Latest Updates: real estate RSS

  • Prospecting For Tenants For Your Home

    Tina Stevens 9:42 am on August 17, 2009 | 0 Permalink
    Tags: , , , madera property management, , real estate

    by Tina Stevens

    Owners often come to me when they have problems finding a tenant for their home. The problem is not always a soft market. Sometimes, the problem is what I like to call the “first impression”.

    First impressions are not just important when dating, or going for a job interview. First impressions are important for a variety of activities including finding a tenant for your rental home.

    First impressions are so important when it comes to showing your rental home to a prospect.

    If your rental home was the only one on the market, then the first impression would not be so important. But the reality is that the prospective renter has many options available. You are in a competition with other owners for the best renters in your area. Therefore, you must make an excellent first impression and beat out your competitors.

    A professional attitude is what you need. A professional attitude make a great first impression because it says to your prospect that you will be able to meet their needs in a professional manner when a problem arises. But it is more than that. A professional first impression says that you are competent at what you are doing. This kind of professional attitude is what most property management companies have over owners who manage their own property.

    You need to return your prospect’s call as fast as you can. This is one of the worst mistakes self managing owners can make. The first thing your potential tenant thinks when they can’t reach you is how are you going to fix maintenance problems if you never return your phone calls. Your potential tenant wants to feel like you think he is important. He wants a red phone line straight to you. He wants to be able to reach you on a moments notice. A good prospect will only call once before throwing your phone number away and moving on to one of your competitors.

    Your paperwork always needs to be carried with you. You need to be ready to strike when the iron is hot. How sad it is to deliver a great sales pitch and when your prospect wants to fill out your rental application you tell her, “Opps. I did not bring the rental application with me. I don’t know where it is. I will call you back later when I find it.” What usually happens is that you will call your prospect back a few hours later but she will never call you back. She has crossed your house off her list and has moved on to the next rental house.

    The first impression is key. Always call potential tenants back as quickly as possible. When you give a tour of your rental house, let your professional attitude show. You should wear professional clothing. You should have everything in order. Remember to bring your rental contract and rental application with you to the showing.

    About the Author:
    I hope you find this article helpful in renting out your home. If you should require additional assistance with renting out your house in the Madera California area, go to Madera property management

     

  • Absolving Investment Property Managerial Woes

    Layla Vanderbilt 9:20 am on August 17, 2009 | 0 Permalink
    Tags: , , , , , real estate, real estate management, , rental management,

    by Layla Vanderbilt

    Managing investment property is not simple. You worry concerning the maintenance, and receiving rent payments. The broken appliances happen at odd hours and solving occupant complaints takes up valuable time. It takes additional of their time and currency to maintain. Unluckily, investors quick become weighed behind as the investment maintenance is additional work than predictable. The solution for a lot of investors, then, is to hire a reputable property management company to take above managing the property.

    An excellent property management company frees the investor?s time and keeps excellent records and maintenance in the property. Hiring a company to manage the property will modernize your business if they present the services you need at an approved upon cost. So, what should you consider if you are interested in hiring a manager for your property?

    One important fact you want to know is how much the company fees are. The national average is around 4 percent on the income from a large rental property, while single homes are often over 12 percent. Be aware of the fees charged, the necessary cost schedule and what services are included before you sign an agreement and exchange some cash. Do they deduct their cost from the monthly rent collected? Spend several times finding out how they deal with additional expenses as fine. Will they send invoices to you to be paid and other expenses in their fee?

    Request them concerning additional properties they have managed. Get the addresses of a couple and check them out. Drive by them to see the type of outside work they do. The management you hire should be recognizable with the type of investment you own. In more words, a manager educated in apartment buildings probably wouldn?t be an excellent match for a single family home property.

    Good communication is good business, so speak with the person who will actually be dealing with the property. Poor communication early in the business relationship can lead to hassles in the future. Be sure to get references from the company’s previous clients. The property management company also deals with advertising, so take a look at their previous advertising work and ask about advertising costs. Costs will differ between newspapers, television and the internet. Ask about a website, and check out its ease of use and if a prospective tenant can apply online.

