Methods to Avoid Wrong Tenants

Posted on February 8, 2017 by mcarsey

4 SIMPLE METHODS TO AVOID RENTING TO THE WRONG TENANTS

Methods to avoid wrong tenants, if followed correctly, will create ease during the process. No owner wants to rent to irresponsible renters. Even though every property owner is in haste to let out their houses and start making returns on their investments, it would only benefit them if they rent out to responsible tenants. Having bad tenants occupy your building wouldn’t go down well with you in the long run because apart from the fact that they may vandalize things, they could deliberately refuse to pay you on time. You will lose money every time that it stays vacant. Hence, you mustn’t ignore to observe certain standards when looking for responsible people who will live in your house.

In a scenario like the one that has been portrayed above, that you have such people live on your property means that many things could go wrong. It would begin when you do not observe the proper procedures of marketing your vacant building, then the screening and interview exercises before deciding who moves in to occupy the place. When bad tenants do not pay at all or do things that will force you to evict them, you are the one who ends up losing in the end. Imagine what happens if you have a series of bad tenants who occupy your house consecutively? Many evictions do take months, meaning that you may not be getting any cash during the period. Therefore, it will be smarter if you do things the ideal way from the beginning so as to get the right occupants. What are the best moves to make in this respect?

Avoid Too Low Prices

While this is usually a great marketing strategy to get ahead of the competition, it doesn’t always deliver the best result, especially in this instance. Reduced prices may bring some more interested persons to you but amongst these individuals will be those who are not financially stable. You might also have those who have the means of paying frequently but want to take advantage of you and just as they do with every other person with whom they transact business. Therefore, pegging the cost of renting your place at an appropriate price helps to solve this issue to an extent, even if it doesn’t eliminate these possibilities.

Carry Out Proper Background Checks

We all need the right people to let our properties and not those who will create problems for us. The challenge with this is that we can never be sure of the actual personality or intentions of those who come to us; we cannot just accept them by their words or trust them by their faces. No, it will take more than that. No landlord loves to forcefully evict tenants, fight legal battles or even have his house damaged. The aspect of they are coming through someone we know and trust more makes things easier, especially if they have vouched for by them. If they happen to come on their own, ask them to supply referrals who are well-placed and revered in the society to validate their application, so you can also check for the financial stands and history of any criminal record.

Hide All Signs Of Vacancy For A Long Period

If your building has been unoccupied for a long time, try as much as possible to conceal that fact from prospective tenants. The first reason for this is that they may use it against you while bargaining for the price, feeling that you have been unable to get someone. Almost anyone who comes will want to do things using this approach so it may be harder getting anybody to secure the place. Another reason is that people may become afraid of renting your apartment because they could feel there is a problem with your house, which is why the former tenant left, and nobody has come in again till now. You do not wish to subject yourself to such precarious situation and be at the mercies of your tenant even before they pack in; that is if anyone gets into the house finally.

Put Up Proper Advertisement That Filters Out Inappropriate Interest

You can start to solve this problem even before things begin; you do not have to wait until these prospects come to you and you begin any screening process. You can filter out who comes to the negotiating table with you by the quality of the advert that you put out there. While displaying the advert, endeavor to emphasize that all prospective tenants will be vetted for any record of criminal history and an acceptable credit card score. Also, indicate that they will be required to produce referees who will include one of their former landlords. This method may seem to reduce the number of interested persons who come to you but don’t be scared; it will get just what you want for you.

Professional property management

Posted on February 8, 2017 by mcarsey

Professional property management

Professional property management primarily involves the administration of a residential, commercial, and/or industrial real estate. A professional property manager is a licensed person or firm saddled with the responsibility of operating a real estate property for a fee. When handled by professionals, the control, operation and oversight of real estate becomes much more easy and effective. Professional property management makes it possible for your property to be monitored and cared for as a result of the accountability that will be given for its useful life and condition. Professional property managers help to coordinate your property with your wishes. And in so doing, they arrange for multitude of services as requested by you, for a fee.

As an institution acting on your behalf to preserve the value of your property at the same time that it is generating income from its use, professional management companies have the expertise needed to help you buy more or sell properties. So, whenever your need as an owner changes, you can count on them to help out.

