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[node:title] | Real Estate and Rental Market news

[node:title] | Real Estate and Rental Market news | [site:name]

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Last year we told you about our mission to Dream Big in 2021. Dream Big became our driving force, but we could never have accomplished all we have in 2021 without the support of every member of Team Eaton. We implemented a new Property Management software, a new CRM, a new website experience, added additional support and property management team members, grew our sales team, experienced a 25% growth in transaction volume, and added 62 new managed homes to our rental portfolio.
All of these numbers are great from a business perspective, but what we are most proud of are the more than 5,500 buyers, sellers, tenants, and landlords that reached out for help on their real estate journey this year. In 2021 we were named Top Property Managers in Tampa and Top Real Estate Agents in Riverview by Expertise, received the Best of Zillow designation, and were once again voted Best of the Best in Real Estate by readers of the Tampa Bay Times. Considering we’re a small boutique brokerage with less than 30 team members, these are fantastic testaments to the reputation we have built within our community.
We have taken on the challenges the real estate market has faced this year, but the only thing consistent about real estate is inconsistency. Inventory will continue to be a challenge into 2022, but we’ll keep fighting for our buyers, especially those that need financing. At the same time, we’ll continue to showcase homes for our sellers to the broadest audience possible, and we’ll meticulously manage more properties for our growing circle of landlords.&nbsp;
We’ve spent the last few years building a steel foundation on which to grow, and we will continue to build upon that foundation in 2022. Real estate isn’t about transactions; it’s about relationships--our relationships with each other, our clients, colleagues, and our community. With your trust, we will continue to fulfill our mission to simplify all real estate transactions so you can move confidently with less stress.
2022 is the Year For More at Eaton Realty, and we’re excited to have you with us on the journey. If your real estate goals include more space, more flexibility, more freedom, or more mornings spent sipping coffee on your dream lanai, we are here to simplify your journey and give you the “more” that you deserve!

It's Time For MORE

Inventory is down, prices are up, and we can’t build enough houses fast enough to solve the housing crisis. What’s more, home prices and rents are spiking, narrowing the availability of affordable homes. And yet, there are many homes throughout Tampa Bay sitting empty, abandoned, or expiring on the MLS. Why?
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Enter what is commonly known as “the HGTV Effect.”
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As a society, we have a fascination for the newest, shiniest object, and homes are no different. Think back 15 years. A typical home buyer would walk into a home, take in the floral wallpaper, brass fixtures, and overgrown planter beds, and look past the imperfections to see a home’s true potential. There was a consensus that they could make it work until they made it better.
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Then came the rise of popular renovation and house hunting shows, bloggers, and social media influencers. Search any home-related hashtag on <a href="https://www.instagram.com/eaton_realtyllc/">Instagram</a>, and you’ll see thousands of curated vignettes featuring perfectly coordinated decor, shiny fixtures, trending paint techniques, and so much more. Unfortunately, there are very few instances where you see a before picture. All we see are these staged snapshots that many feel pressure to recreate in their own homes. Gone are the days when granite counters were a luxury, nice-to-have item. Now, not having granite or quartz is a deal-breaker. Buyer expectations are higher than ever for turn-key homes that are move-in ready from Day 1.
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Generally speaking, there is nothing wrong with high standards. The issue arises when we start to overlook older homes and neighborhoods for the new and shiny. These homes eventually fall into disrepair, and communities get a perceived reputation for being less desirable. You might not be willing or able to sink tens of thousands of dollars into a whole house flip, but a few gallons of paint, some elbow grease, and a new light fixture can work wonders. Even better, you won’t be paying the turn-key premium built into most updated home listing prices, saving you money in your monthly mortgage payment for more projects down the road. Your new home will reflect your tastes, and knowing you did it yourself provides a sense of pride. As a bonus, when enough people are willing to love on these older homes, curb appeal increases, breathing life into older neighborhoods, increasing property values, and revitalizing entire communities.
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With housing supply at an all-time low and prices at record highs, homes that need some work are still an affordable option for many. If you are searching for your next home and think a fixer-upper might be for you, make sure to prepare from the beginning. Talk to your lender to find out if there are any restrictions to getting a loan, and use a <a href="/blog/buying/hiring-home-inspector-read-first">home inspector that you trust</a> to provide a thorough inspection report. Communicate openly with your REALTOR about your needs vs. wants, your budget, and how much renovation you’re willing to tackle to create your dream home. At Eaton Realty, our agents know the ins and outs of Tampa Bay’s neighborhoods, have a network of reliable vendors and inspectors and can help you find a home that will shine with just a little polishing. If you're looking for a fixer-upper in Hillsborough County, <a href="/contact-us">contact us today</a>!

