Real Estate Group Blog for Hampton Roads, Williamsburg & N. Carolina - Nick Chandley-OP MGR's Blog

Real Estate Group Blog for Hampton Roads, Williamsburg & N. Carolina. Keep up on all the latest happenings and local market information.

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All Blog Entries by Nick Chandley-OP MGR

There are currently 41 blog entries published by Nick Chandley-OP MGR.

The best relationships are built on trust.  That holds true in both personal and business dealings, including the leasing of property.  Integrity and honesty also pays dividends when you may need flexibility or special consideration from your property manager.

It begins with the application process, when the managing agent will investigate your credit, employment, references, and criminal background in some cases to determine whether you are a qualified candidate for the property.  Perfection is not the standard – so it’s better to be forthright about any issues that might be revealed during screening.  As an example, after the real estate market correction – screening standards were modified to place less weight on foreclosure as a reason to decline

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A well-rounded offering of real estate services should include property management. It is important to serve the needs of homeowners who wish to rent out their property and to meet the housing needs of people who aren’t ready or positioned to buy a home. The Property Management Division at The Real Estate Group addresses those needs. We are committed to providing the highest level of service and value to our rental customers and clients including ongoing investments in the latest technology and training for our property managers and staff.

The Hampton Roads real estate market has a strong demand for rental housing. The large population of military and contractor personnel in the area ensures that there are always people who need rental properties

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Looking for the hottest rental listings in Hampton Roads? Look no further. Below you can browse our curated selection of rental listings to find the one that meets your specific needs!

In search of Professsional Property Management Services? Visit  TREG's Property Management Services, to research, educate, and inquire. We look forward to speaking with you !

 

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Few things produce as much benefit to a landlord for the time invested as thorough vetting of potential tenants. The vast majority of payment issues landlords who self-manage encounter can be directly linked to accepting marginal or unqualified applicants. Being disciplined and consistent in evaluating tenant qualifications is key to minimizing the risk of non-payment and other issues after occupancy.

First, a word about fair housing: Above all else, landlords should ensure their qualification policy is consistent with fair housing law at the federal, state, and local level. The federal fair housing law identifies seven protected classes, but states and localities can add more. Washington D.C., for example, has 18 protected traits/categories

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If you own property that you are renting out, it is important to make sure that you stay up to date with the latest legal changes. Each year numerous bills potentially affecting landlord tenant law are brought before the Virginia General Assembly for consideration. These bills are drafted in response to constituent concerns, as fixes for loopholes in existing law, or in reaction to regional or national housing related issues. This year’s changes fall primarily into the last category.

A New York Times article published in April of 2018 examined the eviction process in general and looked specifically at Virginia in much of the statistical data. Virginia law allows for removal of a non-paying tenant from possession in roughly 60 days, which compared

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Formerly called the "Soldiers and Sailors Civil Relief Act", SCRA was updated during the term of President George W. Bush to modernize protections the original 1940 law contained. The Act is intended to provide relief to military members from undue financial and contractual burdens that could affect their readiness and detract from the military mission. It covers a range of financial areas that could impact military members, including those related to leasing of rental property. Military members who lease residential property may terminate their lease under the protection of SCRA with appropriate notice provided they are: 1) transferring to a new duty location due to permanent change of station (PCS) orders; 2) separating from the service due to

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With a vigorous real estate sales market, far fewer properties are in foreclosure than during the “real estate bust” of ten years ago.  However, there are always situations that can render homeowners unable to service their mortgage debt.  When the property is occupied by tenants, there are practical and legal considerations regarding the impact of a foreclosure.

On May 24, 2018 the “Protecting Tenants at Foreclosure Act” (PTFA) of 2009 was revived as part of a larger piece of legislation (the Dodd-Frank Amendments) after expiring in 2014.  The Act is designed to provide a buffer for tenants who live in property, pay rent as promised, and through no fault of their own become impacted by the landlord’s inability to service the mortgage. 

Prior to

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Real estate sales and single family rental markets tend to counterbalance each other.  When the sales market is “soft”, rental homes will usually be in higher demand and market times are shorter as a result.  Conversely, when the sales market is performing well, as it is at the moment, rental properties move more slowly.  Therefore landlords and property managers have to find ways to stimulate interest and be aggressive in their strategy to secure tenants quickly.  In a market like Hampton Roads, where average rent is $1400+ for a quality rental, buying becomes a viable alternative for well qualified prospects.

RENT REDUCTIONS - The low hanging fruit in any effort to get a tenant quickly is aggressive pricing.  Tenants are shopping to get the best

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The transition from homeowner to landlord can be an arduous one.  Renting a home you purchased for yourself and your family to strangers often becomes an emotional roller coaster.  To compound matters, the process is frequently coupled with the need to secure replacement housing, as in the case of a military move.  Handing off the rental process to a professional to lessen the stress is one reason people hire a property manager.  Whether you do the same or go it alone, there are some fundamental things to understand when you become a landlord which may require a change in mindset.

  1. Do it right - Make sure your property is in good condition.  Perform any needed maintenance and ensure you’re putting your best foot forward with prospective tenants. 
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Timely payment is the cornerstone of the landlord/tenant relationship. Both parties make certain promises and representations when a lease is signed, the most significant of which is the rent will be paid as promised and without demand. Some tenants feel landlords are relatively wealthy and a late payment here or there has little impact.

Nothing could be further from the truth, as most landlords have a single home they rent and commit to service the mortgage debt independent of the lease. When rent is late, the landlord has to suddenly make a sizeable payment unexpectedly, which usually has an immediate negative effect on their financial situation.

Most leases are constructed for rent to be due on the first calendar day of the month, with a typical

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