What is Fair Market?

Also known as FMR or market rent, fair market rent is the highest estimated amount of money a property with a certain number of bedrooms and amenities in a certain area will rent for. It is a rent estimate that includes the base dollar amount of rent as well as any essential utilities that the tenant would be responsible for paying, such as gas or electric. It does not include non-essential utilities such as telephone, television or internet.

The U.S. Department of Housing and Urban Development (HUD) compiles a list of Fair Market Rents for over 2,500 metropolitan and non-metropolitan counties every year. These Fair Market Rents are used to determine rental voucher amounts for government assistance housing programs such as Section 8 (Housing Choice Voucher Program). These Fair Market Rents account for the 40th and 50th percentiles. So what does this mean? It’s essentially the rental dollar amount that 40% (or 50%) of the rents are below. Most areas will use the 40% mark, while larger metropolitan areas will fall into the 50% arena.

Different neighborhoods demand higher or lower rates. As they say in real estate, “location is everything”. So if your rental property is located in a lower income area of town, you will probably be fine using the HUD Fair Market Rent information. However, if the home is located in an upper scale neighborhood, then the HUD information will probably not work for you. Where do you go from here?

How to Determine Fair Market Rental Rates for Your Rental Property

1. Search Similar Listings

When dealing with rental property, it is very important to know what comparison properties are renting for. The Internet has opened up a wealth of information that is accessible to anyone. If you want to find out what homes are renting for in your area, there are numerous websites that list rental properties online (see the resources for links to the top directories). Once you’ve compiled a list, you can average out their prices to get your gathered fair market price.

2. Ask other Landlords or look to your Local Landlord Association for Information

Another great way to get some comparison information is to ask the other landlords you know in your area. Your peers can be a reliable resource for rental data and they can also give you personal insight into leasing properties in your area.

3. Contact a Property Management Company

Quality property managers are always aware of the fair market prices of rental properties. If you’re in the Southern California Area, Reynolds Realty Advisors can help you determine your properties’ fair market price during your free consultation.

Resources

Looking for a simpler solution? Rentometer and Rent Range are two automated services that can help you determine fair market price.

Rental Listing Directories:

Zillow

Trulia

Craigslist

Postlets

Rent.com

Conclusion

Ultimately, your rent is determined by what your current market is looking for at that time. After you have completed your research, you will be able to set the fair market rent value of your property with confidence. We hope this helps you determine the fair market price of your property rental. Check back for more insights on getting your properties rented to ideal tenants.

Still need help? Too much work for your busy schedule? Hire a professional property management company like Reynolds Realty Advisors and we’ll take the work off your hands. Get your first month of management free! 

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Source: AppFolio.com

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How to Make the Right Choices when Acquiring New Assets.

When locating a new property, engaging the right property management firm is key!!  Reynolds Realty Advisors provides full property evaluation services. We partner with you from the beginning to evaluate the property, determine repair costs and income optimization options, ensuring you purchase the right asset for the right price!

We are your partners from acquisition through the renovation, leasing and maintenance.

Your Investment….Our Focus.  Your Asset….Our Experience!

Here are twelve strategies to locate new properties. We hope you find these tips useful for making the right choices when acquiring new assets.