    Some property management companies hire contractors for work such as landscape, repair and preparing vacancies. Be sure to find out whether or not they cover these needs and how quickly they can cover them. Time is valuable, so their speed and efficiency is important to consider. Tenants may find themselves in an emergency at any time of the day, so find out the hours that the property management company is available. Location relative to the investment property is also important, so find out how far the management office is from the investment property. Some offices are located within a commercial building. How quickly the company can respond to complaints is important in terms of keeping tenants, so find a company that is located close to the investment property.

    A life of an investor can be very busy, and hiring a property management company can streamline the investor’s business. The work that a property management company handles can be more than what an investor can handle. With the property managed, the owner can look into other investments. Just be sure to do your research before hiring so you can guarantee quality work.

    About the Author:
    Layla Vanderbilt is the content coordinator for a leading property management solution review website which connects people with the leading property management tools.

     

  • Key Things to Consider When Buying Your First Home

    Michael Marrs 9:53 am on August 12, 2009 | 0 Permalink
    Tags: , home buying, real estate, real estate - buying/selling, , , , real estate-housing

    by Alexandria P. Anderson

    Once you have made your decision to buy a home and stop renting, you’ll need a strategy to get started on your search. The secret in searching for the perfect home lies in your ability to identify exactly what you want out of a home.

    Many first time home buyers feel overwhelmed and frustrated by the homebuying process simply because there are too many decisions to make. How do you decide on the best location? What if the home isn’t in the best move-in condition? Can you afford to be so far away from work? Making sure you’ve asked yourself the right questions and creating a ‘wishlist’ for your ideal home will make the home buying process much easier, and also help you get over many of the challenges involved in finding that perfect home. Start creating your wishlist with the following essential questions and considerations in mind:

    1. What are the amenities you are looking for? Ask yourself if you want a fireplace, swimming pool, a garden, etc. Create a basic criteria of amenities you would want in your home to narrow down your options. If a home doesn’t meet your amenities criteria, simply say no to it and move on to the next one.

    2. Specify where you want to be located. The home’s location is one of the most significant factors when considering different homes, according to author Ilyce Glink of ‘100 Questions Every First-Time Home Buyer Should Ask’. Your location will determine how far you’ll live in relation to family and friends, your kid’s school, your work, and shopping areas. Location also determines the time you’ll spend traveling each day. Ask yourself if your home and location justify your travel time each day.

    3. How big do you want your home to be? The size of your home will largely depend on your family’s needs. If you expect your family to grow in the near future, you may want to buy a bigger space to accommodate your family for the next three to five years.

    4. Do you want to buy a home that needs renovation? Are you willing to put in the time, effort and finances to renovate a home? How much are you willing to invest on repairs and modifications? Create a standard concerning renovations so you can remove certain homes from your search.

    5. Will safety and security be an issue for you? If you have small children or are living alone, safety and security may be a top priority. Ask yourself what you will need in order to feel safe in the new neighborhood so you can eliminate homes that don’t meet the criteria.

    Being specific about your home buying criteria will help you save time in searching for your home. It will also make your stay in your new home more enjoyable because your new home would match your needs and wants.

    About the Author:
    About the Author: Alexandria P. Anderson is a Twin Cities real estate agent that helps people to find and purchase homes in the twin cities of Minneapolis and St. Paul, Minnesota.

     

  • Seven Steps Away From Credit Repair

    Richard Smicci 4:25 pm on August 10, 2009 | 0 Permalink
    Tags: , credit help, , , loan modification, , , , , real estate

    by Alice Whinnepeg

    When you see those advertisements that say you can fix your own credit it’s understandable that you’re skeptical, but there is some small grains of truth to them – there are some things that you can do to make your credit better on your own. That will help you raise your credit score and will work to your advantage when you try to get a loan in the future, but you have to be willing to put in the work. Step one is to know what’s on your credit report and why it’s there, because it’s pretty hard to fix something or improve upon it if you don’t have any starting point for it.

