Zillow Buys Hot Pads for Cool 16 Million Cash

Zillow just announced that it has acquired HotPads, the San Francisco-based rental and real estate search site for $16 million in cash. 

 

According to the Tech Crunch article, Zillow plans to create one single database for rentals that will be available on Zillow, HotPads and the company’s other properties. HotPads, will continue to exist as its own brand and Zillow will commit additional engineering resources to help the company grow.

 

Between Zillow Rentals and HotPads, Zillow CEO Spencer Rascoff  expects the company can now offer a rental marketplace at scale – something that wasn’t previously available to users in the highly fragmented rental market. For Zillow, this is also an opportunity to build a relationship with a younger audience – the kind that’s shopping for a first rental but not ready to buy yet. Once they get to the point where they are looking to buy, they will hopefully come back to the Zillow brand.

 

What does this mean to Showcase Property Management? I believe Zillow and HotPads will provide our rentals even greater exposure in a rental market that just keeps expanding. Our investors rely on us to quickly place tenants in vacant properties. The more exposure we have the great chances we have of finding qualified tenants. 

Visit RentWithKaren.com to search for rentals in Brevard County, FL

Grateful to Give Thanks

At this time of thanksgiving I am grateful for the many blessings associated with being the managing broker for what I consider to be the best property management company on the Space Coast. I am grateful for my amazing staff who works tirelessly to keep Showcase Property Management a great company. Being the largest management company in Brevard County, FL comes with a significant work load.  Our office processes hundreds of application per month with people searching for a place to live.

 

I am grateful to our owners who put their faith and trust in the Showcase Property Management Team. Keeping more than 2000 properties maintained across Brevard County, FL isn't always easy, but we make it our priority to keep all of our investment properties the most desired rental properties.

 

I am grateful for all the tenants who rent with Showcase Property Management. Keeping up with all the problems and issues that arise with rental homes is sometimes tough, but we make it mandatory to have our vendors respond as quickly as possible and resolve issues promptly.

 

I am grateful for all the Showcase vendors who provide exceptional service, even on week-ends and holidays like Thanksgiving. Many of our vendors have been with us for many years, I am grateful they make our properties a priority.

 

I hope you enjoy the Thanksgiving video as much as I did; it made me realize how thankful I am for so many wonderful Showcase blessings. From our Showcase Property Management Family to your family… we wish you a Blessed Happy Thanksgiving.

Happy Safe Halloween

Found this excellent short video on Halloween safety tips:

I also came across the post Halloween Safety and Fun which offers great tips for making Halloween safe for the kiddies. Many of our tenants at Showcase Property Management have children young and older who will be dressing up and hitting the neighborhoods to collect their bounty of candy all across Brevard County, FL

Some of the tips for trick-or-treating include:

  • Plan your Halloween ahead of time
  • Plan your trick or treating route
  • Make sure your kids are costumed for safety

All of us at Showcase Property Management are wishing you and your family a happy, safe Halloween!

Eviction Process Explained

Eviction is never a preferred option, but sometimes it's the only alternative. I found this excellent video that explains the eviction process. It's good information for tenants and owners to understand.

Some tips for tenants, if you are unable to pay your rent on time, call and advise you will be late. If there is no communication and three days pass after the rent is due, you will receive a three day notice.

The Three-Day Notice is a condition precedent and jurisdictionally required notice which must be given in a non-payment of rent situation in order for the landlord to proceed to filing an eviction action. It is a very specific notice, clearly spelled out in Florida Statutes, must be of a certain form, with specific rent items only allowed, and it must be prepared and served properly in order for it to be a valid Three-Day Notice.

 

 

 

 

At Showcase Property Management, we do our very best to place credible tenants, but life happens and unfortunately we are forced to file an eviction.

I have dealt with tenants in the past who thought they could prolong the eviction process and remain in a property without paying rent. This is NOT the case.

Eviction is the last resort, we don't want to place people out of their homes, but sometimes there's just no other option. 

Tenants Faced with Short Sales

Tenants are facing siuations where the owner has no choice to short their property. Althoough it is a bit of an inconvenience, you are protected with your lease. If you had a lease and did not renew, that's a different story. Take a moment to watch this short video chock full of great information.

Most owners try their best to hold on to their properties, but when the financial pressure gets over whelming, they opt to sell short. We have had to notify numerous tenants that the property was going to be sold in a short sale.It's never an easy call to make. Fortunately our tenants have been very understanding and cooperative with helping make the property easy to view. Owners have provided incentives for the inconvience. 

If you are faced with a property that enters into a short sale, you are protected for the duration of the lease. However, so is the owner, tenants who stop paying their rent because the property is being sold short are in default with their lease and face eviction for non-payment. The fact that the owner is selling short, or perhaps even foreclosing has no effect on the terms of the lease.

At Showcase Property Management, we are assiting owners sell their property short and we do our best to minimize the inconvenience to the tenants. If you are an owner or a tentant who has faced this situation, drop a comment below and share your expereince. 

