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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.

investment

New User Questions

Expanding Your Business

As a property manager, you always have toooons of room to expand your business. But, the question is, how do you expand?

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Before anything, make sure you have a stable and organized property management business. Imagine if you have a house that doesn’t have a stable structure, do you think it’d be a good idea to expand it? Probably not. This same thing applies to business expansion. Without a stable facility, expansion isn’t in your best interest. Make sure your business is stable and that you have a good team, and good tenants.

A huge component in expanding your business lies within social media. A while back we talked about harnessing the power of social media for real estate, and as a property manager, the same tips are applicable to you. Using social media will give you followers beyond your tenants or direct business partners; it’ll let more people know what you have to offer and how they can get in on it. Maybe you can create a specific hashtag that your tenants can use to share your site across social media platforms, like Facebook, or Twitter.

Once you have maintained a strong and stable property management business, it may be time to physically expand your business by adding more properties. If you have the financial capacity to expand and have planned accordingly, look into similar properties that you can see as good investment options. Or, if you want to branch out of the property management route you’re currently taking (residential or commercial) and see what other kinds of properties would also work in your area. It’s really important to research the specific market that you’re working with and see what the needs are so that you can find a property that meets those needs.

 

New User Questions

Get Your Property Summer Ready

Whether you are new to the property management game or have been managing properties for years, a little help is always welcomed. The Tenant File property management software is an innovative program that helps to simplify your property management system. Although our rental property management software is very user friendly, we know that any new software can be daunting at first, so we provide industry leading support to help new users get started and comfortable with the program. Our property management expertise goes beyond just software know-how and we love to offer up advice whenever we can. So let’s talk seasonal maintenance…

It’s already June which means summer is upon us. If you haven’t already started summer maintenance tasks on your rental property, you should probably think about doing so. Completing these seasonal tasks as early as possible will ensure that summer is enjoyable for both you and your tenants. Here are some key tasks you want to be sure to check off the list this summer:

You may want to start inside the units and work your way out to the exterior. Make sure your tenants keep cool all summer long by scheduling cleaning and maintenance services for the air conditioning systems. It’s probably a good idea to leave behind some interior filters for the AC systems so your tenants can change those on a regular basis. For units with ceiling fans, tighten loose screws and adjust the direction of the fan blades to achieve optimal cooling. Finally, checking the windows and doors for air leaks, and sealing leaks if necessary, will ensure maximum energy efficiency.

When it comes to the exterior of your property there are plenty of preventative maintenance tasks that you can do every summer to keep your property in optimum physical condition, but we will just cover a few here. First, you’ll want to take a look around the outdoor walkways and paths. Fixing any damage or fractures will not only make the property more aesthetically appealing, it will also help to prevent possible injuries to tenants and guests. Next, you’ll want to inspect all the wood, wash the windows and clean the siding. Finally, cleaning and repairing the gutters is an important maintenance task that must be tackled regularly. Taking preventative measures like these to ensure that the outer surfaces and areas of your property are in the best condition possible could save you a lot of money in potential future repairs.

Here’s wishing you a relaxing, fun and sunny summer, from all of us here at Tenant File.

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.

New User Questions

What are YOU doing to make sure your tenant is taken care of?

As a property manager, you have a lot of different things to deal with on a daily basis. Because of this, it’s sometimes easy to lose sight of your tenants and their homes, and they may not be being taken care of as they should be. It’s your responsibility to ensure that your tenant is receiving the proper treatment and that any issues they have are taken care of. What can you do to ensure this?

work orderWell, one of the basic things you need to do is make sure that all of their maintenance and repairs are taken care. If your tenant comes to you with something that’s your responsibility to fix, don’t wait around for the problem to get bad and then handle it; take care of things as soon as they are brought to your attention. It may seem hard to keep track of so many things that you need to take care of, but we’ve got you covered. With Tenant File, we offer an optional Work Order Form feature (check it out here) that lets you keep track of work orders that your tenants have requested.

You can also send out a newsletter to your tenants! This may seem like a lot, but it’s not difficult to do and can save you tons of time in the long run. If you plan on being out of town, mention this in the newsletter so your tenants know to come to you before you leave. If a cold front is coming and there is a risk of pipes freezing, tell your tenants what precautions they should be taking. These kinds of things make all the difference and make your tenant feel that they’re truly being taken care of.

New User Questions

On To The Next One – Prepping Your Home

Prepping your home for your new tenant!

Your tenant has officially moved out and it’s time for you to prepare your property (and yourself) to find a new one. What do you need to do as far as the prepping process?

  1. Clean! Make sure your place is all cleaned up from your last tenant so that you’ll have a fresh canvas to work on.
  2. Paint. A fresh coat of paint makes all the difference in a room. Choose a standard color, maybe a beige shade, that will make the room look bigger and brighter.
  3. Take care of the floors. Once the painting in all done, make sure the floors are spotless. If the carpet has stains, get it steamed. If your wood floor looks dull, it may be time for a wax.
  4. Take pictures! You should take pictures of the home while it’s empty so you can document the exact state that you’ll be handing it over to your tenant in. You’ll end up taking pictures again when you’re staging, but these pictures won’t show the home completely empty.
  5. Staging. Staging is a very important step! Make sure your home looks awesome so that people will want to live there. We have some great staging tips here. Once your home is staged, take pictures so you can put it on the market.
  6. Listing. Having a good listing is one the biggest things that will affect your tenant search. Mention all the big things your home has to offer (pool, new kitchen, etc.) so that you can catch people’s attention.

These are pretty standpreppingard, but if you skip a step you may not be as successful in finding a tenant as you’d like.  Good luck!

 

Administrator, New User Questions

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!

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