How to Prepare your Home for Summer Storms

As the summer of 2018 commences, it's time to prepare your home for extreme summer weather conditions and the possibility of dangerous summer storms. Every season hold it's challenges, and it's important to always protect yourself and your property. Stay safe from severe summer weather with the following tips from home experts:

1. Manage Your Gutter

Keeping water from harsh rain storms out of your property should be a leading priority, and can prevent expensive property damages. Water needs to be directed off the roof, which means gutters need to be checked for any excess leaves, tree branches, or debris. Ensure that downspout elbows are unclogged, allowing water to flow freely from the roof and away from your home. While inspecting your rooftop gutters, look for any missing shingles or holes in your roof which will allow water to slowly seep into your home. Cracked and damaged roofs lead to leaking which can cause excessive water damage, mildew, and mold.

2. Protect Your Appliances

Local property management experts recommend using a whole-home surge protector, which can be installed in your electrical panel. A whole-home surge protector will protect any plugged in appliances (including televisions and appliances), if there is an unexpected lightening strike or power outage. For further precautionary measures, you can purchase outlet surge protector power strips.

3. Trim Your Trees

Ensure trees on your property are properly trimmed and no branches are touching your house. In extreme weather conditions and high winds, branches can break and harshly damage your home exterior. 

4. Install Air Conditioners Sparingly 

As New England is expecting higher than average temperatures this summer, many homeowners are rushing to install multiple air conditioners. Experts warn to install air conditioners sparingly and with caution, and never install more than one air conditioner on the same circuit. In many homes, especially apartments and older homes, numerous rooms are wired on the same circuit. Installing air conditioners on the same circuit can damage the breaker and cause serious issues over time, including electrical fires.

4 Trends Driving Apartment Traffic in 2018

As the summer of 2018 begins, it's a great time to step back and review all your existing real estate marketing approaches, and analyze ways to adapt your advertising approaches to the ever-changing real estate market. It's important to study how renters are shopping for apartments in 2018, in order to better align your advertising approaches with those behaviors. By studying how consumers of all generations are searching for real estate properties and apartment rentals in 2018, some key trends are continuously appearing. Here are some of the top trends driving apartment traffic in 2018:

1. Virtual Tours

One very important visual tool in your apartment marketing approach should be virtual tours. In an age dominated by technology driven content, consumers are expecting more technologically advanced advertisements to hold their attention. People want to see every detail of the place they are going to live, therefore video tours and virtual tours are crucial to bringing in residents. Make the investment in your visual advertisements to show potential residents you are already serious about making them happy, and conducting your real estate business with professionalism and technologically advanced techniques.

2. Social Media 

The average millennial spends 15 hours a day consuming media, often multiple forms at once. What this research means for real estate companies is important. Today, it is imperative to spend most of your marketing budget geared towards social media, primarily on sending out advertising messages. Integrating advertising and social media is necessary to stay relevant and successful. 

3. Make it Easier for Prospective Clients to Do Business with You

When advertising real estate properties, your intent is to always bring in prospective clients to tour the property, and ultimately take the next step towards signing the lease. Make it easier for prospective clients to schedule apartment tours from their mobile device or computer, with online tour scheduling options. Calling directly on the phone can be a hassle sometimes, by quickly allowing prospective clients to schedule tours online you will increase the number of apartment tours. Also, consider installing a live chat & message feature on your real estate property advertisements. Small questions that may be holding up prospective clients, can be quickly answered and accelerate the rental process. 

4. Blogging

Creating user-generated blog content and keeping prospective and current residents in the know regarding your brand is imperative in today's competitive real estate market. Blogging has many key benefits, including bringing directed traffic to your real estate website from people searching general real estate topics on the internet. Furthermore, current residents will be impressed with your effort and ability to maintain communication and keep them updated regarding important real estate topics. Publishing detailed real estate blogs may answer many questions for both prospective and current residents, that will decrease the amount of questions your property managers and real estate agents are receiving. 

Boston City Council Imposes Strictest Rules Yet for Airbnb Rentals. How Will This Affect You?

