5 tips on how to find and research reputable home renovation businesses.

How To Choose a Home Remodeling Contractor

Did you know there are more than half a million remodeling businesses to choose from in the US? Of course, this doesn’t mean the choice will be easy. There’s plenty of horror stories out there from people who have chosen the wrong general contractor, so researching trusted companies to get a bid from is a must. 

If you have friends, family or neighbors who have recently renovated their home, word of mouth can be a great place to start for trustworthy contractors in your local area. Ask them who they used, what the process and timing was like, and if they would use them again.

Even with a good referral, it’s always a smart idea to secure more than one bid to weigh up your options and costs. Once you have secured a few bids, try not to look at costs alone. It’s not uncommon for people to go for the lowest price only to be stung with a huge bill when poor work needs to be redone or there are extra fees and costs hidden in the fine print. 

There’s no way of knowing for sure until the job has started if you’ve made the right choice, but here are five ways to feel confident when choosing a home remodeling contractor. 

When you have some contractors completing bids, ask if they can provide references. 

Ask about the jobs they have finished recently and see if you can speak to any of their customers. Do they have before/after photos you can view to see the finished product?

Photos are great, but it’s also important to note that you’re not shopping for the bricks and mortar. When choosing a home remodeling contractor, it’s the professionalism and craftsmanship you need to focus on, so it helps to speak to people who have dealt with the business before. 

Before getting a quote from any contractor, it’s a good idea to check out their website and local review sites such as Google and Yelp to see what people are saying about them and get a feel for their reputation.

References will usually be positive because they are from customers that have been selected by the contractor. Sometimes online reviews can usually paint a more balanced picture. They’re not always the most trustworthy (you don’t always get the full story from strangers online!), but if there’s more positive than negative words being spoken about the company, you can probably rest easy. 

Remodeling projects are rarely straightforward, so you should have an open dialogue with your chosen contractors. Make sure there are no nasty surprises by being really upfront about what you’re looking for and making sure that you and the contractor are on the same page. 

Note what the communication is like when you approach anyone for a quote. Are you greeted with professionalism and in a timely manner? Do they show up when they say they will? Make sure you deal with a company who handles communication well and interacts with integrity. The way they communicate with you is a good indication of what they’ll be like to deal with, so if they aren’t helpful or open to discussion, this could be a red flag. 

One of the most important steps when choosing a home remodeling contractor is to check their credentials such as licensing and insurance. It’s never worth risking your home with an unlicensed tradesperson. 

Make sure any contractor or business you hire is:

Licensed: Are the contractors licensed for the work required and do they hold memberships with the local or national bodies? Do your homework and see what kind of training, qualifications and licenses they hold. 

Bonded: A contractor’s bond is a financial guarantee that the terms of a contract will be fulfilled. This protects all parties from financial loss if the contractor doesn’t follow through with the terms of the original agreement. It’s also not simple to obtain, so successfully having a bond is a good indication that there is high confidence in the business or tradesperson being able to execute on the contract. 

Insured: Contractors can pay a premium that covers claims and incidents if something goes wrong — such as worker’s compensation if an accident occurs on site. Not having adequate insurance puts you both at risk of liability. 

Most renovation companies will provide a warranty on workmanship and installation for one year. Be sure to find out the details and terms of any warranties or guarantees before assuming that work will be redone at no cost to you. If there is a dispute or it’s not deemed faulty, you may need to pay again for work to be fixed. 

Get the best renovation for your home, guaranteed 

Hiring someone you trust to manage your home remodeling project will go a long way in protecting your home and finances. Contractors and businesses should be honest and upfront about timelines, costs, and what is workable. If they can’t provide this or you can’t find information on their licenses and work history, walk away. 

To make it simple for rental home owners to access quotes and trusted contractors, Belong homeowners get instant access to an expansive vendor network of over 10,000 professionals that can handle everything from routine repairs to renovations. We'll even let you spread the costs over the term of your lease agreement. 

