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Michelle Gibson's Blog

By Michelle Gibson REALTOR® | Agent in Wellington, FL
  • ATTENTION TENANTS: Wellington is Experiencing a Rental Shortage!

    Posted Under: Rental Basics in Wellington, For Rent in Wellington, Rentals in Wellington  |  July 25, 2012 11:57 AM  |  496 views  |  No comments

    ATTENTION TENANTS: Wellington is Experiencing a Rental Shortage!

    This morning I was asked by a prospective tenant if Wellington has a lot of homes for rent and the answer is NO.  Right now there are only 47 unfurnished single family homes for rent in Wellington available on an annual basis, which range from $1,300 a month up to $9,000 a month.

    While 47 homes for rent may seem like a lot, it is not when 35 homes rented in the last 30 days.  Below is a chart showing the current absorption rate for Wellington Rentals and you will notice Wellington is experiencing an EXTREMELY STRONG LANDLORD’S MARKET.

    Description: ATTENTION TENANTS: Wellington is Experiencing a Rental Shortage!

    What does a landlord’s market mean for a tenant?  

    1.  Landlords will have the upper hand with the lack of inventory
    2.  Landlords will most likely get top dollar for their home, which means negotiating the rental price is probably out of the question
    3.  There is a strong possibility tenants will be competing for the same home

     

    So how can tenants rent a home in this competitive market?

    1.  Hire a Wellington Rental Agent to assist them, our tenant services are FREE
    2.  Be prepared!  Tenants need to make sure ALL their documentation is ready BEFORE looking at homes for rent
    3.  Don’t Wait!  When tenants find a home they need to submit an offer right away

     

    If you need assistance finding a home to rent in Wellington Florida contact us today, you can also fill out our Online Rental Questionnaire to receive a list of available homes for rent that fit your needs.

     

    Information provided by the RMLS on July 13th, 2012 and deemed reliable, but not guaranteed
    Originally posted at http://wellingtonhometeam.com/attention-tenants-wellington-has-a-shortage-of-rental-homes/ 

     

    Michelle Gibson REALTOR®
    HANSEN REAL ESTATE GROUP INC. 
    561.333.0446

    Search Wellington FL Homes For Sale | Search Wellington FL Homes For Rent
           Wellington Florida Short Sales | Buying a Wellington FL Short Sale?


     
    ©2011 All Rights Reserved

  • How much does it cost to hire a Real Estate Agent to find a Rental in Wellington FL?

    Posted Under: Rental Basics in Wellington, For Rent in Wellington, Rentals in Wellington  |  January 5, 2012 12:11 PM  |  1,834 views  |  1 comment

    How much does it cost to hire a Real Estate Agent to find a Rental in Wellington FL?

    It costs ZERO, ZIP, NADA to use our services to find a home for rent in Wellington Florida, so why do it yourself?  We have been assisting tenants with their rental needs for over a decade now and have made the process of finding a home to rent so easy that your rental search should be stress-free.

    Wellington FREE Rental Services - Wellington Rental Agent You no longer have to surf the internet for hours on end trying to find Wellington homes for rent that are still available and fit your needs.  All you have to do is fill out our Online Rental Questionnaire, we will then do a custom rental search based on your criteria and e-mail you the results.  We will also keep you posted on all of the new rental listings that come onto the market.

    After reviewing the list of homes for rent you will let us know which homes you would like to see and we will schedule an appointment to show them to you as long as we have all of yourneeded documents up front. 

    Once you find a home we will write a winning rental offer, help negotiate the terms and review the lease before signing.  We will then meet you on the day of move in to do the final walk through of the property, collect the remaining funds due and give you the keys to your new rental.

    We have several great articles about renting a home in Wellington Florida:

    If you need help finding a home for rent in Wellington Florida contact us today!

    Originally posted at 
    http://wellingtonhomesforrent.com/how-much-does-it-cost-to-hire-a-real-estate-agent-fo-find-a-rental-in-wellington-fl/

    Michelle Gibson REALTOR®
    HANSEN REAL ESTATE GROUP INC. 
    561.333.0446

    Search Wellington FL Homes For Sale | Search Wellington FL Homes For Rent
           Wellington Florida Short Sales | Buying a Wellington FL Short Sale?


     
    ©2011 All Rights Reserved

  • What Documents will a Wellington Landlord want to see?

    Posted Under: Rental Basics in Wellington, For Rent in Wellington, Rentals in Wellington  |  December 10, 2011 2:14 PM  |  1,191 views  |  2 comments

    What Documents will a Wellington Landlord want to see?