As a tenant, you can also count on the resources and expertise of real estate professionals to help you navigate when the weather gets cloudy. They have a duty to make you feel relaxed and comfortable in the property rented, to which end, they cater to your crucial needs. This is as firms seek to build a reputation for reliability and professionalism – they are always in the search for something they can be proud of. Delivering the highest homeowner association is the goal of all professional property managers.

Professional property management helps mitigate investment risk. This is because property management requires a lot of time and dedication. Professional property managers revise their knowledge regularly to remain familiar with current property laws, duties of both a landlord and a tenant. So, if you are a landlord, you are better off hiring a professional manager that has a good reputation due to the under listed reasons.

Attracting new tenants: A professional manager markets and advertises your property better to attract potential tenants. They are thorough and quite investigative in their approach. In addition to that, they carry out house inspections on your behalf. Doing this will help ensure that you keep only tenants with good renting history on your property.
Timely repair and regular maintenance: A professional manager helps ensure that your estate is kept attractive at all times by carrying out repairs and maintenance promptly so as to heighten the value of your property.
Compliance with state laws and audit requirement: A professional property manager makes it a point of duty to stay up-to-date with current happenings in state as well as federal investment rules and regulations. Also, a manager is better informed about the movement of rental prices in the locality your property is sited, which lets you adjust your offer accordingly.
Managing relationships: A professional manager’s overall involvement in the running of your property means that he or she will be better positioned to resolve conflicts better and faster. They help ensure a healthier business relationship between you and the tenants by making regular contacts.

Residential Property Management

Posted on February 8, 2017 by mcarsey

Residential Property Management

As a busy owner, you are sure to have your hands full. If this is true, it is important to delegate the authority of overseeing your residential property to a dedicated residential property management company. Residential property managers have sound knowledge of the local markets. Factor in the fact that they have specific mode of operation that helps to maximize values while reducing risks and advancing long-term sustainable tenancy, and you are left with a compelling reason to trust your property into their capable hands.

A residential property management company values their reputation of giving reliable personal thought to your property, and with their reputation on the line, they will do anything to make your property more attractive. So, whether it is a detached house or an apartment, the value of your residential property will be well preserved.

They help achieve this by creating budget, advertising your property, screening qualified tenants, collecting rent, as well as complying with local landlord-tenant plus real estate board laws in addition to maintaining your property. They shoulder the responsibility of interior and exterior cleaning of the residential property before it is rented out, preventive maintenance, and construction.

As a homeowner, keeping in mind that the residential property management company is your partner in maximizing the return on your investment in residential property, you should note that they help achieve efficiency on the property via the performance of:

Marketing and financial understanding: Residential property management entails understanding of budgeting and operating expenses. This is because rental rates are set from the knowledge gained from such understanding. Property managers are able to out this task effectively because they have a solid knowledge of this aspect of the business better than anybody else. Aware of the competition in the residential segment of real estate, a property manager may recommend that you adopt certain approach to maximize occupancy and rental rates.
Tenant and occupancy: After successfully getting them to move in, being in constant communication with your tenants means that the manager better understands their needs. Which puts him or her in a better position to respond to their demands and regulate their activities. They help to collect rent in a timely manner, and steadily evaluate the tenants’ satisfaction levels in relation to the amenities on the residential property and against those of competitive rental properties in the locality.
Administration as well as risk management: Local, state and federal governments all have some authority over real estate-related activities. For this reason, it becomes necessary to file records, especially as particular reporting requirements must be met. Managers help achieve this by keeping records of accounting and taxes as well as those of interactions with tenants. They help you avoid complexities by operating the right way, considering their expertise and understanding of the rules of the game. They help ensure that there are less consumer complaints on your residential property, and by so doing, improve the credibility of such an estate. They can accomplish what seems difficult to the layman with ease and efficiency.
Housing upkeep: Property managers help ensure that the structure and outdoor areas of your residential property is well managed to attract new tenants and earn wide, public admiration. For this reason, they put lots of efforts into ensuring that the plumbing, landscaping, electrical, appliances, roof walls, among others, are well taken care of and fully functional. They are able to achieve this through working in consonance with both tenants, contractors, as well as repair companies to ensure that your property gets the best quality of repairs and maintenance.