Visit our homeowner's page to find out more about how our services are helping people to achieve their financial goals through rental real estate in Seattle, Redmond, Oakland, San Francisco, San Diego, Los Angeles, Tampa, Orlando, Jacksonville, Miami and many more.

Find out how to choose a home remodeling contractor with these five tips on how to find and research reputable home renovation businesses.

Not all landlords are money-hungry monsters, pushing up house prices. Here are 6 tips on how to become an ethical landlord when renting out your home.

How to Be an Ethical Landlord

Putting your home on the rental market can be a great way to generate income and optimize your taxes while offering a place for someone to live. But more than that, it's also a way to preserve your home if you need to move but could see yourself returning one day. Despite these benefits for homeowners, many worry about becoming the dreaded “L” word. 

Landlords are often accused of being money-hungry monsters that gobble up all available property and push homeownership out of reach for others. But that's not always the case. We argue that making high-quality rental homes available plays a vital and important role in our communities. Not everyone is ready for homeownership, but everyone needs a place to call home. That is why the rental market exists.

How can you be a landlord in an ethical way that makes renting a win-win for homeowners and residents alike? 

1. Ensure your home is safe and comfortable

Your number one responsibility when making your home available on the rental market is to ensure it is habitable. Homeowners have a legal obligation to ensure their rental property:

Is structurally sound and intact (including floors, stairs, walls, roof)

All electrical, plumbing, sanitary, heating, ventilation, air-conditioning and elevators are operating safely

No known hazards are posing any danger to tenants (such as lead paint, asbestos, radon)

Reasonable measures are in place to prevent foreseeable criminal intrusions

Especially if you have previously occupied the home, there may be some things you could overlook. But before you put it on the rental market (or consider making a purchase on an investment property), make sure all the items are addressed.

An ethical landlord will want their residents to feel at home and not have to wait months for repairs to take place. If you rent your home through a property manager, they can generally log maintenance and repairs via an online portal, but that isn't an indication of how long you will need to wait for them to find a contractor to get to you.

If you choose to partner with Belong, we have a strong network of over 10,000 vetted tradespeople that are available via our 24/7 concierge service.

2. Price your rental at a fair market rate 

There’s a lot of discussion around today’s housing crisis. Many cities face affordable housing shortages, and landlords across the country seem to be taking advantage of this by raising rent at a shocking rate. Determining “fair market rate” can be daunting for a first-time landlord, but keep these principles in mind as you get ready to list your home on the rental market:

Set reasonable expectations. Though you may have seen Reddit threads and investor podcasts claim rental returns 2-3x the property’s mortgage, this isn’t realistic or ethical. 

Price based on market data. Not only is this fairer to potential renters, but pricing your rental based on real market data will help you rent your home much faster. 

Accept Section 8 and other housing vouchers. Some new landlords worry about accepting housing vouchers, but these programs level the playing field for residents and help alleviate some of the impacts of our housing crisis in an immediate, tangible way.

Working with a partner like Belong will take the guesswork out of pricing your rental. We leverage thousands of real-time data points to help you price your rental competitively, and we market your rental for you so that qualified residents are easy and fast to find.

3. Create a reasonable, easy-to-understand lease agreement

Leases are binding legal contracts, and as such can be daunting for homeowners and residents alike. Helping your residents understand the terms of their lease is not just a courtesy, it also helps avoid common issues that renters and landlords face. Make sure the following gray areas are explicitly documented and discussed before anyone signs on the dotted line:

Pet policy: will you allow pets? Which kinds? Will there be a deposit to cover potential pet damage? Will this deposit be refundable? 

Marijuana policy: will you allow marijuana on your property? What are the potential consequences of violating this policy (losing a security deposit, etc)? 

Exterior maintenance: who is responsible for lawn maintenance, snow removal, etc?

4. Address resident concerns immediately 

Being a renter can be incredibly frustrating when something needs maintenance and you are unable to fix it yourself. If you own your home and the furnace breaks, you will liaise with the repair person directly, and although still stressful, this can feel easier. When your residents have a maintenance issue, from a broken appliance to a severe leak, it’s your responsibility to communicate clearly and fix it as soon as possible. 

