What used to be a side business for residential realtors and apartment managers now demands a level of interaction and communication rarely achieved previously. From online applications and work order requests to complete real time management reports, it now must be recognized that it is never too much information that causes problems.
The real estate market is no longer impacted just by those who bit off more than they could chew when they bought their home a few years ago. Now almost everyone who purchased a home between 2004 and 2009 probably owes more on the house than it is worth. Many have lost their jobs and can’t carry their mortgage or downsize. An increasing number are being forced to walk away and the net result leads them to the rental market. The new market renter has not lived in an apartment or rental home since their younger days when they first started out. Landlords and property managers have to understand that these people are different than the “fill a box” tenants of years past.
For many new market tenants this is a break with what had become tradition. With change comes anxiety. Being open and transparent by providing information to the prospective tenant and the new market landlord/owner is the elixir that soothes the anxieties on both sides.
Managing Member / Designated Broker