On Wednesday June 13th, 2018, the Boston City Council imposed the strictest rules yet in the nation regarding the Airbnb rental industry. In a move meant to control the popular short-term rental business and help regulate the tough housing market, the Boston City Council enacted numerous rules and regulations meant to slow down the increasing number of Airbnb rentals in Boston. The rules prohibit investors and tenants from renting their home through short-term rental websites such as Airbnb. However, homeowners and owner-occupants are allowed to continue operating short-term rentals through their property as they please. Mayor Martin J. Walsh first proposed this bill in January, and is now prepared to sign it into law.

What is Airbnb? 

Airbnb is growing company which operates an online platform allowing people to offer short-term leases and rentals from their home. Consumers have the ability to rent short-term apartments, home-stays, holiday cottages, and condominiums. Airbnb has swept the nation in popularity, becoming an affordable alternative to hotel stays in expensive areas, and a lucrative way to generate side money.

How Will This Affect You?

Supporters are thrilled about the new laws regulating Airbnb's, hoping the legislation will decrease constraints from Boston's tight housing market. Currently, an estimated 2,000 apartments are being rented on a nightly basis through Airbnb in Boston, instead of through a traditional 12 month lease. After nearly three years of evaluating the subject, the Boston City Council decided it was time to enact serious rules and regulations.

The new rules officially take effect on January 1st, however current Airbnb hosts (who are not homeowners or owner-occupants) have until September 2019 to continue operations. This change was enacted to prevent landlords from facing numerous apartments vacancies, while also giving the hundreds of renters hosting Airbnb stays to find a new source of income.

The new rule also requires short-term rental hosts to register with the city of Boston annually, and pay a $200 fee. The registration and fee is meant to give city officials a clearer picture of the short-term rental business, to better understand and improve the future of Boston's housing market.
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Soaring Taxes on Newbury Street Causing More Vacancies

Walking down Newbury Street, you may notice the dozens of vacant buildings and storefronts, which were once full and bustling with shoppers. Soaring property taxes and rents might be to blame, as store owners struggle to maintain steady profits. For decades, Newbury Street has been one of Boston's main attractions, home to some of the biggest names in retail fashion, luxury retail boutiques, and prominent restaurants. Rising demand for Boston's famed shopping area has caused a high increase in property values, leading to higher property taxes and rents for businesses. One of the most recent businesses to move is Hempest, who has been on Newbury Street for over twenty years. Hempest was forced to change store locations due to soaring rent costs, and has moved one block away from Newbury Street.

Newbury Street has become a great way for realtors to generate income, however many store owners have been struggling to manage the soaring rent costs and ability to maintain profits. Furthermore, Boston's retail scene has been changing in recent years. Established retail stores that would traditionally flock to Newbury Street are finding new opportunities in other fashionable Boston neighborhoods, including Seaport District and Downtown Crossing. 

Building values on Newbury Street have increased an average of 29% compared to the average 11% throughout the rest of the city. Commercial property tax rates are based upon building values, leading to increased rents. Financial analysts have linked the empty storefronts to the increased rents.

Despite increasing property taxes and rent prices, storefronts and restaurants located on Newbury Street enjoy enormous advantages. Back Bay's Newbury Street is one of Boston's most famed tourist destinations, and attracts large amounts of foot traffic. Newbury Street also commands considerable amounts of foot traffic and attention around the holiday season. Furthermore, a CBRE New England market outlook expects rents to stabilize in 2018.

With Sea Levels Rising, Boston Harbor May Need Barrier Wall Protections

As sea levels dramatically rise, reports have been spreading on the idea of creating a colossal, multibillion dollar wall in Boston Harbor to protect the Seaport Neighborhood and nearby Boston neighborhoods from coastal flooding damages. Extreme flooding is expected in the coming years and decades, as climate change causes sea levels to rise.

A research team at the University of Boston is researching harbor barriers to protect the city from damaging floods. The smallest barrier proposed, would connect Logan Airport in East Boston with Castle Island in South Boston, thereby safeguarding the city's inner harbor and downtown from detrimental tidal floods. The wall barrier was also recommended in Boston's Climate Ready Boston report last year. The report stated that the barrier could potentially work well in Boston's shallow waters, but it would have to be created in a way that minimizes negative impacts on navigation and the environment. Another one would stretch 3.8 miles from Winthrop to Hull, and cost between $8 billion and $11.8 billion to build.