This is where many landlords can get a poor reputation. Common renter complaints revolve around maintenance disputes. This is one reason you may want to consider working with a partner like Belong. Instead of being directly responsible for being available and responsive to residents, Belong’s extensive network of maintenance professionals can be found at your fingertips. This alleviates stress for residents and homeowners alike and ensures your residents will have a good experience while living in your home.

This isn’t just an ethical consideration, in almost all cases, it’s the law. While it can be tempting to swing by and see how your property looks on a whim, homeowners are required to give residents 24 hour notice before entering the occupied property in almost all cases. Aside from the legal requirements, it is important to remember that although you own the property, while it is occupied by a resident, that property is their home. 

Belong helps ensure homes are well taken care of by scheduling regular inspections and check-ins that respect resident privacy and also reassure homeowners. 

Find the right partner (or be prepared for a lot of work)

Self-management of a rental property is a lot of work. There is a lot more to it than simply marketing the home and vetting tenants. To creating legally-binding lease agreements, avoiding discrimination in advertising descriptions and staying on top of all legalities and repair requests, it gets a lot easier with help.

But do the property management companies in your area share your values and align to your vision of being an ethical landlord? If not, it's time to look at an alternative solution, like Belong.

Belong is not a property management company. While we do handle everything to do with rental homes, by taking a human approach and treating both landlords and tenants with respect and care, what we offer is closer to a hospitality experience for the rental market. We select the right tenants who are in for the long-haul, offer both you and your residents access to a concierge service 24/7, and offer fast repair and maintenance work. We also guarantee your rent will always be paid and can even cover your cash-flow by allowing you to split the cost of things like repairs and insurance. You can learn more about our unique services here.

No more landlords or tenants. Belong is making renting magical for homeowners and residents, creating the world's first residential network. We partner with homeowners to achieve financial freedom, but we do it ethically, and without you having to lift a finger. 

Visit our homeowner's page to find out more about how our services are helping people to ditch property management in Seattle, San Francisco, San Diego, Los Angeles, Tampa, Orlando, Jacksonville, Miami and many more.

Renting out a home you love can be as daunting as selling. That's why Belong has developed a 'middle ground' for downsizers in a sell or hold dilemma.

Time to Downsize? Consider the Pros and Cons of Selling or Renting

When it's time to downsize your home, the decision to sell can be a painful one. But renting it out to strangers can be equally daunting. That's why Belong has developed a 'middle ground' for downsizers who are facing the 'sell or hold' dilemma.

There are plenty of reasons for hanging on to a beloved home, even if it no longer suits your lifestyle. Perhaps you want to see your own kids (or grandkids) live there someday. Maybe you want to travel for a year or two while you decide. Perhaps you want to move to a smaller place, but don’t want to sell the house because property values in the neighborhood are going up, and you want to maximize your potential profit.

There are many options you have at this point in your life. But if you want to keep the house, the biggest challenge you will face is finding the right person to live in it.

Many homeowners choose to sell their current home when it’s time for them to downsize. Often, they’ve lived in their current home for years or decades, and built a considerable amount of equity in the property. But selling your home may not be the best option if you want to prioritize ongoing cash flow, bequeath the property to a relative, or simply hold the home for sentimental reasons. 

Cash out on the equity you’ve built in your home. Selling your home, especially one you’ve lived in for more than 2 years, can result in a large amount of cash immediately becoming available to you. 

Reduce property maintenance time and costs. When you sell your home in order to purchase or rent a smaller property, you immediately reduce the amount of yard work, maintenance, and general property management required. 

Market conditions can make returns uncertain. Realtor.com predicts that 2023 will be a “nobody’s market,” where inventory increases but prices remain high. You may wish to downsize during a period when market conditions are not favorable to sellers, and if that’s the case, holding on to your property may be a better option. 