1. Distressed properties. These offer the best opportunities for creating value. Be sure to avoid floor-plan obsolescence and structural problems. Analyze the property as if you were going to live in it. Be aware of properties with major structural problems. Partner with your property management firm to get bids on costs for easily solving problems, determining your optimization plan, costs and offer price for that asset.
2. Vacant properties. Keep an eye out for properties with boarded window or doors, those that lacking cosmetics, landscape or maintenance, or repos and shells. Determine what would be the highest and best value for that asset.
3. Auction houses. There are numerous auction houses nationwide. Call on auction houses in advance to understand the acquisition process, list price versus sales price and know how much you are willing to pay for property based upon its true value.
4. Bank workout department. Work with bank asset management departments to help solve their problems. Be seen as their solution as they will off-load assets you there thereafter, becoming a part of the REO group as an approved investor.
5. Professional associations. Working closely with local chapters of national organizations is best. Organizations an include, such as National Apartment Association, Apartment Association of Orange County, Better Business Bureau, Institute of Real Estate Management, Society of Industrial and Office Realtors and BNI International.
6. Realtors. Work with commercial realtors with Certified Commercial Investment Management designations for complexes is best. New agents will have more time and be more willing to help find value added opportunities.
7. Courthouse. Title companies, county websites, Internet search engines and courthouses are great options for sourcing deals.
8. Unpaid taxes. Tax sales done by the county are some of the best deals on the market.
9. Internet. There are dozens of Internet sites key for sourcing properties. Work with experts who can help you to navigate through them effectively and efficiently.
10. Attorneys. Handle bankruptcy, eviction notices, review financing agreements, private funding, probate, default or asset management for banks, county prosecutor’s office.  Knowing how to start a relationship is vital.
11. Letter campaigns. Use letter campaigns to source owners looking to sell but who have not yet made the commitment. Working with relocating owners and leveraging 1031 exchanges are also very effective.
12. Government sources. Find government-supplied properties through IRS, U.S. federal marshal, sheriff’s sales and online.

Locate Property – Identify Income Assets. Los Angeles and Orange County California.

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Please join us in welcoming Hughes Apartments to the Reynolds Realty Advisors, Inc. portfolio! 

Strategically located in the heart of Victorville adjacent to shopping centers, parks, retail and golf for entertainment. Nestled between other complexes, Hughes Apartments is comprised of two four-plexes and backs up to residential homes and other like apartment complexes. Hughes offers tenants, patios, carports and open parking area. Hughes apartment complex is a small community, quaint and perfect for families and those that work in Victorville and surrounding cities.

We pride ourselves in the sense of community we create at Hughes Apartment complex and ensure that all tenant needs are addressed to their satisfaction!!

At RRA, it is our mission to provide owners with a competitive advantage by delivering quality services through the maximization of occupancy, reduction of costs, consolidation of vendors, and implementation of best practices.

We’re extremely excited to welcome Hughes to the RRA family of clients and to help build upon the quality of life of its residents.

Hughes Apartment complex is located in the heart of Victorville adjacent to shopping centers, parks, retail and golf. Strategically located near Bakersfield and Hesperia cities, this property offers easy access 15, 210 and 40 highways. Ideal for those working in town and neighboring cities.

Please contact us ASAP to learn more about the complex and leasing options.

Feel free to contact Elizabeth Reynolds and Rose Jones at info@reynoldsrealtyadvisors.com or via phone at (866) 613-7772.

Vacancies

At Hughes Apartments, we are currently leasing our upgraded and very spacious units:

• 2 bdrm / 1 ba – $550-$650/mo

Sincerely,

Elizabeth Reynolds and Rose Jones

Our Mission

To provide owners with a competitive advantage by delivering quality services through the maximization of occupancy, reduction of costs, consolidation of vendors, and implementation of best practices. How can we help your property? Let us know.

The post Hughes Apartments Victorville, California. Reynolds Realty Advisors. appeared first on Reynolds Realty Advisors.

The heroes at Reynolds Realty Advisors went into immediate action!

The one unit was only partially burned, all tenants were evacuated and are safe. The fire department was dispatched and they responded immediately.

The RRA team worked closely with the service providers (fire, utility companies, insurance, appraisers, general contractors, etc) to ensure the safety of the tenants and to stabilize the property.

Reynolds Realty Advisors along with the Owners, ensured the tenants had alternative housing arrangements and are completely renovating the burnt unit along with the unit below  – from ceiling to flooring.

Reynolds Realty Advisors competitively bid the renovation, saving the owners over 40K and are managing these vendors through the restoration process.

Another day and another way we make a difference in the lives of our tenant and to the safety of the property for our owners.

