If you're the owner of an investment property, you need a reliable means of communication with the residents and business owners occupying your leased spaces. So, which method of communication should you use when making these business contacts? For most rental property owners, a situation-dependent, judicious mix of emails, texts, and phone calls could be best.
Property owners are business owners. And, like most business owners, property owners must rely on forms and contracts to define critical legal concepts and guidelines related to the safe use of their rental property. Most rental property owners rely on the following forms to properly manage a rental property.
Rent increases are inevitable in both a resident’s and a property owner’s life. Rental prices are market-dependent – they ebb and flow in reaction and direction to economic conditions and trends. And while the recent rental market has been steadily driving rental prices upwards – across the board, a property owner still needs to understand that rents that exceed market conditions may be counterproductive as they will needlessly lose residents and cause costly turnover rates.
Fall marks the transition to colder months. As the days grow shorter and summer bids goodbye, investment property owners should be busy setting up and completing a maintenance schedule to prepare the property for the colder and harsher seasons. The investment property, its owner, and residents will be ready for the upcoming winter weather by including the following items in a fall maintenance checklist.
A primary strategic force when investing in real estate has and will always be – the property’s location. Those who have an interest in a property that is located near a school would greatly benefit from understanding the potential advantages and drawbacks of an investment property near a school.
Your rental property is prepped and ready for its next resident, but you're stuck trying to determine the best way to market the rental using social media tactics. Social media sites are starting to be used more and more by property owners looking to find new residents for their rental properties. Sites such as Facebook, Instagram, TikTok, and YouTube are quickly becoming popular places to market a rental property for little to no cost. Here are several social media marketing strategies for listing a rental property.
When owning an investment property, a must-do activity is to create a complete list of potential property expenses upfront, ongoing, and future. Preparing for all associated costs can help prepare the property owner for an emergency or unexpected expense.
This article will cover some of the most common expenses involved with owning a rental property. These rental property tips will help prepare you for all expected costs and help you calculate precisely how much you may have to spend on your investment property.
Having an investment property involves a significant amount of responsibility to help maintain the property for renters or do major remodeling to flip the home for a future resale profit. Hiring a general contractor helps ensure all the necessary maintenance and remodeling work is completed promptly, done correctly, and the property remains up to current construction and building codes. To ensure the job is done correctly and as agreed upon, it's vital to hire a reputable contractor to help renovate your investment property.
Many property owners outsource their daily operations to a property management company. The management company handles everything from dealing with residents and potential residents, collecting rent, handling repair and maintenance issues, and responding to resident issues and complaints. The management company also works to provide peace of mind for a residential property owner in knowing that their investment is safe and secure.
Like the cost of most goods, rent often increases over time. Some years it changes very little, and others might see a dramatic increase. But as a renter, it's important to understand who can and can't raise your rent and have a basic understanding of the laws regarding rent increases. Here's a look at whether or not a property manager can raise your rent.
Are you seeking ways to improve the energy efficiency on your residential investment property? “Going green” is more than just a buzzword. Installing green initiatives can not only inspire the residents of your properties to conserve energy, it can also lower your maintenance costs.
Consider some options that can make your residential investment property stop bleeding money. Improving the energy efficiency of your property enhances its appeal to residents seeking living space without the problems of pollution and waste.
The real estate market’s digital landscape has created new opportunities for real estate investors around the country. With effective virtual reality walk-throughs, real estate investors now have the tools to find attractive investment opportunities in locations that were once out of reach. As a result, it has become more commonplace for an investor to choose a property that is a significant distance from the investor’s home or office.
If you're a business owner who often works long into the night, it may be tempting to just move into your storefront or office space. Rather than wasting time commuting every day, you could simply retire to the back when you’re finished working for the evening. But there are zoning laws and safety concerns you should consider before making the move. Here's a closer look at whether or not it's legal to move into your commercial property.
Are you interested in hiring a property manager? If so, you might wonder what educational background a credible residential property manager should. Unlike some professions, there are no universal licensing credentials required to manage property for an investor, but there are plenty of skills to look for to help you find a professional residential or commercial property manager.
Commercial property management requires time and effort to remain profitable. Many commercial investment property owners first consider managing the property by themselves in an effort to reduce property expenses. This choice appears to be a good idea until the property owner realizes the decision is short-sighted – it limits investment opportunities and potential profit - but this can be corrected by hiring a commercial property manager.
Your property manager may not necessarily be the owner of the property being rented. This is because an investment property owner has the option to be involved in all aspects of a rental property or streamline these processes by hiring another person - a professional property manager, to act on their behalf.