    Step two is to take a careful look at all three of your credit reports – you should have one from Equifax, TransUnion, and Experian – and see if they match up or if there are some different things on some of them that are not on the others. A discrepancy could mean that some of your credit information was incorrectly reported or that some of the information on your report isn’t even yours, and that could be hurting your credit score. Contacting the credit bureaus and asking that these things be removed is what you should do, and they have to remove the items if they cannot absolutely prove that they are yours, after which they’ll send you a new credit report so you can see that the correction has been made.

    Step three involves how many active credit accounts you really have, since having a good credit score requires at least three active accounts. When someone only has one or two accounts, especially if those accounts are only credit cards and not longer-standing accounts like vehicle loans or mortgages, it doesn’t show a strong history of being able to handle credit properly. You can get more accounts if you don’t have enough to have a great credit rating, but you should be careful doing that, since getting too many accounts too quickly can harm your credit – and that’s especially true if those accounts are just credit cards.

    Step four is finding someone that you trust and asking that person to add you to their credit cards – but there’s a catch to this. You won’t actually get a card or be allowed to use it, but you will be added as an authorized user, effectively giving the length and quality of their credit on that card over to your credit report, as well. However, don’t try this with someone who hasn’t had the card very long or who hasn’t been paying it on time, or their bad credit will be attached to your credit report, and you definitely don’t want that.

    In step five, you have to start paying down your debt, because having high balances on things will really hurt you in the long run – it makes you look irresponsible. Your credit card debt, for example, should be no more than 30% of the amount that you’re actually allowed to borrow on your credit cards, but even if you can’t get them to that point work to get them down below 50% of the available credit. Having balances that are low and that stay low means that your lenders will see that you’re taking good care of the credit you’ve been offered, so you’ll have a better chance of getting even more credit.

    Step six is to not close out your credit accounts just because you’ve paid them off, since open, properly-paid accounts help to build good credit. If you close them out and get rid of them you’ll find that your credit score might actually drop off a bit because you aren’t able to get any more ‘good credit points’ from those companies anymore. There are some accounts, though, that will automatically close when paid, like car loans and mortgages – but leave those newly-paid-off credit cards open.

    The easiest step in number seven, in which you maintain what you’re doing and pay all of your bills on time so that your credit score can stay as high as possible. Once you get rid of your old debt make sure you don’t start adding up a bunch of new debt, and keep your credit score high so you can get credit for something when you actually need it. If you don’t overextend yourself and you only use credit when you need it, you’ll have a better chance of a great credit score and the opportunity for lower-interest loans.

    About the Author:
    Looking for help with loan modification? loanmodsoftware.org

     

  • Idaho Real Estate: Best Investment?

    Ben Janke 1:20 pm on August 10, 2009 | 0 Permalink
    Tags: boise id real estate, boise idaho real estate, , , real estate

    by Ben Janke

    As a good common pattern, homes go up in value about 4 or five percent a year. Some yrs will be greater, some less like the trend we are currently in. The figure will vary from neighborhood to neighborhood, and region to region. In the Boise real estate market, and all over, this trend will come back.

    Five percent may not seem like very much at first. Stocks (at times) appreciate much more, and you could easily increase over the same return with a very sound investment in treasury bills or bonds. But take a 2nd glance

    Presumably, if you bought a $200,000 house, you did not give cash for the home. You got a mortgage, too. Suppose you put as much as twenty pct down ” that would be an investment of $40,000.

    At an appreciation rate of 5 percent per annum, a 200k home would step-up in value 10k during the 1st year. That implies you earned 10k with an investment of 40k. Your annual “return on investment” would be a whopping twenty-five percent.

    Of course, you are making mortgage payments and paying prop taxes, along with a few of other costs. However, since the interest on your mortgage and your property taxes are both tax allowable, the government is fundamentally subsidizing your home purchase.

    Your rate of return when purchasing a house is better than most any other investment you can make in the long haul.

