If you have properties around the area that you wish to rent out, hiring a property management service is the best option. A professional property manager will offer a combination of real estate knowledge and management skills, all at a reasonable fee.
They will help you attain the most benefit from your properties and will guide you through the process. If you are afraid that hiring a professional property manager may cost a lot, here is a list of 7 ways where a professional can help you save money.
1.Quick Results – A property manager will know how to advertise property to a diverse pool of potential renters. Tenants looking for places are likely to call a property manager to find out about available spaces. They know the market and know how to deal with people, thus they will find you a tenant without too much of a delay or any at all.
2.Capitalizing on Rent – Property managers are aware of renting rates as well as what tenants are willing to pay. Excelling at advertising and marketing, they will portray your property in a manner that increases your chances of receiving a decent rate to a renter.
3.Finding Quality Renters – Professional managers will make sure you receive a decent tenant thereby keeping the eviction rate low and not having to worry about any nefarious activity taking place on your property. No one wants a Breaking Bad type situation from occurring. They check the person’s background, credit card history, employment history, and are trained to look for tenants that will not be troublesome.
4.Completed Paperwork – You can depend on your property manager to negotiate the deal and handle the collection of rent and other expenses. You can leave all the paperwork and entrust them with the accounting and book keeping work as well to save you time.
5.Covers Repair and Maintenance – By hiring a property manager, your property will be looked after. They conduct regular maintenance and deal with pressing issues. They have all the required connections, thus possibly being able to service the place for a discount. This will help prevent you from paying any unnecessary expenses. They will also check up on the tenants and make sure your property is well kept.
6.Manage Time and People – A personal effort to rent out your property will take time, money, and effort from you. By leaving them to deal with workers, vendors, and others involved you can focus on your own responsibilities.
7.Advertising – A professional manager is well connected with some newspapers, perhaps a magazine, and on certain salient websites. Hence, they will not only advertise your property sufficiently, but will also show off your property to interested people.
By hiring a property manager, you can enjoy the benefits without having to endure the hassles. A property management service is not only more effective and efficient but will also enable you to focus on your own life, career, and family. There is nothing wrong with having that separation between you and the renter.
Congratulations on deciding to turn into a landlord! This could be one of the best decisions you have ever made. However, before you can enjoy a monthly income in the form of rent, you first have to make sure prospective tenants view your property favorably and accept the rent you are seeking. This requires staging your home and laying more emphasis on the positives and unique features while downplaying the negatives.
Staging Your Home
Here are some important aspects of staging your home that you should never neglect.
·Mow and trim: If you have a garden, boost curb appeal by mowing the grass and trimming shrubs and plants to give your garden a neat and organized appearance. Replace broken pots and place a few flowering plants at the entrance.
·Fix and repair: Anything that is broken or worn out should be fixed or repaired. Pay special attention to faucets, showers, and light fixtures. You may also want to slap on a coat of fresh paint on the patio or porch if the paint is chipping.
·De-clutter and neaten: Your home should be like an empty canvas where prospective tenants can paint their own picture. So, get rid of the clutter. It also will make your home appear bigger and more spacious. Neaten those closets and if necessary get rid of some clothing to make closets appear bigger.
·Clean and mop: This may seem obvious, but many property management companies will tell you prospective landlords, especially first-time landlords, forget about cleaning their homes. So, use a bit of elbow grease and clean the floors, kitchen and bathroom. Dust windows, door frames, and walls. If you have a carpet, vacuum it thoroughly and ensure it is odor-free.
·Paint and neutralize: Most tenants don’t really care for bright and vibrant wall colors. So, if your home has bright wall colors, you may want to repaint the walls in neutral colors. This allows tenants to visualize the home more clearly.
For many new landlords, staging a home can be tedious, and overwhelming. However, a home that comes across as well-cared for has higher chances of finding a renter.
If you think you can’t handle the pressure of staging your home, hire the services of a dedicated and terrific property management company that will handle all aspects of the staging and also run a background and credit check on the tenants, so that you have peace of mind and can be a stellar and suitable landlord. The company also can collect payments and handle any tenant complaint or issues.
With the economy still struggling to get back on its feet, many people are turning to property investment to enjoy better returns than what banks have to offer. As a first time landlord, it is important you choose the right kind of property to invest in and also take the right measures to make the property attractive to the average tenant.
The Right Kind of Property
Property investors often invest in apartments rather than homes as they tend to perform better in the rental market. However, this trend is gradually changing and tenants are looking for different types of property. Your decision to invest should be based on the prevailing trends in the local property market.
Remember your choice of investment property should not be based on the kind you want to live in. Rather the property you select should have low maintenance and broad appeal.
Location is the Key
You will often hear location can make or break an investment property. This is a fact. So, research the local property market and press the button for the location that offers the highest returns and is in high demand. Besides this, you should also take into account the local amenities. They should be located in the vicinity of the property. For instance, your property will be in high demand among families if it is located near a school, hospital, and grocery store. Also, properties near railway stations are often highly coveted by professionals who use the train to commute to work.
