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  • Increase Profits From Property Management Rentals
    By admin on May 21, 2009 | 12 Comments12 Comments  Comments

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    Property management rentals need to be managed systematically to get the best returns over a period of time. Many people use their second homes and assets as a source of income through rent. But making a wrong decision regarding the tenant or the contract can seriously hurt your return on investment in the long run. It is also necessary to factor in the time that you will have to spend when leasing your property. In case you live far away or do not have sufficient time, it may be a good idea to enlist the support of a property consultancy that can help you. Some of the easy steps to maximize rentals are given below

    1. Evaluating Your Property – It is important to be aware of the market value of the realty as also the rentals that it can attract. Unless you speak to a few people or do the necessary research, you will have no idea of the prices that you can get and may end up settling for less. In case you are new to the field or have little time, speak to at least 2 to 3 property managers to help put a value to your realty.
    2. Research Outsourcing Possibilities – Realty is specialized business and you will, in all probability, need to outsource some part of your project be it repair, caretaking, finding a buyer, getting legal paper work or just closing the negotiation done by a third party. Get references and then shortlist the consultancy or manager that you can trust for all help in decision-making. Be sure to find out if the incumbent has sufficient experience in handling property rentals.
    3. Marketing the Property – It is also important to market your house well to get the best price. Marketing is not just about the right communication it is also about the presentation of the house and the impression it forms both from the inside and outside. It is a good idea to invest in a little greenery and fixtures that make the house appealing. Apart from that, you should make a list of all the good features proximity to schools, community activities, location etc. so that they can be featured prominently when making a sales pitch.
    4. Researching the Tenant – Even more important than the rent, is the kind of tenant that you get. A wrong tenant can not only deprive you or delay the rent payments, they can harm the house and in worst cases gain occupation. You are within your rights as a prospective landlord to ask for the social security number and conduct the necessary research. Run a thorough check on the credit history to ensure that the prospective tenant financials are healthy. It would also be a good idea to ask for previous landlords references.
    5. Finalizing the Contract- Last but not the least, in property management rentals , lease agreement is a binding legal contract which both parties will need to adhere to. However basic, include all expenses or penalties that you expect the tenant to bear and also the circumstances in which the fee should arise. For example, specify date by which rent is to be paid, kinds of repairs that you expect the tenant to bear, date of review of rent etc. This makes sure that both parties are on the same page and there is little room for misunderstanding later on as regards the property management rentals .

     

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  • Hiring A Property Management Rentals Company
    By admin on March 23, 2009 | 76 Comments76 Comments  Comments

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    If you do not want to make your realty investment experience a bitter one, you must consider hiring a company for property management rentals . If you do all the maintenance work by yourself, and you will not be able to focus on the core issues of your business. Besides that, the work will also substantially increase your stress levels, as dealing with tenants is usually a very difficult task.

    You need an expert person to manage your tenants and deal with the other management aspects of your rental property. There are several advantages of hiring a property manager. For example, when you know that an expert professional is taking care of your property, you get peace of mind. You can save a great deal of time too, which you can spend in more productive things, such as finding the next deal. Since the task of rentals is crucial for you, you would definitely want to hire the best person to take care of all the essential details.

    Following are some valuable suggestions that you must keep in mind while hiring a professional for building management -

    Fee  

    Property managers charge a specific amount of fee every month for their services. The first thing that you have to do is to decide whether you can afford making this payment for the job. They usually charge commission at a certain percentage of the total amount of rent collected every month. The rate of commission can be anything from 4 percent to 16 percent of the rent amount. The company providing services for property management rentals must state the charges clearly. Make sure that there are no hidden charges. Read the terms and conditions thoroughly before you sign any agreement with them. Besides that, do not forget to ask whether they charge the fee on a monthly or quarterly basis. The method of fee collection is another important consideration. You also need to ask them whether they will directly debit the amount of fee from your bank account or whether you will have to make the payment through check.

    Do They Manage Other Properties Also 

    If the rentals company is managing other properties as well, you should check the type of properties they are handling. The best company for you is the one that has expertise and experience in managing rental properties. In fact, it will be better if you make a visit to other properties that they are managing as that will give you an idea how efficiently they maintain everything. 

    Who Will Manage Your Property 

    You should also ask the company about who is going to manage your property. You should know whether it is a single individual or a team of professionals. If it is a single property manager, find out what his or her qualifications are.

    When it comes to hiring the services of a company for rentals, there are several other things as well that you need to take into your careful consideration. For example, you may also like to ask them the type of advertising method they will be using. How much does the advertising cost Other important factors include their hours of operation, accounting system, the method of sending reports, how frequently they send the reports, and other such things.

    Overall, if you keep in mind the above things, you will definitely be able to choose the best company for your rentals.

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