Property Investment Strategies

Posted on February 8, 2017 by mcarsey

IMPORTANT PROPERTY INVESTMENT STRATEGIES

Investing in a property could be a sweet deal or a loose cannon. It all depends on the strength of your real estate property investment strategies. Real estate property investment can be much riskier than purchasing a house. This is because what you feel might suit you, may not satisfy prospective buyers of your property. Also, the kind of tenants you put in the house would go a long way to determining how the property would fare at the end of the day, and how much money would go into maintenance over the period. Here are a few of the most important property investment strategies you must know:

Be financially ready at all times: You would never find out when a choice property would go on sale in a neighborhood you have been on the lookout for in a while. It, therefore, is important that you be “financially agile” so that you can easily invest and get yourself a new property once it is ready for sale.
Carry out an in-depth research: Let’s say you have already seen a house that you feel would pass for a sound investment. Do not look at face value of the property; painting can do a lot. Endeavor to research deeply into the history of the building, how safe its neighborhood is and proximity to prominent locations. Also, how the property would be valued if you eventually want to resale should be taken into consideration as well. Most properties around school areas and bubbling streets have a higher resale value than others tucked away from easy access to essential services.
Choose a suitable real estate property: You have done your research, and you have made your choice of the house you feel would be a sound investment decision. Make sure your decision isn’t based on your feelings alone but on certain demographics such as the location of the property, easy of accessibility and how new the property is to avoid having a liability on your hands.
Set money aside for property maintenance: Do not be deceived. Having a property is not as easy as people make it seem. As a property owner, you would need to set money aside on a regular basis for the maintenance of the building. This is necessary to ensure that the home is in a great shape in the event of a prospective buyer who decides to pay an early call on the property. If you don’t think you are capable of managing your property yourself, you can reach out to experienced property managers to help you out for a fee.
Choose your prospective tenants carefully: Especially if it’s your first property, you might become pretty excited at the prospects of getting a tenant for your property. However, it is better you don’t have a tenant at all than to have a bad one as they are capable of making life unbearable for you. Therefore, carefully interview all prospective tenants properly before making a choice of a tenant for your property.

Property Management Tips

Posted on February 8, 2017 by mcarsey

Property Management Tips

Real Estate – Property Management Tips

Buying a new real estate property or owning one is usually exciting. There’s quite a lot you could do with this. Maybe live in there or rent it out to interested tenants. However, all and every property needs to be managed, and yours is no exception. Whether you are going to be handling it yourself, or you would get someone to do the managing for you at a price, there are some things you need to know. Here are some tips to help you properly manage your property:

Be knowledgeable about the laws: Your responsibilities as a property owner and manager as well is outlined by both federal and state laws. A knowledge of them all is necessary to avoid mistakes that could have been avoided. You cannot claim ignorance when you fall short of the law. As such, it is better you spend some time reading up these rules than spending time and money as well in the courtrooms.
Take a decision on how to manage your property: If you are a full-time realtor or you have a job that takes away most of your time every day, managing your property yourself might not be the safest thing to do. There are a lot of property management companies out there that can help you efficiently manage your property. Choose one and free yourself of some responsibilities.
Avoid the rush to get a new tenant: Yes, you want to rent out your house, and you’ve seen a prospective buyer. You decide to rush and cash in on the opportunity before he changes his mind and gets somewhere else. It shouldn’t be so. The adverse effects of getting a bad tenant far exceeds the rent that would be collected. That said, make sure to keep the rush down when getting a new tenant for your real estate property. Take out time to run checks on your prospective tenant. You could drive by his current home to see how well it is being managed. The neater, the better for you and your home.
Maintain your property and make repairs on a timely basis: Ensure that your property is in order at all times. Even when you have a tenant and there’s the need to make repairs to the house, do it on time. Do not wait until your tenant begins to bug you so much before you can carry out the necessary repairs.
Become a member of the Landlord Association in your area: There are a lot of benefits that come with joining the Association of Landlords in your area. They can provide you with a wealth of experience on a lot of subject matter such as sample copies of lease agreements, contacts of good property management companies, lawyers, etc.

Having a property is always a good thing as there are a lot of benefits that come with it. On the other hand, they need to be managed as well. With the right tips, you would have no problem owning and managing a property.

What You Need To Know As a Real Estate Investor

Posted on February 8, 2017 by mcarsey

Are You A Real Estate Investor?

Real Estate is a popular investment vehicle as it generates income for the investors. It is a common practice for investors to purchase several pieces of real property not for residential purposes but for wealth creation through the appreciation of the properties. Such properties which are rented for a fee are resold when their value increases .The following tips will help investors to be successful in real estate investment.

