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Posts Tagged ‘property management’

3080 D. Colony Rd. Durham NC 27705

Colony Hill condo. Water and sewer included. Pool, tennis and club included too. 5 minutes to Duke and 14 to UNC. Spacious and convenient location. Smoke free home. Graduate students most welcome as are fellows and residents. Quiet peaceful setting among the trees, yet minutes to dining, entertainment and walking trails in Duke Forest. All appliances included. Sorry no pets.

Call today to schedule a tour: 919-493-7633

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925 Junction Rd. Durham NC 27704
Very nice home on a very large lot. Owner prefers multi year term. New paint and
new carpet through out. Spacious sun splashed formal living room. Huge
combination family and dining room with sliding doors to rear deck. Additional
storage room and shed. Fireplace for looks only unless tenant wants to have gas
logs serviced. 3 bedrooms, and 2 full baths.
Sorry no pets and no undergrad students.
We require a 600 credit
score, clean background check and debt to income ratios adequate to cover rent.
Call us at 919-493-7633 to schedule a visit.
Visit us on line at www.MLSullivan.com

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Here’s how the numbers shape up December 2016 vs. December 2017 in the Triangle Real Estate Market:

December 2016 closed sales

2992 closed sales, 50 average days on market, average list price $282,750 average sale price $278,673

December 2017 closed sales 3020 closed sales, 48 average days on market, average list price $296,281 average sale price $292,381

2016 total units sold: 37,351, average days on market was 49, average list price was $273,795, average sale price was $269,991.

2017 total units sold: 39,301, average days on market was 44, average list price was $290,843, average sale price was $287,641.

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In order to achieve a degree of success and aptitude in any business it is essential to have the correct tools and resources in place.  Additionally, to have the correct processes in place is vital too.  Crisis management is not management; it is at its essence being managed.

For nearly twenty years I have sold residential real estate in the Raleigh, Durham, Chapel Hill; greater Research Triangle market. During this tenure I have worked diligently to build a network of resources like bankers, insurance agents, lawyers, home inspectors, contractors and engineers just to name a few.  I have also affiliated myself with Fonville Morisey Realty, a Long and Foster Company, which has superb training programs, an efficient and knowledgeable management team, professional support staff, an in house lender and an in house title insurance company. Fonville Morisey also employs well over 500 REALTOR/agents who bring a wealth of experience and knowledge to the corporate table.

In the last three years my team, Team Michael Sullivan, and I have worked diligently to build a property management business aside from Fonville Morisey in order to offer our clients the ability to one stop shop for their real estate needs.  My team and I realized that in this down economy it might not be the right time for all owners to sell property.  Some owners might want to hold on for a few years until the market rebounds and perhaps their principal has been paid down.  Selling at a loss just isn’t an option for many folks. We believe as a core principal that the time has to be right for a client to sell or buy and that only the client can dictate that timing.

As for my team’s tools of the trade, they are consistent and constantly developing. We maintain a state of the art blog to disseminate vital market information to the communities in which we work. We maintain a professional web site that allows us to comprehensively market our listed properties. We subscribe to a state of the art listing database, Triangle Multiple Listing Service and to an excellent, cloud based, property management software Buildium. To market our properties my team and I use direct mailing, a professional photography service, virtual tours, blogging, telephone calling to other REALTORS, open houses when deemed appropriate and we subscribe to an excellent network of relocation companies. 

The final essential component to our home renting and selling arsenal is market knowledge.  Since we work with both home buyers and home sellers as well as with renters and landlords my team and I spend countless hours every week working within our real estate market.  Admittedly we don’t know everything and to that end we work six days a week year round, in the Greater Research Triangle Market to continually learn and broaden our scope of real estate knowledge. We also spend countless hours building systems to ensure a smooth sale or rental experience.  We are full time real estate practitioners; we’re not in this business part time because we believe that would be a disservice to our clients and customers.

To learn more about us, visit www.TeamMichaelSullivan.com or phone us at 919-608-2372

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All REALTORS are not created equal

Today I had opportunity to try to hire a REALTOR to manage my property in Carteret County near my folks and on the coast. I made inquiry last week and the agent was prompt, got the key, showed the house and was very rushed to get my home leased. Problematically for me, there was no mention of contract or compensation.

Today the details started to come together, again without details ironed out. The tenants terms were laid out which is fine. I then laid out my terms to the REALTOR in Carteret County. I informed them that I would pay x in commission, that I expected my AGENTS to make quarterly visits to my house and document those visits with digital photos, that I expected x in non-refundable pet deposit and that I would make x, y and z enhancements to the property for the tenant.

This is where I hit the wall. I was informed by the agent that; we charge ten percent commission and we don’t alter that ever; that’s cool, I get that. I was then informed that the non-refundable pet deposit would be placed in their company trust or escrow account even though this is NOT trust or security deposit money; this is a non-refundable deposit that I the owner require for the tenant to have an animal in my home. The tenant can NEVER get that money back; it is a fee for me bending my rules to accommodate the tenant. This agent informed me that it is their policy to always hold this money in trust. I was also informed that quarterly visits would not happen and that frankly my 10% commission to them was hardly worth them taking my business.

Suffice it to say, our interaction had become rather adversarial. I spoke to several close friends, I spoke to my folks and I prayed on it. So here is a REALTOR who is trying to earn my business, to put his best foot forward, to develop a “RELATIONSHIP” with me and yet he is not willing to really earn or appreciate my business. My dear friend Charles pointed out, “If he’s going to behave like this now, just imagine how he’ll act in four or five months.”

Wow, that clinched it. The agent at the beach offered and I’ve taken him up on it….I will manage my property myself thank you very much. Now we’ll see if he does indeed send me the name of the prospective tenant.

Interested in buying, selling, renting or offering to rent real estate in Raleigh, Durham, RTP, NC? Call me or visit my web sites, RentDurhamNC or TeamMichaelSullivan. Phone is 919-608-2372

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