Category Archives: Administrator

Administrator

How will you manage?

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Should you be working with a property manager?

If you’re looking into real estate and rentals, hiring a property manager, or property management company, is definitely something you should consider. Property managers basically serve as the middlemen between you and your tenants, keeping up with rent, tenant issues, and maintaining the property.  Also, property manager can also work with you if you’re investing in commercial real estate!

Property managers are well equipped to deal with tenants and issues they may have so that you won’t have to. If this is your first real estate venture, you’re already going to have a lot of different duties as far as getting everything situated and ready; do you really want to figure out property management on top of that?! I don’t think so. If your tenant has a maintenance problem, your property manager can find and hire a contractor so that you don’t have to.  If a system for rent needs to be set up, it won’t be your duty, it’ll be something that the property manager handles. With a property manager, you won’t have to invest tons of your own time into your property; they’ll handle the work

Property managers also know all the rules and regulations that you must abide by, and what kind of protocol needs to be used. Their jobs are to manage properties, so they know what they’re doing.

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Administrator

Where should you invest?

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As someone looking into investing in residential real estate, you need to figure out what kind of properties will be most profitable. Typically, the choice lies  between single family homes, and apartments. Both offer different benefits and require different levels of investment so it’s important to do research on what will serve your market (and your budget) best.

With apartments, you definitely have lower cost-per-unit than if you were to buy multiple houses as investments.Even though your cost-per-unit is lower with apartments, the startup cost is much lower when you invest in single family homes. Buuuuut…if you invest in an apartment building, you really have no choice as to how many properties you’ll be managing, it’s pretty much all or nothing. With houses, you can pick the number of properties you want to invest in and go from there.

As far as managing the properties, there’s definitely more of a need for a property manager when you’re investing in apartments. With a house, or houses, it’s pretty much your responsibility to deal with the tenants and properties, because hiring a property manager is not a cheap deal if you’re only renting out a few houses. Now that we’re talking about dealing with tenants, you should recognize that those who rent single family homes are usually long-term tenants; those who rent apartments typically do not expect to stay there for an extended amount of time.

Basically, look at how much you’re planning on investing in start-up costs, and whether or not you want a property management company to work with or not, and go from there.

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Administrator

Should you be insured?

A couple of days ago we brought you some awesome tips for making your property hurricane safe, check them out here.  One of the things we touched on briefly was hurricane insurance. Hurricane insurance can come in handy if your property is located in an area where hurricanes are likely to hit, but it’s important to assess whether or not it’s right for you.

So, what exactly is hurricane insurance? 

Well, the deductible works a bit differently than it does with most other insurances. With hurricane insurance, the deductible is typically a percentage of the home’s cost (usually between 3 and 5 percent), but this will depend on your state and homeowner’s insurance policy. The state you’re in also determines the kind of coverage that you’ll get as far as hurricane insurance, because of the fact that not all states offer extensive hurricane coverage in homeowner’s insurance policies. Hurricane insurance will typically cover damage caused by wind and rain, not flooding.

Time to talk about flood insurance! Flood insurance can be useful if your property is in an area susceptible to hurricaneinsurances, and is also in a flood zone. There are different kinds of flood insurance you can get, depending on the type of property you manage. For commercial properties, look into building policies; building policies cover damage done to the structure of the building, like foundation and exterior, as well as some indoor things like paneling, air systems, and flooring. The coverage is usually up to $250,000. If you manage a personal property, a personal policy is better suited for you; a personal policy covers things like furniture, clothing, appliances, etc. Usually this covers up to $100,000.

So, now that you know a bit about the different kinds of insurance available to you, do some research and figure out what’s best for your property.

Administrator

Time of the (Hurricane) Season

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hurricaneWith hurricane season officially having started about  a week ago, it’s that time where having your property severe-storm ready is a must. As a homeowner, you have a big responsibility to make sure that your home is prepared for the upcoming severe weather; investing time and money into preparing your home can save you lots later on. Your tenant will also be happy knowing that you’re making a point to keep them safe.

Before the actual storm hits, be sure that all things that you have outdoors that have a risk of getting damaged, or flying away, are secured inside. If you have a shed, or something that can’t be picked up and moved inside, anchor it to the ground and make sure it’s locked. As far as windows or glass doors, make sure your property is protected! If shutters are too pricy, plywood is also a good way to board up any windows your home may have. You should also be sure to check your rain gutters and keep them clean so water can flow through easily and doesn’t accumulate.