Investing in a rental property for the first time can be a lucrative strategy. There are many benefits that come along with investing in rental properties such as tax incentives, value appreciation, leverage, and cash flow. However, investing in rental properties doesn’t come easy, and there are a few risks that you must take. There are a lot of things you should become knowledgeable about if you're a beginner looking to invest.
Are you considering buying a piece of property as an investment? If so, you want to get the best ROI possible. In today's hot seller's market, it's especially important to do your homework before closing your deal. That means doing thorough research about the property you intend to buy to be sure that you don't pay more than it's actual worth or overlook some crucial features of the property (or the lack thereof). Below are some things to keep in mind when seeking an investment property to purchase.
Over the years, both experienced and inexperienced owners of residential rental properties in California have made the sound decision to turn management of their units over to a property management company. Pursuant to its contract with an owner of a residential rental property, a property management company becomes the agent of that owner.
Owning an investment property can be a great way for someone to build long-term wealth. Real estate investors will benefit by receiving regular rental income that can help to pay down their mortgage while also benefiting from long-term real estate value appreciation. While investing in real estate can be a good idea, it's not always a passive form of investment. You'll be required to address resident needs and lease the home. Due to this, hiring a property manager can be a good idea. There are several benefits that come when hiring a property manager to help manage your property.
A vacation rental property has become a popular investment vehicle because many people see it as a good investment strategy for the modern real estate marketplace and a great fit with the 21st century’s gig or sharing economy.
Like most real estate investments, vacation rental properties offer both benefits and concerns as an investment. But the exponential growth of vacation rental hosting platforms like Airbnb & VRBO speaks volumes about the vacation rental market’s potential growth and profit.
Property managers take the burden from property owners with regard to the day-to-day operations of an investment or rental property. Property managers are responsible for various managerial tasks associated with the property. This includes anything from fielding calls about broken hot water tanks to staying on top of the many city, state & federal regulations that must be followed. A property manager can help with the following property management functions.
Investing in a rental property is a great way to create extra cash flow each month that can help pay your mortgage or other bills. But just because you have the money to purchase property doesn’t mean you have the knowledge or experience to manage the property. That’s why some investors choose to start with an owner-occupied rental, which can be a smart step for a first-time investment property owner looking to build a small investment portfolio. Here's a look at the concept of an owner-occupied rental and who should consider this investment option.
Purchasing an investment property can be a smart financial decision but it also comes with responsibilities. In addition to paying a mortgage, taxes, and other related fees, you’ll have to be sure that the property is properly maintained, in order to create a habitable environment for your residents. As you grow your business, you may eventually need the help of a professional property management company to take care of the routine upkeep of your properties. Here's a look at the difference between property management and property maintenance.
The CDC recently announced that it would be extending the federal eviction moratorium into the fall. The eviction moratorium was designed to curb the spread of COVID-19 by providing relief to renters who are struggling to keep up with their bills. But, this bill also has an impact on property owners who rely on that rent to pay their own bills. Here's a look at what property owners need to know about the extended eviction moratorium.
Professional rental property owners view resident turnover among the costs/responsibilities of managing an investment unit. To maximize the unit’s return, investors find it beneficial to educate themselves on the effective ways to market a vacant unit. The goal is to minimize vacancies by ensuring the property is leased quickly to a qualified resident. Creating an optimized and effective online rental listing is quickly done by following a few simple techniques.
As a rental property owner, you want to do everything you can to keep your investment safe. Keeping your property safe includes doing routine maintenance and conducting safety checks. Additionally, it would be best to think about fire safety and ways to reduce the risk of a fire at your rental property during those safety checks. Here are some fire safety tips to help keep your rental property safe.
Finding reliable residents is one of the hardest parts of being a rental property owner. If you own an investment property and you’re looking to get it rented quickly to avoid vacancies, you may decide to accept a resident who doesn’t have the best financial credentials, including a low credit score. Here's a look at the process of evaluating an applicant’s credit and whether it makes sense to rent to someone with a low score.
Has last year created new motivations or means to make a move in the real estate market? If you're facing this situation (and you are not alone), you have two primary choices regarding the status of the property you currently own:
It’s customary for a property owner renting out an investment property to require residents to put down a security deposit that is equal to one month’s rent before moving in to cover any potential damages. But, if the resident has done serious damage to the unit while living there, it’s possible that one month does not cover all the costs to repair the unit. Here's a look at what you should do if you find yourself in this situation.
