A property manager has to possess numerous skills, not the least of which is being a master juggler. They have to handle the day to day operations of the property, balancing the logistics of marketing, vetting prospective tenants, building waiting lists, executing terms of leases, undertaking repairs and upgrades, navigating tenant concerns and disputes, and much more. The reality is that not everyone is up for the job. Hiring a property manager is one of the most critical investments you will make as an owner/investor - and if you get it wrong, you can see profitability drain away from your bottom line. If you get it right, well, then you can realize your portfolio- and wealth-building goals.
Let’s get it right. To do this, be sure to ask key questions during your hiring process.
Investment properties represent an opportunity to earn income (passive or active) and build a strong portfolio with which to meet your long-term investments. While owning multiple properties gives you the chance to realize more income, managing multiple investment properties can easily become a full-time job - and one that is rife with challenges and complexities. Because the success of your investments boils down to your ability to manage properties, it is essential that you start on the right footing.
Summer is a time to take on a number of outdoor property maintenance issues. A few of them are a pain, but this is the ideal time of year to handle them. Let them wait, and they'll only become tougher. Your ability to manage each will vary depending on your personnel, equipment, and expertise. Don't hesitate to shop around and contract an outside company to take the less manageable or more time-intensive jobs off your plate.
As a landlord, you want reliable, trustworthy tenants who take pride in their home and treat it as if it were their own property. But walk a mile in their shoes as well: they want a reliable, trustworthy landlord who takes pride in his/her property and wants it to be like home for them. The best way to get great tenants, then, is to be a great landlord.
If you think of your tenants as customers, it becomes clear that the only way to keep them - and to attract new, qualified tenants - is to provide a valuable service, comply with applicable rental laws, and go the extra mile to ensure their satisfaction. We’ve provided several actionable tips to help you become a successful landlord:
Asheville residents often feel like they are competing over the same few apartments and rental homes. People are flocking to our area for the opportunity to secure a great new job in view of the mountains while enjoying a wide range of outdoor activities whenever they are not at work. Property values have steadily risen for some time as the demand has increased, and there is no end in sight the growth in our area; therefore, it is that much more frustrating when you have trouble filling a vacancy in your rental unit.
The key to solving ongoing vacancy issues with the right tenants is effective property marketing. In this article, we are providing # steps to getting the word out about your excellent rental.