Capital gains taxes may cut into profits. It’s easy to forget Uncle Sam’s portion of your equity gains may be larger than you thought. Capital gains taxes can be as high as 37% in some cases, so be sure to consider this when choosing whether to sell or hold your home. 

Since 2008, with the dawn of AirBnB and the growing popularity of renting vacation homes for shorter time periods, many homeowners have chosen to move out of their home and turn it into a vacation rental rather than sell it. This is appealing for homeowners that want to continue letting their equity grow, while also covering their mortgage payments and even earning additional income. Vacation rentals aren’t passive income, however, and complaints with short-term rental companies have been in the news throughout 2022. 

Pros of turning your home into a vacation rental

Earn regular extra income. Nightly rates for vacation properties often exceed the average nightly price of long-term rentals, and several bookings a month can often comfortably cover your mortgage and earn you extra income. 

Deduct many expenses. Because your vacation rental is considered a business, you can deduct related expenses such as cleaning and marketing costs. 

Cons of turning your home into a vacation rental

Property damage is more likely to occur. A common complaint among vacation property owners is the vacationers themselves. It only takes one unauthorized party or rowdy group of guests to inflict a lot of damage to your home, and the recourse may not be enough to cover the damages.

Market fluctuations impact the ROI significantly. Vacation rentals are highly impacted by the overall economy and travel trends. And right now, the trend is downward. While the highs of vacation rental ownership are certainly high, the lows can be especially painful if you’re not prepared. 

Changing regulations may interrupt your business. Many cities are banning or significantly limiting short-term rentals, citing concerns with housing availability. These regulations may not be in your city currently, but they are spreading across the country and represent a risk to consider. 

Marketing, cleaning, and customer service required. The income from short-term rentals is far from passive. In most cases, you’ll be directly responsible for communicating with guests, arranging cleaning and maintenance services, and generally keeping the business running. If you’re downsizing in order to live a simpler life, a vacation rental is not a great option. 

Pros and cons of renting your home long-term

The third (and we’d argue best) option for homeowners that want to downsize their living space is to list their home as a long-term rental. Long term rental properties earn owners steady, predictable, and sometimes even guaranteed income when working with a partner like Belong. Unlike vacation rentals, long-term rentals offer stability to both homeowner and resident, and finding a qualified partner to manage the property day-to-day is much easier. 

Passive (sometimes guaranteed) income. Long-term rentals, when managed by a qualified partner like Belong, can result in truly passive income. Special programs may even guarantee your rental income, even if tenants pay late or the property has a period of vacancy. 

Long-term leases mean less fluctuation (and less stress). Longer-term residents mean shorter-term vacancies and a more consistent experience for homeowners and residents alike. 

Better care is taken of the property. Residents that live in (and love!) your property full-time are more likely to care for your home as if it is their own. And high-quality property management partners like Belong will ensure maintenance problems are addressed immediately, keeping your property well-taken care of without you needing to lift a finger. 

Equity isn’t liquid. If you need to access your equity in cash, perhaps in order to purchase your next home outright, selling may be a better option for you. 

Less access to the property during the lease term. Residents have strongly-protected rights to privacy, so if you want to visit the property frequently or even stay there on occasion, a short-term rental situation may be better for you. 

How Belong is making life easier for downsizers

Downsizers love Belong because we put great residents in their home, keeping it well loved and well maintained, helping the home appreciate while you’re not in it. And if you do decide its time to sell, the management fees that Belong collects could get credited to offset some of the commission earned from the sale of the house. We call that a win-win! 

Belong is not a property management company, but a residential network offering unique services to both homeowners and their residents. From not charging fees for the essentials to guaranteeing rent, Belong will partner with you to achieve financial freedom. And you'll never need to lift a finger. 

Learn more and find out if your home is eligible at belong.com/homeowners.

How much do property managers charge? And how do these fees compare to Belong's alternative full-service experience for rental property homeowners?

Property Management Fees: How Much Do Property Managers Charge?

Whether you’re a first time investor or simply tired of the headaches of self-managing your rental home, hiring a property manager or an alternative like Belong can go a long way in buying back your time and peace of mind. But how much do property managers charge? And how do the fees compare to a full-service experience like what Belong provides? 