    When looking to rent a home in Wellington Florida you will need to provide the landlord with several documents before they will even consider you as a possible tenant.  Unfortunately offering to rent a landlords property isn't enough, they will want to see proof that you can afford it and have a history confirming you pay your bills.  

    As a Wellington Rental Agent that assists both landlords and tenants I have put together a list of items that are typically required by a Wellington Landlord.  However this list may vary depending on each individual landlord, but most Wellington Rental Listing Agents will provide a list of required documents right in the MLS under broker remarks, so agents should know exactly what needs to be provided with your offer and if nothing is stated in the MLS they should call to find out.  Several of the tenants I have worked with over the years have won in a multiple offer situation because the landlord was presented with a complete package.

    Here are the most common items a Wellington Landlord will require with your offer:


    Description: Renting a Home in Wellington FL - Needed Documentation1.  Rental Application: This will list your current address, past and present employment, your vehicle(s), occupants of the home and pets.

    2.  Proof of Income:  The Wellington Landlord will want to see paycheck stubs and/or tax returns to verify you have the means to rent their home.

    3.  Credit Report & Background Check:
      Sometimes the listing brokerage will want to pull this information while other times they will want your agent to pull and provide it, but I have yet met a landlord that will not want to see your credit report and/or background check.  Your credit report shows the landlord your financial responsibility to pay your bills.  

    While I've never seen an "Introduction Letter"required I highly recommend writing one especially if you have bad credit or a unique situation.

    If you are looking to rent a home in Wellington I highly recommend being prepared to provide this information to the prospective landlord.

    Do you need to list your Wellington home for rent or find a home to rent in Wellington?  If so contact us today!


    Originally posted at 
    http://wellingtonhomesforrent.com/what-documentation-will-a-wellington-landlord-want-to-see/

    Michelle Gibson REALTOR®
    HANSEN REAL ESTATE GROUP INC. 
                561.333.0446      

    Search Wellington FL Homes For Sale | Search Wellington FL Homes For Rent
           Wellington Florida Short Sales | Buying a Wellington FL Short Sale?



    ©2011 All Rights Reserved

     

  • Do I need HOA approval when renting a home in Wellington FL?

    Posted Under: Rental Basics in Wellington, For Rent in Wellington, Rentals in Wellington  |  December 1, 2011 11:25 AM  |  1,085 views  |  3 comments

    Do I need HOA approval when renting a home in Wellington FL?

    If you want to rent a home in Wellington FL that belongs to a HOA (Homeowners Association) there is a strong possibility you will need to get HOA approval.

    Almost every HOA will have an application process, which varies for each community.  Some Wellington community HOA's will require an interview with the board, others will do a background and credit check and then some won't do anything, but collect the application, application fee and/or security deposit.

    Wellington HOA Approval - Renting a home in Wellington FLIn my experience the cost associated with the HOA application process ranges from $100-$500and this fee is non-refundable regardless if you are approved or denied by the HOA.  On top of the HOA application fee some Wellington communities will also require a security deposit, which is separate from the security deposit collected by the landlord.  The additional security deposit is held by the HOA and is intended to cover any damage you or one of your guest may do to the common grounds.  This fee also varies, but is usually between $500-$1,000 and will be refundable at the end of your lease as long as you are not responsible for any damage to the community.

    Most Wellington HOA's require 30 days to process your application, but in most cases you will be approved or denied much sooner.  In order to expedite your HOA application make sure it's complete and any additional documentation required, such as the executed lease, is attached.

    If you have a pet it may need to get approval from the HOA as well.  Almost all Wellington HOA's have pet restrictions that will limit the number of pets (usually 1-2), their weight and even breed.  So besides receiving pet approval from the landlord the HOA may need to approve your pet(s) as well.  Common breeds that Wellington HOA's usually do not allow include Pitballs, German Shepards, Doberman Pinschers, Rotteweilers and Akitas.  

    Along with your HOA application you may also need to provide the Wellington community HOA with a copy of your vet records, a photo of your pet and possibly proof that you have liability insurance for your pet included in your renters insurance policy.  While the landlord will most likely require a non-refundable pet deposit most Wellington HOA's do not, but it is possible.

    The minimum length of lease will be another factor when renting a home in Wellington that belongs to a HOA.  Almost all of the HOA communities in Wellington will have restrictions on how many times a home can be rented in a single year and the minimum length of lease, which on average is 6-7 months, but it could be less or more.   