 

 

Investors Provide Rental Properties for Growing Demand

Many of our investors who have properties managed with Showcase Property Management are purchasing short sales and foreclosures and not just expanding their portfolio but meeting the growing demands of the rental market. In many cases the owners are able to remain in their home and pay rent, less than the mortgage payment they could no longer afford to pay.
 
 
Investors located all across the United States receive emails with MLS Property Alerts that have short sales and foreclosures for sale in prime rental markets in Brevard County, FL. Each time a distressed property comes on the market they receive an email notification that provides an MLS report of property details and photos. The KGB sales team assists with obtaining the properties our investors choose to buy.

 

Our turn key team includes qualilty professionals who are quick to provide estimates for property inspections, flooring, window and door replacement, window treatments, pest control, plumbing, electrical work, lawn and landscaping, pool service and a host of other sevices to help transform properties, especially foreclosures that can need extensive work. The investor is made aware of problems and can determine cost to rectify issues. If the property needs extensive work, our rehab team gets it back in tip top shape to be a desirable home we manage and market to rent. We refer to this has our Investor Turnkey Program

If you're an investor who wants to expand you portfolio or you want to get started with obtaining investment properties, just complete the information below:

 

Owners with No Equity Refinance with HARP

Many of our owners at Showcase Property Management who are struggling with an upside down mortgage are ecstatic when they learn they may be able to refinance using HARP. My sales administrator, Agi Anderson has been working closely with Chris Brown who is with Certified Mortgage Planners. Chris is one of Florida’s leading experts on HARP, the Home Affordable Refinance Program, one of the only programs available to help investors struggling with mortgage distress. There are qualifications to be eligible for HARP, you must have a Fannie or Freddie backed loan. Watch the short video below and Chris Brown will explain how to check if your loan is Fannie or Freddie backed:

Our aim is to help owners with mortgage relief. If you don’t qualify for HARP and you think you may want to sell, just email me at kgblady@cfl.rr.com and I will have Agi Anderson get in touch touch to explain the short sale process.

Short Sales Expanding Rental Market

Properties selling short are attracting investors who have time to wait for the slow short sale process to complete. The folks coming out of a short sale need a place to live creating a drastic change in the demand for rentals.

The attraction for investors to buy short sales and foreclosures is the demand for rentals will remain strong for at least the next five years – if not longer.

What Will Happen After the Election

It will be interesting to see what will happen in 2013, after the election, after the next president of the USA makes the inauguration speech. Will the millions of foreclosures behind the scenes make their way back to the market?

The countless number of short sales are impacting real estate on the Space Coast in a number of ways.

For the folks facing foreclosure, there’s good news. Borrowers can stop the foreclosure process by selling their property in a short sale. The National Mortgage Settlement prohibits lenders from doing dual track foreclosures.

A borrower can bounce back from a short sale in a couple of years, verses the severe damage of a foreclosure, which remains on a credit report permanently.

At Showcase Property Management we have become much more accommodating with helping people obtain a rental property after a short sale, after all, it is the cause of the growing rental demand. We analyze credit history and advise owners to to review the hardship when evaluating prospective tenants.

The investors, well their banking on the fact that after the short sale, someone else selling short will need a place to live. They are assured a healthy rental market for quite a few years.

If your someone coming out of a short sale, or an investor looking to expand your portfolio, my team and I can help. Give me a call 321.394-7750

What Happens to Deficiency in a Short Sale

Over the past few years many of our owners at Showcase Property Management have been confronted with selling their property in a short sale. One of the biggest concerns is always the deficiency that results from a short sale. I found this very informative video that reviews various short sale scenarios which addresses deficiency with an investment property.

Walking away from a property and foreclosing is very damaging, a short sale is much easier to recover from, typically about two years. Lenders now prefer to avoid foreclosing and short sales  are now surpassing foreclosures.

If you are an owner struggling with an over whelming mortgage, I invite you to reach out to me for mortgage relief. Learn what’s entailed with selling property short.

Tips to secure your property in a hot rental market

Make preparations to rent property:

Due to short sales and foreclosures there is a high demand for rental properties. I recommend you view the Showcase Rental Application and gather all of the required documents you will need to submit your application, property management companies ask for basically the same information. Application fees which run from $45 to $75 must usually be in the form of a cashier check or money order. Typically personal checks are not accepted, some companies do accept a credit card, most do not.

If you have pets: at Showcase Property Management you will have to provide a recent pet certificate from your vet as well as an additional pet deposit.

Once you are approved: you will be required to provide the security deposit, do this as quickly as possible. The property remains on the market until the security deposit is paid in full. After the deposit is received and the property is removed from the market, the deposit is not refundable. This means  if you DO NOT sign the lease, the money for the security deposit IS NOT refunded.

Discuss making arrangement to turn on utilities when you provide your security deposit.

You will receive keys at the lease signing, if you request to move-in prior to your lease date, rent is pro-rated on a daily basis.  Prior to moving in be sure to take photos and note any issues pertaining to the property so you will not be held responsible.

Please keep in mind agents work on a percentage of the lease amount, they are not compensated until after the lease signing. Agents  work diligently to help you find the ideal place to call home, all they ask in return is your loyalty to work to them until you sign your lease.

You can request a copy of the Showcase Property Management application in the comment area below.