What every renter should know about River TowersAs the primary mover and shaker at Condo Alexandria, I field calls every single day from renters who are interested in condominiums. The names and locations change but there are a few fundamental misconceptions that are so common, I feel the need to write this note for the general benefit of the world at large. It looks like an apartment, but it's not an apartment.First of all, a renter needs to understand the difference between an apartment and a condominium. An apartment, or any multi-family dwelling, is owned by a single entity. Most usually the owner is a company, but more rarely an individual owns the property. Employees of the apartment complex, or the owner himself, manages the property. A condominium is different because there are many owners, meaning each unit is individually titled. The owners of a given condominium complex make up something called a condominium association. The association jointly owns the common areas such as the lobby and the lawns. The association oversees the management of the property. There is no rental office: you need an agent.When you rent at an apartment complex, you'll see a big sign that says "RENTAL OFFICE". That office is staffed by folks whose job it is to explain to you why that particular building is the greatest place to live in the world. They are generally helpful and pleasant and they will gladly show you a model apartment and give you an idea of what is "coming available". A condominium complex is completely different. The condo office is filled with employees of the condominium association. The employees at the condo office are concerned with the maintenance and security of the building. They could care less where you rent or where you live. In most condominiums in Northern Virginia, staff won't allow you to enter the property and they won't show you any rentals here or anywhere else. The staff has no idea what is available or what is "coming available". A condominium complex looks like an apartment building on outside, but it's more like a neighborhood full of townhouses or houses. In a neighborhood everyone lives in the same place with similar housing but each person owns their own house. If you want to rent in that neighborhood, you CAN'T do so by banging on people's doors and asking them to see their house. Nobody in the neighborhood knows "what's coming available". If you want to tour a house in a neighborhood, you need a real estate agent. An agent costs the renter nothing, but can be of great service to you. [click for more about this] It's the same in a condo. If you don't have an agent you can't see a condo, or any private residence. Homeowners don't want strange people walking through their house and they don't want to make allowances unless a real estate agent knows their is a possibility that you can afford the rent. There are always other options.If you don't want a rental agent, you do have a choice. You can rent from an apartment complex---less hassles on the front end, more hassles on the back end. Or, you can take your chances on Craigslist. My advice: Craigslist is great for room shares, but doesn't work so well for grown-ups. The most important thing every renter should know about condos.Then, the last and most important thing any renter should know about condos: in today's market a condo will cost you a few dollars more each month than a rental. But a condo will cost you less on an annual basis. How is this possible? Condo owners pay association fees and mortgage. Taken together, a first time buyer with a low down payment will have payment slightly higher than a rental. But each year we all file taxes. Renters take a standard deduction. But, property owners can deduct real estate taxes, mortgage interest, depreciation and certain other expenses from their taxes. This can amount to thousands of real dollars in your pocket each year. Don't forget, next year, the renter will get a rent increase. Next year, but if you buy, the mortgage will be the same. It's your choice, but this is the best time to buy in the last 5 years.
