Selling a home is not always an easy accomplishment in today’s challenging real estate climate. Selling a home quickly, prior to moving to a new job assignment, is often impossible.
Thus, Richmond Hill has followed the national trend of an increase in available rental units.
According to a press release from Re/Max Accent of Richmond Hill, property management for owners that have been forced to relocate before their homes sell has become big business. For most families, the expense of maintaining two homes is difficult, and the rent received on the home left behind can help avoid financial disaster.
Many newcomers to the area are unable or unwilling to purchase and prefer to rent.
Re/Max Accent has seen a significant increase in the demand for rentals and the management of these properties, according to its release.
The release states that just three years ago, Re/Max Accent managed about 30 properties as a courtesy to sellers that planned to return to the area in the future. Today, the company manages more than 300 properties.
Owners Lynne Bayens and Alice Steyaart said they quickly recognized the importance of properly training agents, increasing staff and implementing software to meet the growing market.
Re/Max Accent agents who provide property-management services are required to complete approved continuing-education coursework, they said.
They noted that recently, the agents received six hours of education credits by training with Mike Nelson, owner of Excalibur Home Management LLC, a company managing more than 1,200 properties. Monthly training also is ongoing.
According to the release, new property-management software is used to allow owners to view the status of their properties at any time. Direct deposits to owners’ bank accounts, approved vendor lists for repairs and an office open seven days a week help improve the efficiency of the rental demand, according to the company.
Steyaart and Bayens said they are aware of the importance of daily office hours to make it simple for a potential tenant to obtain available rental information.
“For the first time in my real estate career, Richmond Hill is truly mirroring the national real estate trends, and we will meet that need with educated, capable agents,” Bayens said.
Other local companies have experienced strong increases in the area as well and see this trend continuing in the near future, they said.