Residential Owner's Guide

Residential Owner's Guide

Residential Owner's Guide 

Owner's Guide

Welcome to the Property Pro owner’s guide. We hope that you will find this page to be a useful tool for managing your investment decisions. We welcome your feedback and input. Please contact us if you any suggestions that would improve the appearance or enhance the effectiveness of this site.

Rental Market Comparisons

There are many methods utilized when setting a market rate for a rental unit. Some landlord’s science might boil down to licking their finger and sticking it up into the wind while others may choose a complex model with statistical analysis. Of course it doesn’t really matter how you get there as long as you arrive. It’s important to understand the market trends when determining your rent amount. One thing to consider is how long you can wait to find a tenant willing to pay what you’re asking. In a strong market, renters line up at the doors and you have a pretty good chance of renting the unit in a short amount of time. In a soft market you can throw all the rules out the window. Market value fluctuates so often that it might be wise to set your rent aggressively. You should weigh the loss for a twelve-month period. For example, if you have been receiving $1500.00 a month in rent and the unit is vacant for 3 months because you want to rent at that amount, you are losing a total of $4500.00 in rent along with any expenses accrued throughout the three month period. Over a 1-year period you stand to lose $600.00 if you reduce the rent to $1,450.00.

Along with our market analysis, we think that craigslist/apartment finder offers the strongest pulse on market value. We like to start at the high end of the spectrum, but we encourage flexibility from our owners as to the lowering of the rent amount. If you want your property to rent quickly, price it at the bottom of the rent range and you will at least get response to your ad. Rarely is a property rented without a potential tenant viewing the home first. If they look at the rental property, you have accomplished half of the battle.

Landlord and Tenant Laws

Owning an investment property can be exciting and frustrating. It can also leave your personal assets exposed. It is important to know your rights and the rights of your tenant when dealing with issues concerning tenancy, notices and ownership. Of course, our legal guru can answer most questions that may come up and we often make those decisions with our clients, but if you like to be an informed owner, go to our home page and then click on the link for our other web-sites and then click on landlord.com.

Curb Appeal and More

Historically, owners were able to get a substantial return on their investment with little money going into the property. Today, the way your home shows to the tenant is crucial to quickly renting the home. Updating appliances, flooring, painting, and in some cases remodeling areas of the rental property can improve your chances of finding a quality tenant at a reasonable rent. Call it karma if you like. It is the condition of the property that determines the type of tenant you’ll find. A property kept poorly will attract a tenant who is comfortable in that environment, and don’t expect them to have a sudden change of heart when they move in. Over time, letting the property go becomes a trend for the tenants. They see how little you care about your property and so they in turn treat it with the same level of respect or lack thereof. A property in ill repair can only lead to lower rents and more problems with tenants down the road.

That is where we come in. We work with vendors who offer special pricing for remodeling and general repair items. Our contractors get special pricing for the materials we use. It can improve the curb appeal of your home and help it attract the right renters for the community and for you.

In our long history in the industry, we have come to understand that sometimes less is more. When the market is strong, many owners tend to think that it is okay to let certain things go. Because the demand is high, tenants' demands are low causing fewer expenses for the home. However, when an owner is receiving a high rent on a consistent basis, it is the right time to invest some of that income back into the property. It is a good idea to replace little things here and there as they break down or as a means of maintaining the look and feel of the property. It will reassure your tenant that you take pride in the property and value them as tenants. Owners who do these things tend to hang on to their tenants longer and have fewer issues over the term of the tenancy. When the tenant does decide to leave, you have left yourself in a good position. You will have to spend less money to bring the property up to expectations and you’ll re-rent the property faster and collect a higher rent in some cases. Talk with a loan agent about leveraging the equity in your property if necessary to help finance your project. The choice is yours.

Real Estate Sales

Did you know that we sell real estate? When you take your business to a real estate agent or broker they will charge you 6% of sale for their services. Because we already have the tools at our disposal, we can list the property for you at a negotiated cost. Ask us about our real estate sales expertise when the time comes for you to sell your investment property or send us an email at info@propertyprorealestatemanagement.com. 

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