Preventative maintenance is one of the most important aspects of property ownership. If you want to protect your investment, it’s important to perform routine maintenance to keep everything in the building functioning properly. If you’re thinking about doing some spring cleaning and want to be sure that you’re doing everything you can, here's a look at the most common preventative maintenance tasks a property owner should stay on top of.
We all have to do our part to help the planet. If you own an investment property, and you’re looking for ways to go green, here are a few simple tips to help you reduce your energy usage and save money at the same time.
The art of being a property owner is knowing how to use the benefits to one’s advantage. Most property owners are in the rental property business for income and planning for their future. For all practical purposes, they run a business that they hope will return a reasonably substantial gain for them in the future. So, it stands to reason that they will want to make decisions that will save them money and make them money. One of the best ways to save money and make money is by knowing how to handle rental income on tax returns.
Property owners and renters are always on the lookout to make connections. The property owner is looking for a potential family to come and live in the home. If you are a property owner and wondering what the secret is to attracting quality people to your properties, then there are some marketing strategies that you can do to bolster the attraction to your investment property.
It's the objective of every property owner to have a resident that would rent for life. And during that time the resident would care for the property like it's their own. They would pay the rent on time and be completely flexible when it comes time for repairs. But the fact remains that the perfect renter doesn't exist. Sure, there are many renters that would make exceptional lifetime residents, but people move for many various reasons.
There are a lot of things that you have to think through when you are a rental property owner. Many property owners think that the technical side is all they have to work through. But there are so many more details such as communication, building a good relationship with renters, and working things out as issues come up. If you're looking for ways to build a better relationship with your renters, here are some ways you can make it happen.
The decision on whether you'll allow pets in one or more of your investment properties isn't a personal decision. It's a business decision, and it's a decision that must be made by you as the property owner before a unit is leased.
Now that you own an investment property, and have leased your unit out, you've come to the realization that you don't know when you might be able to enter it for purposes of checking on any maintenance issues or otherwise protecting your investment. In checking your lease, you confirm that you have the right to enter the premises at reasonable times with reasonable notice, but that doesn't tell you much. Your new residents have the right to privacy in the property, and you just can't show up there this week and say see you next week at the same time. That can turn into harassment. So, when can you legally enter your California investment property?
Being a property owner might sound easy to some people, but owning an investment property can sometimes be one headache after another, especially if you own multiple rental units. Just a few of the issues that owners have to deal with are:
Most people know that a security deposit is required to rent a house or apartment. However, many don’t understand exactly what this payment is intended for and the rules regarding its use and storage. Here is everything property owners need to know about security deposits.
Everyone knows about property insurance, but there is another type of policy called renter’s insurance that is available through most carriers. Renters insurance is designed to protect the renter, however, it’s a concept every investment property owner should understand. Here's a look at this type of insurance policy and how it can benefit rental property owners.
It's not always possible to foresee what will happen in the future of real estate, so the best thing a property owner can do right now is keep their property looking fresh and well-maintained. When care has been put into a home, it shows; this is what will attract prospective residents to a rental. If you are looking to up your game in the market, a little work will go a long way. There are many things that can be done to improve a home without breaking the bank. Not only will the rental look more attractive to those on the hunt, but it will also maximize the return on investment by increasing the property’s value.
It stands to reason that you will want to market to reliable residents that are hopefully willing to live long term at the property. A “for rent” sign is the simplest form of marketing that you can do for your rental property, but it's not always the most effective strategy. If you're looking for ways to market your rental property to a targeted group of people, then there are some strategies that you'll want to do.
Are you thinking of taking the plunge and dipping a toe into the real estate rental industry? Owning an investment property can be a very lucrative income stream whether it's your main source of revenue or a side project. But before you jump in feet first, consider how you plan to handle each aspect of the venture as a property owner.
Whether you are just dipping a toe into the world of rental property ownership or are a seasoned property owner, the one thing that can protect your interests is a solid lease/rental agreement. When drawn-up correctly, both you and your residents should be protected.
With so much uncertainty in the world, you may be looking for a way to secure your savings for the future. Real estate is a tried and true method for building and protecting wealth. But with the economy in such a precarious position, you may be wondering if a rental property is a good investment at the moment.
When a vacancy arises in a rental property, professional property managers (or property owners who have chosen to go it alone) are tasked with the responsibility of replacing the lost resident –quickly, if they are to minimize the disruption to the investment property’s monthly cash flow.
Potential resident screening is an important part of finding the best residents for your properties. The screening process is essential to help you remove those individuals that could potentially cause you financial losses or property damage in the future. In order to help you with the screening process, here are several best practice methods that you'll want to adopt before having your first interview.