Real Estate

By Ben Holubecki, STML Realty, Glen Ellyn, IL

Most residents give little thought to how they communicate with their property manager or landlord. Considering that nearly 35 percent of Americans currently reside in approximately 40 million rental units throughout the country, it is surprising that so few of us really understand how to communicate effectively with our landlords. Almost every one of these landlord/tenant relationships last a minimum of one year and some last many years, even decades.

The relationship that you enjoy with your landlord can directly impact your lifestyle, comfort, image, and financial standing. Establishing a positive and healthy relationship with your landlord can go a long way in helping you live in the best conditions possible, getting you the fastest responses to maintenance requests, and keeping your rental rates reasonable.

The following are some quick tips which can go a long way in helping to maintain and improve landlord/tenant relations:

During your rental search

1.)  Know what your expectations are before searching for a property. If your requirements aren’t offered at a particular property, then move on. Don’t expect a landlord to add an unreasonable amount of amenities or upgrades to an existing rental. There are often other units available that will meet all of your needs.

2.) Submit completely accurate rental applications regardless of your shortcomings. Do not overstate your income or lie about credit problems. Landlords are increasingly open to working with challenged credit. Providing a clear explanation as to why your credit has suffered and expressing your desire to improve the situation will go a long way to sway a decision. We always recommend a pre-written letter with this information be sent with the rental application as it shows some planning and thought went into your process. Lying on an application is almost always grounds for denial or later termination of a lease.

3.) Ask the right questions. Those questions are the ones most important to you. In most cases landlords/agents are not required to disclose some information that may be important to you. Do not be shy when searching for a home to rent. Ask as many questions as necessary to make sure that you are comfortable with the decision you are making.

4.) Get it in writing. If a landlord has promised a repair, new carpet, new appliances, or anything else will be done as a condition of your lease then be absolutely sure to get it in writing, preferably on the lease document. Anything less opens up the chance for miscommunication and leaves an opening for problems. I can’t remember how many times I’ve spoken to tenants who were “promised new carpeting” at some point during their tenancy and did not get it. Promises don’t get things done. Written agreements do.

5.) Read your lease completely. This is an important process. You are making legally binding guarantees regarding payments, upkeep, repairs, etc. Read it thoroughly before you sign it. If possible ask for a copy the day before signing the lease so that you have enough time to read and think about any potential questions.

Move-in time

6.) Complete or request a walk-through to assess any existing wear or damage. This will alleviate many disputes at the time of move out. Make sure this is done thoroughly and ask for a copy for your records.

7.) Make sure that you know all of the pertinent property information (utility info, garbage day, mailbox #, instructions for alarms, entry systems, sprinkler systems, HOA rules, etc.). By collecting all of this information up front you can eliminate several calls to your landlord over the first weeks of tenancy. When landlords receive a flood of calls from a new tenant they instantly start to think of that tenant as high maintenance. This puts an instant strain on the relationship and can set up future problems. An effective landlord should provide this information for the same reason but many do not. By collecting all of this at the time of move-in you can avoid that unnecessary contact.

8.) Make sure that you know the exact process for contacting your landlord in case of any questions or repair issues. Every landlord is different and each has their own process for dealing with tenant inquiries. You are best served to ask exactly how the landlord would like to be contacted. Don’t assume that texting them or calling them on their cell phone is the preferred or most effective option. By following the landlord’s preferred process you instantly become “easier to work with” than the tenant who contacts them by some other means. Landlords are also likely to respond more quickly to those who operate the way that they prefer to.

During your tenancy

9.) Pay your rent on time. Easy enough when everything is going well but what about when things are not? Your best option is to contact the landlord as soon as you see a problem arise and work out an agreement to get on track. Very few landlords will want to evict a tenant who they believe honestly wants to pay but is having a short-term problem. The worst option is silence. A non-paying, non-communicating tenant will and should be dealt with harshly.

