Blog :: 2020

It's All About the Maintenance

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Property management begins with a management plan prepared by the property manager. The plan will outline the details of the owner’s objectives for the property as well as what the property manager expects to accomplish and how, including all cost considerations.

The plan will address rental rates, budgets, marketing and advertising the property, and maintenance. One of the most important responsibilities of a property manager is the supervision of property maintenance. You want a property manager who is going to care for your property as if it were his or her own.

Cheers to the American Worker

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According to the US Department of Labor, “Labor Day was a creation of the labor movement and is dedicated to the social and economic achievements of American workers. It constitutes a yearly national tribute to the contributions workers have made to the strength, prosperity, and well-being of our country.”

Originally celebrated on May 4 in 1886, Labor Day was moved to September in 1887. On June 28, 1894, Congress passed legislation making the first Monday in September of each year a legal holiday.

For most of us, Labor Day marks the close of the summer. Schools start back up, schedules return to normal, and there is a distinct smell in the air that fall is around the corner. It is also the end of the summer leasing season.

Demand tends to slow down in the fall, especially after Labor Day when college students have returned to campus and families with small children have secured housing before the kids are back in school.  Perfect time for renters to explore their options.

So why not take the extra day the Labor Day weekend provides to get ahead in your rental search. We have an extensive network of summer rental homeowners looking to rent their properties for year-round or winter rentals.  Contact Sandy to book your off-season rental property call 603-957-7500 or email her at sandy@maddenre.com or visit www.maddenre.com

Then join us in giving thanks to the American worker, a driving force of the nation's strength, freedom, and leadership.

Summer Spruce

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Like the seasons of the year, your yard has distinct seasons of landscape maintenance.

Sometime during August, you’ll notice the beds need touch ups, the weeds creeping up, and the lawn succumbing to lack of rain.

It’s time for a summer spruce up.

Lawn

During the latter part of the summer, raise your mower blades ½ inch higher. Taller grass holds up to heat and drought better. And keep the clippings on the lawn to serve as a barrier.

If you are not under town restrictions, water the lawn in the morning giving it a good soaking. Deep and infrequent watering is better for lawns than frequent sprinkles, which promote shallow root growth. In general, lawns need about 1 inch of water per week. But save fertilizing until fall.

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How to Hire a Property Manager Company

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Whether you are an investor just getting into real estate with a plan to expand your portfolio or a home owner with a vacation property along the New Hampshire or Maine coast line, at first glance, you might think you can self-manage your property. Don’t be fooled.

There are many challenges and barriers to consider. Attracting and screening tenants, chasing rent payments, and performing routine maintenance are all time-consuming and can be stressful.

After all, not everyone is built for a DIY self-management situation. It calls for a solid time commitment and an in-depth understanding of the market and rental laws to maximize your return on investment.

If you are not made for a self-manage approach, then you want to be sure to complete necessary due diligence to hire a qualified team to protect your investment

There are five things you’ll want to investigate about your potential property management group. Read more here.

To learn more about how our team can make your property a worry-free part of your financial portfolio, please email Property Manager, Anthony Sillitta at anthony@maddenre.com or visit www.maddenre.com

3 Tips for a Buyer in a Seller's Market

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With historically low interest rates--hovering at 3 percent--and shelter in place restrictions easing, housing experts predict home sales will continue to rise during the summer months. But since so many sellers either removed their properties from the market as the pandemic unfolded or chose not to list at all, inventory is limited.  

So, what do you do if you are a buyer in a seller’s market?

  1. Have a pre-qualification. Get pre-approved.

At minimum, get a pre-qualification, but even better is a pre-approval.

Pre-qualification simply means you spoke to a lender about your financial situation. Pre-approval requires a more detailed, signed application with supporting documentation to verify your finances. It also shows the seller you are serious about buying and have all your ducks in a row to move forward. Added benefit, your pre-approval will tell you how much house you can afford.

  1. Make your best offer.

When inventory is abundant it is reasonable to make a less-than-asking-price offer. But when inventory is tight, you don’t have that luxury. Make a strong opening offer and then be prepared for a bidding war. Tip: set your search below your maximum financing level to give you room to go over asking price, especially if you find a house you love.

  1. Work with an experienced agent.

Now is the time to be offer ready. Working with a seasoned professional can help you compete with other buyers and give you a better chance of getting the home you want. Real estate agents will save you time in a fast-paced seller’s market because they understand the process. Added advantage, they likely now about upcoming inventory.

To learn more about how our team can help you find the perfect home in a seller’s market, email REMAX Rising Tide Real Estate Owner Jennifer Madden at jenn@maddenre.com or visit www.maddenre.com

 

Pest Control and Your Property

For some home is haven, for others it is part of a diversified portfolio of investments. Whichever it is for you, you’ll want to protect it from pests and rodents.

Let’s take a big picture view of your Seacoast home. Check landscaping first. Tree branches that touch your home become a bug bridge and poorly directed downspouts and drainage keep the basement moist for spiders, centipedes, and other bugs.

Next, inspect the exterior for rot, tiny holes that allow mice and chipmunks in or gaps in the roof-line which invite squirrels and bats into your attic.

Then go inside. Cardboard clutter in the garage or basement is a perfect habitat for cockroaches and pet food stored haphazardly is an easy food source for little critters.