To get the answers on the cost of property management and its alternatives, we’re going to break down the common costs that property managers charge and how we do things differently. 

Typical property management fees and common markups

Property management companies charge a percentage of the rent collected from your home. Most property management fees are in the range of 6 - 12% of your monthly rental price. So if you’re renting your home at $2,000 per month, you’re likely to pay between $120 - $240 a month. 

It sounds pretty straightforward, however there’s a huge discrepancy in what property management companies offer for that price. Many property managers that offer lower percentage rates make up their costs in other ways, so check the fine print before high-fiving yourself over getting a bargain. For example, a lower fee may mean that the property manager charges additional fees for a number of essential services such as marketing, inspections, lease renewals, and support if you need to evict a bad tenant. 

If your property manager fees are based on ‘rent due’, this also means they can continue to collect fees during vacancies or when tenants are late with their rent, so you’re paying fees even when you’re not earning any income. If the fee is based on ‘rent collected’, you are paying a fee out of what your tenants have paid — a much safer option for you and will motivate your property manager to handle issues quickly in order to get paid. Property management companies that charge vacancy fees to manage the home when empty will usually cost up to one month’s rent. 

Common property management fees additional to the monthly rate include:

Placement fee: Up to 100% of the first months rent

Communication after hours or during holiday periods: 25% surcharge on rates

Advertising fees for online listings: $150

There are also strict limitations on what many provide, especially when it comes to things like communication with your tenants or eviction support. Some property management companies will advertise that they offer free eviction support or charge a premium for eviction protection, only to limit the support to basic legal fees of around $500. That’s all well and good if things run smoothly, but additional legal support can quickly escalate costs, leaving homeowners without adequate financial coverage. 

The other thing to watch out for in the fine print is the fees for terminating a contract or including a commitment to sell. Some property management companies formalize this in their rental contracts, limiting your options if you choose to sell the home. 

Belong isn’t a traditional property management company, offering a fully transparent, people-first approach to managing rental homes that feels more like a hospitality experience. We look after our homeowners and residents so well that you won’t need to lift a finger. 

Belong charges a home management fee (unlock pricing for your city here) and placement fee (around 50 - 75% of the first month's rent).

Once you’ve calculated how much this will cost, that is all you’ll pay. We are proud to be full-service and don’t believe in surcharges or hiding fees. There's no setup costs and we don't sneak in surcharges like lease renewal fees or must-have inclusions like video marketing and eviction protection. 

Belong’s monthly management fee rate includes:

Guaranteed Rent: Receive your rent on time, every month, regardless of when it’s paid by residents

24/7 Concierge Support: Both homeowners and residents have access to real-time support, going beyond emergency maintenance requests.

Modern-day marketing: Virtual tours and video marketing is included in listings

User-friendly app: Belong's app provides convenient access to documentation, cash flow insights, and financial and insurance solutions. 

Long-term residents: Belong takes a personalized approach to match the right people, so they stay longer and feel at home.

Market-driven insights: Belong utilizes market data and real-time interest to maximize the value of your home.

Eviction protection: Owners are shielded from legal costs if we ever place the wrong people

Extensive vendor network: Belong connects homeowners with a vetted network of over 10,000 professionals for repairs and renovations.

Comprehensive insurance solutions: Belong offers insurance options that protect homeowners, their properties, and residents.

Innovative financial solutions: Homeowners can manage cash flow effectively, even splitting the cost of maintenance and placement fees. 

We want all of our homeowners to be cash flow positive, so we don’t charge you when your home is vacant. We don’t lock you in a commitment to sell your home with us either.

What about a fixed property management fee?

It’s uncommon, but there are some property management companies that offer a fixed monthly rate structure, rather than a percentage of your rent. These offers typically exist in markets with below-average rates, so the cost tends to be similar to a percentage rate rather than any massive discount. 