10.) Be reasonable with your requests. Most landlord/tenant issues that don’t involve money center around tenant maintenance requests that they feel are not handled adequately by their landlords. There are many cases where the tenants are absolutely in the right and landlords have neglected their duty to provide clean, safe housing. However, in many other instances the requests made by tenants are completely unreasonable and by utilizing a bit of patience and thought these issues can be resolved reasonably.

Handle very minor issues on your own. Almost any tenant can replace a light bulb, furnace filter, or smoke detector battery. They can tighten a door knob or put a closet door back on its track. However, these types of tiny issues constitute a huge number of service calls and maintenance costs for landlords. If you have small issues and can’t handle them on your own then wait until a larger problem arises that truly requires service and ask if those smaller items can be addressed as well saving multiple service trips. If you have a non-emergency issue, don’t require that it be handled on an emergency time frame. There are many factors out of the landlord’s control that go into how quickly an issue can be resolved including vendor schedules, time of day/week, weather, travel time, etc. Tenants need to take these factors into account and try to understand that your landlord wants to resolve your issues and wants you to be a happy tenant as it is in their best interest.

Above all else, it’s important to remember that you are ultimately dealing with another human being. If you are speaking with a property manager or maintenance tech you are dealing with someone who can choose to help you or ultimately push your concerns aside. Your goal should be to get your questions answered and problems resolved, not to make as much noise as possible. By portraying yourself as an honest tenant, preparing yourself for your tenancy up front, educating yourself on your lease terms and rules, and making reasonable requests using the proper channels it is very likely that you will have a happier and more successful relationship with your landlord and a more pleasant stay in your rental property.

Ben Holubecki is a licensed Real Estate Broker and a Co-Owner of STML Realty Group, where he oversees the business development and leasing activities of the company. Founded in 2003, STML is a full service property management and leasing firm representing more than 100 individual property owners and overseeing management of approximately 400 rental units throughout the Chicagoland area. Ben is a regular contributor to Buildium’s All Things Property Management blog.

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Source: IMDb

English-born comedy actor Charlie Chaplin was synonymous with the silent-movie era and his widely loved character, The Little Tramp, was the most memorable symbol of silent films. It was perhaps from Chaplin’s financial success portraying this bumbling, but lovable vagrant that he commissioned this gorgeous Spanish-style home built for him in 1929, which is now for sale for $1,725,000.

Not only did Chaplin grace this space, but other notable celebrities also owned it, including actor Robert Downey Jr. in the 1990s and later, reality TV star Kelly Osbourne (daughter of Ozzy and Sharon Osbourne), according to the L.A. Times.

Located just above the Sunset Strip, Charlie Chaplin’s home is in the Hollywood Hills real estate market and has been recently restored. Perhaps the most dramatic room in the home is the original beamed-ceiling living room, which has a fireplace as a centerpiece and contains white-washed walls that contrast warmly with the dark hardwood floors.

An open floor plan flows throughout. A simple, but handsome dining room with French doors leads to the patio. Adjacent to the dining room is a large chef’s kitchen. The two-story master suite offers high ceilings, two bathrooms (both remodeled), multiple closets, spacious sitting area, city views, and French doors that open to a secluded backyard with patios and fountain. Two additional private en-suite bedrooms and grand office with views complete this classic Hollywood home.

The listing is held by Matthew Altman of Hilton & Hyland.

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Based on a 30-year fixed mortgage rate at a current rate of 4.01 percent and assuming a 20 percent down payment, the monthly mortgage payment for this home is $6,596 per month, as quoted on Zillow Mortgage Marketplace.

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They star in the same movies, they perform in the same concerts, and more often that not, celebrities also buy homes from each other. You may have heard of the Six Degrees of Kevin Bacon, the online game where the actor can be connected within six degrees to any performer in Hollywood. The new six degrees game, however, is through celebrity real estate wheelings and dealings.