Fixer-Upper House

Don't Forget the Fixer-Upper

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<a href="/drothrock"><img alt="" height="240" src="//cms.eatonrealty.com/sites/default/files/images/images/agent/2021/05/drothrockws.jpg" width="240" /></a>
<a href="/drothrock">Daniel Rothrock</a>, MPM, RMP- 2020 President Tampa Bay Chapter of NARPM®, 2022 President-Elect Florida State Chapter of NARPM®
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<a href="/BHAGUE">Bill Hague</a>, RMP- 2022 President-Elect Tampa Bay Chapter of NARPM®
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It's a much-celebrated achievement, the result of years of hard work and dedication to a cause. In 2022 Eaton Realty will be home to both the Florida State and Tampa Bay NARPM® Presidents. 
NARPM®, or the National Association of Residential PropertyManagers, is a national association of real estate professionals that understand the unique needs of residential property management and work together alongside government and industry professionals to bring about legislative change, promote continuing education, and works to support Property Managers at every level. 
Across the country, there are few licensing requirements for residential property managers. In fact, in many places, a property manager doesn't even need a real estate license. That means there are also few if any, continuing education requirements, and most of the time, those requirements have little to do with Property Management. NARPM® represents a select number of Property Management professionals that have made the decision to embark on a journey dedicated to Fair Housing, a higher standard of business ethics, and add their voices to the legislative matters that affect both landlords and tenants alike. 
Over the years, members of Eaton Realty's Property Management Team have served in many leadership positions of the Tampa Bay Chapter of NARPM®. From Committee Chairs, Chapter Officers, and Lobby Activists, we have a passion for Property Management and a desire to have it recognized as its own unique industry. Plus, we believe that our clients deserve only the highest level of service, which requires us to learn and grow to meet those expectations. NARPM® offers us an opportunity to achieve that growth. 
When asked why he chose to become a NARPM® member Owner Specialist Bill Hague said "I want to be a master in my trade. I like that the more you put in, the more you get out of it. The industry is always changing and you need to be aware of those changes. The only way to stay on top of those changes is to be involved in professional groups such as NARPM®."
We asked Daniel Rothrock where he sees himself going after his time as State President and he said that he was interested in the opportunity to become an ambassador at the regional level and possibly a Regional Vice President one day. He is excited to involve himself in more legislative matters at the state level that will have a lasting impact on the industry. 
For now, both Bill and Daniel are excited about the long-term opportunities their Presidential tenures will provide as well as the knowledge and experience they will be able to gain that will ultimately benefit both landlords and tenants in not just Tampa Bay, but across Florida and farther.

LEADING THE WAY FORWARD

Rental rates are rising, inventory is shrinking, and tenants are becoming more desperate to find a place than ever before. Bidding wars and multiple applications have become the norm. What's more, all of those rental applications come with a fee, and some tenants are spending almost an entire month's rent on application fees just trying to find their next home. 
At Eaton Realty, our Property Management Team and REALTORs <a href="/rentingsimplified">work with hundreds of tenants</a> on average each year. In the last 18 months, we've seen that number skyrocket into the thousands. We see every type of tenant-  the first-time renter, those relocating from out of state, tenants concerned about increasing rental rates, and sellers whose homes sold faster than expected. Here's what we suggest to ease the way: 
Give Yourself More Time
Rentals in Tampa Bay usually require a 60-day vacating notice. Before inventory became tight, most renters started hunting for their next place about 15 days before that notice period, or about 75 days before their lease expired. That's not going to work in today's rental market. In fact, waiting until to start your home search that close to your notice date will leave you feeling rushed into a decision. We suggest starting your rental search about 30 days sooner or around 3.5 months before your lease expires. This way, you can have an accurate idea of market conditions to make an informed decision. By allowing more time, you may even be in a position to start a new lease a few weeks before your old one expires, giving you time to relax and move your belongings at your own pace. 
Stay Put
If you follow our advice above and allow for more time, you may soon discover that it's in your best interest to stay where you are. Weigh any rent increases against the costs of moving. A comparable home will be priced for the market, making it similar to your renewal rate. Set that cost aside and instead add up the cost of application fees, pet fees, HOA application fees, and security deposits. From there, factor in the cost of actually moving into your new place. Boxes, moving trucks, and utility fees all add up and are often unaccounted for. Combine these costs, divide that number up over the course of the new lease term, and then add the result to the monthly rental rate of the home you've had your eye on. If that number is close or higher, the energy of moving may not be worth it, and waiting out the supply crunch might be better for you. 
Consider Buying
Inventory is tight across all areas of real estate. If you're going to be house hunting, why not add homes for sale to your tour list? You'll be surprised just how much mortgage you can afford based on your rent payment. With low-interest rates and homebuyer assistance programs, buying a home might be a better fit for you. You could even end up saving money each month, all while growing your equity in the long term.
No matter your real estate needs, our agents are here to help. From collaborating with the Property Management Team to navigating the application process, they are well versed in the renting and buying processes. <a href="/contact-us">Contact us today</a> and let's create your success plan.

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