If you’re a landlord, you’re in the business of providing a safe and secure place for tenants to call home, temporarily or indefinitely. If you’re not doing the job in either of these principal areas, you risk high turnover, vacancies, and even legal problems or financial fallout.
Most people buy a home as an investment. They regard it as the smart thing to do over the long haul, so they fork over a hefty down payment in order (they hope) to own a sizeable asset someday.
But nobody tells you how expensive home ownership can truly be.
Over the past decade, the real estate market has appreciated significantly. Especially in the last five years, it’s soared to unparalleled heights.
For investors who have been plugged in the entire way, the gains have been massive. But if history tells us anything, it’s that markets are cyclical.
The American economy won’t enjoy unbridled growth indefinitely. At some point, a recession will happen, and savvy real estate investors will be prepared. Will you?
It’s easy to talk about the housing market in general terms, but every demographic has its unmistakable differences. Certain marketing strategies and listing techniques may work on Baby Boomers, but they not be as effective when employed with millennial homebuyers.
If you’re primarily interested in pitching to millennial homebuyers, you’ll need to play by a newer set of rules.
If you’re looking to rent an apartment, you have a lot of decisions to make. From where you want to live to how much you’re willing to spend, you may be making dozens of significant choices throughout the process.
As a landlord, you’ve probably learned the value of observing your peers. You’ve learned many excellent approaches by shadowing other landlords, but you can often learn more from their mistakes.
As a property manager, landscaping is generally considered one of your responsibilities, and if you’re trying to sell or rent one of your properties, great landscaping is also key to increasing curb appeal. Beyond planting a few new shrubs, though, what can you do to make your property stand out to potential tenants? As design trends shift, you just might be surprised by the property styles that are creating a buzz.
No landlord wants to evict a tenant. The eviction process is usually time consuming, stressful, and messy, and at the end of the process you’ll be left without a tenant—and therefore with far less cash flow. That said, there are some circumstances where you won’t have much of a choice.
Tenant screening is one of your best tools for maintaining your profitability as a landlord. It’s a way to weed out potential tenants who pose a risk to your property, or those unlikely to stay for more than a few months, and focus on the reliable, long-term tenants you need to turn a solid return on investment, or ROI. Generally, this means taking tenant applications before accepting new tenants, and reviewing information like past residences and personal financial history.