Charlie Chaplin –> Robert Downey Jr. –> Kelly Osbourne

Let’s start with Charlie Chaplin’s home (below), which recently hit the Los Angles real estate market for $1,725,000. According to the L.A. Times, the Sunset Strip-area house also has the distinction of counting Robert Downey Jr. and Kelly Osbourne as former owners.

Kelly Osbourne lived in Chaplin’s home in the mid-2000s but previously, she lived with her parents Ozzy and Sharon Osbourne in Beverly Hills.

Charlie Chaplin’s home

Osbournes –> Christina Aquilera

The Osbournes sold their reality-television home, shown below, to Christina Aguilera, who is currently trying to unload the property, after several price cuts, for $13.5 million.

Although Aguilera is best known for her musical abilities, she, like the Osbournes, has had stints on reality television with a role as judge on “The Voice.” Aguilera also recently appeared in the movie “Burlesque,” which starred songstress and fellow diva Cher.

Cher –> Barry Schwartz –> Julio Iglesias –> Janet Jackson

Speaking of Cher, her former home, pictured below, happens to be on the real estate market as well, and unfortunately, like Aguilera’s home, the property has had a few price cuts, dropping to its current list price of $10.2 million. Built in 1953, the property, which is on the Miami Beach real estate market, was home to Cher in the early ’90s but soon became a turnstile among celebrity who’s who, housing Barry Schwartz, former chairman and CEO of Calvin Klein, Julio Iglesias, and in 2007, Janet Jackson who rented it for $85,000 a month in 2007.

Cher’s former home

Nick Lachey –> Seal and Heidi Klum

As the sister of the late great pop star Michael Jackson, Janet Jackson also took part in the King of Pop’s 30th Anniversary celebration in 2001. Also performing at the Madison Garden concert, was Nick Lachey as a part of boy band 98 Degrees.

Nick Lachey’s home, shown in the photo below, is currently for sale for the second time on the Bel Air real estate market. Lachey, who was part of a boy band 98 Degrees, bought his bachelor Bel-Air pad from Seal and Heidi Klum. Heidi and Seal purchased the house to renovate, but decided against it and put it back up for sale shortly a few months later.

Nick Lachey’s home

Ben Stiller –> Jason Statham

Before her stint as producer and host of the hit reality television show Project Runway, Heidi Klum was a fashion model. Several actors have gotten their start in Hollywood as a model, including tough guy actor Jason Statham who just sold his own contemporary home and picked up Ben Stiller’s compound for $11.5 million, pictured below.

Actor and director Stiller purchased the house in 1999 and combined three properties to create the Spanish-style compound with a total of 10 bedrooms and 11 bathrooms. He and his wife Christine Taylor put the estate on the market in 2009, the year after Stiller directed and acted in the comedy Tropic Thunder, which also starred Jack Black and Robert Downey, Jr.

And Robert Downey, Jr. of course, purchased and lived in Charlie Chaplin’s home during the mid ’90s.

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Today, National Mortgage News has selected Zillow as a Mortgage Technology Award finalist in the category of “Harnessing Mobile.” More specifically, the Zillow Mortgage Marketplace iPhone App was named a finalist. This award commends the development and implementation of mobile technology in the mortgage industry. We’re thrilled to be recognized for bringing the innovative loan shopping experience of Zillow Mortgage Marketplace to mobile.

When we launched the app back in June, we knew it was pretty cool in the way it enables users to gauge home affordability and monthly payments via slick mortgage calculators, and allows them to shop for, choose, and connect with a lender to start the loan process right from their phone. And for lenders, the app provides a brand new customer acquisition channel by enabling them to connect with home shoppers while they are out looking at homes and ready to transact.

Award winners will be announced at the Mortgage Technology ceremony on October 9 in Chicago. In the meantime, if you haven’t already, download the Zillow Mortgage Marketplace iPhone App, or any of Zillow’s other real estate apps on iPhone, iPad, Android, BlackBerry or Windows Phone 7 today.