Before accepting a fixed-fee, consider that there are likely still many add-ons to this cost and that your property manager may be less motivated to get the best price for your home without a financial incentive to do so. 

Are property management fees tax deductible? What about Belong’s fees?

In short, yes, property management fees for a rental property are tax-deductible. A property you don't use for yourself or family is seen as an investment or business, so the cost of managing the property is tax deductible.

This also means you can claim fees from Belong. Belong takes on all of the responsibility of looking after your home and residents, so you can include fees and maintenance from our professional tradespeople as a deduction in your tax return. 

Ready to make the switch to reimagined Property Management?

We've got you covered. Belong is simplifying the rental experience across the US and helping more homeowners reach their financial goals with the most hassle-free property management service; BelongPro.

We want to make sure you have everything you need to find the perfect rental home for you and your family so that your move is as smooth as possible.

Stop Looking For a Place to Rent and Find a Place to Belong

We know finding the right place to live is hard, so let us help.

We are Belong, and we know that renting is the best option for many people looking for a place to live. We want to make sure you have everything you need to find the perfect rental home for you and your family so that your move is as smooth as possible.

Renting might be better than buying a home

Renting is more affordable than ever before: You don't have to put down a big deposit or pay closing costs on a rental property—all of that is taken care of by your landlord (or in this case, Belong). And if you're still paying off student loans or other debts, renting can be a great way to save money while you focus on building up your credit score (so when it comes time to buy, you'll have an easier time getting approved).

You won't have to worry about maintenance: When it comes time for repairs or updates, we will take care of everything for you! That means less stress for you and more time to focus on what matters most: enjoying life with your family!

When you're looking for a rental home, it's easy to feel like you're in over your head. There are so many things you have to think about—and if you're like me, some of those things are way above your pay grade.

However, there is one thing that we have learned: renting is a great way to save money and live comfortably without having to take on the responsibility of purchasing a property.

You can't put a price on peace of mind—and if you live in an apartment or townhouse instead of owning a house, then you don't have to worry about all the maintenance that goes along with owning a home. You don't have to worry about fixing anything or keeping up with property taxes. You just enjoy your own space and relax whenever possible.

If this sounds appealing to you, check out our webpage! We'll help make renting easy by showing only properties where we know we can get you approved for rent.

If you're looking for a place to rent, you've probably already thought about buying. But did you know that renting can be a better choice?

When you buy a home, you make a lot of sacrifices. You can't move around as much, and you have to pay more taxes and insurance. Plus, there's always the chance that your home could lose value—and even drop by more than half its original value. Not good!

Sometimes is better because it gives you more freedom and flexibility. If you ever decide to move out of town or change jobs, it's much easier when all your stuff is already packed up in boxes or stored away. And if you do decide to sell? You won't have any regrets about what might have been had things gone differently!

If you're like most people, you dream of owning a home. It's that American Dream thing: owning something that is truly yours, where you can plant roots and make memories.

This all sounds great but when you start looking at houses, it became clear that renting was actually a better choice for me right now. Here are just a few reasons why renting is the way to go!

Did you know that the average homeowner spends $1,200 per month on their mortgage? That's $14,400 per year! If you factor in taxes and insurance costs as well, it gets even higher—$23,000 per year! And if you're planning on moving within five years or so (which most people do), then the equity you'll build up in your house may not cover the cost of selling it. So even if it does work out for you financially, the cost of moving and buying again is going to be pretty steep.

Belong is here to help find the perfect rental home for YOU!

If you are ready to find the place you Belong, just visit our website and let’s get started! 

Uncover the booming housing markets where institutional investors are buying the most investment and rental properties, for clues on where to buy property next.

10 Housing Markets Where Institutional Investors are Buying the Most

Belong examined metros where institutional investors have been the most prevalent, using data from real estate research firm ATTOM Data. 

10 housing markets where institutional investors are buying the most

Rising mortgage rates may keep some homebuyers out of the real estate market, but institutional investors are still diving in to build portfolios of properties nationwide.

