rental property: Cheap fix
- 09/01/10 07:42 AM
There are many things that an owner can do to make a property rent quicker. Not all of them are cost efficent or time effecient. It is good to know that the main needs of a renter come in the form of a clean, perferably updated kitchen, clean walls throughout, and a clean bathroom. These seem to be simple request that can be taken care of in a simple way for our wallets. Some cheap repairs we can do to get a property rented include, touch up paint (make sure it is the exact same color), cover plates (50 cents each), … (1 comments)
rental property: Hotcakes
- 07/29/10 08:20 AM
The rental market has its fair share of orange carpet, green walls, and outdated appliances. Knowing your rentals comparable market and pricing your rental at the right price to rent is all it takes. Right now properties are renting like hotcakes and our inventory is slowly depleating. This can be attributed to foreclosures, short sales, strict loan requirements, or it can be attributed to home owners pricing their homes at the right price to rent. One line I love using is from the movie Tommy Boy. One of the actors says, "Your dad could sell a ketchup popsicle to a woman … (0 comments)
rental property: Shoot to Rent
- 07/29/10 07:01 AM
An analogy I like to use, is comparing property management to a basketball team. When all parts are oiled and working, the team wins. When things dont match up, the team starts falling apart, and the team loses, unless of course you are the undefeated 1976 Indiana Hoosiers. Although we cannot always predict the future, we can practice and make mistakes and perfect our jump shot of screening tenants for our properties. A well screened tenant is a tenant that will both take care of the home and most importantly be able to pay rent. In this case it is like … (2 comments)
rental property: Monthly Services of a Property Manager
- 06/01/10 06:03 AM
Throughout the month a property manager wears different many hats. I often times feel like the Police officer in a small town in rural Wyoming that plays the role of the police officer laying down the law. I have to verify rent being paid, and when its not, I post notices of non payment. I track down the rent and use the power of the law. Secondly I put on the hat of the volunteer fireman in this small town. I manage maintenance calls and put of the flame. Damage control is very important in this business because you cannot always … (4 comments)
rental property: The Balance
- 05/27/10 05:39 AM
This week I would like to talk about the balance in a property managers schedule. The balance between tenant and owner, between maintenance and income, and the medium that makes it all happy. Before a property becomes vacant we start advertising with pictures, with signs, and on dozens of websites for the world to see. As soon as a tenant moves out we check the property, collect money from owner or tenants deposit for repairs, and move to the next tenant, no problem right? Well, incase you missed it, the problem here is the word money. When the word money is … (1 comments)
rental property: Security Deposits
- 04/30/10 11:15 AM
The purpose of a security deposit, is for security right? The idea is valid. One would pay a deposit for car insurance, for electricity to be turned on, to lease a car. This same principle is applied to a security deposit for renters. To give the owner a piece of mind when renting the unit. To tell owners, "You may have my deposit if I do not take care of your home." Well, minus all the details with itemized invoices, and prorated duration of carpet and paint etc. The fact is, with this trust in the security deposit an owner will … (0 comments)
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