If your property is in an area that usually gets hit pretty bad by hurricanes, you should definitely consider getting hurricane insurance. Just like other types of insurance there are different plans to choose from so it’s up to you to decide what kind of coverage is best for your home.

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Harnessing the Power of Social Media for Real Estate

It’s no secret that social media has come to be extremely embraced in many different facets of our lives. Because of social media, we hear news seconds after it happens, communicate with people from all over the world, and have endless ways to spread ideas. With all of this in mind, doesn’t it seem like you should be using social media to boost your real estate or property management business?

Social media is an awesome tool to get the word out about something to a lot of people at once. Social media is typically also free, so using it to your advantage has virtually no cost to you.  Another great thing about using social media is the variety and flexibility that you have available. There are all kinds of social media websites and applications, that allow you to share and spread loads of different content.

As a property manager or real estate agent, you can use social media in tons of ways. For starters, you should have social media accounts for your business and post from them regularly to generate traffic and have a follower base. If you have a property for sale osocial mediar for rent, post it on a social media site! Not only is this incredibly easy, but you also have the power to share it and have others share it as well. Maybe you’re trying to find a way to bring all your tenants together but you’re not really sure how…social media! You can create a post or event that will reach out to everyone at once.

Do some research about your target market and what the preferred form of social media is within that market, you’d be surprised at how far it’ll take you!

Administrator

Commercial vs Residential Real Estate – what should you invest in?

When considering to invest in real estate, you have to ask yourself: do I want to invest in commercial real estate or residential real estate?

investmentBoth commercial and residential real estate have their ups and their downs, it’s just about figuring out which one is more appealing for your situation. As far as timing, commercial real estate may be more time consuming in your search for a tenant. Residential real estate is a more stable market and easier to find a tenant for in the long run. If you have the time and really want to focus on growth rather than stability, commercial real estate offers significant room for growth because of the fact that commercial leases tend to run longer than residential leases.

Now, something that you need to consider is how both investments are valued. Residential properties are way easier to value than commercial properties and also allow for relative comparison. Comparing houses in the real estate market is not a difficult task, whereas comparing commercial properties is. Commercial properties are difficult to value, so if you’re looking to make a specific investment to reach an exact future value, consider this. If you’re looking to make a large investment that you know will pay off, definitely consider investing in commercial real estate.

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A Community Within a Community

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As a property manager, it’s your job to ensure that your residents feel happy and at home where they’re living. For a lot of people, this sense of “home” is largely based on how integrated they feel within the community. Depending on your property and residents, there are a few different ways you can foster this community feeling within your property.

If you have a property with a lot of units, and therefore a lot of residents, your residents may feel that they don’t know all the people living among them. To fix this, you can hold social events for  residents to come together. You can have different dinners and barbecues for holidays and events throughout the year. A potluck would be a great way to bring all your residents together and have them all contribute to the night, giving it a more personal feel.

Another really great way to give your property a community feel is by having communal areas for your residents. If possible, you can have a community pool and sports areas where your residents can come together in their spare time. If a lot of your residents have kids, you can have child play areas and a playground for both the parents and kids of your community to come together. For properties with a lot of college students (or even millennials!), you can make work areas where residents can study, print, or just use the computer. You can even use this communal area to hold viewing parties for a big TV premier or awards show.

If your residents feel as though they’re truly part of the community within your property, they’ll feel more at home and more comfortable living there.

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It’s all about the listing!

The listing of your property is one of the most important factors in getting people interested and drawing them in. Whether you’re a real estate agent, property manager, or just someone looking to rent out your home, you need to make sure you have a good listing that accurately represents your property.

Be sure to mention things that will draw people in, like a swimming pool or fireplace; these are things that aren’t common among all homes, so they make yours stand out. It’s also very important to use good language when writing up your listing. Writing “beautiful kitchen with granite counter tops and island perfect for entertaining” sounds significantly more appealing than just writing “granite counter tops and island in kitchen”. 

 

Be specific in your listing! Putting all the necessary information saves you the hassle of dealing with tons of phone calls from people who have to ask you things about your listing, and also makes it easier for potential tenants to know what to expect when they look at your property. Be clear about the number of rooms and bathrooms, as well as things like the square footage of your home; make sure you have the details that you know people will want to know.

Pictures are also a huge part of the listing, don’t think that because your wrote a detailed description you can omit the visuals. Make sure you have pictures that look good and “flatter” your property. The pictures shouldn’t be too edited otherwise they don’t really give an accurate image of your property and can be misleading to people once they go see it.

You want your listing to make people say “WOW! Now this is something I need to check out!”, so be sure that you this is what you’re conveying!