Institutional investors are companies or other entities that purchase 10 or more properties in a single year. These buyers bought 1 in 15 single-family homes sold in the third quarter of 2022, or 6.7% of all home sales. While not as high as the 8.4% share recorded at the same time in 2021, it is slightly up from the second quarter in 2022.

Overall, home sellers made less profit in the third quarter, due to less difference between purchase and resale median home prices. Typical profit margins fell to about 55% as quarterly home prices dipped for the first time in nearly three years.

Despite that drop in prices, institutional investors are still buying homes in some markets. Belong analyzed where institutional investors were the most prevalent during the third quarter of 2022, using data from real estate research firm ATTOM Data. To be included, each metropolitan area—which includes a city and its surrounding towns—needed a population of 200,000 or more and must have recorded 50 or more home sales in the third quarter.

In general, metro areas seeing the most investment are smaller cities in the Sun Belt region, which gained popularity during the pandemic and continue to see interest from prospective buyers.

- Total institutional investor sales: 1,646

Indianapolis has been a seller's market in recent years, with home prices in Marion County rising 18% from 2020 to 2021. The lack of inventory has also put pressure on pricing, even though the city remains relatively affordable.

The metro area's steady population growth—6% from 2016 to 2021—makes it an attractive target for real estate investment. The area is experiencing high demand for multifamily housing, particularly in the suburbs where the property is more affordable. The suburbs also offer more room for popular amenities such as green space and swimming pools.

FIRST-CLASS PROPERTY MANAGEMENT ALTERNATIVE FOR HOMEOWNERS

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- Total institutional investor sales: 3,604

From 2020 through July 2021, the Phoenix metro area added more than 100,000 people, which requires a lot of housing. During the pandemic, a tight supply of houses and high demand caused prices to skyrocket. Pair that with rising interest rates, and foreclosures are starting to rise again.

While the Phoenix area experienced a drop of 66% in foreclosure auction volume from the third quarter of 2019 to the third quarter of 2022, that metric turned around in mid-2022, with a 150% increase in foreclosure auctions between April and October, according to HousingWire. This increase signals an opportunity for investors.

- Total institutional investor sales: 646

In Lakeland, the real estate market is still strong. For the year ending in August 2022, median sales prices in Polk County rose 27.7% to $313,409.

Lakeland's suburbs are attractive, too—offering more spacious homes at more affordable prices. Some people are even looking farther out into Polk County, where builders are offering even more for even less. That has helped keep the metro area's affordability in check, as it's still cheaper to buy a home than it is to rent, according to ATTOM Data.

YOUR GUIDE TO RENTAL PROPERTY OWNERSHIP AND MANAGEMENT

Old-school property management is broken. Explore a comprehensive property management blog that covers tips, trends, and stories related to long-term renting, home renovation, and more so you can do it right.

- Total institutional investor sales: 1,973

The boom in Charlotte's real estate market has put many homes out of reach for even middle-income earners. Median house prices in September 2022 were $420,000, a nearly 54% increase from January 2020, according to UNC Charlotte's Childress Klein Center for Real Estate. This jump was partly fueled by a population boom that created 66,211 more households in the metro area by 2021.

Rents continue to rise throughout the region, with many cities experiencing double-digit increases year-over-year. In September 2022, the median rent for a one-bedroom apartment ranged from $1,010 in Gastonia to $1,430 in Charlotte.

- Total institutional investor sales: 318

Although Clarksville's housing market has been deemed "overvalued," sales were up nearly 8% year-over-year in June 2022, and inventory is still tight. Prices also continue to increase, up 30.5% in the metro region in the second quarter of 2022 compared to the same period in 2021. This was the highest price jump in the entire state, according to the Business and Economic Research Center at Middle Tennessee State University.

Clarksville's metro area saw 6% population growth from 2019 to 2021. Remote working and better high-speed internet access have spurred many new residents to move here from more expensive cities, and millennials jumping into the market continue to fuel demand.