Determine Your Goals
Creation of financial goals will help you to determine your expectations from the investments. Understand your goals and ensure that the investments will satisfy them. Real estate can generate steady income and can create wealth on long term basis. Developing a business plan is an excellent step in succeeding in real estate investing.

Financing the Investment
Determine how the investments should be financed. Settle any unpaid credit card debt to improve your credit scores. A low total debt-to-monthly-income ratio will enable you to get better rates for loans. It is important to search for source of finance before purchasing properties. However, if cash payment is to be made in purchasing the real estate, a current bank statement is submitted to prove the availability of funds.

Search for Properties
Look for good locations to search for properties. Do not purchase the first property that comes your way. Instead, look for several properties before choosing a property that will satisfy your goal. Also, do not limit your search for real estate to areas close to your home as viable rental market may be located far from the investor’s residence. Find out the special features of the neighborhood where the chosen property is located such as its proximity to parks or beaches.

Interact With Other Investors
Networking with other real estate investors will help the investor to obtain information about the local real estate market. Online real estate investing forums will also be helpful in securing properties. Auction sites can provide an investor with better real estate deals and also make it easier for the investor to purchase real estate in far locations.

Hire the A Realtor
An experienced realtor can help an investor to locate profitable properties. Ensure that the realtor had worked with numerous investors and understands the rudiments of real estate investing. Purchasing rental property that will yield greater return over the sale price is a better deal.

Motivated Sellers
Avoid purchasing property from motivated sellers. Instead, visit open houses and check adverts on local papers for the type of property you are searching for.
Investing in real estate helps to build security for the future and also provide income. To succeed in real estate investment, learn from successful investors in real estate properties.

Discover the Effective Property Management Tips for Landlords

Posted on February 8, 2017 by mcarsey

A landlord is the owner of a property which is rented or leased for a fee to a tenant. The property can be an apartment building, a rental house or land. The tenant, also known as a renter can be an individual or business organization. A contract between the landlord and the tenant is known as a rental agreement or lease. It specifies the names of the tenants, the price paid for the property, the acceptable form of payment, the period of the rent, penalties for late payments if any and the period of notice required for the cancellation of the contract by either the landlord or the tenant.

The landlord may be the manager of the property or real estate. However, a landlord may hire the services of a property manager or a property management company to handle the management of his real estate especially if the landlord owns a multi-unit rental building. The following tips will aid the landlord in the effective management of his property.

Screen Prospective Tenants: Thorough screening of prospective tenants is important before selecting any tenant. Ensure that the background, credit history and references of the tenants are checked, as a habitual debtor may not pay rent at all or pay it late. The services of a real estate broker and the use of written rental application are required for proper screening of the tenants.

Written Rental Agreement: It is important to record the interactions between the landlord and his tenants. A written rental agreement can be used to document vital information such as how to handle maintenance and repairs of the property, tenant complaints and other facts. Thus, an attorney is needed to draft the rental agreement that will guide landlord and tenants.

Regular Inspection and Secure Premises: Regular inspection of the property by the landlord is necessary for safety purposes and maintenance of the property. A landlord should ensure that his property and tenants are protected by providing security facilities such as security lightings and deadbolts.

Make Prompt Repairs: It is the responsibility of the landlord to repair his property whenever a tenant makes a request for repairs. If the landlord fails to repair his property, the tenants may carry out the repairs and deduct the cost from the rent or they may withhold their rents. Also, the tenants may move out or even sue the landlord if any injury is sustained from faulty features.

Entering the Rented Unit: A landlord should respect tenant’s rights by notifying the tenants before entering into their rental unit. It is proper to give an advance notice to the tenants usually before entering the rented premises even to make repairs. Also, landlords should supervise the activities of their property managers and purchase insurance for their rental property.

The right property to buy and hold

Posted on February 8, 2017 by mcarsey

Buying real estate to hold

When buying real estate to hold for rent, buying the right property is very important. While generally speaking, it is true that buying in lower income areas may provide a slightly wider spread between your monthly expenses and your rental income ( because you pay less for the property yet rents are typically similar to other areas ). These types of property tend to have a higher tenant turnover. You may have some issues collecting rent and more maintenance costs due to damage. The tenants in these areas typically don’t stay on for multiple year leases and don’t take care of the property in the same way that others might.

