If you’re managing a property, whether as a property manager or as the landlord, it is a good idea to be active in your community. The lifeblood of the rental business is people and by connecting with a larger part of your community in a positive way you extend your reach and boost your reputation at the same time.
Archive for the ‘Rental Property Management’ Category
The Community Active Landlord
Monday, September 29th, 2008Buying a Rental Property? Hire the Right Agent
Thursday, September 11th, 2008
photo credit: juhansonin
Buying a rental property is a great way to bring in additional income. But just like any type of real estate investing, there are risks involved. If you are not careful, you may end up buying a rental property that is not what you thought. In turn, you could end up paying the mortgage out of your pocket with no rental income coming in. Is this a situation that you want to deal with?
To increase your chances of success when buying a rental property, you will want to hire the right real estate agent. The question is: what does the right agent look like? Here are three tips for hiring an agent when buying a rental property.
1. Your agent should have experience in the area that you are buying. If you want to buy a rental property in Miami, you should find an agent that is familiar with that particular area. In other words, an agent from Palm Beach is probably not going to do you any good.
2. Is the agent knowledgeable? This is very important no matter who you are. That being said, new rental property investors need this even more. A knowledgeable agent will be able to answer your questions, and if you allow them, they can even steer you down the right path.
3. An agent that can tell you about past trends and future expectations is worth a lot of money. Once again, this goes along with an agent that has experience in the area which you are buying. By looking at the past and talking about the future, you will be able to conclude which rental properties are best for you.
All in all, if you are buying a rental property a real estate agent is not going to cost you a dime. But remember, an experienced, knowledgeable agent is what you are looking for.
Are you charging enough Rent?
Monday, July 14th, 2008
photo credit: ?Florian
Whether you’re new to the landlord game or an old pro, you may be wondering if you’re charging your tenants enough rent. If this rental unit is new to you then you should request a past rental history report. Although this will not guarantee your rent should stay at the same level it’s a good starting point. (more…)
Five Tips to Being a Great Landlord
Wednesday, June 25th, 2008
Advertising your Rental Property
Wednesday, June 11th, 2008
photo credit: mushroom and rooster
Rental units need renters or they’re not profitable. To get renters you have to advertise and draw people to your property so you can pick and choose from the applicants and always get just the right people. (more…)
Property Modification Contracts
Wednesday, June 4th, 2008
photo credit: Photocapy
It’s your property and keep this in mind when you’re renting to tenants. If you don’t want the tenant to modify the property in any way whatsoever, make sure you include this in the written contract. It’s the only way to make sure you’re point has hit home and it provides you with a legal remedy if they do make alterations. (more…)
Property Managers and the Housing Economy
Wednesday, May 28th, 2008
photo credit: epicharmus
Many people who own investment property are looking at ways to cut corners now that the value of homes is on the decline in many parts of the nation. Some of these property owners are looking at getting rid of their property managers and taking over their duties themselves. Before you make this type of move, you should know that having a property manager could actually add much-needed value to your real estate. (more…)
Last Month’s Rent
Tuesday, May 13th, 2008
photo credit: allygirl520
Should you collect last month’s rent when your tenant moves in? Most landlords do not collect a last month’s rent, instead they collect as much as they possibly can for a security deposit and use that to defray any costs or rent that is left over after the tenants move out. (more…)
Screening Tenants Similarly
Monday, May 12th, 2008
photo credit: diongillard
Screening your prospective tenants needs to be taken seriously and treated like a job. You need to follow the same screening procedure for each applicant and document your work. These steps are not only important for you to make sure you’re getting the right sort of tenant but they’re important protection against discrimination suits. (more…)
Building Owners and Managers Promote Green Efforts
Saturday, May 10th, 2008
photo credit: Simon Davison
The Building Owners and Managers Association (BOMA) is an international organization whose members include the owners and managers of a variety of different types of professional buildings. They lobby for legislation related to the issues of concern to these members. The San Francisco chapter of this organization is working to promote awareness of its efforts that they have made towards implementing eco-friendly practices into building management. (more…)
