5 Dos and Donts of Property Ownership in Real Estate

property ownership

Have you been dreaming about investing in real estate as a way of building wealth?

If so, there’s never been a better time to get started. After all, buying property is always a great move because it can provide a reliable form of passive income. The key is to understand the basics of real estate investing so that you get the most value out of your money.

Fortunately, this article can help. Here we take a look at a list of Dos and Don’ts for property ownership that can help take your property investment strategy to the next level. Keep reading to learn more. 

1. Clearly Define Your Goals

Let’s start by discussing your motivations for getting into real estate investing. After all, this is a business that can feel rather demanding. There’s a lot of money at stake and there are definitely some risks involved.

The key is to define your goals so that you can develop the strongest strategy for reaching those goals rather than making random investment decisions. 

For example, are you getting into buying property to build wealth for retirement, for the excitement of buying and selling property, or for some other reason? The most specific you can be in regard to getting into the type of business, the better off you’ll be.

2. Consult With Another Real Estate Investor

It’s also important to talk to someone who’s already been where you are now. In other words, someone with experience investing in real estate. This is a person you can ask tons of questions to, who can offer you advice, and someone you can lean on when you find yourself needing to make tough decisions.

3. Diversify Into More Than One Asset Class

The real estate market is just like any other industry. This means different sectors of the market will fluctuate from month to month and year to year. That’s why it’s important to diversify your holdings into more than one area of real estate so that you won’t have to worry about downturns in the market.

4. Don’t Underestimate Expenses

Buying property is one type of expense involved in owning real estate. Many first-time buyers overlook the need for property maintenance and run out of money before realizing they’re in over their heads. 

5. Attempting to Do Everything On Your Own

One of the biggest mistakes you can make in real estate investing is failing to work with an experienced realtor. After all, real estate agents know the area, understand the current real estate market, and can recognize a good deal when they see it. This makes them an invaluable resource for the process of buying or selling property.

A Newbie’s Guide to Property Ownership Mistakes to Avoid

It’s no secret that buying property is one of the best ways to create wealth and help you save for retirement. Fortunately, this guide to developing a strategy for property ownership will help you invest like a pro right from the start.

Please contact us today to schedule an appointment with one of our real estate professionals.

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Should You Allow Pets In Rentals?

pet friendly rentals

As a landlord, owning a rental property comes with a series of responsibilities. Finding reputable tenants that will care for your property can be a process. One of the biggest factors that could make your property a hot commodity on the rental market is allowing pets. If you haven’t considered pet friendly rentals before, continue reading for more information. 

Pet Friendly Rentals

Deciding if you should deem your rental property pet-friendly is a big decision. You should understand the logistics of pet deposits, fees, and potential wear and tear on your property.

However, advertising your property as a pet-friendly rental will likely award you with endless rental applications from prospective tenants. Be sure to weigh both pros and cons before advertising your rental property as pet-friendly. 

Landlord Advice

If you decide that allowing pets in your rental properties is something you are interested in, you should consider a few things. 

Conduct a thorough screening process for prospective tenants. Ask questions such as the following:

  • How long has this applicant owned their pet?
  • Is their pet housebroken?
  • Will their pet be a noise problem or cause reason for concern with behavioral issues?

A few other key aspects to remember as landlord advice include:

  • Increased risk of damage
  • Pet odors
  • Potential neighborhood noise disturbances 

Also, it is essential as a landlord that you remember to follow fair housing laws regarding pets. Be sure to request references from prospective tenants. 

A pet resume is a brilliant strategy to weed out any undesirable applicants. Ultimately if a person is willing to take the time to collect references and generate a pet resume, they will likely make a star tenant. 

Property Management 

From a property management perspective, the market for pet-friendly rentals is huge. This will generate additional income opportunities. Your tenants will likely be willing to pay more monthly in rent for the advantage of a pet-friendly home. 

It is also important to remember that most long-term renters will likely want to become pet owners. Pet-friendly rentals can be hard to come by for tenants. This will allow you as the landlord to maintain a long-term tenancy.

Approximately 70% of renters are pet owners. Considering the large need for pet-friendly rental properties, the applicant list will drastically decrease if you elect to enforce a no-pet policy. 

One way of benefiting from becoming a pet-friendly establishment in property management is to highlight this feature. Consider making pet-friendly rentals a feature on which you can capitalize.

Regardless of which option you choose, there are benefits and disadvantages to becoming a pet-friendly rental. Consider all of your options and determine what target audience you wish to appeal to before throwing up the “For Rent” sign.   

Contact Us Today

At eFind agent, finding the perfect real estate agent to assist you with pet-friendly rentals is easy with a simple click of the mouse. 

Contact us today. We’re here to help you find your new home. 

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How To Be a Good Landlord: The 5 Top Qualities That You Need

how to be a good landlord

Do you need tips on how to be a good landlord? There are qualities that you need to establish a great landlord-tenant relationship.

Being a good landlord enables you to develop a positive reputation in your community. You’ll also face fewer legal issues and will have an easier time managing stressful situations.  

Here’s how to be a good landlord and to keep your tenants happy.

1. Organizational Skills

Are you in the habit of keeping everything organized for your tenants? You need exceptional organizational skills to be a good landlord. This quality helps you to effectively manage your rental property and to avoid tenant issues.

A tenant’s rental application, payments, and other documents should be properly filed and organized. 

Before renting your property, you should implement an organizational system for your business. You can also use a property management organizational online tool to keep all your documents in one convenient location. This is an alternative that you can consider if you don’t want to store piles of paper in your office.

