Archive for the ‘Realty Investing Advice’ Category
Hard Money Loans for Real Estate Investors
Wednesday, March 30th, 2011 by adminFive Tactics For Rental Success
Tuesday, July 13th, 2010 by John DunnIf you are going to spend money advertising your rental property on rental websites there are five things you can practice to make it a success.
1. Set Realistic Rates – If you want your property to rent to someone, be optimistic; not greedy. Start by setting realistic rental rates for your property and ensure that the rates are correct on the site(s) and the ads you use. Do a comparable properties (”comps”) search in the same location as yours to make sure you’re not charging too much (or too little) and only charge a premium if your property has some distinct features. Also, don’t be afraid to discount your property on occasion, if needed, so it doesn’t sit vacant. Sometimes a lower price in rent can save you in higher insurance premiums.
2. Check E-mail Regularly – When using an Internet rental property website remember your users. They are typically Internet “savvy” and probably check their e-mails frequently…especially if they have requested some info, so follow up quickly. Also, be sure your phone number is listed because sometimes people choose to call you directly instead.
3. Respond Immediately – This goes for both long-term rentals, but in particularly vacation goers seeking properties. The faster you respond, the better chance (most of the time) you have of winning them over so they pick your location.
4. Make an Accurate and Complete Listing – In addition to posting your phone number (as mentioned above) be sure that your listing details are up-to-date and are complete. Also, be sure that it is an accurate description of your property and its amenities because it helps you gain repeat customers, but it will also keep you out of trouble with rental contracts or laws.
5. A Great Picture Speaks A Thousand Words – Remember, many renters (particularly vacation renters) are considering your rental based on your pictures and your words. The more pictures, the better.
If you use these rental tactics you’ll find you’ll be able to rent your property much faster and with far less headaches along the way.
Five Features to Look for In a Property Management Service
Monday, June 14th, 2010 by adminIf you’re thinking of using a property management service to handle your rentals there are five features to consider when choosing a service.
1. Excellent Customer Service – It’s not just about how they treat YOU, but also how they treat your renters. Before choosing someone, make sure they are able to provide testimonials from satisfied property owners. Ask those owners if their guests/renters received friendly rent collection, service maintenance and assistance with local utility and phone set-ups. That way you know they’re truly doing their job of ‘managing the property.’
2. Cleaning Management – Your property rental service should provide reliable cleaning management, particularly if you live too far away to handle cleaning or you simply lack the time. When you research their references ask those other owners if their home or apartment is always thoroughly cleaned between rentals.
3. Keys, Inventory, and/or Necessities – One of the luxuries of a property management company is they should handle local errands for your vacation rentals or apartments for rent. Some of these necessities include key holding, insurance, property tax and levies, building permits or licensing, bank account management, phone and utility set up and billing, etc. They should also handle inventory – keeping track of furniture and other valuables in your apartment each time a renter departs.
4. Building Refurbishing and/or Major Repairs – Even if THEY don’t do the building refurbishing or major repairs, it’s important that they know contractors who can. It’s important they have someone to turn to instead of making you searching hours for a dependable handyman.
5. Promoting Your Rental – Promotions are important since they increase your number of rentals and profits each year. A property rental service may handle your advertising in local, national and even international venues on their website or other advertising streams.
If you keep these features in mind as you search for a property management service, in the end you’ll have peace of mind knowing you’ve covered all the important factors of consideration.
How to Advertising Your Home
Monday, June 7th, 2010 by adminSometimes even the most beautiful and well-kept houses are still up for sale after a year or more. Why? Some might say it’s the sluggish market, but one big factor, that many people don’t consider, is the house advertising methods being used (or not used).
A house, no matter how beautiful or ideal, will not sell in any market if it is not properly advertised. So if you are doing everything by yourself, leave no stone left unturned. This doesn’t mean that you have to spend an entire fortune on house advertising alone. It means you just have to know which advertising methods will bring the maximum media benefit.
The easiest and most economical way is a “For Sale” sign in your yard. Another is putting up posters in areas that generate a high volume of foot traffic like supermarkets, the post office, etc. However, even placing several posters in key places most likely will not be enough to reach the right market.
Placing an on-line ad is another fast, easy and fairly economical way of marketing your home. For a small amount, your home (and some clear, enticing photos) can be uploaded for a specific amount of time for everyone to see. Unfortunately, you’ll attract a wide range of people and you need to sift through all the inquiries, many of which might be dead ends (meaning people who aren’t truly serious about your property).
Placing a home advertisement in a newspaper or a magazine may be old-fashioned, but it still works as one of the most effective ways to market your home. You just need an interesting description about your home, its features and amenities. Plus, at many publications, you have the option of putting in a photo to lure buyers in.
You should never limit yourself to just one form of advertising method and deciding which methods to use really depends on you and your budget.
But if time and money are big factors that stand in the way of selling your home then consider a Realtor. They have the power of the MLS, which goes out to thousands of Realtors nationwide. Yes, you need to pay a commission for the sale, but for many people the price is a bargain in the time and money it saves them.