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Are you planning to buy or rent a home built before 1978?Many houses and apartments built before 1978 have paint that contains lead (called lead-based paint). Lead-based paint is perfectly safe when treated properly, but lead from paint, chips, and dust can pose serious health hazards if not taken care of properly. Lead is especially dangerous when ingested. Lead poses a greater risk to small children who might ingest paint chips. Recognizing that families have a right to know about lead-based paint and potential lead hazards in their homes, Congress directed EPA and HUD to work together to develop disclosure requirements for sales and leases of older housing. These requirements became effective in 1996. Federal law requires that individuals receive certain information before renting or buying a pre-1978 housing:
Renovating, repairing or painting a home, child care facility or school containing lead-based paintBeginning in April 2010, federal law will require that contractors performing renovation, repair and painting projects that disturb lead-based paint in homes, child care facilities, and schools built before 1978 must be certified and follow specific work practices to prevent lead contamination. Until that time, EPA recommends that anyone performing renovation, repair, and painting projects that disturb lead-based paint in pre-1978 homes, child care facilities and schools follow lead-safe work practices. The contractor should follow these three simple procedures:
To learn more check out the following EPA pamphlets on renovation, repair and painting:
Sponsored by Condo 1 Alexandria / Will Nesbitt Realty LLC Serving real estate needs of Northern VA · in Alexandria · in Arlington · in Fairfax County · | ||
Single Women, Condo Living and Everything In-Between
Recent studies suggest that single women currently make up approximately 47 percent
of the condominium buying market in the United States. The reason is pretty obvious,
if you think about it. Condominiums are an increasingly popularly housing choice for
single women because of the various benefits
that condos offer including convenience, security, and often virtually maintenance-free
living. For starters, security matters. For single women living alone in large, urban areas, one of the many benefits of living in a condominium are 24-hour concierge and security desks, video and security cameras in hallways and stairwells, and gated or enclosed parking areas. So if you're thinking about buying a condo, carefully consider first the kinds of security features and amenities that are available in the unit; very often peace of mind is worth its weight in condo fees. Additionally, it's important to know your potential new neighborhood. Condominiums tend to be located in urban areas where there are other young, working professionals as well as families. Make sure you know your neighborhood inside and out before you make an offer on a condominium and check the local county website for crime rates, local community news, and other annual statistics and reports. 
Next, convenience is the key. Another factor that is crucially important when considering buying a condo if you are living as a single professional woman. In many condominium communities and developments there are office personnel to receive packages as well as other day-to-day business services such as dry cleaning, tailoring, and spa and fitness facilities. Some of the larger condominium developments also feature even more advanced amenities such as a grocers, bank branches and ATM's, and many other services that make a single working woman's life just a little easier.
Finally, consider maintenance in relation to time and money. Many single family homes
require lengthy, time consuming and ongoing maintenance such as painting every three
to five years, worrying about pipes freezing during the winter or getting the rain
gutters cleaned. While it's true that you as a condo owner must be financially responsible
for the upkeep and maintenance of your condo's common area, typically condo associations
oversee the day-to-day management
of the property itself. What does this mean for the busy single woman? Well, Before you make an offer on a condo you want to be sure to consider what matters to you most as a busy single woman and those major concerns include safety and security, convenience and location, and matters of maintenance compared to other home ownerships costs. Happy Hunting Miss Independent!
Sponsored by Condo 1 Alexandria / Will Nesbitt Realty LLC Serving real estate needs of Northern VA · in Alexandria · in Arlington · in Fairfax County · | ||
Renter expectationsOne of the most important roles as a realtor is to set expectations for rental clients with regards to
Some of the biggest shocks to renters include:
As a realtor it's important to convey this information. As a renter its important that your realize that ignoring your realtor's advice will quickly land you without a realtor. No one likes to be ignored, but more importantly your realtor doesn't want to waste your time and the realtor's time chasing possibilities that will never happen. Sponsored by Condo 1 Alexandria / Will Nesbitt Realty LLC Serving real estate needs of Northern VA · in Alexandria · in Arlington · in Fairfax County · | ||
What every renter should understand about condominiums.
This is a repost of an old article of mine, but still bears an important message.
As the primary mover and shaker in Condo 1 Alexandria, I field calls every single day from renters who are interested in condominiums. The names and locations change but there are a few fundamental misconceptions that are so common, I feel the need to write this note for the general benefit of the world at large. It looks like an apartment, but it's not an apartment.