2. Sense of Responsibility

You need to have a sense of responsibility to be an effective landlord. It’s easier for you to deal with a tenant’s problems when you’re responsive and reliable.

You could end up losing your tenants if you fail to respond to them on time. Once a tenant contacts you for help, you should reply to them within 24 hours or less. 

3. Strong Communication Skills

You can be a successful landlord if you have strong communication skills.

This is a special quality that allows you to get along with your tenants. This also makes it easier for you to address issues and to give your tenants important updates.

Good communication skills enable you to provide information and to be respectful to your tenants.

4. Flexibility for Tenants

How do you handle late rent payments from your tenants? You should consider being more flexible. 

Does your tenant have a history of paying their rent on time? If your tenant is unable to make one payment, you should be flexible and not be too quick to evict them.

A good landlord provides flexible rent payments that are convenient for tenants. When a tenant is having financial difficulties, you should be a compassionate landlord.

5. Professional Appearance

Do you have a dress code? You and your staff should always try to maintain a professional appearance. This is a way for you to take pride in your business and to make a good impression on your tenants.

Learn How to Be a Good Landlord Today

Learning how to be a good landlord makes the process easier for you to find tenants that are eager to rent your property. The good qualities that you develop make your business more successful and may help to provide you with long-term benefits.

Do you want to learn about working with a real estate agent that you can trust? If you have questions, please get in touch with us.

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Finding the Right Security Team to Keep an Eye on Your Property

security team

Renting your property can be an excellent way to bring in extra cash. Investing in property management is a great idea, but it’s not without its problems.

It can be hard to keep your properties safe when you aren’t always around. That’s why you need a good security team to look after your assets for you. We’ll help you decide the right team for your needs.

Why Do You Need a Security Team?

It can be easy to think that a home security team isn’t necessary and try to save money by taking care of things yourself. This can be a costly mistake in the long run, unfortunately.

If there’s a break-in, you could be held responsible for any damage to the property depending on state laws. Rental properties are much more likely to fall victim to break-ins, and properties with no security system in place are exponentially more susceptible. 

How to Choose the Best Team

You will want to know what to look for in a security team. Not all companies provide the same level of security and choosing the wrong firm can be extremely problematic.

In order to avoid those problems, below are a few things to keep in mind as you’re searching for the best security team.

Word of Mouth

The first place you should start in your search is with friends and family. Ask the people you trust if they have any experience with security teams or home safety systems. 

If the people you’re closest to don’t have any ideas about this, you can always utilize the internet. Good companies should have plenty of great reviews and recommendations online from other property managers.

Know Your State’s Requirements

After you have a few companies in mind, familiarize yourself with the licensing requirements in your area. It’s crucial to find out whether or not the security team you’re considering is up to date on certifications and can pass the legal requirements to operate in your state.

Size of the Company

While it might initially seem like a good idea to go with smaller security companies, this can sometimes be a bad idea. You might think smaller companies would be able to give you more focused attention, but most of them lack the resources and time to properly train their staff. This could leave your property more vulnerable.

Questions to Ask

Before signing any contract, there are some questions you need the answers to. Ask whether their staff receives drug screening, background checks, or continued training. You should also find out if the company is bonded and insured.

Start Your Search

Finding the right security team to look after your properties is essential. Keep the above points in mind when you’re searching for the best home security systems, and you’ll be in good shape to protect your investments.

Are you looking to invest in real estate and get started making money with property management? Get ahold of us today to begin your journey and find the perfect places to invest in.

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How to Find Tenants: What to Look For in an Application

find tenants

Did you know that there are over 114 million people currently renting in the US?

Having no tenants in your property can be a real issue due to loss of income. But, having bad tenants is far worse so it’s important to find the right people.

When you have great tenants who pay rent on time, keep the place tidy, and generally don’t cause a fuss, it makes life easy. That’s why you need to find tenants who do exactly that.

In this article, we’re going to share some tips on how to find the perfect tenants for your property.

Read on for more information.

Background Checks Are Key

Hopefully, this is something you’re already doing but if not, it’s a tactic you need to adopt.

In this day and age, it’s really easy to perform a background check and there are great tools out there to do it. Not only can you do a credit check on them, but you can also see their rental history. This gives you the chance to contact former landlords and ask about any issues they may have had.

A background check is the first thing you should do and will likely be enough to decide whether they suit your property.

Meet Them In Person

People can come across great over text messages or emails, but, if you really want to gauge who they are, then meet them first. This can be done by giving them a guided tour of the property.

Make sure the tour is in-depth and you take time at the end to have a decent chat. Try and get to know them and let them tell you why they’re a suitable tenant.

Speaking to people face to face makes it easier to find out who they are. You should be able to get a feeling rather quickly whether they’ll be a good fit or not.

You Should Look To Find a Long-Term Tenant

We don’t need to tell you that it’s more beneficial to look for a long-term tenant over short-term. Not only is it better financially, but it saves you starting this process all over again within months.

One way of gauging if they’ll be a long-term tenant is to look at their rental history. If they tend to stay in places a few years, then they’ll likely be ok.

When you meet them, ask about their job and any plans. You should also be honest and hope they’ll return the favor. If you want a tenant to stay at least 18 months, then mention it and analyze their reaction.

How To Find Tenants: Solved

We hope you have enjoyed reading our article and have learned a few new things on how to find tenants.

As you can see, there’s a variety of ways you can improve your tenant search. By adopting these strategies, you’ll hopefully find reliable, responsible tenants.

Looking to sell your property? Let us help by contacting us here.

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