    For example, assume your initial loan balance is 150k with an interest rate of eight pct. During the first year you would pay $9969.27 in interest. If your 1st payment is January first, your taxable income would be almost 10k less ” due to the IRS interest value tax write-off.

    Property taxes are deductible, also. Whatever property taxes you pay in a passed year may also be subtracted from your complete income, depressing your tax responsibility.

    When you rent a place to live, you can sure enough expect your rent to step-up every year ” or even more frequently. If you get a fixed rate mortgage when you buy a house, you have the same annual payment amount for thirty years. Even if you get an flexible rate mortgage, your payment will stay within a particular range for the whole lifespan of the mortgage ” and interest rates arent as fluid now as they were in the late 70 and early 1980s.

    Some people are simply lousy at saving money, and a house is an automated savings account. You compile savings in 2 ways. Every Last calendar month, a percentage of your payment goes toward the principal. Admittedly, in the earlier years of the mortgage, this is not much. Over time, however, it accelerates.

    About the Author:
    When you are looking to sell or purchase a new home, visit us at VizionsRealEstate.com here boise real estate and search for all active Boise area listings at boise idaho real estate

     

  • Is Half Off a New York Skyscraper a True Deal?

    Allen Cymrot 11:37 am on August 10, 2009 | 0 Permalink
    Tags: , capitalization rates, , , real estate,

    by Allen Cymrot

    With the current condition of real estate, people have grown used to seeing significant drops in sales prices, but it was still shocking to hear that a New York City high-rise, originally priced at $1.74 billion, sold for approximately $600 million. Further reports stated that a mere 50% of the 1.6 million square feet of rentable space was inhabited, which may account for the substantial reduction in price.

    From the information provided by the media, one would conclude the new buyer stole the property. After all, the property was purchased at a 65% discount from its previous purchase price only 2.5 years ago. For the naive, the story would end there and open the door to believing they found the deal of the century. Before running out to buy the next property at a discount to its previous purchase price, or giving money to a proclaimed bottom-feeder buyer, let’s look at all the facts.

    Rent prices are dropping and unoccupied units are becoming more difficult to fill. This holds true across the country, even in New York, so the fact that the building has only half of its rental space occupied means that the property is not producing a profit. Many believe that buying real estate outright will guarantee revenue generation, but in this case the expenses are greater than the income. A business that is failing is a poor investment regardless of how good the sale price appears.

    The overarching question is: What do the new owners need to do to convert their failing office building business into a successful one? The obvious goal is to increase the percentage of leased space from 50% to 95%. Not impossible, but very difficult. Following are some realistic scenarios. Increasing occupancy in 10% increments per annum means it will take five years to get there. To accomplish this, the buyer needs to be prepared to spend a significant amount of capital. These costs will include tenant improvements (TIs), leasing commission, and negative cash flow.

    In these circumstances the tenant typically requires agreed upon improvements before signing the lease agreement. In a market such as this, renters can request more because the owner is pressed to fill the space. In New York City the average cost of updating a space is $125 for each square foot, in this case resulting in a $45 million expense based on the 360,000 square feet of empty space.

    Not only do costs attributed to remodels and maintenance take a financial toll, but there are also certain fees and commissions associated with rental space. Agents charge fees of 5% to 6% of the lease amount to locate renters for the property. This fee must be paid up front. So at a 5% commission rate, the investor will pay about $3 million on a three-year lease at $50 per square foot.

    Interestingly enough, this investment may have a positive outcome for individuals involved in the transaction, such as the recipient of the fees for insurance, management, and oversight. As for the investor, if concessions do not have a negative impact and the market takes a turn for the better, in five years time the property has the potential of growing to $750 million at a 6% capitalization rate. All that is left for the buyer to do is weigh the options and determine the best course of action.

