Property Management - Choosing Proper Materials For Rental Property
There are a million ways to manage property. Providence property management is similar to property management in New York, Los Angeles or Chicago. Many cities face challenges in property management, Providence, Baltimore, and Richmond being no exceptions. One of the main challenges in property management is keeping the property in good condition. There are two basic strategies for maintaining property integrity. First is careful selection of the occupants. Second is the selection of materials that go into a property.
Choosing occupants is a risky business and dangerous business. Often the owners of the property come with their own ingrained beliefs as to who might make a good tenant. These are often based in stereotypes and prejudices. It is important to avoid selecting tenants on the basis of any preconceived idea as to who might make a better tenant. Well meaning owners or managers could easily violate the fair housing act by profiling perspective tenants. Decisions should be made on occupancy rates and property use issues. While there are many ways to decide which tenant to choose, these are often fraught with either intangibles or purely clinical information such as credit score. Whole clinics exist to navigate the legalities and uncertainties of tenant selection.
The materials used in a property offer a more concrete, (pun intended) way of managing a properties integrity. There are two basic schools of thought in property maintenance. The first school of thought is to use inexpensive materials because if these get destroyed they are less expensive to replace. The other school of thought is to use more durable materials. Using flooring as an example, these choices can be better illustrated.
If a kitchen is covered in a cheap glue-down linoleum there may be an immediate savings of several hundred dollars. This is a material that can be quickly replaced when it gets worn out. Typically these products come with a 5 year warranty, which is a good way of estimating its life span. While this may seem cost effective, it could mean frequent replacement and it is often less appealing, both visually and physically, as it tends to be thinner and harder on the feet. Moving up to a thicker more durable and more expensive linoleum can be economical in that in lasts longer and endures more abuse. Moving into laminate or even engineered wood is a more expensive proposition, but these are also durable options and bring value to properties that call result in higher rents.
Most commercial or rental properties require a fine balance between inexpensive building materials, durable construction materials, and esthetically pleasing materials. It is important to approach materials with the concept of cost per year and increased return. More expensive materials can often pay for themselves in durability and increased value. The function of the property is essential to determining these choices as well. A rental for financially secure young families might use different materials then a rental for transient college students. The approach to materials requires some foresight and consideration of use and market value.
Connor R. Sullivan recently met with an expert in property management Providence area to help him find office space in the area. He found a great office with the help of a Providence property management company.
Article Source: http://EzineArticles.com/?expert=Connor_R_Sullivan
Monday, 22 March 2010
Friday, 19 March 2010
Problem Tenants Create Headaches For Landlords
Even though problem tenants may not be widespread in the business, it is very likely that every landlord will at some time rent a home to one. Now you could possibly be thinking this could never happen to you thanks to thorough background and reference checks that you complete for every would-be tenant. Be forewarned, if you plan to keep on owning rental property for any length of time, you will likely have to deal with a problem tenant eventually.
Landlords Have Choices When Tenants Violate the Lease
The offenses of problem tenants encompass everything from noisy parties to drug dealing. They sometimes destroy property or chronically pay late. How a landlord handles problem tenants will depend entirely on how often a tenant causes problems and the degree of the problem. A tenant who plays loud music or leaves garbage outside the unit should be handled differently than someone who is running a criminal operation such as drug dealing from their rental home. Tenants who commit minor offenses may respond to a notice and suppress their offensive behavior, which would save you time and money. Nevertheless, make sure that you keep comprehensive records of the complaints against tenants and any notices you send. If the lease violations continue or escalate, such records will help your case for eviction if you have to take it to court.
Landlords have other choices for handling tenants who cause minor problems without starting the eviction process. If notices have not been responded to and the renter continues to break the rules of the lease, you can attempt negotiation on your own or with a mediator. If you are frustrated with that tenant and you want them to move out of your rental home without having to officially evict them, it is possible that third party that they trust can save you the expense of an eviction by advising them to leave.
Nevertheless, serious problems can not be handled through notices or arbitration. Get in touch with the police if you suspect that a tenant participates in illegal activities. You will still be required to evict those lessees, even if they are convicted of a crime, since the police can not force them to quit the premises.
Act Cautiously if You Think that Tenants Have Abandoned Your Rental Home
Landlords cannot construe that lessees have abandoned rental properties without checking to make sure. You have to have reasonable proof of abandonment before removing renter's possessions. Measures you can take include questioning the neighbors, examining the rental home yourself and calling the nearest post office to see if they put in a forwarding address. Be sure to check the rental laws in your locality to find out how long you have to store abandoned belongings before you can legally dispose of them and what you must do to notify the tenants about the possessions they left behind.
Check out Scottsdale Arizona Property Management or Central Phoenix Arizona Property Management if you want quality help managing your Phoenix properties.
Article Source: http://EzineArticles.com/?expert=Lee_Bell
Landlords Have Choices When Tenants Violate the Lease
The offenses of problem tenants encompass everything from noisy parties to drug dealing. They sometimes destroy property or chronically pay late. How a landlord handles problem tenants will depend entirely on how often a tenant causes problems and the degree of the problem. A tenant who plays loud music or leaves garbage outside the unit should be handled differently than someone who is running a criminal operation such as drug dealing from their rental home. Tenants who commit minor offenses may respond to a notice and suppress their offensive behavior, which would save you time and money. Nevertheless, make sure that you keep comprehensive records of the complaints against tenants and any notices you send. If the lease violations continue or escalate, such records will help your case for eviction if you have to take it to court.