While you might not be able to keep your NH property totally bug free, there are some easy DIY pest control practices you can employ.

  • Seal cracks and holes on the outside of the home including entry points for utilities and pipes. Pull nests from the soffit gaps and then fill these openings with expanding foam. After the foam hardens, cut off the excess with a utility knife.
  • Caulk between trim and siding with acrylic latex caulk. Keep a wet cloth handy to clean up any stray caulk. Smooth the bead with a wet finger.
  • Repair fascia and rotted roof shingles; some insects are drawn to deteriorating wood.
  • Seal doors, windows and basement sashes with adhesive-backed weather stripping. Clean the surface first so the weather-strip will adhere well.
  • Look for gaps in the dryer vent. Make sure the damper isn't stuck open or broken off completely. And check that the seal between the vent and the wall is tight.
  • Keep tree branches and shrubbery well-trimmed and away from the house and clean your gutters twice a year; ants will nest in clogged gutters.
  • Make sure basements, attics, and crawl spaces are well ventilated and dry. Insects and other small pests are attracted to moist spaces.
  • Store garbage in sealed containers and dispose of it regularly. Same for pet food, store in a metal trash can, mice can’t climb up the slippery material, or sealed plastic container. And if you have a fireplace or woodstove, stock fire wood at least 20 feet away from the house and five inches off the ground.

There are some problems you need a qualified pest professional for. If you have cockroaches, it's usually best to hire an exterminator. You can try and do it yourself but the products are expensive and only effective if strategically placed. Add to that, if you miss any they will completely repopulate in just a few months. For just a little more money, you can hire a professional who understands the insect, will place the bait in hard to reach crevices, and will probably guarantee the work.

Need help maintaining a pest-free property? Our property management team will provide a basic inspection to source any problems and make necessary fixes.  For more information, please email Property Manager, Anthony Sillitta at anthony@maddenre.com or visit www.maddenre.com

 

Why Real Estate Should be Part of Your Investment Portfolio

It’s never been a better time to buy. Interest rates are at an all-time low and real estate can be a great way to invest. Real estate investments have excellent return potential and will diversify your portfolio.

There are so many ways to invest in real estate, each with varied capital needs, risk levels, and investment dynamics.

Rental Property. Owning one or more rental properties is the most obvious way to get into real estate to diversify your holdings. You have an income stream from the rental proceeds while the asset appreciates over time.

My clients often ask advice on purchasing their first investment property. After all, owning rental properties isn’t for everyone. Before you become a landlord, know thy self. It can be a significant time commitment. That’s where a good property management team comes in handy to help you screen applicants, market the property, and follow local ordinances you may not be aware of.

Financing your first rental property can be very expensive. Most lenders will require at least a 25 percent deposit. And you’ll want to be sure to have 60 days’ worth of expenses in savings as a cushion.

Vacation Rental. If you are looking at real estate in Seacoast NH and Maine, you might consider buying a vacation property. Vacation rentals can be quite a bit easier to finance, especially if the property meets your lender’s definition a second home. Add to that, vacation rentals tend to bring in more money per day than a long-term rental. The drawbacks include promoting and managing the rentals, which generally turn over weekly. Again, a good property management team can alleviate the stress and keep your vacation rental near 100 percent occupancy.

Owner-Occupied Home. Another option, is the good ole owner-occupied investment. That is buying a multi-unit residential property that you live in while renting the other units out. This is a great way to alleviate your own rental costs, while building equity in a more valuable property had you only bought a single-family home. This is a great way to leap frog into the real estate investment market. Let’s say somewhere down the line you find your dream home. Owning the investment property first makes it much easier to finance a new primary residence.

Whatever approach you take to real estate investing, know this, investing in real estate can offer lower risk, greater returns, and diversification. If you are planning for retirement, saving for college, or earning extra income, investing in real estate can help you achieve these goals.

To learn more about how our team can help you make real estate part of your investment portfolio, email REMAX Rising Tide Real Estate Owner Jennifer Madden at jenn@maddenre.com or visit www.maddenre.com

Kittery - Badgers Island West - Waterfront with Dock!

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3 en suite bedrooms, 3100 Square feet, 2 garage parking spaces

Check out the video HERE

Direct riverfront on Badgers Island West, offering unparalleled views from every room, morning noon and night. With over 3100 SF this garden-style condominium with private dock offers one-level living consisting of an open concept kitchen/living/entertaining space surrounded by decks overlooking the Piscataqua River and the downtown Portsmouth waterfront, as well as three en suite bedrooms. The living area is overflowing with natural light (if you are a *light* person this is your home). There's a double-sided gas fireplace in the LR that is also accessed from the deck. The chef's kitchen has everything you'll need to prepare a fabulous meal including Commercial grade appliances & Sub-Zero refrigerator, or just gather around the large island with your guests and take in the views. The master suite is spectacular with a large walk-in closet, an oversized bathroom with soaking tub and steam shower, and a *bonus* room that's perfect for a workout area or reading nook. There are custom Planation shutters throughout the MBR suite. This well-designed home left nothing out - there's a laundry room, wet bar, walk-in pantry, cedar closet, office with a huge storage closet, hardwood and central air throughout the unit, additional storage in the basement, 2-car garage with direct access via elevator to the unit. And don't forget the dock with approximately 38 feet of deeded boat slip! One unit on each floor. The building is self-managed. Walk to downtown!