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Real Property Management of Apartments for owners and investors in Orange County California.

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Event: Income Property Management Expo
Day: Tuesday, March 25th – Today!!
Time: 9 am to 4 pm
Where: Pasadena Convention Center
Address: 300 East Green Street Pasadena, Ca 91101
Visit us: Booth #426

For more information: http://incomepropertyexpo.com/attendeespasadena.html

This year’s Expo’s Special Features: Free seminars and workshops, interactive Exhibits with cutting edge products and services. The Great Taste, Showcase, PGA Golf Zone and Golfsmith Giveaways. You’re sure to have a great time and build valuable contacts for your network!!

Free Seminars and Workshops
Exhibits and Interactive Displays
Food, Golf, and Giveaways
Networking with friends and colleagues
Talking with us about your real estate and property management needs

.

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Please join us in welcoming Vernon Apartments to the Reynolds Realty Advisors, Inc. portfolio! 

Strategically located in the heart of Montclair, adjacent to Ontario and the San Antonio Apartment complex.  Retail, downtown, shopping complexes including dining, schools and churches are just minutes away.  Nestled between other complexes, Vernon is comprised of two, two story buildings, providing a gated community for this 24 unit complex featuring highly upgraded 2 bedroom units, on-site laundry, open space with large trees and vegetation, carports, garages and open parking. We pride ourselves in the sense of community we create at Montclair Apartment complex through informal and formal events held throughout the year.

See more pictures below:

[portfolio_slideshow id=890]

At RRA, it is our mission to provide owners with a competitive advantage by delivering quality services through the maximization of occupancy, reduction of costs, consolidation of vendors, and implementation of best practices.

We’re extremely excited to welcome Vernon to the RRA family of clients and to help build upon the quality of life of its residents. Over the past few months, we have already made several enhancements to the complex, which included:

• Unit upgrades and Vendor service enhancements
• Tree trimming, landscaping and grounds beautification
• Painting, Fencing and parking management to ensure available space for tenants and guests
• Laundry room facility optimizations
• Common area enhancements
• Most importantly, creating a sense of community through community onsite eventing!

The property is strategically located near Chino and Riverside cities; with easy access various highways including 10, 57, 60 and 71, ideal for those working in town and/or in the neighboring cities.

As we are currently leasing 2 bedroom units, please contact as ASAP to learn more about the complex and leasing options.

Feel free to contact Lauren Eges at Lauren@ReynoldsRealtyAdvisors.com or

Phone: (909) 626-8489.

Sincerely,

Elizabeth Reynolds and Rose Jones

Our Mission

To provide owners with a competitive advantage by delivering quality services through the maximization of occupancy, reduction of costs, consolidation of vendors, and implementation of best practices. How can we help your property? Let us know.

The post Vernon Apartments Montclair, California. Reynolds Realty Advisors. appeared first on Reynolds Realty Advisors.

We will be at Booth #426 near the PGA Center.  Come visit us and have some fun on the green!!

Event Details:
Event: Income Proeprty Management Expo
Day: Tuesday, March 25th, 2014
Time: 9 am to 4 pm
Where: Pasadena Convention Center
Address: 300 East Green Street Pasadena, Ca 91101
Visit us: Booth #426
Tickets: Pre-register at http://incomepropertyexpo.com/attendees.html
For more information email: expo@aptmags.com

This year’s expo’s Special Features: Free seminars and workshops, interactive Exhibits with cutting edge products and services. The Great Taste, Showcase, PGA Golf Zone and Golfsmith Giveaways, you’re sure to have a great time and build valuable contacts for your network!!

Enjoy a day of:

Free Seminars and Workshops
Exhibits and Interactive Displays
Food, Golf and giveaways
Networking with friends and colleagues
Talking with us about your real estate and property management needs

We will be there all day!!

ENTER TO WIN

Drop your card with us to win a fabulous door prize!!

