brewercaldwell.com

Are pets a problem?

Pets can destroy your home/rental investment if you are not careful. The pictures below are from a recent eviction. The tenants bought a puppy shortly after moving in and apparently were not responsible enough to handle pets. This damage took only a few months to accumulate. I am glad the tenants stopped paying rent and we were forced to evict. I have a feeling the damages would have gotten a lot worse if they had stayed for the full term of the lease.

Responsible people have responsible pets!

Don’t get into property management/investment if you do not understand the risks.

Who needs a backyard?

Romance is in the air

At least they removed the soiled carpet

Lay off the pipe and clean up after yourself

Dental hygiene is important

Who needs a welcome mat?

Travis J. Bohling
Brewer Caldwell Property Management
480-212-7041 (Direct Line)
480-212-7042 (Fax)
Travisb@brewercaldwell.com