- Total institutional investor sales: 5,188

Rising interest rates have contributed to a pause in Atlanta's real estate market. In October 2022, 4,415 homes sold, a 35% decrease year-over-year, according to First Multiple Listing Service data. This was the slowest sales month for the region since January 2020, and the slowest October since 2011.

Institutional investors still see Atlanta as a gem. In November 2022, JPMorgan announced a joint venture with Haven Realty Capital to invest in build-to-rent, single-family homes. The venture kicked off with a deal for 250 homes in three Atlanta metro area communities.

- Total institutional investor sales: 200

These regular and seasonal maintenance jobs are key to keeping your rental property profitable and in good shape all year.

The Annual Maintenance Checklist for Rental Homes in Florida

The Florida rental market has heated up like no other, making places like Miami and Tampa ideal locations to own an investment property. But a home in disrepair isn’t going to attract good residents or the right price for the market. Regular maintenance on a rental is key to keeping the home profitable and in good shape — identifying any issues or necessary repairs before they become costly headaches. 

While Florida really only experiences two seasons a year (hot and less hot), it’s not immune to wild weather. This annual maintenance calendar will give you an idea of the kind of repair, prevention and maintenance items you should cross off your list every season for a rental home in the Sunshine State. Some of these items you can ask your residents to manage, but some you will need to check for yourself in annual or quarterly inspections. Or, if your home is looked after by Belong, we can handle the lot — from speaking with the residents about issues to making repairs with our extensive network of professional contractors. 

Homeowners should also be aware of their obligations under Florida’s landlord-tenant statute to keep the property in good repair and ensure the home is habitable. If you fail to do so, your resident has the right to withhold rent, provided they issue you with a notice of their intent. You will be given seven-days notice to correct the defect/s and the resident can’t be forced to pay rent or threatened with eviction during this period. 

Spring Maintenance Checklist for Florida Rental Homes

Spring is the end of the dry season in Florida, which makes it the perfect time to tackle any maintenance issues and inspect for any leaks or cracks before the wet season begins. Servicing your HVAC or air conditioning unit and cleaning out filters is another must, before the mercury rises and contractors get busier (and more expensive!). 

It’s also a good time to do an annual inspection of smoke alarms, plus any fire extinguishers, CO detectors, and sprinklers to make sure they are working properly. 

Check the HVAC or air conditioning unit and clean filters before summer hits 

Inspect and test any fire safety systems such as fire extinguishers, CO detectors and sprinklers 

Mow the laws and remove any weeds as they start to appear

For homes with pools, have the water checked and cleaned to prepare for summer

Hose down any decks — if they need maintenance, now is a good time to reseal and treat for rot 

Check for leaks in the ceiling or any signs of water damage to repair before summer and fall rains set in and problems deepen 

Summer Maintenance for Florida Rental Homes

May to October is the wet season in Florida, making summer hot and humid. When the moisture and humidity rises, so too does the mold so be sure to make sure there’s no damp spots or moisture damage in the home and that rooms are being kept well ventilated. You can recommend that residents use basic moisture absorbers (such as DampRid) in dark areas that attract mold, like closets and laundry rooms.

If your home is prone to infestation, or your residents have concerns, now is the time to inspect for insects and rodents after the spring breeding season. 

Florida is also prone to severe storms and hurricanes, with the season peaking around August - September. You can check your address on FEMA’s Flood Map to find your flood zone category and risk of property damage during summer and fall. If you are at risk, check your insurance coverage and look at the National Flood Insurance Program. 

If your home has hurricane shutters installed, be sure to check their condition and make sure any electrical systems are functioning or hand-cranks are moving easily. If you don’t have any installed, now would be a great time to consider them to protect windows from flying debris. They also offer great insulation and protection from burglaries for your residents.  

Inspect and control any pest infestations such as insects and rodents

Check any supplied appliances such as refrigerators and washing machines

Check insurance coverage before hurricanes and storms set in 

Check property for any damage or loose fittings that could become an issue during storm season

Florida rental owners take note: These regular and seasonal maintenance jobs are key to keeping your rental property profitable and in good shape all year.

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