Décor to Win Over Tenants
Don’t clutter up the property with things you like. Most tenants yearn for spacious living spaces that they can transform into their own. Keep décor neutral, so that tenants can visualize living in your property without being overpowered by your presence. Paint walls in neutral colors, stay away from bold and vibrant window dressing and ensure the cabinetry is stylish without being ostentatious.
Tenants long for certain amenities such as a washing machine, dishwasher, microwave, espresso maker, and array of cooking utensils. Make sure you install energy saving appliances and gadgets. Prospective tenants want state-of-the-art appliances and gadgets and often give preference to properties that have them. Also, make sure you get those lighting fixtures right. A home should be warm and inviting when the lights are turned on. So, change those lights and install CFL and LED lights to set the mood and also help your tenants save money on their electricity bills.
If you can’t handle your property and make it attractive for tenants, join forces with a reliable and reputable property management company. The company will prep your property for rent and also help ensure you get the right kind of tenants. Basically, the property management company will handle all aspects of your investment property – maintenance, upkeep, handling tenant complaints, and collecting rent.
Find and retaining fantastic tenants has become imperative in the current economic environment. The right tenants will ensure a steady stream of income. While a property management company can help you in this endeavor, as a landlord, you also have certain responsibilities to ensure your property attracts the right tenant.
Of course, the location of your rental property is important. But that will get just so far. Thereafter, it all depends on what your property can offer prospective tenants. Here are 3 simple yet often forgotten home improvements that you can do to attract the right kind of tenants.
1. Enhance Curb Appeal
One of the best ways to boost the curb appeal of your rental property is to make the yard look magnificent. So, get out that lawn mower and mow the overgrown grass. Plant vibrantly colored flowers along the walkway and also make sure you, the trees, bushes, and shrubs are pruned to look neat and kempt.
You also can improve the curb appeal of your home by slapping a fresh coat of paint on the exterior of the property, changing the mailbox, and patching up the driveway to look welcoming and inviting.
2. Stage the Interior
This is a property for rent. So, the last thing a prospective tenant wants to see is your personal clutter and items. What you don’t need, get rid of it. The rest should go to long-term storage. Remember when tenants come to inspect your property, it should be like a blank slate on which they can draw and make plans. With distractions and clutter out of the way, tenants will be in a better position to envisage how it would be to live in the property.
3. Scrub those Floors
One of the first things prospective tenants will notice is the flooring. So make sure flooring in the house is clean. Hire a cleaning company to dust, vacuum, and mop the floor, so that it shines and sparkles. Professional cleaning companies know exactly what kind of floor cleaner to use for different types of flooring. If you can’t do it, ask your property management company to get the floor spotless. Make sure the carpet is deep cleansed to get rid of dirt and germs. Also, this will make the carpet smell fresh and clean.
It is crucial you work with the property management company to stage your home in an attractive manner for tenants. And these three tips will go a long way in ensuring that.
Thinking of getting into the landlord business? Apart from a home to-let, you’ll also need a property management company. These middlemen will serve as your connection with potential tenants.
Life as a landlord is much easier with someone else doing the legwork and taking care of most of the tedious work. But if you simply pick a management company at random, you’ll be dealing with more problems than you would be on your own.
To avoid making the wrong choices when choosing a property management company, follow these simple guidelines.
Take a look at the company history
If a company has been in business for a long time, it must be doing something right. Most likely it did not receive a bailout like GM did! Moreover, by reading through the company’s history, you can see whether it has maintained its reliability over the course of its existence. Most management companies that have been in business for a number of years are known to be reliable and professional.
Conduct an interview
When you get in touch with a property management company, you need to ask them about the services they perform and how they can help you. Ask questions regarding:
·The properties they deal in
·How long they’ve been dealing in these kinds of property
·Will your property meet the criteria?
·Their level of commitment to the property
Cost of services
Prices will fluctuate based on the range of services a company provides. If the price is high, make sure you get your money’s worth. And if the price is low, find out what services are missing. Also, remember there will be fees attached to the package you open the door to. These fees need to be mentioned in the contract between you and the management company.
Test customer service
Call up the companies you’ve shortlisted so far and pay close attention to how customer service deals with you. The attitude they use with you will be the same when it comes to tenants. You definitely do not want to associate with a company that isn’t capable of communicating decently with customers. Check for the following when you call each company:
·Easy to understand them
·Other communication difficulties
Try your best to get your list of potential property management companies based on references from friends, family, neighbors, or coworkers. There is a chance they may not know a company in this field so you will have to do your own research in this regard. Also, when you call up the company, ask for a couple of references. Make sure you follow through on these references. Now, based on the information you’ve gathered, you will be able to make a decision you can live with.