Property MattersDecember 2011
 
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Very seldom do we, as property owners and managers, put ourselves in our tenant's shoes. The past couple months have been very interesting as prospective tenants describe to me the perils of finding an apartment in today's competitive market. The market today is in stark contrast to two years ago when it was hard for me to "give" an apartment away, especially during the naturally slow months of November and December.

Tenants describe open houses where there are hundreds of tenants on the street waiting to get in, showing up to open houses only to learn that the apartment was already rented, and spending hundreds of dollars on multiple application fees just to hear that the apartment went to another party before their own application was even reviewed.  

Below is an article that aptly reinforces what I have been hearing, and how some unscrupulous landlords are taking advantage of prospective tenants' desperation by charging application fees for more applications than they possibly need to get the apartment rented to a qualified tenant.

Below that, I have included some of Lingsch Realty's practices that enforce our commitment to treat both our clients and tenants ethically.

I wish you all a very happy holiday season.  If there is one thing we can be thankful for this year, it is that we are not tenants scrambling to find a place to hang our Christmas stockings. 

 
Best,

 

Natalie Drees
Lingsch Realty
THE TENANT'S PROSPECTIVE

ArticleIn SF's Tight Rental Market, Paying Just to Look

 

Application fees are the new reality in an overheated rental climate

 

By Scott James on December 1, 2011 - 6:19 p.m. PST

Source: The Bay Citizen

 

A version of this article appeared also appeared in the New York Times in print on December 2, 2011, on page A25B of the National edition with the headline: In Apartment Hunt, Looking Isn't Free.

LINGSCH REALTY'S PRACTICES

PracticesHow Lingsch Realty Rents Your Units for Top Dollar while Treating Tenants Fairly

  • Lingsch Realty does not post open house times in our ads. Tenants always have to call or email to get open house times. We take each interested parties' phone number so we can not only get feedback after the open house, but cancel the open house should the apartment rent beforehand.
  • We call prospective tenants and take application fees via credit card over the phone only once we know we are going to review their application. Therefore, applicants aren't blindly writing us a check when there is a good chance we won't get to their applications.
  • We price our apartments accurately. Lingsch Realty's policy has always been to get your vacant apartment rented for the highest price in the shortest amount of time. Leasing agents who have hundreds of interested parties coming to their open houses have generally priced the apartment too low. Tenants know a good deal when they see one. Lingsch Realty intentionally prices its available rentals high initially to gauge market interest. Based on the number of inquiries we receive once the ad is posted, we can determine if the property is priced too high to get it rented in a timely matter. If it is, we quickly adjust the price down in small increments until we get the traction we need to get it rented. This assures you will always get the highest price for your rentals.
ReminderCalifornia's Carbon Monoxide Poisoning Prevention Act of 2010 requires that all residential property be equipped with a carbon monoxide detector when the property has a "fossil fuel" burning heater or appliance, fireplace, or an attached garage. The law provides that:
  • All single-family homes, including individually-owned condominiums, (owner or tenant occupied) must be equipped with a detector on or before July 1, 2011.
  • All other residential units must be equipped with a detector on or before January 1, 2013.

Lingsch Realty has purchased carbon monoxide detectors in bulk to offer our clients a discounted price.  Please let us know if you would like us to arrange to have one installed. 

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RENTALS

JUST RENTED

Address

Neighborhood

Bed

Bath

Description

Price

1232 Shelter Creek

San Bruno

0

1

Studio

$1,100

38 Gambetta Ave.

Daly City

2

1

Updated apartment

$1,600

 

AVAILABLE

Address

Neighborhood

Bed

Bath

Description

Price

3180 Mission St.

Mission District

0

2

Commercial Storefront

$1,980

620-A Spruce

South San Francisco

1

1

Remodeled In-Law

$1,175

215 Guerrero #5

Mission Dolores

2

1

Updated Victorian

$2,700

 

COMING SOON

Address

Neighborhood

Bed

Bath

Description

Price

360 Coleridge

Bernal Heights

3

1

Large Victorian flat

TBD

 

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