Another study suggested that Boston embrace the water, and convert streets into canals, similar to Venice. Researches have also suggested solutions taking place on shore, which would cost a fraction of the proposed protective barrier wall cost. These suggest shore-based systems include protective flood walls, on a small smaller scale than the proposed harbor-wide barriers. Other shore-based solutions include changes to zoning laws, and raising of the land using berms. Another great benefit of shore-based solutions would be the much smaller time frame the projects would take to reach completion. Shore-based alternatives could be built in a matter of years, while the proposed harbor-side barrier stretching from Winthrop to Hull, would most likely not reach completion until 2050. If the city of Boston decides to move forward with protective harbor-wide barrier plans, it could potentially take decades of planning and billions of dollars spent before barriers are built.

The True Difference Between Renting and Buying

Both owning and renting have their advantages, but ultimately the decision comes down to your personal circumstances and financial situation. Home ownership is a serious financial commitment that requires you to plan ahead and reflect on where your life is going. One large part of home ownership which many people neglect to address, is the risk associated with owning a home. This powerful factor will help determine if you will be satisfied as a long term renter, or future home buyer.

Renting offers a risk-free lifestyle, where if you are unsatisfied with your landlord you can leave within 12 months of signing your lease. If your taste in apartment style changes, or you decide you need more space, you can quickly find a new home after finishing your lease.

Furthermore, there are established legal protections for renters, promising that broken roofs and gas leaks will not leave tenants penniless and homeless. If you decide to purchase property, you are opening yourself up to large risk and liability factors. Unexpected repairs and maintenance issues can quickly drain your bank account. Furthermore, taxes can change quickly and without notice. Even if you decide to purchase a condominium, homeowner's association's fees can increase monthly, only requiring a majority vote. Rentals can also generate unexpected expenses and increases, and may cost more (in the long run), however renters are paying a premium fee to live without financial and monetary risk. Ultimately, your financial situation and comfort level with the risk factors associated with home ownership, will guide your decision.

4 Growing Rental Market Trends for 2018

As we journey through 2018, there are a growing number of changing trends in the real estate industry, which are altering all aspects of the rental market. Real estate investors, real estate agents, and property managers should all study these growing real estate trends and make the necessary adjustments to their current business strategies, in order to meet tenant expectations and ensure success.

1. Affordability Factors Changing the Rental Market

Two major forces driving the rental market are population shifts and affordability. Affordability has become an increasing issue for many Americans, causing the government to continuously offer affordability programs and tax credits. Many states already posses laws that require a certain fixed ratio of every new apartment building to offer affordability programs and tax credits. For example, the city of San Francisco is spending $44 million for a teacher housing initiative, which will enable more teachers to live and work in one of the most expensive cities in the country. 

One of the biggest changes in affordable housing is the growing emphasis on housing choice voucher programs, rather than public housing. This will require property managers to understand and successfully manage affordable housing programs. 

2. Technology Shaping the Rental Industry

The use of technology and AI software will bring immense shifts to the rental industry. Technology will alter the rental industry from property valuation to property management. In property management specifically, the use of AI robots are becoming increasingly popular. AI robots can offer tenants better and quicker service, while automating maintenance issues.

Voice technology is also becoming a growing part of property management, allowing renters to pay rent by voice and immediatly make maintenance requests. Technology has also allowed real estate agents to give potential tenants virtual apartment tours, and closing rental deals without the tenant ever stepping foot in the property. Conclusively, real estate professionals who can successfully adapt to growing technology changes and use technology to their advantage, will experience growing success in the coming years.

3. Flourishing Market Opportunities 

While the media has focused on trends in moving to particular cities, like Nashville, the truth is, the entire Southeast and Northwest are becoming preferred living destinations. Popular rental markets tend to follow job and population growth. Other growing non-geographic real estate opportunities are senior housing and affordable housing. The population of U.S adults 65 and over will more than double by 2060, hitting 98 million. That will be nearly one quarter of the population, which signifies a substantial demand for senior housing. Many developers and investors have been converting multi-family complexes into independent senior housing communities to prepare for this growing trend.

4. Occupancy Rates Falling

While rent demand is strong in major metropolitan cities, rent demand is slowing in most areas of the United States, especially single family units. As occupancy rates slump, property managers will have to aggressively recruit new tenants, while keeping current tenants happy and encouraging lease renewals. Having strong systems in place to handle tenant emergencies and maintenance requests is crucial to keep tenants satisfied.