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Source: Washington Post

As Anthony Weiner dealt with one of the biggest political scandals of 2011, he was also attempting to sell his New York co-op in Forest Hill with Madeleine Realty for $449,000.

As calls for his removal from Congress intensified, the New York representative took his home off the Forest Hills real estate market.

Although Weiner did step down from all of his duties as congressman, his home was not completely off the market and recently went into contract, the New York Daily News confirmed with a Madeleine Realty receptionist.

According to a timeline by NBC New York, the first report of Weiner’s salacious online behavior occurred on May 27; the for-sale listing went on the market on May 21 and was removed on May 31. Weiner resigned June 16.

Weiner’s apartment on the tree-lined street in Forest Hills Garden area of New York seems a million miles away from the hubbub surrounding Weiner and his online activity, yet according to Curbed NY, Weiner’s co-op was very much part of the scandal – some of the photos he sent to the women were taken at this home.

This may not bother the new owner, or perhaps they picked up the home for different reasons like the hardwood floors, crown molding or updated kitchen with granite counter tops and cherry cabinets.

The co-op includes 850 square feet of living space with two bedrooms and two and half baths.

According to the New York Daily News, Weiner and his wife Huma Abedin have been spotted shopping for a bigger place in New York’s TriBeCa.

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Dennis Hopper’s home has hit the Venice real estate market again, this time with a fresh look and price.

According to property listing information, the home of the late actor, filmmaker and artist received new updates that were completed by architect Brian Murphy.

This 4,900-sq ft Hopper home was part of Hopper’s compound that included three separate, free-standing lofts that were designed by Frank Gehry and were known as the Three Little Pigs.

Hopper was best known for directing and appearing in “Easy Rider,” but was also an accomplished photographer and had an impressive modern art collection. He passed away in May 2010 from prostrate cancer. His home was then listed in July 2010 for $6,245,000. The price was chopped in late 2010 to $5,800,000 before the listing was removed.

The home was re-listed in July 2011 and recently had another price chop. Hopper’s estate is now down $500,000 to $5,995,000. Although the compound has 10,125 square feet of living space, median Venice home values have dropped 7.5 percent year-over-year.

The industrial-style home includes 7 beds and 9 bathrooms and features high ceilings, exposed beams, floating staircases and enormous windows. Other home amenities include a lap pool and pool house, and convenient location near Main Street and Abbot Kinney.

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The listing is held by Jade Mills of Coldwell Banker.

Based on a 30-year fixed mortgage rate at a current rate of 4.02 percent and assuming a 10 percent down payment, the monthly mortgage payment for this home is $22,944 per month, as quoted on Zillow Mortgage Marketplace.

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With this week’s Fannie/Freddie downgrade, stock market tumble, and the Fed’s promise to keep interest rates low until 2013, many have been left wondering what the impact will be on the housing market and, more specifically, how mortgage rates will change. As it turns out, Zillow Mortgage Marketplace shows that today’s 30-year fixed mortgage rate has taken a fall from Tuesday’s 9-month low of 4.14 percent to a new all-time low of 3.92 percent. This rate represents the first time the rate has dropped below 4 percent as well as the lowest rate recorded since Zillow Mortgage Marketplace launched in April 2008. Prior to today, the lowest rate recorded on Zillow Mortgage Marketplace was 4.07 percent on Nov. 9, 2010.

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BETHESDA, Md. – Commercial mortgage company Walker & Dunlop Inc. said Thursday its second-quarter profit slipped as soaring personnel costs offset higher revenue.

Walker & Dunlop, which had its initial public offering late last year, said Thursday that it earned $11.1 million, or 51 cents per share, compared with $11.7 million, or 80 cents per share, a year earlier.

Revenue jumped 38 percent to $42.4 million from $30.7 million in the second quarter of 2010.

The results beat Wall Street’s expectations. Analysts polled by FactSet expected a profit of 41 cents per share on revenue of $38.1 million.

