Home sales across the United States have been largely driven by first-time Millennial homeowners. Though this trend has been good news for the larger economic landscape of the nation, home sales in the Bay Area don't reflect this pattern. While it's true that real estate here is more competitive than ever, Millennials drive local rental markets instead of home sales.
Scott Safadi of Cal Bay Property Management has seen the housing challenges faced by the average Bay Area Millennial. While homeownership is often associated with the American Dream, the high cost of living limits many young people from saving for a down payment. Instead, they turn to apartment rentals. While homeownership remains a goal for many Millennials, there's an undeniable appeal in renting in the short-term. Given how competitive Silicon Valley startups tend to be, many employees are hesitant to put down roots locally. Even if they could afford a home in the area, many Millennials opt to save money and pay down student debt before saving for a down payment for a home. Local property owners should take advantage of this trend by appealing to Millenial renters. Consider offering the kinds of amenities that will entice young people to sign multi-year leases in your community. Swimming pools and fitness centers are just the beginning. To take your property management to the next level, you'll want to hire a team of experts to maximize the efficiency of your office while overdelivering on the expectations of tenants. - Scott Safadi, Cal Bay Property Managemen
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The shop local movement has inspired millions of Americans to ditch their Starbucks in favor of local cafes, forgo frozen veggies for fresh produce from the farmer's market, and shop for books in quaint, carefully curated bookstores instead of online. Bringing this mentality to your rental property might not seem obvious at first, but we've got a few simple reasons to select a local company for the job:
Real Estate is Hyper-Local The average duties of a property manager in the Bay Area looks mighty different than the duties of someone working in San Antonio. Cal Bay Property Management's Scott Safadi urges property owners to consider the value a local can bring to the marketing of your vacancies. While some universalities certainly apply, there's no one like a Bay Area local to understand the intricacies of the housing market. Efficiency is Key Too often, large property management companies see their clients as faceless names and numbers. While it's true that such a large corporation may have certain advantages, they rarely provide as quick or as thorough assistance as a local company can. Since locals can quickly arrange maintenance work, showings of vacant units, and meetings with tenants, the entire operation of your property is handled more efficiently. Buying Local Benefits the Community When you invest your dollars in a local business, the money feeds back into the local economy, further fueling growth and success of your overall community. Payroll dollars go back into the same location as where your rental is located. Buying locally - even the purchase of property management services - is a choice you can always feel good about. - Scott Safadi, Cal Bay Property Management |
AuthorScott Safadi leverages extensive experience in the real estate industry to serve as the CEO of Cal Bay Property Management (CBPM), which he founded in Palo Alto, California. Archives
January 2020
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