    Below are a few communities in Wellington that have an HOA approval process:

    Arissa Place
     - Gated condo community
    Black Diamond - Guard gated single family home community
    Equestrian Club - Guard gated luxury estate home community
    Georgian Courts - Townhome community
    Grand Isles - Guard gated single family home community
    The Isles at Wellington - Guard gated single family and luxury estate home community
    Olympia - Guard gated single family and luxury estate home community

    Sheffield Woods - Condo community
    St. Andrews at the Polo Club - Gated condo and townhome community
    Towne Place - Townhome community
    VillageWalk - Guard gated patio and single family home community
    Versailles - Guard gated luxury estate home community

    If you are looking to rent a home in Wellington FL that belongs to a HOA make sure to get your HOA application in immediately after the lease is executed otherwise it could delay your move in date.

    Originally posted at http://wellingtonhomesforrent.com/do-i-need-hoa-approval-when-renting-a-home-in-wellington-fl/


    Michelle Gibson REALTOR®
    HANSEN REAL ESTATE GROUP INC. 
    561.333.0446

    Search Wellington FL Homes For Sale | Search Wellington FL Homes For Rent
           Wellington Florida Short Sales | Buying a Wellington FL Short Sale?



    ©2011 All Rights Reserved

  • Do you need to Rent your Wellington Home?

    Posted Under: Rental Basics in Wellington, For Rent in Wellington, Rentals in Wellington  |  November 26, 2011 1:37 PM  |  1,059 views  |  4 comments

    Do you need to Rent your Wellington Home?

    If you are looking to list your Wellington home for rent we have made the process as easy as 1, 2, 3.  It is our goal as Wellington rental agents to take the stress out of renting your home and procuring a qualified tenant in the shortest amount of time with the best possible terms.

    Here is our easy process to listing and renting your Wellington home:


    1.  CALL:  When you contact us to list your Wellington home for rent we will tour your home, examine the current market conditions in your neighborhood and provide you with a price rangefor the amount of rent your home may garner.

    Listing your Wellington Home for Rent2.  LIST:  After deciding on a rental price all homeowners will sign our rental listing agreement, which can be done in person or online.  Once this is completed we will start marketing your Wellington home for rent.

    3.  RENT:  Once a rental offer is received for your home we will screen the tenant.  Based on the information they provide and the outcome of our findings you will accept, counter or deny the prospective tenants offer.  As soon as an agreement is reached with a prospective tenant we will draw up the lease on your behalf, but our job doesn't stop there.  

    After the lease is fully executed we will make sure the tenant applies to the homeowners association (HOA) if required and follow up accordingly.  When the day of move in arrives we will meet the tenant at the property, do a final walk through and note any pre-existing damage, collect remaining money due and give them keys.

    To start the process of listing your Wellington home for rent you can call us today or fill out ourOnline Landlord Questionnaire.


    Originally posted at 
    http://wellingtonhomesforrent.com/do-you-need-to-rent-your-wellington-home/

    Michelle Gibson REALTOR®
    HANSEN REAL ESTATE GROUP INC. 
    561.333.0446

    Search Wellington FL Homes For Sale | Search Wellington FL Homes For Rent
           Wellington Florida Short Sales | Buying a Wellington FL Short Sale?



    ©2011 All Rights Reserved

  • Wellington FL Vacation & Seasonal Rentals Search for short term Wellington rentals here!

    Posted Under: Rental Basics in Wellington, For Rent in Wellington, Rentals in Wellington  |  November 11, 2011 8:20 AM  |  1,214 views  |  2 comments

    Wellington FL Vacation & Seasonal Rentals
    Search for short term Wellington rentals here!

    Wellington Florida is the winter equestrian capital of the world making it one of the most popular vacation destinations. If you are looking for a short term vacation rental in Wellington Florida we might be able to help, but there are a few things you should know about seasonal rentals in Wellington Florida.

    Seasonal Rental in Wellington Florida1. Wellington Vacation & Seasonal Rentals have a price tag. Renting a short term rental in Wellington is not cheap, the median price for a seasonal rental right now is $4,500 a month. However the monthly rent usually includes a fully furnished turnkey home, so all you will need is your toothbrush. Electric, water, telephone and cable might also be included in the seasonal rent.

    2. Wellington Vacation & Seasonal Rentals have a minimum stay. A majority of the short term rentals in Wellington require a leasing period of at least 90 days, sometimes more. Are there Wellington vacation rentals out there that require less than a 90 day lease period? Yes, but expect to pay top dollar. 

