Any property investor knows that getting tenants and keeping them are tricky. Property that goes unoccupied for too long can more or less be considered a dead investment. At that point, investors should do an in-depth analysis to diagnose the problem. It is important to find out if there is anything they can do to attract new renters. So here are a few things that tenants look for when scouting for property. Tenants Want Safe Neighborhoods Safety and security is an important concern for most, if not all, potential renters. The area should be well-lit and more or less crime-free. In fact, many would-be renters go online to check if potential properties are in a high-risk area with regard to crime. Some investors, especially those who own high rises in high-crime areas, have to make up for the property location to attract tenants. This is achieved by installing cameras and hiring security personnel to make potential tenants feel at ease. Renters Prefer Affordable Units Why spend an arm and a leg on rentals when one can get a unit for less? Tenants rent based on their budget. Therefore, many renters will pass on property that they like if the price tag is too rich for their current budget. This can cause problems for many investors. However, there is a way around it. The property management firm might be more selective when showing units to would-be renters. They may attempt to offer pricier units or houses to renters who would rather spend more for quality property. Tenants Need Accessibility How near is the rental to a potential tenant’s place of business? Is it close to schools, hospitals and shopping centers? These are legitimate questions that investors should consider before coming up with a rental price. Accessibility is the reason that many substandard units sell like hotcakes. If it saves a renter gas money, he or she is less likely to pass it up. Some Tenants Prefer Pet-Friendly Rentals Pets are family too. This is why many potential renters would rather pass up an affordable unit in a safe neighborhood if pets are not allowed. A wise investor will choose to allow furry tenants for their rental units, as this will attract more potential renters. This is a smart business move, especially if the unit is priced affordably. Whitetail Properties can help investors lease out their rental property. Schedule a meeting today to learn how our firm can assist you in gathering more potential tenants. ©Maria Codilla
More people are investing in property these days for a number of reasons. It generates a decent cash flow, which allows the homeowner or investor to enjoy extra income aside from the money that he or she usually earns, for a property that would have remained a stagnant investment if not for this venture. However, not all investors are satisfied with the results of their real estate venture. In most cases, the difference between success and failure in this industry lies in choosing a capable property management firm to manage the rental property. Here are a few factors to look for which will assist investors in choosing the best property management firm for their investment. Experience Seasoned property management specialists are the best choice, especially for investors who are new to the industry. They can provide useful tips and ensure that all the necessary legal paperwork are ready for renters. An experienced property manager will also be knowledgeable about various legalities that the investor may not be aware about. Dedication Many firms take a passive approach when it comes to assisting investors rent out properties. A good firm is composed of driven property managers who are able to make use of different social media platforms and websites to attract possible renters. The best firm would be one that is composed of employees who are dedicated to their assigned projects and are able to ensure that every property under their care is showcased properly to potential renters. Ensures Investor’s Financial Security The best property management firms take good care of their client’s investment by ensuring that each tenant is screened properly. Ideally, an experienced property manager from the company will be tasked to go over the potential renter’s finances. The goal is to ensure that their clients will be paid the amount due to them on time, with no hassle on their part. The success of your venture rests upon the quality of the property management company you choose. Ensure the success of your investment property with the help of Whitetail Properties. ©Maria Codilla
Over the last 50 years, managing investment property has become more complicated. Major property management legislation, increased tenant awareness, major disasters, and escalating technology have been contributing factors in the field of property management today. Generally, the days of a simple handshake between a property owner and a tenant are over. It takes an educated and collective approach to support, manage, and maintain a property. Today, sound property management benefits from teamwork. Property management begins with the property owner and the property management company working as the primary team, each party supporting the other. The role of the property owner is to supply a sound physical property, necessary financial support for the property, and provide the property management company with the authority to act on supervising the myriad of details of management. Today there are also many other people and services to support both the property owner and the property management company. As your property management company, we operate and think of successful management of your investment as “teamwork.” We know that it is extremely difficult for one person to do it all – market the property, screen the tenants, collect tenant funds, supervise maintenance, move tenants in, handle tenant issues, handle property issues, comply and keep up with increasing legislation, move tenants out, dispense security deposit refunds, and much more. Consequently, it is our practice to utilize additional people and services as part of our team. In addition to property management personnel, a well-run property management team includes a myriad of maintenance services, tenant screening/credit reporting services, banking institutions, insurance companies, accounting services, property management attorneys, referral services, supportive industry organizations, local government offices, and more. This provides more eyes, ears, and expertise to oversee the property owner’s investment. Technology plays a key role as well and we consider this an integral part of the management team. To give an owner the best possible service in today’s fast moving world, we utilize our website, email, online vacancy services, banking technology, documentation programs, newsletter services, etc. Just like the management of the property, there is a continual “maintenance” of all the services involved. We are constantly working to increase our education, acquire new services, and evaluate companies and services that we use for our support system. These efforts promote a well-oiled team to oversee your investment. The property owner needs to sustain integral parts of the team as well – their property insurance company, accounting services, financial institutions, homeowner’s association (if applicable), etc. It is vital that the owner oversee and maintain these necessary support services. The bottom line is that although managing an owner’s investment is more challenging than ever, we know that taking a teamwork approach will accomplish this critical task. Jean Storms, MPM®, owner of LandlordSource ©LandlordSource.com
