Because I Live,work breath the property management business and read allot of blog's about property management topics, I'm constantly immersed in articles and daily experiences about the subject. But some things are so common in my practice that it's easy to forget that what's second nature to me is always going to be new and insightful to someone new to the subject. Don't get me wrong, I'm not trying to blow my own horn, but a little humor goes a long ways in this business and exponential in this market.
Granted I have laughed and cried about how Ive handel situation in the past BUT-- the probelem was not in the book of the holy I.R.E.M Or NARPM classes, don't be fooled there still thing to learn . But you know what the problem was still there and I did it and I keep the dignity of the owner and the tenants. Without losing me.
We all have stories of Pit bulls and yes they are very intimidating but they are just another dog that has big teeth and Jaws. Like a Little tip they are dog they like tweets and they like shinny,so long story Short I lost a pair of earring but I got away from the dog and he love me still to this day.
Plan your work then work your plan. In other words, don't try to chew to much at once.
Be conservative when anticipating how long it will take to rent and what the rents, and costs, might be. Markets are flooded here in Seattle, but it's better to have a solid plan and stick to it than to get nervous and rent hastily without screening or written soild lease.
Have a an open door policy if they can't pay they move make it easy on them an you with out costly repairs due to being guilty or for being ashamed.
Run a rental as a business, not a hobby. Renting out your home is a business, and by becoming a landlord, you have to be cognizant of tax, insurance, and local landlord tenant law matters. A rental is considered an investment property, which has different tax implications than a primary residence; rents collected are considered business income and must be reported to the Internal Revenue Service. On the flip side, certain repairs and upkeep, in addition to mortgage interest, can be deducted as business expenses. Consult your CPA for advice on rental property income and expenses. Your property insurance is also handled differently for a rental, and you'll need to let you provider know that you're renting it out. Finally, a host of federal, state and local regulations cover the rights and responsibilities of both tenants and landlords, and rental properties need to adhere to these rule.
I guess I did blow my horn a little it take a village to have an successful property management company.
You Just can't laugh enough but we try to help each and every person that whats our help. I feel I'm doing my part as coummity service leader.
www.rd-house.com is a GSBA Memeber
About RD House Real Estate and Property Management: We are a leader in relocation, in-town condo and executive Seattle rental properties, working with Microsoft, Amazon, Fred Hutchison Center, the Bill & Melinda Gates Foundation, Alaska Airlines, Nordstrom , Comp Health USA and others. Many of our listings have video blogs/tours, and can be found on our website at www.rd-house.com.
If you are a Corporate relocation specialist and in need of help placing clients or employees, please contact our relocation team at (206) 728-6063.
RD House Real Estate and Property Management
Leaders in Property Management
159 Denny Way #110
Seattle, WA 98109
(206) 728-6063
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