Real estate market strong in Tallahassee

With two universities and a community college, student housing is a hot commodity in Tallahassee. This reality has opened the door for independent real estate agents.

According to Encyclopedia Americana, real estate is the name given to the business where people conduct commercial transactions in housing markets. It is also the name given to the commodity “realty,” which includes land and all human improvements that are placed on the land.

According to the City of Tallahassee Web site, there are 87 offices of real estate agents or brokers in the city. The average salary of these agents is $25,143.

Bruce Wood, a landowner from Key West, along with his wife Monique, has been in the business for nearly 10 years. Wood said he bought two front lots in the early nineties. Later on, he bought the other back lots.

But Wood said renting out property to the wrong people may lead to problems.

“If you are in a student area, be careful who you rent to,” Wood said.

However, he said in 10 years, he has only had two bad tenants. He also said he disagrees with the fact that tenants have more rights on property that they do not own.

“It’s not right,” said the 48-year-old.

In an attempt to thwart any potential problems, Wood has resorted to having the parents of students co-sign on the lease of his properties.

He said Florida law permits tenants to live in an apartment for three months without paying anything.

“If they don’t have to pay rent, they are not going to pay,” Wood said.

Audrey Thompson, another local landowner, decided to go through a housing agency to rent out her property. She said the property had to be up to par to be put on the market. The county appraiser inspected it and told her how much the property is worth.

“The more improvements you add to the property, the more the value of your property goes up,” said Thompson, an employee at the student health center at Florida State University.

Thompson said the best way to rent out your property is through an agency. By going through an agency, your money is guaranteed.

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