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For Landlords

Miami Beach Rentals over last 90 days?

by Jamey on November 23, 2009

Over the last 90 days in Miami Beach there were 938 Miami Beach rental properties that rented through the MLS.

One of the most expensive units that rented was a 3010 square foot 4 bedroom/4.5 bath unit in the Continuum North tower.  Continuum is located at 50 S Pointe Drive in the high end luxury are of South of Fifth.   It rented for $12,000 per month.

The Yacht Club at Portofino also in the South of Fifth area located at 90 Alton Road had an impressive 23 rentals.  The most expensive was a furnished 4 bedroom/ 3.5 bath that rented for $3500 per month, while the least expensive was a 1 bedroom/1 bath unit that rented for $1650 per month.

The Waverly located just off Biscayne Bay in South Beach in the West Avenue neighborhood, came in right behind the Yacht Club with 22 rented units.  The most expensive unit that rented was a 1262 square foot, furnished, 2 bedroom/2 bath.  It rented for $3450 per month.  The least expensive one bedroom was a 793 square foot, 1 bedroom/1 bath and it rented for $1500.

Just to name a few of the most popular Miami Beach Buildings:

  • Flamingo 1500 Bay Road/ 18 rented units
  • ICON 450 Alton Road / 15 rented units
  • Bentley Bay 540/520 West Avenue / 15 rented units
  • Floridan 650 West Avenue / 12 rented units
  • Cosmopolitan 110 Washington Avenue  / 10 rented units
  • Akoya 6365 Collins / 10 rented units
  • Capri South Beach / 5 rented units

It just goes to show that rentals are still a hot commodity in Miami Beach.  Prices have come down over the last year but units are still renting.  In the luxury buildings, rental units still fetch a pretty high end price tag per month.

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Tips for Miami Beach Sellers: Staging 101

by Jamey on September 9, 2009

Whether prepping a property to sell or rent, staging is KEY!

One of my best staged properties was a small little condo off of Drexel.  My clients were the perfect “stagers”.  Each time I scheduled an appointment to show the unit, I arrived to a calm soothing sound of light music, a cool fresh breeze (from the air conditioning adjusted to the perfect temperature) & a lovely smell of the fragrance that had been placed by the door.  There is no better first impression than that first smell or feel when you first walk into a property.  It’s priceless.  This property also sold fairly quickly in a very slow market.  I am fairly certain it was because it showed really nicely (along with good pricing) and created a little buzz within this price point.  Other agents liked showing it to their buyers.

I always try to convey this to my sellers and rental listings, first impressions are everything in our business.  Once we have a broker’s open or after a showing occurs, not only do the buyer’s have word of mouth but agents do too.  Agents like showing nice properties.  There is nothing worse than taking your buyers around to properties that are dirty, cluttered or not properly set up to show.  It’s embarrassing and moreover, buyers want to see the best of the best.  There are only a “rare” few who can actually see through a property that is not properly staged.

A few tips for best practices in staging your Miami Beach condo or Home for sale (or rent):

  1. The first thing the prospective buyer will see is your lawn (if you have one).  Fertilize if needed and always keep your lawn and landscape neatly trimmed.
  2. Your front door welcomes the prospects so always make sure it is clean and even give it a fresh coat of paint if needed.  A seasonal décor adds a warm touch.
  3. Decorating helps assure top dollar and a quick sale.  Faded walls, work and scratched woodwork reduce appeal.  Fresh paint or wallpaper adds charm and value to your property.  Prospects would rather see how great your home looks now than hear how good it could look with a little work.
  4. Clean windows show the bright side of your home. By opening draperies and curtain, you highlight your walls and ceilings.  This lets prospective buyers see how cheerful your home can be.  Be sure your windows are sparkling clean.
  5. A clean kitchen is a MUST. Many buyers judge the housekeeping by the oven and stove.  Clean the interior of your dishwasher, removing stains especially on the door.  Clean out your kitchen cabinets and pack away items not needed.  Counter tops should be clean a FREE of clutter.
  6. Sparkling bathrooms help sell your home. Repair caulking in bathtubs and showers.  Shower doors, ceramic tile and grouting should be free and clear of soap film.  For added allure, use your best towels, mats and shower curtains.
  7. Avoid cluttered appearances by removing excess furniture and other items that you seldom use.  Keep newspapers, toys and other articles picked up.  Clean stairways are essential.  Objects on the stairs are dangerous.
  8. Consider your closets. Neat well-organized closets show that there is ample space.  So start by removing or packing items that can be stored elsewhere.  Now is the time to box those unwanted clothes and donate them to charity.
  9. Repairs are required. If closet doors are off their tracks, doorknobs are loose or screen doors don’t close, don’t try to explain these sticky situations when you can easily remedy them.  A little effort can smooth the way towards closing.  Make a to do list and fix these items now.
  10. Check faucets and bulbs. Dripping water rattles the nerves, discolors the sing and suggests neglect to the potential buyers.  Have them fixed so you get top dollar for your property.
  11. Make room for space. Remember potential buyers are looking for more than just comfortable living space.  They are looking for storage space too.  Make sure your attic and garage are clean and free of unnecessary items.
  12. Think safety. Homeowners learn to live with all kinds of self-set booby traps:  roller skates on stairs, slippery throw rugs, low-hanging overhead lights.  Store away children’s toys.  Make your residence as non-perilous as possible.
  13. Most people like pets. BUT they tend to distract attention and some people are terrified of them.  If you have a pet, we suggest you keep it out of the way, preferably out of the house.

