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Tips and Tricks to Discovering the Safe Neighborhood of Your Dreams

Wednesday, July 18, 2018

Moving into a new house in an unfamiliar area can leave you fraught with worry, especially over the safety of an area. Luckily, there are a few great ways to determine if you’re moving into a safe neighborhood.

Check out the neighborhood

You saw a listing for the perfect house online but sometimes a picture doesn’t say a thousand words: even if you love the look of the house, it is worth checking out if you live nearby. This is a great way to get a feel the area -- are the other houses falling apart? Is it on a busy road? You can also look at the people in the neighborhood: if they look happy, you might be too! Don’t be afraid to talk to the locals to get the inside scoop on the area.

Are there many homes for sale in that area?

Neighborhoods that have a lot of houses on the market can signify the safety: if a lot of houses are for sale, it’s a sign that people are looking to leave. Whether it be crime, environmental conditions, or maybe just a rise in taxes, it’s worth doing some digging before you settle on a house in an undesirable area.

Read reviews on travel sites

Even though you’re not a traveler, you’re similar to one: you’ve never been to this area before and you might be surprised by a lot of the same things as someone passing by. This is a great way to read up on local experiences, especially regarding fun things to do in the area -- or lack thereof. Reviews online may have loads of conflicting data, however; if you can, it’s best to speak to natives or look into finding someone to manage your rental home search.

Consult rental management services

If you’re ready to move to an area, a rental management service can help you find more than the perfect house -- especially the local property management. In fact, the perfect neighborhood may be right in their file. What’s great about talking to someone in person is that you’re not flooded with information: you talk to them and tell them what you’re looking for. In fact, with the help of an investment professional, up to 30% of renters said they would be more likely to invest. While travel sites and home search sites are great to get an idea of what you’re looking for, it’s up to you and your management service to find the location that will perfectly fit your needs.

Finding a property means nothing if you don’t like its location. Use these resources to find the perfect, safe neighborhood for you.

If you have any questions about property management services, please give us a call at 407-261-5610

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Common Myths You May Have Heard About Property Management Services

Wednesday, July 18, 2018

If you own a lot of real estate, you may have heard about the dangers of working with an unqualified property manager. Even though you know that property manager can do a lot for you and your houses for rent, in theory, you may still be a bit wary of turning over control to a third party.

Chances are you’ve heard a lot about property managers. But some of what you heard might not actually be true. Here are a few common myths about property managers.

MYTH: They Won’t Do as Well of a Job as You Can

It's normal to feel like no one can handle your property for rent as well as you can. It may be hard for you to put such a large investment in someone else’s hands. But property managers are trained to handle other’s properties with care. Better yet, they have extensive experience maintaining properties. Their goal is to take care of your asset and even add some value to the space. They understand how to solve day-to-day problems so you can worry about pricing, strategies, and market trends.

MYTH: They’re Too Expensive

You may think it’s going to cost you an arm and a leg to work with a property management group. But have you considered what it’s costing you to work without one? Have you given up time with your family and friends to take care of your properties? Have you had to overspend on emergency repairs because you didn't have a network of affordable contractors? Have you ever wasted a ton of money out of pocket on things that could have been fixed much earlier? A property manager will make it so you’re not wasting money, nor will you have to miss out on events you really want to attend because of a clogged toilet.

MYTH: You Have the Best Judge of Character

Even if you’ve had luck finding residents in the past, you’re risking huge liability when renting out your property. If you’re not taking time to do credit checks, background checks, and employment verification, you’re not guaranteed a great resident. A property manager will take care of all of that for you. They know exactly what to look for and which questions to asked so you don’t end up in the gutter.

The number of real estate investors who own more than one property is just over 10 million. Since it can be so hard to manage all of the properties at once, many investors will turn to property management services. They can help you find the right tenants, make your house more valuable, and even give you back your lost time. They’re truly a great investment.

If you have any questions about property management services, please give us a call at 407-261-5610

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4 Tips for Profitably Flipping a House

Wednesday, June 13, 2018

The concept of flipping a house is a major trend in the world of real estate investing. Flipping a house gives an investor a chance to buy a home at a lower price and give it an upgrade. After the upgrade is complete, they can resell it at a higher price.

