Investing in a rental property can be a sound investment, but purchasing the property and finding tenants is only the beginning. Properties require upkeep, inside and out, to keep a smooth-running successful business model. By planning and taking preventative steps, property owners can keep costs to a reasonable level. Consider the following crucial areas with …
Managing the Cost of Maintenance
Give Your Tenants a Valentine
In today’s market, customer service and appreciation are essential pillars of rock-star businesses. It can make all the difference between merely surviving or thriving. For landlords, your tenants are your customers. What better time than Valentine’s Day to share a little love and extend a token of your appreciation to your tenants. Sure, it involves …
Before the Lease – Understand the Details
Ok, admit, most of us have done it – we are signing papers involving a significant event in our lives. It goes like this: “Now, this document just says blah, blah, blah and we only need your initials.” We nod our head, scan the document, and sign our initials. We continue to nod, initial and …
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Eco-Friendly Rentals
Eco-friendly. It’s more than a fad. Tenants are looking for ec0-friendly units, and landlords are discovering the benefits of delivering them. Afterall, eco-friendly homes and apartment complexes have lower water, heating, and cooling costs. Energy-efficient HVAC systems can save more than 30-35% in fuel and energy costs. There are multiple ways to increase the eco-friendliness …
Pillars of Leadership
There are many opportunities for leadership, within and without the realm of your career. Perhaps you lead a mastermind group, local charity, or civic organization. Maybe you are the team leader for a project at work. Regardless of the level, or intensity of your leadership role, several characteristics make a difference between and a poor, …
Marketing your Rental to Millennials
Millennials (those born between 1980 and 2000) were projected to overtake Baby Boomers as the largest living adult generation by the end of 2019, according to population projections from the US Census Bureau. Many Millennials are struggling to save a down payment on a home – particularly those who have student debt. And an increasing number of …
The Who, What, Why, and How of Property Management – Part II
Choosing A Property Management Company In Part I, we discussed the ins and outs of investing in rental properties. Since people always need a place to live, regardless of the economy, it makes sense, but it also takes time. Property management companies provide not only the time and expertise, but the peace of mind that everything …
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The Who, What, Why, and How of Property Management – Part I
Building a portfolio of rental properties is a rewarding investment. After all, the number of people choosing to rent rather than own continues to maintain status or grow. Studies reveal that in 2018, the growth in renters was 23.7 million and outpaced homeowners in 97 of 100 top US cities. The percentage of people choosing to rent …
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Preparing for New Tenants
It’s a given – the greater your occupancy rate, the higher your rental property profit, but alas, tenants do leave. The key is a quick turn-around, which requires a plan of action for preparing your property for the next tenant. It begins with your rental agreements. Always include a damage/cleaning deposit and provide each tenant …
First Time Landlord? Here’s What I Learned…
It was late in October, on a cold Colorado afternoon when my wife came to me with news of her new job opportunity. She was really excited and I was excited for her – until she told me where it was. “Move to Phoenix? Job starts in two weeks?” I vividly remember the panic I …
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