Learning Center
How to Be a Stress-Free Property Manager
Monday, July 23, 2018
A property manager is responsible for putting up with a lot of demanding responsibilities. That's why the terms "stress-free" and "property manager" rarely appear in the same sentence. However, it doesn't have to be that way.
As a savvy property manager, you can finally get rid of all that work-related stress by following a few simple tips.
Keep Your Tenants Happy
When your tenants are happy, they’re going to end up sticking around for a long time. That means that both you and the landlord (if you aren't the landlord yourself) won’t have to deal with low occupancy rates time and time again. Listen to your tenants' concerns and figure out a way to make them feel like their feelings matter. Respond to their requests in a timely manner and handle maintenance as quickly as possible.
For instance, if your tenant is struggling to pay rent one month but has been excellent about keeping up with it in the past, be willing to make adjustments and exceptions. Likewise, try to cater to your tenants' needs. Approximately 44% of all families in the United States have a dog and 35% have a cat. If they have a pet, let them keep the pet in their rental property with a modest pet deposit. Anything you can do as a property management team to keep your tenants happy will help you with rental management in the long run.
Know Your Property
A good property management team knows their property both inside and out. Understanding the property as a whole can make it easier to respond to renters’ questions and potential tenants' inquiries. When you’re able to show that you’re knowledgeable about your property, your tenants will have more confidence in you.
Eliminate Errors that Could Be Prevented
If your tenant comes to you with concerns or complaints, address them quickly. Always be sure to make note of any problems, whether you noticed them in person or if they were discussed over the phone. Paying attention to these details and responding to maintenance requests in a timely manner can help to eliminate a number of careless errors. Unfortunately, far too many property managers lose sleep due to poor organization.
Work with Professional Property Management Services
If you are a landlord acting as his or her own property manager, then it's no wonder you're stressed -- you're doing the job of two people. If you manage multiple properties, then you can save yourself from unnecessary stress by working with a reliable residential property management company. While you focus on screening tenants and investing in new properties, a property management company can handle day-to-day operations for you.
While residential property management services can be stressful, there are ways to make your career a lot easier. Alleviating your stress head-on will make you an extremely successful manager.
If you have any questions about property management services, please give us a call at 407-261-5610
Tips and Tricks to Discovering the Safe Neighborhood of Your Dreams
Wednesday, July 18, 2018
Moving into a new house in an unfamiliar area can leave you fraught with worry, especially over the safety of an area. Luckily, there are a few great ways to determine if you’re moving into a safe neighborhood.
Check out the neighborhood
You saw a listing for the perfect house online but sometimes a picture doesn’t say a thousand words: even if you love the look of the house, it is worth checking out if you live nearby. This is a great way to get a feel the area -- are the other houses falling apart? Is it on a busy road? You can also look at the people in the neighborhood: if they look happy, you might be too! Don’t be afraid to talk to the locals to get the inside scoop on the area.
Are there many homes for sale in that area?
Neighborhoods that have a lot of houses on the market can signify the safety: if a lot of houses are for sale, it’s a sign that people are looking to leave. Whether it be crime, environmental conditions, or maybe just a rise in taxes, it’s worth doing some digging before you settle on a house in an undesirable area.
Read reviews on travel sites
Even though you’re not a traveler, you’re similar to one: you’ve never been to this area before and you might be surprised by a lot of the same things as someone passing by. This is a great way to read up on local experiences, especially regarding fun things to do in the area -- or lack thereof. Reviews online may have loads of conflicting data, however; if you can, it’s best to speak to natives or look into finding someone to manage your rental home search.
Consult rental management services
If you’re ready to move to an area, a rental management service can help you find more than the perfect house -- especially the local property management. In fact, the perfect neighborhood may be right in their file. What’s great about talking to someone in person is that you’re not flooded with information: you talk to them and tell them what you’re looking for. In fact, with the help of an investment professional, up to 30% of renters said they would be more likely to invest. While travel sites and home search sites are great to get an idea of what you’re looking for, it’s up to you and your management service to find the location that will perfectly fit your needs.