    3. Wellington Vacation & Seasonal Rental Monthly Rent & Deposits. Depending on the length of your seasonal stay expect to pay the entire amount of rent and any security and/or pet deposits up front. Some landlords will collect a minimal amount, such as first, last and security, but others will want the full amount prior to move-in.

    4. Wellington Vacation & Seasonal Rentals may be Pet Friendly. Roughly 85% of the seasonal rentals in Wellington are pet friendly, but they will have restrictions; number of pets, size of pets and breed of pets. With a pet expect some type of additional deposit, which is usually non-refundable. 

    If you need assistance finding a seasonal rental in Wellington FL fill out our Online Rental Questionnaire.

    Originally posted at http://wellingtonhomesforrent.com/wellington-fl-vacation-seasonal-rentals-search-for-short-term-wellington-rentals-here/

    Michelle Gibson REALTOR®
    HANSEN REAL ESTATE GROUP INC. 
                561.333.0446      

    Search Wellington FL Homes For Sale | Search Wellington FL Homes For Rent
           Wellington Florida Short Sales | Buying a Wellington FL Short Sale?



    ©2011 All Rights Reserved

  • Is it Smart to Under Price your Wellington Home for Rent?

    Posted Under: Rental Basics in Wellington, For Rent in Wellington, Rentals in Wellington  |  November 9, 2011 8:24 AM  |  840 views  |  3 comments

    Is it Smart to Under Price your Wellington Home for Rent?

    When listing your Wellington home for rent it is extremely important to pick a pricing strategy that works for you.  Even if you don't have a mortgage you will still have monthly expenses like property taxes, insurance, electric, water and/or HOA fees.  The longer you Wellington home for rent sits empty the more profit you are going to lose, so it is very important to weigh your pricing strategies carefully.

    Below I have put together three pricing strategies and the possible outcomes based on my professional experience.

    SUBJECT PROPERTY:

    Wellington Home for Rent
    Market Value $2,000 a month
    Monthly Expenses $1,700 a month

    Listing Your Wellington Home for Rent

    In my experience over priced homes in Wellington will sit vacant for months especially if there are no price reductions.  Will a tenant come along and pay top dollar?  Possibly, but there is no guarantee.

    OVER PRICING OUTCOME:
    List Price $2,100 a month
    Vacancy 3 Months
    Rental price $2,000 a month

    $24,000 RENTAL INCOME ($2,000 x 12)
    - $20,400 Annual Rental Expenses ($1,700 x 12)

    - $5,100 Three Months of Vacancy ($1700 x 3)
    = -$1,500 LOSS

    Listing Your Wellington Home for Rent

    Even if you price your home right it can still sit vacant for 30 days, maybe a tad longer, but most tenants will move in 30 days later.

    PRICED RIGHT OUTCOME:
    List Price $2,000 a month 
    Vacancy 2 Months
    Rental Price $2,000 a month

    $24,000 RENTAL INCOME ($2,000 x 12)
    - $20,400 Annual Rental Expenses ($1,700 x 12)
    - $3,400 Two Months of Vacancy ($1700 x 2)
    = $200 NET

    Listing Your Wellington Home for Rent

    You will most likely draw a large pool of tenants and even if they don't need to move for 30 days will probably be willing to start paying rent within 2 weeks, so another tenant doesn't get the property.

    UNDER PRICING OUTCOME:
    List Price $1,900 a month
    Vacancy Two Weeks
    Rental Price $1,900 a month

    $22,800 RENTAL INCOME
    - $20,400 Annual Rental Expenses
    - $850 Two Week Vacancy
    = $1,550 NET

     

    While it may be VERY appealing to try and get $100 or more a month for your Wellington home it may actually cost you more!  Prior to picking an asking price for your Wellington Rental it is very important to review the different pricing strategies, which will vary for each individuals circumstances.

    If you need to list your Wellington home for rent contact us today for a free home evaluation.


    Originally posted at 
    http://wellingtonhomesforrent.com/is-it-smart-to-under-price-your-wellington-home-for-rent/

    Michelle Gibson REALTOR®
    HANSEN REAL ESTATE GROUP INC. 
                561.333.0446      

    Search Wellington FL Homes For Sale | Search Wellington FL Homes For Rent
           Wellington Florida Short Sales | Buying a Wellington FL Short Sale?



    ©2011 All Rights Reserved

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