Ask not what a property managers fees are, but if they are worth it. There are cheap property managers that give cheap service, so don’t be mislead by discounted fees. A key thing to understand about property managers is that their prices are ultimately driven and determined by their value.
When you have a #vacant #rental property, it costs you money each day it sits empty, so it’s important to reduce time between tenants to a bare minimum. Filling a unit with qualified tenants takes more than just putting up a for rent sign in the yard. #BevRobertsRentals is the key to minimizing the time that your rental sits empty. We act quickly and effectively in marketing and attracting prospective tenants who are ready to sign a lease agreement—all without putting your cash flow at further risk.
Happy National Peanut Butter Day! 🥜
Leasing is like Peanut Butter…
it can be Smooth or Nuts.
Call Bev Roberts Rentals for assistance! (919) 306-5665
The added income from a rental property can look very appealing to a young entrepreneur or someone seeking assistance with property payments. A first-time landlord should be acutely aware of the broad spectrum of duties expected from a rental property owner.
Tenant expectations are just as important as the expectations held by local and federal law. Renting out a property is not as simple as collecting money once a month. Here are a few important things every new landlord should know before leasing their first property.
Understand tax laws for property owners
Tax law may be a bit stale, but it is crucial for property owners to understand if they are looking to make money in an entirely legal manner. Take the time to do the proper research before investing time and money into property rental.
There are several opportunities to regain investment funds as well. Tax deductions are the brighter side of the business. Interest, repairs, and regular maintenance costs are all qualified tax deductions. Interest on property loans, mortgage loans, or credit card debts pertaining to the rental property can add up to a significant sum by the year’s end.
Know landlord rights and limitations
Every set of state laws is different. It is important that every new landlord knows their rights before renting their first property. Also, a property lease is a substantial agreement, but the landlord has the legal right to augment that contract at any time with the signature of the current tenant.
Above all, a landlord has the right to get paid in a timely manner. Owners have the right to determine the length of a tenant’s stay, and to legally evict those that do not pay their rent within an agreed upon time.
Know tenant rights and limitations
Tenants are also equipped with rights to protect their best interests. Tenants have the right to a certain amount of privacy. A landlord must notify the tenant 24 hours in advance before entering the property. The tenant also has the right to a safe and proper environment.
The landlord is responsible for making sure the home complies with local and federal housing codes. Also, tenants have the right to the best interests of their security deposit. Some states require the landlord to keep the funds in an interest-bearing account for the length of the lease, so it is best to stay up to date on local laws.
Screen for reliable tenants
It is important that a new landlord has a thorough screening system for potential tenants. Background checks are the best resource available to property owners for screening interested renters. They will provide valuable information on the potential client’s rental history.
It is best to make contact with a minimum of three credible references after initially meeting the clients. If it is a long distance rental relationship, then there are other agencies that will assist landlords with the process of tenant screening, like the National Tenant Network.
Decide what type of relationship is best
Before ever renting the first piece of property, a landlord must first decide what kind of relationship will be most suitable for doing business. Some property owners do very well building a friendship or partnership with their tenants. Some property owners are better landlords when they communicate in strictly business terms.
The nature of the newly formed tenant-landlord relationship should be clearly conveyed prior to signing a lease. Painting walls and changing fixtures are not always in the best interest of the owner and should be discussed before the property is rented to the prospective tenant.
#BevRobertsRentals turns the traditional perception of #PropertyManagement upside down. They have set forth procedures that streamline day-to-day operations to help maximize the bottom line. Their complete, full service property management system is based upon 25-plus years of experience in the business.
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There’s an old saying, “Good, Fast, or Cheap – Pick Any Two”. The concept is simple. Choose two of the three options: good, fast or cheap. You can’t have all three. If you want something fast and cheap, it’s not going to be good. If you want something good and cheap, it’s not going to be fast. If you want something good and fast, it’s not going to be cheap. There are certainly exceptions to this rule, but for the most part we’ve found this to be fairly accurate.
It really doesn’t matter what line of business you’re in, customers all want their product done good, fast and cheap; however, it is impossible to create work in this manner. It just does not work that way.
Property management companies are not all created equal: They don’t cost the same, they don’t deliver the same quality of service, and they don’t provide their services at the same speed. So why do landlords choose to evaluate property management firms solely on how much they cost? When the success of your investment property, worth hundreds of thousands of dollars, is at stake, why choose a “cheap” property management option?
Too often, the “cheap” property management option comes with many gaps, when compared to a more reputable and marginally higher-priced firm — gaps related to cost, quality and promptness. You wouldn’t expect steak and lobster at a fast food restaurant, just as you shouldn’t expect first-class management from a “cheap” property manager.