Buying in a more desirable neighborhood that is close to work or shopping can give you about the same monthly income but the best benefit is that your tenant will be more likely to stay on for longer terms and take better care of your home. Since the name of the game is cash flow, the best way to ensure you have the highest profit is to 1. Have a desirable home 2. Hire a top notch property management company 3. Get the highest possible rent for your home 4. Make sure the property management company finds the right tenant 5. Have tenants that stay on for multiple years therefore lowering your vacancy rate ( and increasing income ) 6. Having a tenant that takes care of your home as if it were theirs ( lowering expenses ). It is also important as a landlord to make sure the home is maintaned properly and any repairs requested by the tenant are addressed.

If you have any questions or concerns with buying your next investment property fill out the form below and someone will reach out to you right away

Valley Of The Sun Landlords

Posted on February 8, 2017 by mcarsey

Are you managing your own properties? If not how do you like your property manager? Do they do proper background checks complete with eviction reports, criminal background checks, and sexual offender checks? Do they help you protect your asset by checking the terrorist watch list or doing regular inspections of the property to ensure there is no damage or maintenance problem’s? At Top Property Shop we do all of this, when we do our resident screening we check them out thoroughly. We also verify income and will not rent to a resident unless they can show sufficient income. We do regular inspections and if we want to keep the resident when their lease is up then we have them sign a new lease. All of this is to provide the owner with the best possible income and experience as a landlord. As investors ourselves we have the experience and know how to make a property profitable. At Top Property Shop we have the most competitive fees in the industry. We keep it simple and don’t “ding” you for every little thing we do. All of this and excellent service is why we like to say “ We make being a landlord easy again” Take a look at what we have to offer.

Here at Top Property Shop Property Management our leasing fee is only $550. This fee takes care of ALL the cost in finding a tenant, and the lease paperwork preparation. If another real estate brokerage finds the tenant we split the $550 with the other brokerage. This fee is paid after we find the tenant and we take it out of the first month rent. Literally no money out of pocket until we find a tenant and put money in your pocket first, not ours. Weather your a real estate investor with multiple properties, or an owner with just one property, we can help make you more profitable.

Top property Shop is your best chose for residential property managers

Rental Property Management

Posted on February 8, 2017 by mcarsey

Five Keys to Effective Glendale AZ Rental Property Management

Make Your Property Desirable. This means it should have great curb appeal and look clean and attractive on the inside. Have you ever noticed the effort and expense that new home models spend on the appearance of their homes? The process of finding a renter is not that different from finding a buyer. Make sure the landscaping is cleaned up and looks attractive. As the tenant walks up to the house they should see a well maintained exterior. Fading paint, broken doors or windows will send the wrong message. Inside the carpets must be clean, the walls painted and all must look well maintained. Your property managers will be glad to assess your property and give you feedback about what needs to be done.
Price Your Property Correctly. There has never been a time when tenants have so much access to information about rental properties. The rental market for finding good tenants is very competitive. Your house needs to look nicer and cost less to rent. If there are other houses in the area that look just as nice but cost less to rent your house will continue to sit vacant. Top Property Shop specializes in helping you find the correct rental price that will allow your property to rent quickly at the best price.
Market Your Property Effectively. Top Property Shop uses the most effective marketing tools possible to find a good tenant for your home, by using those tools that’s how you found us. At Top Property Shop we also use the multiple listing service (MLS) By using the MLS it makes it possible to reach thousands of Realtors, that will show your property. This service is included in our lease fee rate. With our internet marketing we use a service that advertises or listings on over 500 websites.
Rent to Quality Tenants. Quality tenants pay their rent on time and take good care of your property. The best predictor of future behavior is a person’s past behavior. Careful background checks and follow up on the information provided in the tenant’s application is invaluable to finding a good tenant. Quality management for your rental property begins with finding a good tenant. This is absolutely essential to the success of your investment property.
5. Effective Communication with Your Tenant is Essential. Communication with tenants will fall in the realm of both positive and negative. On the positive side, a quick response to legitimate tenant needs is imperative, this lets the tenant know that someone cares, and isn’t that what we all want. The negative side is when the tenant breaks the rules or pays late. Top Property Shop tenants have online access to pay their rent online.