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Tip Jar: 3 Tips You Can Bank On

Today's tips are from our own Chris Somers during his training session on sales and motivation at Remax Access in Northern Liberties this week.

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0 comments • Christopher and Stephanie Somers - Realtors - Philadelphia Real Estate • February 23 2012 08:27AM

Give the People What They Want: Strong Rental Demand in Northern Liberties, Old Kensington, and Fishtown

"Give the people what they want" is a phrase quoted by the Kinks back in the day, but these are words that ring true for the rental market in Philadelphia. At least for the rental market for homes, apartments, and condos located in the zip codes 19123, 19122, and 19125.

We've been studying the demands of renters in our Philadelphia Real Estate Market and the message that these consumers are conveying to us is clear as day. Renters looking to live in the Northern Liberties, Fishtown, and Old Kensington neighborhoods are looking for the same things buyers are looking for and they are not taking NO for an answer.

Here is the winning recipe for an A+ rental property in the districts we are discussing.

- High functioning Kitchen and Baths with a fully outfitted appliance package because these renters work hard, play hard, like to cook, entertain, and they demand a touch of luxury.

- 2-4 bedroom accommodations because Renters have roommates to share living space and cut living expenses.

- More than 1 bath is a huge plus and renters are willing to pay more for that feature. Both female and male renters require more out of their bathrooms such as storage for toiletries and lots of space if they need to share the bath with a roommate in a multiple gender household.

- Near public transportation is a big benefit. Therefore, if you are an investor, consider buying property close to the El stops, bus stops that run into Center City or to the Universities. Public transportation within a few blocks of your subject property is important.

-A clean, secure, no maintenance yard is a real plus for those with pets and for trash storage.

Renters want all of this for from $900 to under $2,000 per month depending on location and space.

If you are an investor or home owner thinking about renting your property in Northern Liberties, Fishtown or Old Kensington, it is important to Plan Ahead.If you can provide even a few of the things listed above, you will have less vacancies, increase the quality of tenant, get more money from your rental, and your property will rent faster.

The days of slapping paint on the wall and hanging a sign in your window are over. If you need assistance renting your property please contact us. We list rental properties.

Feel free to subscribe to our blog or our monthly newsletter to stay up to date with our latest posts and information on the Philadelphia Real Estate Market.  You can also sign up to receive the Philadelphia Real Estate Blog via email.

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2 comments • Christopher and Stephanie Somers - Realtors - Philadelphia Real Estate • July 19 2010 09:41AM

Home Inspections: 4 Tips to Avoid the Buyer and Seller Freak Outs.

Home Inspections: 4 Tips to Avoid the Buyer and Seller Freak Outs.

Home Inspections - The process of a Seller waiting for the results of a Home Inspection is incredibly stressful.  Every Realtor knows that no matter how New or Old a property is, things pop up in Home Are you stressed from the home inspection ?Inspections.  I do not think I have ever seen a Home Inspection Report that came back perfectly clean. Folks, perfect is an imaginary word !

Many Buyers do not take into consideration how Home Inspections effect the seller and vice versa. Each party has their own list of things to worry about.  It is a stressful process !! But whether you are a Buyer or a Seller take a step back.  Take a deep breath.  There are a few points you may want to think about. Are you a Buyer doing every possible inspection known to man-kind? Perhaps you are Seller psyching your self up for an invetable Home Inspection from Hell ! There may be a way to diffuse knee-jerk and emotional reactions to these Home Inspections.

Avoid the Freak Out! Get Perspective !!

1) Understand and Sympathize:  The buyer is nervous too ! They have heard horror stories about "Shady Sellers". They have watched "The Money Pit" like 1 million times.  They are extra sensitive and often on the defensive when going into a purchase.  They feel that they can not afford to make a mistake.  Buying and selling a home is the largest financial transaction an average person will ever do in their entire life. It is a big deal.

2) Money Ain't Free:  Remember Sellers... The Buyer is spending extra money on all of the inspections. That money is not going to come back to them no matter what.  That must mean they are looking for something of significant value in return.  People do not spend money just to play games. (Dave & Busters is the exception of course.)  Buyers get independent Home Inspections with the expectation that they will receive solid information. Buyers who do inspections do not want to sabotage the deal ! They want to test the product they are buying.  Mind you the procedure may feel more like root canal to both parties.  It is something that the buyer must do out of due diligence.

3) You've Got The Power:  The Seller can reject the results of the inspection as well as refuse to correct or address anything that comes up on the inspections as the agreement of sale stipulates.  The Buyer can do the same. If you cannot come to a mutual agreement regarding the inspections then the deal can end.

4) What is Done in Secret will be Brought into the Light:  What I mean by that is Disclose! Disclose! Disclose! is as important as Location! Location! Location! when it comes to Real Estate.  Whatever you know about your property, good bad or ugly, disclose it ! Whatever comes out about the property through inspections must be disclosed to future buyers if the deal never settles.  Reveal everything and less harm will be done than if you do not disclose the truth about your property. Honesty will negate post settlement legal action.  It diffuses the stress involved.

We hope these 4 tips are helpful to both buyers and sellers !  If you find the information informative, please subscribe to our blog !  Is only a click away !  If you are in our neck of the woods, please contact us via phone or email or ask about our new office location in Northern Liberties !

The Somers - Chris and Stephanie Somers

If interested in buying or selling properties in Philadelphia, contact Chris and Stephanie Somers at thesomersteam@yahoo.com or 215-400-2612 . You can connect with us on Facebook and Twitter .  For investment properties, check out our new investor site at Philly Investor Hub and ask us about Philadelphia Foreclosures and Short Sales .

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Areas of specialty include Northern Liberties, Old City, Center City, Fishtown, Graduate Hospital, Art Museum, Queen Village, Pennsport, Old Kensington, Port Richmond, Bridesburg, Society Hill, Loft District, Spring Garden and more !

Feel free to subscribe to our blog or our monthly newsletter to stay up to date with our latest posts and information on the Philadelphia Real Estate Market.  You can also sign up to receive the Philadelphia Real Estate Blog via email.

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36 comments • Christopher and Stephanie Somers - Realtors - Philadelphia Real Estate • July 13 2009 06:34AM