Are you interested in getting involved with real estate investing and property management? If so, you may be nervous that you are getting in over your head. It is common to be nervous. But remember, you need to look into this further. You don?t want to miss out on a great opportunity because you were scared to move forward.

Here are some questions to ask yourself if you are interested in property management:

1. Do I mind dealing with people? If you are going to rent your property to others you need to be willing to collect rent, fix problems (both personally and with the property), and communicate on a regular basis. Good communication skills are very important.

2. Do I have the money? Property management starts with buying real estate. If you don?t have the money right now, you may have to save and move forward in the future. Just remember, the chance to invest will always be available. You don?t want to do so until you are 100 percent ready financially.

3. Will I have fun? Even though you may be getting involved to make money, it is important to have fun as well. If you enjoy real estate and all that goes along with investing, you should be able to keep a smile on your face.?

If you are unsure of whether property management is right for you, ask yourself the three questions listed above. They should help you make up your mind.

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Almost everyone has considered being a landlord at one time or another, whether it was a financial thought that led to dreams of riches or frustration with a current landlord that had you thinking you could do it better. So if you decide to actually take the plunge, what’s really involved in being a landlord?

Legal Knowledge?

There are a lot of laws, both state and local, that deal with the landlord/tenant relationship and as a landlord you’ll need to know and understand these laws so you’re in compliance and can protect yourself against lawsuits.

Business First?

Adopting the mindset that you are running a business is key, no favors, no exceptions. Sometimes this rule is hard or almost impossible to live by but by holding to it you’re more likely to be successful. But it’s also your business so you can set the rules for your business and make your own decisions.

Get the Best Tenants?

Having the best experiences possible really circle around the tenants so you absolutely need to make sure you’ve done all that you can to screen each and every potential tenant.

Be Responsive

Be available to your tenants 24 hours a day to deal with legitimate complaints and emergencies and do whatever you can to remedy any problems as soon as possible. ?Your tenants should know you’re a professional and this is a working relationship.

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Managing a property, regardless of size, can be a difficult task. This is particularly true if you are new to this side of the real estate industry. But remember, you have to start somewhere. Most property managers find that settling into a routine is a great way to get on pace, and to stay on the right path as the years go by.

What should your property management routine look like? This is when you need to take the initiative. Everybody has a different schedule and a unique way of doing things. No matter what, you need to make sure that your routine is thorough while also allowing you to make the best use of your time.

Your routine could include any of the following: weekly checkups, collecting the rent on a particular day, regular maintenance, etc. For instance, you may want to cut the grass at your property every Friday. Once you get on a schedule you will find it easier to complete all necessary tasks without wasting any time.

Finally, you can and should tweak your routine from time to time. If something isn?t working for you, you need to make a change. The same holds true if you need to add something to your regular routine. Remember, as you buy more and more properties you will need to tweak your routine to ensure that you are taking care of every detail.

As a property manager, it is important to settle into a routine that suits your properties and schedule.

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Are you the type of landlord or property manager who is always thinking about interior maintenance and upkeep? If so, there is nothing wrong with this as long as you keep the exterior in the front of your mind as well. Remember, exterior upkeep can be every bit as important as changes and fixes on the inside. The nice thing about the exterior of your property is that you do not have to worry about asking tenants permission to enter, waiting for a time that is good for them, etc. Instead, you can do everything when your schedule allows for it. (more…)

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Learn the 5 things that every lease must contain. Without these items your lease or rental agreement will be missing important elements which could cause your problems in the future including possible lawsuits.

Names?

Including the names of your tenants seems obvious but many landlords only include the name of one tenant. Rather than single out one tenant, make sure every tenant signs the lease or has their own lease which they’re required to sign.

Occupancy Expectations?

Spell out occupancy expectations in writing. If you only allow two tenants per unit then let the tenants know that they cannot invite others to move in. Also if you do not allow pets then this must also be stated in the lease.

Financial Expectations?

Not only should you state how much rent will be but you should include any security deposits and other deposits, you need to state if the tenant is responsible for their own utilities and additional expenses.

Term of Tenancy

Is your lease a rental agreement or a fixed term lease? Rental agreements are a month to month agreement and tend to self renew. Fixed term leases typically last a year and then are renewed or terminated. This needs to be clear to all parties.

Access to Property

Most states or local areas have laws about when a landlord can enter a tenant’s apartment and how much notice must be given. This should be stated in the lease, but you should also include information on emergency entrance or notice necessary to make repairs or perform routine maintenance.?

By including these five points in your lease you’re protecting yourself from some problems in the future or legal actions against you. These are by no means the only information that is necessary in your rental contract but it’s a great starting point.

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As a landlord or property owner you need to know what type of do it yourself repairs you can handle. On the same token, you need to know when to get the help of a professional who has more experience. Do it yourself repairs can turn into big jobs that cost a lot of money if you do not take care of the situation the first time around. (more…)

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Are you trying to add value to your home? There are many ways of doing this. Many people focus all their attention on the interior of their home including upgrades to bathrooms, the kitchen, etc. While interior upgrades can go a long way, adding value to your home can also be accomplished via the proper landscaping. Many homeowners find this hard to believe, but it is true. (more…)

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xAs a landlord you are going to make mistakes; this is natural. That being said, you cannot afford to do anything that is going to harm you, your tenants, or your property. Below are three common landlord mistakes to avoid: (more…)

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Lately many people have found themselves in a situation where they’re renting one home because it couldn’t sell and they’ve already moved into their new home. People in these situations are referred to as accidental landlords and they face a number of challenges that traditional landlords don’t have. One of the biggest problems for accidental landlords is that they’re not landlords, they didn’t want to be landlords in the first place and they’re not hip to al the rules and regulations that come with the job. Another huge problem is they sometimes have relocated to another area so they’re not in touch with their tenants and they’re actually relying on them to maintain their property.

If you find yourself in an accidental landlord situation you may be best served by hiring a property manager to handle the business end of things so you can go about your life without much care. A property manager knows all of the ins and outs of the business and will prevent you from being involved in a potential lawsuit or falling prey to a bad tenant. A property manager will also be able to handle any issues that may arise on the property instantly and they typically have a good collection of reputable service people on hand.

If you’re an accidental landlord you can save yourself a lot of headache by passing the buck to a property manager.

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Do you own a rental property? If so, you know that it is your job to care for both the interior and exterior. Generally speaking, it is easier to keep up the exterior of a property because you don?t have to get permission from tenants to enter. That being said, exterior maintenance is often times labor intensive and time consuming. If you are not careful about how you manage your time you may find the exterior condition of your property quickly deteriorating.

There are many areas of exterior maintenance that you will be responsible for. This includes windows, siding, the roof, landscaping, snow removal, and much more. Not only do you want to maintain the exterior for good looks, but you also want to do so in order to keep your tenants safe. For instance, if you do not clear snow from the steps in the winter and a tenant falls, there is a good chance that you will be slapped with a lawsuit. Is that something you want to deal with?

If you don?t have the time to keep up with regular exterior maintenance you will need to hire an outsider to assist you. This is something that many landlords do, and you may find out soon enough that it is your best option as well. Hiring somebody to cut the grass, remove snow, and take care of other minor details can be a great way to save time and reduce stress.

Overall, don?t overlook the exterior maintenance of your rental property. You want to keep your investment safe, sound, and looking good at all times.

photo credit: pnwra

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