Finding a property means nothing if you don’t like its location. Use these resources to find the perfect, safe neighborhood for you.
If you have any questions about property management services, please give us a call at 407-261-5610
Common Myths You May Have Heard About Property Management Services
Wednesday, July 18, 2018
If you own a lot of real estate, you may have heard about the dangers of working with an unqualified property manager. Even though you know that property manager can do a lot for you and your houses for rent, in theory, you may still be a bit wary of turning over control to a third party.
Chances are you’ve heard a lot about property managers. But some of what you heard might not actually be true. Here are a few common myths about property managers.
MYTH: They Won’t Do as Well of a Job as You Can
It's normal to feel like no one can handle your property for rent as well as you can. It may be hard for you to put such a large investment in someone else’s hands. But property managers are trained to handle other’s properties with care. Better yet, they have extensive experience maintaining properties. Their goal is to take care of your asset and even add some value to the space. They understand how to solve day-to-day problems so you can worry about pricing, strategies, and market trends.
MYTH: They’re Too Expensive
You may think it’s going to cost you an arm and a leg to work with a property management group. But have you considered what it’s costing you to work without one? Have you given up time with your family and friends to take care of your properties? Have you had to overspend on emergency repairs because you didn't have a network of affordable contractors? Have you ever wasted a ton of money out of pocket on things that could have been fixed much earlier? A property manager will make it so you’re not wasting money, nor will you have to miss out on events you really want to attend because of a clogged toilet.
MYTH: You Have the Best Judge of Character
Even if you’ve had luck finding residents in the past, you’re risking huge liability when renting out your property. If you’re not taking time to do credit checks, background checks, and employment verification, you’re not guaranteed a great resident. A property manager will take care of all of that for you. They know exactly what to look for and which questions to asked so you don’t end up in the gutter.
The number of real estate investors who own more than one property is just over 10 million. Since it can be so hard to manage all of the properties at once, many investors will turn to property management services. They can help you find the right tenants, make your house more valuable, and even give you back your lost time. They’re truly a great investment.
If you have any questions about property management services, please give us a call at 407-261-5610
4 Tips for Profitably Flipping a House
Wednesday, June 13, 2018
The concept of flipping a house is a major trend in the world of real estate investing. Flipping a house gives an investor a chance to buy a home at a lower price and give it an upgrade. After the upgrade is complete, they can resell it at a higher price.
About 3% of Americans say they are real estate investors and want to buy property within the next year. Even though it seems like a good idea, there are a few rules to live by when it comes to flipping property. Here’s what you need to know.
Find a Home with a Good Location
Any investor or residential property management group should know that location is everything. People are going to want to live in a nice area that has the promise of growth. Look for a home that sits by a good school district, nice restaurants, shopping centers, and parks. A home near amenities such as these is more likely to get more attention than one that’s in a deserted area.
Find a Home That’s Different, But Not TOO Different
Finding a unique home to offer to potential buyers may seem like a good idea, but if it’s too different from every other house, it can scare them off. A unique home is a good idea in theory, but it won’t sell if it offers challenges to a buyer’s daily routine. Oddly enough, standard, cookie-cutter homes are often in higher demand and can sell quickly.
Find a Home That Was Built In 1978 or Later
A lot of homeowners love the charm of older homes. But there are actually many problems that come along with homes built before 1978. Those homes may contain lead-based paint, will require a lot of renovations, and will have to be upgraded to comply with certain laws. If you don’t follow these regulations, you may face fines up to $30,000 or more. Newer homes are easier to sell or rent out, as they have updated features and appearances.
Find a Home with a Good Floor Plan
A good floor plan is key to any home. Otherwise, the potential homeowner is going to have trouble getting around. Look for a home that has an open floor plan so people can move from room to room with ease. If the floor plan includes large closets, a foyer, and a laundry area, that’s a plus.
If you're an investor or part of a residential property management group, flipping houses may help you get more clients. People are constantly looking for houses for rent and property for rent and would love to spend a little extra money on a home that had recently been flipped. Speak with your residential property management team or investment group and start searching for the perfect location.
If you have any questions about property management services, please give us a call at 407-261-5610