Total expenses increase by 28 percent to $24.2 million. Personnel expenses jumped 60 percent to $12.9 million, mostly because of higher commissions paid for new business.

The company made $31.3 million from its mortgage banking operation, 48 percent higher than a year ago. It specializing in mortgages for multifamily properties such as apartment buildings.

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Tags:dunlop, commercial mortgage company

WELLINGTON – Quake-ravaged Christchurch, New Zealand’s second biggest city, plans to spend about NZ$2 billion ($1.6 billion) rebuilding its heavily-damaged downtown, including building a memorial to the 181 victims, the City Council said on Thursday.

The central business district, parts of which are still closed after the magnitude 6.3 quake of February 22, will be rebuilt within a smaller area with a focus on low rise buildings, less traffic, green spaces, and redeveloping the iconic Avon River and Cathedral Square areas, the council said in a draft plan.

“Central Christchurch will be redeveloped as a low-rise resilient, safe and sustainable city,” the council said.

There are about 70 separate projects in the council’s plan, which would take up to 20 years to complete, starting in 2012.

The cost of the plan would be split between central and local government, insurance payments and private sector investment, with incentives being offered to lure back business that fled the central city after February.

About NZ$8 million would be set aside for a memorial to the quake victims within the central city, the council said.

In June the government said it would spend up to NZ$635 million compensating 5,000 homeowners whose properties were uninhabitable.

Large parts of the eastern city have suffered severe damage to the ground and cannot be built upon but studies indicate the central city area was safe to rebuild on.

The total cost of the series of earthquakes which stretch back to September 2010 has been estimated at NZ$15 billion, making it one of the world’s costliest natural disasters.

The council will seek public feedback on the plan before finalizing it in December.

(Reporting by Miranda Tindill; Editing by Balazs Koranyi)

Tags:, costliest natural disasters

Welcome to Zillow’s Rental of the Week. Our site is filled with information on homes for sale and apartments for rent, plus we have data on more than 100 million homes in the U.S., so lots of homes catch our eye.

We all know that New York apartments are expensive and as we look at the Battery Park neighborhood, we see that median Battery Park rent list prices are presently $3,400 a month. Compare that to a median rent list price of $1,200 in Dallas or even median San Francisco rent list price at $2,670 a month.

Due to the bumpy real estate market, it doesn’t look like rental prices will be going down anytime soon, especially in New York where local real estate data shows that rent list prices have been rising 8.7 percent year-over-year.

For this week’s rental, not only do you get to live in a state-of-the-art certified green building, but you will have a few celebrity neighbors as well.

This week’s rental: Riverhouse N End New York, NY

For rent: $7,500/month

Location: Battery Park, New York City

Details: 3 bedrooms, 2 bathrooms

The Riverhouse apartments face Battery City Park and the Hudson River. Shortly after the building’s construction in 2008, the building made the news when Leonardo DiCaprio purchased an apartment there.

An advocate of green living, DiCaprio chose Riverhouse for its LEED-certified gold rating (the second-highest rating for green buildings) and was spotted several times “arriving at the site’s sales office on his bike,” according to New York Magazine. The building was constructed using non-pollutant materials and uses solar-energy power.

DiCaprio isn’t the only celebrity to make the Riverhouse his home. According to the New York Post, Sacha Baron Cohen, his wife Isla Fisher and their two children have also recently picked up a place in the Battery Park building. With kid-friendly amenities like a children’s playroom and park across the street, it makes sense for the family to move there.

Other Riverhouse perks include a fitness center with yoga studio, lap pool, lounge, billiards room, private pet grooming area and media cafe.

This particular apartment for rent has 1,200 square feet of living space with views of the city skyline and Hudson River. The kitchen features a custom Corian island, teak cabinetry and top-tier appliances.

Have a suggestion for a Zillow Rental of the Week? Send a message to @zillow on Twitter or send us an email at celebrity@zillow.com.

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