First of all, a renter needs to understand the difference between an apartment and
a condominium. An apartment, or any multi-family dwelling, is owned by a single
entity. Most usually the owner is a company, but more rarely an individual owns the
property. Employees of the apartment complex, or the owner himself, manages the property. A condominium is different because there are many owners, meaning each unit is individually titled. The owners of a given condominium complex make up something called a condominium association. The association jointly owns the common areas such as the lobby and the lawns. The association oversees the management of the property. There is no rental office: you need an agent.When you rent at an apartment complex, you'll see a big sign that says "RENTAL OFFICE". That office is staffed by folks whose job it is to explain to you why that particular building is the greatest place to live in the world. They are generally helpful and pleasant and they will gladly show you a model apartment and give you an idea of what is "coming available". A condominium complex is completely different. The condo office is filled with employees of the condominium association. The employees at the condo office are concerned with the maintenance and security of the building. They could care less where you rent or where you live. In most condominiums in Northern Virginia, staff won't allow you to enter the property and they won't show you any rentals here or anywhere else. The staff has no idea what is available or what is "coming available". A condominium complex looks like an apartment building on outside, but it's more like a neighborhood full of townhouses or houses. In a neighborhood everyone lives in the same place with similar housing but each person owns their own house. If you want to rent in that neighborhood, you CAN'T do so by banging on people's doors and asking them to see their house. Nobody in the neighborhood knows "what's coming available". If you want to tour a house in a neighborhood, you need a real estate agent. It's the same in a condo. If you don't have an agent you can't see a condo, or any private residence. Homeowners don't want strange people walking through their house and they don't want to make allowances unless a real estate agent knows their is a possibility that you can afford the rent. There are always other options.If you don't want a rental agent, you do have a choice. You can rent from an apartment complex---less hassles on the front end, more hassles on the back end. Or, you can take your chances on Craigslist. My advice: Craigslist is great for room shares, but doesn't work so well for grown-ups. The most important thing every renter should know about condos.Then, the last and most important thing any renter should know about condos: in today's market purchasing a condo will cost you a few dollars more each month than a renting a condo. But buying a condo will cost you less on an annual basis. How is this possible? Condo owners pay association fees and mortgage. Taken together, a first time buyer with a low down payment will have payment slightly higher than a rental. But each year we all file taxes. Renters take a standard deduction. But, property owners can deduct real estate taxes, mortgage interest, depreciation and certain other expenses from their taxes. This can amount to thousands of real dollars in your pocket each year. Don't forget, next year, the renter will get a rent increase. Next year, the mortgage will be the same.
It's your choice, but this is the best time to buy in the last 5 years.
Sponsored by Condo 1 Alexandria / Will Nesbitt Realty LLC Serving real estate needs of Northern VA · in Alexandria · in Arlington · in Fairfax County · | ||
The customer is always right ... but the client is not.It doesn't happen often but about once a year, I anger a potential client. Most usually it's a prospective renter. I throw this story out to my fellow realtors and real estate agents, because I don't like it when people get mad at me and I like to re-examine what I did so that the next time this won't happen. About Me and My Business
Will Nesbitt Realty LLC focuses largely on condominiums. We sell all types of real estate, but a large part of our business is condominiums. As I often tell people, Dairy Queen sells hamburgers and McDonald's sells ice cream. Once you're in the door, they'll sell you what you need. It is the same with us. We are focused on condos because our office is located on the first floor of a residential high-rise condominium community called River Towers. To folks who don't know anything about condominiums or real estate, River Towers looks a lot like an apartment building. About a year and a half ago---the last time I dealt with an angry renter---I followed up with an article that explained the differences between apartments and condos and I posted it prominently on our website. Because our building looks like an apartment building, our office might seem like a rental office to some people. I say all that in fairness to the prospective renter that I angered. We look like a rental office, but we're not a rental office. As for my personal state of mind, I've been working back-to-back-to-back seven-day weeks for a pretty good stretch now. I purposefully did not schedule any appointments yesterday because I've been so busy and wanted a little break. However, without any appointments scheduled and with the phones a little quieter than usual, I slipped into the office to get a tiny bit of work done. I didn't shave. I was wearing shorts. I even paused to play a computer game. It was quite nice. Enter JaneThat's when this lady, we'll call her "Jane", walked in. I was a little surprised to see her because visitors at our building have to be buzzed in. Jane said, "I'm here to take a look at rentals."
