Knowing where to start when it comes to managing your own rental property is the hardest part. Breaking the process down into a series of steps is the easiest way to stay organized and stress free while managing your investment. In case you missed it, check out our 9 Steps to Help You Manage Your Rental Property Without a Property Manager. Once your property is “rent ready,” you need to determine how much to charge for your rental property. With online sites like Zillow providing their “Rent Zestimate,” it’s a fairly straightforward process to determine the market value of your rental property.
Managing your own rental property can be a rich and rewarding experience. It can also be a stressful and intimidating venture! Knowing where to get started can help you manage your rental property like a pro.
Residential rental property can range from a single family residence on a nice quiet cul-de-sac to a multi-unit complex with on-site management and maintenance in a downtown urban setting. Regardless of the type of property you own, your most important variable (after location) is the condition and quality of your rental property.
Yes, curb appeal does matter, even if the property is occupied by a renter. It matters to both the prospective tenant and the local community in the immediate area. A real estate investor who understands this will be willing to invest the money needed to maximize the potential rent and attract the best possible long term tenant. A good tenant is defined as one who takes care of the property and pays the rent in full, on time, every month.
So you have rental property managed by a professional property management company and in comparing your 1099-MISC to your 12-Month Cash Flow report, you notice the total income on the Cash Flow Report does not match the 1099-Misc. Has your property manager made a mistake?
One of the most common questions that a homeowner will ask a property manager is: what are the fees? We’re talking about the cost of property management when you hire a professional company.
Renting out a property can be a great way to make extra money. However, the process of buying a second property and finding tenants can be difficult and confusing. Here are some tips for what time of year you should buy a property and how to navigate through the process of renting a house.
The holiday season is a great time to foster relationships with your tenants and to promote strong relationships throughout your housing community. When deciding on decorations and holiday events, consider the demographics of the people living in your properties. Since the holiday season causes almost everyone to feel stressed, this is one of the best times of year to give your tenants a hand and show that you care about them.
Investing in Real Estate
In short, real estate itself is property. That property can consist of land, buildings, and homes. When people engage in real estate, they’re dealing with the investment of that property. Many times the goal of investing in real estate is to make a profit. By investing in properties and then renting out to tenants or selling the property, you can get a return on the investment. Below, we've provided some insight into how to start investing in real estate.
Congratulations! You finally have some property you can call your own. You don’t have to deal with realtors, landlords, or anyone that can ask you to pay rent. Now you’re probably wondering what to do with the property. Answer: hire a property management company. In other words, welcome to real estate. It’s overwhelming to deal with it on your own, so most people in this situation hire real estate agents and companies to help them deal with the property. So how do you choose who to hire? Below are some of the top questions to ask property management companies