Questions: Please contact us at via phone at 866-613-7772 or via email at info@reynoldsrealtyadvisors.com. We look forward to seeing you today!

Elizabeth Reynolds, President and Rose Jones, COO

Reynolds Realty Advisors – Southern California Property Management Company.

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 Please join us in welcoming Olive Tree Apartments to the Reynolds Realty Advisors, Inc. portfolio!

Strategically located in the heart of Pomona adjacent to shopping centers, parks, retail and the LA County Fair for events and entertainment.

Nestled between other complexes, Olive Tree is comprised of twelve (12) four-plexes, spanning an entire block, providing a gated community for this 48 unit complex featuring highly upgraded three bedroom units, on-site laundry, open space with large trees and vegetation, carports, garages and open parking. We pride ourselves in the sense of community we create at Olive Tree Apartment complex through informal and formal eventing held throughout the year.

See more pics below:

[portfolio_slideshow id=694]

At RRA, it is our mission to provide owners with a competitive advantage by delivering quality services through the maximization of occupancy, reduction of costs, consolidation of vendors, and implementation of best practices.

We’re extremely excited to welcome Olive Tree to the RRA family of clients and to help build upon the quality of life of its residents. Over the next few months, we will implement a multi-phase approach to enhancing the complex. This will include:

•  Unit upgrades and Vendor services
• Tree trimming, landscaping and grounds beautification
• Laundry room facility optimizations
• Common area enhancements
• Most importantly, creating a sense of community through onsite community events!

The property is adjacent to  nearby cities including; Ontario, Montclair, Yorba Linda, Brea and the 15, 10, 60 and 57 highways. The location is deal for those working in town or going to school within Pomona and/or the neighboring cities.

As we are currently leasing 3 bedroom units, please contact as ASAP to learn more about the complex and leasing options.

Feel free to contact us at:

Email:  info@reynoldsrealtyadvisors.com or via

Phone: (909) 986-1679

Sincerely,

Elizabeth Reynolds and Rose Jones

Our Mission

To provide owners with a competitive advantage by delivering quality services through the maximization of occupancy, reduction of costs, consolidation of vendors, and implementation of best practices. How can we help your property? Let us know.

The post Olive Tree Apartments, Pomona. Reynolds Realty Advisors. appeared first on Reynolds Realty Advisors.

Refer a Client, Receive $100 – $1,000

How can we help your business? Please let us know. We’re always looking for referral partners. Contact us any time at 866-613-7772.

Our goal is to provide excellent quality and value to property owners to ensure the best experience for their residents. Do you know property owners who need support with onsite management? If so, please keep us in mind. We offer referral fees of $100 to $1,000 depending on the size of the property.

Property Management Firm vs. Self Manage

Many owners self manage their complexes, which often seem like the safest and/or least expensive option. But, there are many things you need to consider as an owner if you are managing your own properties such as:

• Are you focused on property management?
• Is this really your passion?
• Are you organized?
• Do you have time for this project?
• Do you understand cash flow?
• Do you know how to maximize the value of your property?
• Are you comfortable negotiating with vendors?
• Do you like taking tenant complaints and solving their issues?

Reynolds Realty Advisors has a proven successful model that we deploy at each of our complexes, customized to meet each of our customers’ expectations. With our dedicated property managers, deployment of our streamlined processes and leveraging our sophisticated systems, we are able to maximize the value of your property!!

We manage the properties beautification, examine expenses, evaluate vendors, cure delinquencies and vacancies and drive rents up, all of which increase the property cash flow and overall value!! We operate on the principle of always doing the right thing for the owners and tenants. We have a proven track record of force appreciation and increasing cash flow, while at the same time creating communities of happy families!!

Question about our services? Contact us today.

Summer Bash at San Antonio!

We held this event this past Saturday from 11 a.m. – 3 p.m. It was a huge hit with the tenant and a great time was had by all. We served pizza, cupcakes, water and juice and provided music and pool toys for the kids. They loved it! Enjoy our pics below!

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