    About the Author:
    Allen Cymrot is a seasoned investor and strategy consultant for real estate investment. His investment strategies and recommendations for capitalization rates can be found at http://www.netgainrealestate.com Get a totally unique version of this article from our article submission service

     

  • Houston Foreclosures And Lawmakers

    Moises DaSilva 8:43 am on August 10, 2009 | 0 Permalink
    Tags: , , foreclosure listings, , home listings, , , real estate

    by Moises DaSilva

    Capitol Hill Lawmakers has recently passed a bill to assist families with avoiding Houston foreclosures. The bill will allow homeowners to refinance their current loans and re-mortgage the loans to other loans that are backed by the government. Some of the homeowners in Houston are currently taking the steps to prevent their property from becoming another of Houstons long list of foreclosed property.

    It is a sensible step for homeowners, since the economy is uncertain. With the economy, the way it is and the interest rates, fallen people are looking every day for Houston foreclosures. Some people however are renting some of their living space to others to save their home. Despite of the efforts the economy is suffering and the debt market rates are increasing, which is making it difficult for homeowners to repay their mortgage.

    Our economy is suffering dramatically because of the greed that is surfacing. Bills are increasing, which is making it difficult for people to stay erect. Thus, people in Houston have to rent some of their living space just to make ends meet.

    Nationally, people are renting some of their living quarters as well just to make ends meet and to avoid going on the foreclosure list. Some homeowners however do not have the option to rent space. Some of the newer areas will not allow homeowners to rent to others, since the deed they had signed prohibited this option. What do these people do to avoid foreclosure?

    Many of them lose their homes because their options are limited, which is why we see a long list of foreclosed property in Houston. Houston is located at the southeastern parts of Texas and it is the seat of Harris County. It is located at the head of the Houston Ship Channel, which links the city to the Gulf of Mexico. The inland seaports are where the chief financial, manufacturing centers and distribution is seated for the United States. Texas was one of the largest cities in Texas and the fourth largest in the United States. People believe that everything is big in Texas so they migrate there to enjoy the new style of living. With cowboys and girls, they join. If you are looking Houston foreclosures now is the time to get started. Buying homes for 20 to 40 percent at discounted prices is no big thing in Houston Texas.

    About the Author:
    Before you buy houston foreclosures, make sure you check foreclosuredatabank.com.Their online foreclosure listings includes thousands of quality Houston Bank Foreclosures

     

  • How To Take Care Of Your Rental Home As A Landlord

    Britnee Nguyen 3:47 pm on August 8, 2009 | 0 Permalink
    Tags: , , , , , , , , , , real estate, , , , , , , , , ,

    by Britnee Nguyen

    You may be a first-time landlord and not sure of how you should be handling or managing your rental homes in Utah. Many turn to Utah property management companies such as KeyRenterto manage and take care of the rental home. There are some things you can yourself to keep your home in good shape.

    Before homes for rent in Utah are occupied, there is a routine maintenance check done around the house. KeyRenter has a 24/7 maintenance crew that can help check for any issues.

    Make sure the entire home is clean; this includes wiping down windows and cabinets, and drawers. Check that the appliances work properly in the kitchen and bathroom as well.

    Make your home look nice and well-kept by re-painting the walls if you desire. Also, be sure to take pictures with a digital camera of all the rooms in the house. That way you will be able to see if any damage is done after a tenant moves out. You’ll be able to fairly take out of their security deposit the amount you’ll need to fix the damages.

    While the property is rented, continue to fulfill any requests of the tenant of any repairs. You are allowed to inspections during the rental time, but you must give the tenant advanced notice before entering into the home. Don’t be negligent when tenants are in your home, you can still keep your property well-maintained.

    After a tenant moves out, you can check to see if any damage was done and then get it ready for the next tenants who are moving it. If there is no damage, return the security deposit in full to the tenants. If there is damage that would cost more than the security deposit, you can request this additional money from the tenants.

    About the Author:
    KeyRenter assists hundreds of Utah homeowners rent out their homes. As a Utah property management company, KeyRenter handles leasing, management, and accounting for Utah rental homes.

     

  • Managing Your Utah Rental Homes

    Britnee Nguyen 2:05 pm on August 8, 2009 | 0 Permalink
    Tags: , , , , , , , , real estate, , , , , , , , , ,

    by Britnee Nguyen

    If you own multiple properties in Utah and have decided to rent out your homes, be sure to know how to manage your Utah rental homes. You have the choice to do it yourself or to team up with a Utah property management company like KeyRenter to manage all your rental homes in Utah.