And if you really want to get into how detailed you could be, watch Jeff Lewis on Bravo’s Flipping Out….  he knows how to stage!

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Tell them to take it or leave….. the myths about renting in Miami & Miami Beach

by Jamey on September 3, 2009

update to this post….. sorry for the earlier randomness in wording if you saw it.  working on site and something was off…should be correct now.

This is a version of an email that I get about once a week from different people…

“Dear Jamey-

I found a listing on your website for a two bedroom at Bentley Bay for $3500 per month.  I would like to offer $2000 per month, if your clients will take this offer, I will sign a lease today.

Regards,

Everyone’s desperate to rent their condo on Miami Beach because there are a zillion vacant listings on the beach.

Dear Everyone’s desperate (…)-

If this is how you are going about finding a rental in this city, I bet you are having a very difficult and frustrating time.  The myth is that there are tons of vacant properties on the market and owners are desperate to rent out their units, the truth is….  not so much.  Plus it depends on the area, South Beach is much pricier than some other areas.

This is probably one of the biggest hurdles that I have to overcome when I initially speak to a rental customer,  setting proper expectations.  This thing is there is really no “guessing game”, “make me an offer game”, because there are active and closed rental data in our MLS system.  The owner’s agents have access to this data too.   It’s kind of tough to offer $2000 when the units are going for higher averages.

Yeah, yeah I know your friend got their unit for only one deposit down and paid $1800 a month for that ultra luxe place in South of Fifth.  The truth is, I looked up the closed data on the MLS …….  your friend told you a big fat story.  In fact this seems like the new fashionable talk of town in Miami and Miami Beach, “Can you believe I got a rental at this place for only $xyz?”

a little sidetracked below—

One other big issue with this offer is that I know if you have sent this to me, you have probably sent it to 20 other agents too.  When I take on a new rental customer, I ask for them to work exclusively with me. I don’t work with people who are working with 5 other agents.  Why should I?  First it’s against our ethics policy and second why should I invest my time in someone who is not committed to me?   I give my customers 110% and expect the same commitment in return.    We all have access to the same database, same properties, why work with 10 different agents?

Think about it this way, if your agent knows that you are 110% committed to them, don’t you think that they are going to work harder for you?  If not, fire them and find someone who will work 110% for you.  Call me.  Don’t call around 10 different agents and ask them to show you properties.

We always find out.  We do.  It’s not that you should really care so much that we find out that you are cheating on us; rather it’s that a small little “uggh”  is felt deep inside, the doubt starts to develop and personally for me when I find out, I say “bye, bye”.  I would rather spend more time dealing with my customers who I know are not cheating.  I am not desperate.

back on track here–

So here is the real low down.  Let’s say for instance you want to rent a condo in the South Beach area of Miami Beach.  Your criteria is as follows:  2 bedroom at Bentley Bay.  Right now on the MLS there are 9 rentals listed.  The price per month starts at $3100 for an unfurnished two bedroom and up to $5800 for a furnished two bedroom.  Over the last 90 days there were 10 two bedrooms rented from $2400 up to $3800.  Based on these statistics it takes about 2.4 months to rent a unit at Bentley Bay, which on average is right on for the typical time frame to rent a unit in South Beach, about 3 months (priced right).

So is your offer for $2000 a month realistic and is it a good deal for the owner to just get it off the market?  Averaging all figures together for the last 90 days,  the average rental for an unfurnished 2 bedroom unit at Bentley Bay is around $2762.  Now I should also mention three of the units  pulled into these averages were on very low floors (3, 5 & 6) and it’s pretty typical that the higher floors do garner a higher rent.   The lowest on the 3rd floor rented at $2400.

Speaking just to the averages, $2762 per month and you offered $2000.  Assuming it’s a twelve month lease,  the first garners $33,144 per year, while the second $24,000.  That’s a difference of $9144 per year.  Even if they do loose three months holding out for the $2762 per month, they will make $858 more per year waiting.  So no, your offer is not so good.  Not to mention that most owners want to hold value in their property and reducing the rent by $762 a month is not holding value and it also decreases the rental prices throughout the building.

Thank you for your inquiry, Everyone’s desperate and happy renting!

The compilation of listing and market data information is provided by the REALTORS Association of Greater Miami and the Beaches. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties are subject to prior sale or rental.  I do my best to double check for accuracy, however I am human and errors can occur.  Please contact me if you find something that doesn’t look correct and I will be happy to look into it and correct if necessary.

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Tips for Brickell, Downtown-Midtown Miami Landlords: to Re-List or Renegotiate the lease?

July 7, 2009 For Landlords

The good news for Landlords who own condos in the Brickell, Downtown-Midtown Miami areas is that there are renters.   In fact I do the majority of my rental business is in these areas.   The not so good news is that depending on when you purchased the property and how it was paid for, the rental rates per month may [...]

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Tips for Miami Landlords in the New Downtown Miami Developments

June 12, 2009 For Landlords
Along Brickell

 

In this market, I have been working with a lot of renters and property owners who purchased units in the Brickell, Downtown/Midtown Miami areas.  Although there is new inventory, there are also plenty of renters that would love to live in your unit.  
If you want to position your unit to get as top rental dollar as possible, [...]

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