About 3% of Americans say they are real estate investors and want to buy property within the next year. Even though it seems like a good idea, there are a few rules to live by when it comes to flipping property. Here’s what you need to know.

Find a Home with a Good Location

Any investor or residential property management group should know that location is everything. People are going to want to live in a nice area that has the promise of growth. Look for a home that sits by a good school district, nice restaurants, shopping centers, and parks. A home near amenities such as these is more likely to get more attention than one that’s in a deserted area.

Find a Home That’s Different, But Not TOO Different

Finding a unique home to offer to potential buyers may seem like a good idea, but if it’s too different from every other house, it can scare them off. A unique home is a good idea in theory, but it won’t sell if it offers challenges to a buyer’s daily routine. Oddly enough, standard, cookie-cutter homes are often in higher demand and can sell quickly.

Find a Home That Was Built In 1978 or Later

A lot of homeowners love the charm of older homes. But there are actually many problems that come along with homes built before 1978. Those homes may contain lead-based paint, will require a lot of renovations, and will have to be upgraded to comply with certain laws. If you don’t follow these regulations, you may face fines up to $30,000 or more. Newer homes are easier to sell or rent out, as they have updated features and appearances.

Find a Home with a Good Floor Plan

A good floor plan is key to any home. Otherwise, the potential homeowner is going to have trouble getting around. Look for a home that has an open floor plan so people can move from room to room with ease. If the floor plan includes large closets, a foyer, and a laundry area, that’s a plus.

If you're an investor or part of a residential property management group, flipping houses may help you get more clients. People are constantly looking for houses for rent and property for rent and would love to spend a little extra money on a home that had recently been flipped. Speak with your residential property management team or investment group and start searching for the perfect location.

If you have any questions about property management services, please give us a call at 407-261-5610

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Things to Consider Before Jumping into the World of Property Management

Wednesday, June 13, 2018

Property management is a great field to get into if you love working with people and helping the community. It gives you the opportunity to get to meet new people and strengthen your problem-solving skills.

In 2016, the average price of a new home was $372,500. Because the cost is so high, many people tend to rent homes, creating a need for property managers. While it seems like a good job for many people, there are a few things to consider before taking the leap and taking on your own property for rent.

No two days in the world of a property manager are the same. Some may be more challenging than others, but each day can offer you new obstacles and opportunities. For instance, one day you may be dealing with a tenant who doesn’t like the look of their front door and wants it replaced. They may want it gone, but the landlord who is running your property for rent doesn’t want to change it since it’s only a year old. You have to figure out their common ground and find a way to try and make both parties happy. If you’ve ever worked in customer service, you know that the "customer is always right." But in this case, you are dealing with three different groups of people, including yourself. It can be challenging to find a solution that works for everyone.

Because you’re going to be dealing with a lot of different situations and many different types of people, it’s obvious you need to make sure your people skills are on point, along with your negotiation skills. In addition to those skills, you need to have a basic understanding of repairs and maintenance for your property for rent. The landlord you are working with will likely hope that you can get them the best prices and make repair recommendations. If you can’t make any specific recommendations, offering the tenant an alternative solution can ensure their trust in you. Even though you’re trying to help the landlord out, you also have to remember that the tenant is involved, too. Do what you can to make the repair process move as quickly as possible.

If you thought that working with debt collectors is something that you only had to deal with in your personal life, think again. But, in the case of a property manager, you’ll take on the debt collector role. You need to do whatever you can to make sure the tenant pays their rent on their home. The landlord may come to you and tell you that they haven’t gotten their money from Jane Doe and want it immediately. Unfortunately, Jane Doe might have just lost their mom and are dealing with medical issues themselves. This is where it can get tricky for those working for a residential property management team. While it may be hard to ask someone that is going through a hard time for money, you need to put feelings aside and get the payment.

Property and rental management is a great field to get into right now, but there are a few things you need to consider about the job before jumping in.

If you have any questions about property management services, please give us a call at 407-261-5610

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