Jane said, "November or December." This is September. I told her, "Anything you will see now will be rented before November or December. This is a condominium community, not an apartment complex---" I wanted to explain to her why we only assist prospective renters who have an immediate or very specific need. We're not in the business of giving world tours to renters who might rent a few months. This might sound tough to some, but many agents won't help renters at all. Jane didn't want to hear about this or why we do business the way we do business. Instead, she interrupted me. What she wanted me to know as that she was here to look at places and by golly she wanted to see some places. I was too exhausted, too tired, to really sugar-coat my response. I told her, "I'm happy to answer all the questions you'd like. I'll tell you prices. I'll show you pictures, but I'm not going to wander around showing you places that you won't rent." Jane was indignant and shocked. I tried to explain to her more. I tried to explain to her why I was telling her this but she didn't want to hear it. She demanded to see some "samples". I replied, "There are no samples. These are condominiums." Condominiums are individually owned and thus each condo is unique. Because she was so insistent, I agreed to show her around, "I'll be happy to show you something but you'll have to pay a $100 retainer. If you rent something you can apply this money to your rent. If you don't rent that's the charge for seeing a unit." Jane gets angryThat was enough to push Jane from upset to angry. She crossed her arms and demanded to see units in River Towers. My wife, who has a desk nearby injected herself into the drama. Julie told her, "I'm sorry for him. He's been working for more than 30 days straight, what's he's trying to say is --- "
Jane cut her off. My work schedule is not her problem. In fact, Jane
wanted me to know that she works hard too. I understand that sentiment and I don't blame her for feeling that way. In fact, I told my wife, "She doesn't care how hard I work. Nor should she. The important thing to understand is why this business works this way." The resolutionI then tried to begin to explain how rental agency works, but Jane was too angry at this point to listen. She demanded to speak to my boss. I was perhaps a bit of a smart-ass when I reached across my desk and handed her one of my cards. Jane said, "I don't want to talk to you! I want your boss." If I wasn't so tired, I would have thought fast enough to refer her to my wife, but instead I told her the truth. "I own the company, ma'm." Well, this is an outrage. She's never seen anything like this in her life. She was now tirading. But at this point, it was my turn to interrupt her, "Ma'm if you really are off from work, you're just wasting your precious time by yelling at me. That shopping center over there has a Wiechert office with agents that will be glad to help you." I sort of felt guilty for the newbies working desk duty at Wiechert, but maybe she will rent something off of them so maybe I did them a favor. The lessonIn retrospect, I know where we had our disconnect but I'm not sure how to avoid it in the future. Jane had been trained by her experience in retail to believe that the customer is always right. What she doesn't understand is that the customer is always right, but the client is not always right. By that I mean, customers make purchases from retailers. I am not a retailer. I am a professional providing a service to my clients. My clients come to me because they want my advice and expertise. I often give my expertise away, but I am not required to give my expertise away. Furthermore, I can't give you the benefit of my expertise if think that I'm a retailer. Whether they are renters, buyers, sellers or landlords, I provide my clients with honest, direct and factual advice. I explain to them as best as I can the facts as I understand them. I let my clients make their own decisions. I can't make their decisions for them. But I have been around too long to have a client use me as a personal door-opener in their quest to find what they seek. I've learned the hard way that folks who insist on seeing things that aren't what they want are a waste of my extremely valuable time. If you tell me you want something specific and then I tell you that what you want to see isn't what you want, then I know that you are either not telling me the truth about your needs or you have no respect for my opinion and time. I cannot help a client who wants to use me as a tool rather than as a professional. This is most especially true when that potential client is a renter, which means they are very small potatoes for me.
Sponsored by Condo 1 Alexandria / Will Nesbitt Realty LLC Serving real estate needs of Northern VA · in Alexandria · in Arlington · in Fairfax County · |
if
the doors stick and the roof springs a leak, you can bet that your sassy self won't
be called upon to find someone to fix it. But be sure to check your condo buildings'
rules and regulations first. Most condo associations have a list of rules and regulations
that you will have to agree to before you purchase a unit in the building. These rules
may limit the number and weight of pets; how many visitors you can have at a time
including how often and for how long; if you can 
I
said, "When are you moving?"
