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Renters, Bring Your Checkbook!!!!

The old saying, “Bring your checkbook” is more relevant now than ever.  Boston Rental Market hits an all time high. We often see 5 or 6 applications on the same apartment after one short day on the market.

By Craig Anne Lake of Luxury Residential Group

Craig Lake

Craig Anne Lake of Luxury Residential Group

Recently, I find myself apologizing all the time while I say, “I promise I am not just saying this, and I know it sounds cheesy, but if you want this property – bring your application and check in hand and be ready to turn it in…”  I hate sounding like I am being pushy, but any bit of hesitation, and you can lose a place.

I hate that Realtors are not the most respected or trusted of professionals.  I have heard us being compared to used cars salesman.  I assure you that not all Real Estate agents are the same.  Making things worse right now, is the fact that the rental market here in Boston is out of control.  Unfortunately though, if people don’t trust our judgment, they are finding themselves without a place to live.

There just isn’t that much available, and things are going quickly.  It sounds cliché coming from an agent to say it, but if you don’t act quickly on something you like, you will not get it.

I have actually had a client lose a property even with the check and application in hand and even with an insider’s recommendation and help!

It is NOT a renter’s market right now.  I am finding some properties to be $200-$500 more expensive per month this year over last year.  Specific areas are especially difficult – like the desirable South End and Back Bay areas.  The competition is intense for a great place.  There just isn’t a lot inventory and there are a lot of people searching with very similar requirements.  Last year at this time, luxury buildings were paying full broker’s fees and offering incentives like “one month free”.  It is incredible what a difference one year can make.

The sales market isn’t too shabby either.  I have had bidding wars on properties in the South End, and have seen properties go “Under Agreement” in days.

I completely understand wanting to compare and contrast and feel that you have seen everything that is out there before making a decision.  It is difficult to convince a client to jump on a place, especially if they haven’t seen a lot of places.  However, given the market, if you find something you like, you may want to swipe it up quickly because if you don’t, someone else will.

I promise, I am not just saying this… And if you still don’t trust me… The Boston Globe explains it here:

http://www.boston.com/business/articles/2011/07/25/rents_hit_record_high_in_boston_area/?page=1

If you ever thought about buying an investment property in Boston, now would be an ideal time.  Rates are low and rents are high.

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