Dunedin, FL (PRWEB) October 31, 2012
Advanced Realty Team, Inc., a Dunedin, FL real estate brokerage firm, yesterday announced it will be doing away with security deposits for its proprietary rental properties and introducing a new concept called the “Good Tenant Bonus.”
Typically tenants are called on to pay the first month’s rent in advance and provide a similar amount for a security deposit as well as paying the rent for the last month prior to moving in.
“The basic concept is a good one, but we feel is out of date in the current economic slump and we also think that today’s renters are really a different mix of people,” said George Beardsley, President-Broker of Advanced.
“Cash is hard to come by today and many of today’s renters are people who were home owners a few years ago and suffered a foreclosure in many cases because of predatory banking practices, not because of bad planning or intemperate spending on their part,” he said.
"These are good people looking for a rental where they will be treated fairly and our new program, I believe , does that," Beardsley said.
Instead of first, last and security, Advanced will be asking tenants to make an initial payment of what amounts to first and last and it is termed the rent for the first month, the firm stated.
“So, for a home that would rent for $1,000 the move in is $2,000 and nor $3,000,” Beardsley said. As a result of Beta testing, the contract now clearly states the normal rent is due on the appropriate day of each succeeding month including the 12th month of a year-long lease.
The Good Tenant Bonus is awarded following twelve months if the home is returned in the same or better condition as when it was rented, the firm said. In addition, in order to earn the bonus, the tenant must make at last ten of the 12 monthly payments on time, the firm stated.
“We will be using this program for normal rentals and persons in the Foreclosure Rental Program,” Beardsley said, “but not for those tenants who want to be in our “Famous Rent to Own on Steroids Program™,” he said. “The Famous Rental Program turns all money paid in the entire first year into down payment and is totally different from the rent and Foreclosure Rental Program,’ he said.
“For the tenant it is less money to get into the home and for the landlord it does provide protection against damage as well as an additional incentive to make payments on time,” Beardsley said.
Advanced is a small boutique real estate brokerage firm specializing in buying houses fast and in the current market Advanced even has program for buying homes that are over financed, under water and even in some cases they will buy houses in foreclosure and over financed.
Some Homeowners need to sell their property fast, including those who have been transferred, are in the process of divorce and without paying a real estate commission by selling to firms like Advanced. And when Advanced is acting as a principal they do not charge a real estate commission. In addition out of state property owners will frequently sell fast with former winter homes or estate homes, which can frequently be sold totally by mail.
“If you live in Chicago, as I used to, and you need to sell a house in Florida,” Beardsley said, “we are the people who buy houses in Florida.”
Under Water and “upside down” are terms to describe a home where the mortgage is larger than the current value of the home. They have been buying homes for two decades and initially bought to renovate and resell.
The housing market collapse shifted much of their operations to buying house for the purpose of renting, including the Famous Rent to Own and now the Foreclosure Rentals where they rent homes that are in foreclosure, fully disclosing the status of the home and that the owner –landlord is represented by an attorney in dealing with the bank.