    If you decide managing all you rental homes in Utah is too much, consider looking for a Utah rental property company. KeyRenter has helped hundreds of homeowners manage their homes and can help you save time and money letting them handle your multiple properties.

    Advertise your rental homes through yard signs, ads in the newspaper and local magazine, and internet websites. Keyrenter.com can provide all of this for the homeowner as well as a lockbox. Answer phone calls from prospective tenants and set up a time to meet with them to show them the rental home. Keyrenter.com can set these up for you or can use the lockbox to let potential applicants roam the house by themselves when they are told the code to a lockbox.

    Give applications to those who want to fill one out and are interested in your rental home. Ask for references and ask if you can run a credit check on them. Keyrenter.com does a full 12-point residential screening on applicants. Evaluate applicants to find the best tenant.

    Fill out the contract with the new tenant so all responsibilities are understood. During the length of stay make sure you and the tenant adhere to the contract. Take pictures of the rooms before the tenant moves in so the original condition of the place is known.

    Have an organized way of filing your rental payments and security deposit and any other fees. When your tenant moves out, do an inspection of the property to see if there is any damage that needs to be paid for. You can use the pictures you took to compare to the property. If there is, take it out of the security deposit. Any leftover money is returned to the tenant. Be sure your property has fire, theft, liability, and other insurance for your Utah rental homes before the tenant moves in.

    About the Author:
    KeyRenter assists hundreds of Utah homeowners rent out their homes. As a Utah property management company, KeyRenter handles leasing, management, and accounting for Utah rental homes.

     

  • Getting Your Rental Security Deposit Back

    Britnee Nguyen 1:54 pm on August 8, 2009 | 0 Permalink
    Tags: , , , , , , , , , , real estate, , , , , , , , , ,

    by Britnee Nguyen

    When moving into Utah rental homes, many landlords ask for a security deposit along with the first month’s rent. The security deposit is usually around as the same amount as your monthly rent. They ask for a security deposit is to secure money aside for the landlord if anything is damaged or needs to be repaired due to the tenant’s use.

    This doesn’t include if an appliance or fixture breaks because of age or other reasons. But if the tenant ruins something such as dirtying carpet, they can get money deducted from their deposit. Utah property management like KeyRenter also ask for security deposits for the same reasons. Make the most of your deposit and do certain things to keep your house clean to get your security deposit back.

    Do a run through with the landlord or Utah property management like KeyRenter to document what parts of the house may already be damaged so you won’t be blamed for it after you move out. Take pictures and make a list of what things are already damaged and have a witness sign it as well as the landlord.

    Consistently do quick daily cleanings of the rental home. This includes the bathroom sink, tub, and toilet and kitchen appliances like the fridge and stove. This will make it easier when you move out because there won’t be dirt or grime built up from your time there.

    When you move out, refer back to the list you made at the beginning and compare the condition of the apartment to what was listed on the document. That way you personally know what has changed in the condition of the rental home.

    Arrange for a tour of the rental home after you move out to show the landlord or Utah property management what the home looks like. If there are any disputes, be sure to negotiate or work it out immediately instead of drawing it out and burning bridges.

    After you’ve cleaned up and given a tour with the landlord, ask for your security deposit. They might give it to you on the spot or mail it to you later. If you don’t receive it in a few weeks, write a formal letter asking for your deposit back. If for some reason, the homeowner still doesn’t give it to you when you deserve it, you’ll have all the documents and pictures to prove the homeowner is in the wrong.

    About the Author:
    KeyRenter assists hundreds of Utah homeowners rent out their homes. As a Utah property management company, KeyRenter handles leasing, management, and accounting for Utah rental homes.

     

Older Posts →

c
compose new post
j
next post/next comment
k
previous post/previous comment
r
reply
e
edit
o
show/hide comments
t
go to top
esc
cancel