Landlords have other choices for handling tenants who cause minor problems without starting the eviction process. If notices have not been responded to and the renter continues to break the rules of the lease, you can attempt negotiation on your own or with a mediator. If you are frustrated with that tenant and you want them to move out of your rental home without having to officially evict them, it is possible that third party that they trust can save you the expense of an eviction by advising them to leave.
Nevertheless, serious problems can not be handled through notices or arbitration. Get in touch with the police if you suspect that a tenant participates in illegal activities. You will still be required to evict those lessees, even if they are convicted of a crime, since the police can not force them to quit the premises.
Act Cautiously if You Think that Tenants Have Abandoned Your Rental Home
Landlords cannot construe that lessees have abandoned rental properties without checking to make sure. You have to have reasonable proof of abandonment before removing renter's possessions. Measures you can take include questioning the neighbors, examining the rental home yourself and calling the nearest post office to see if they put in a forwarding address. Be sure to check the rental laws in your locality to find out how long you have to store abandoned belongings before you can legally dispose of them and what you must do to notify the tenants about the possessions they left behind.
Check out Scottsdale Arizona Property Management or Central Phoenix Arizona Property Management if you want quality help managing your Phoenix properties.
Article Source: http://EzineArticles.com/?expert=Lee_Bell
Thursday, 18 March 2010
10 Ways to Find a Perfect Lodger
In this article I show you how to make your spare room instantly more attractive than the vast majority of those available on the market. Follow these simple (but often overlooked) steps, and you should have an army of potential lodgers eager to move in.
1. Write a killer advert. Potential lodgers will be reading a lot of them, so keep your advert short, clear and informative.
2. Set a realistic rent. If you charge a little less than the market rate you will widen your market considerably, set it too low however, and people will perceive the property as being down-market.
3. Include most bills in the rent. A fixed cost is attractive to anyone on a budget.
4. Make sure your property has curb appeal. A potential lodger will simply drive past if your property does not appear clean and well maintained from the outside. Make sure the parking facilities match those stated in the advert.
5. Ensure your property is spotless. No dust, clutter or odour. If you have pets, mention them in your advert and make sure that they are well behaved. The first hint of a pest problem is guaranteed to sent any potential lodger running for the hills.
6. Give a good personal impression. You are under scrutiny just as much as the room. Being well organised says this is a hassle-free place to live. Draw up a short document anticipating everything a potential lodger is likely to need to know in making a decision. Include such things as:
- The room - dimensions, inventory and photo
- Estimated cost of bills per month
- House rules such as out of bounds rooms
- Special considerations such as parking permits
- Do not include sensitive information such as alarm codes.
7. Make sure the room is ready for immediate occupation. A lodger will want to see exactly what they will get. Do this even if you are not ready for someone to move in just yet.
8. Make sure that the property is safe. Have up to date regulatory documentation. In the UK, you will need a CORGI gas safety certificate, and it's a good idea also to have a full electrical safety check of your appliances ("portable appliance test"). Other things to consider are your home insurance, fire safety, and smoke/CO2 detectors.
9. Take an interest in them. Where do they work, what do they do? What do they like to do with their spare time? This will help you determine if you are likely to get on and if your lifestyles are going to conflict with one another.
10. Follow up. You are likely to already have an email address or telephone number, but if not, it does no harm to ask for them as the lodger is leaving. If they like the place they will most likely give it to you. Follow up with a call a few days later, and find out what they thought. Any negative comments can be worked on for the next lodger.
If you follow these simple steps, you will have differentiated yourself and your property from 90% of those on offer in the marketplace, and have your pick of whom to offer the room to.
Chris Gill is the founder of http://www.fivenights.com - the weekday only room to rent service. IT contractor, entrepreneur, and long suffering commuter, he came up with the idea whilst staring at the wall of a B&B, one evening a long way from home.
Article Source: http://EzineArticles.com/?expert=Chris_Gill
1. Write a killer advert. Potential lodgers will be reading a lot of them, so keep your advert short, clear and informative.
2. Set a realistic rent. If you charge a little less than the market rate you will widen your market considerably, set it too low however, and people will perceive the property as being down-market.
3. Include most bills in the rent. A fixed cost is attractive to anyone on a budget.
4. Make sure your property has curb appeal. A potential lodger will simply drive past if your property does not appear clean and well maintained from the outside. Make sure the parking facilities match those stated in the advert.
5. Ensure your property is spotless. No dust, clutter or odour. If you have pets, mention them in your advert and make sure that they are well behaved. The first hint of a pest problem is guaranteed to sent any potential lodger running for the hills.
6. Give a good personal impression. You are under scrutiny just as much as the room. Being well organised says this is a hassle-free place to live. Draw up a short document anticipating everything a potential lodger is likely to need to know in making a decision. Include such things as:
- The room - dimensions, inventory and photo
- Estimated cost of bills per month
- House rules such as out of bounds rooms
- Special considerations such as parking permits
- Do not include sensitive information such as alarm codes.
7. Make sure the room is ready for immediate occupation. A lodger will want to see exactly what they will get. Do this even if you are not ready for someone to move in just yet.
8. Make sure that the property is safe. Have up to date regulatory documentation. In the UK, you will need a CORGI gas safety certificate, and it's a good idea also to have a full electrical safety check of your appliances ("portable appliance test"). Other things to consider are your home insurance, fire safety, and smoke/CO2 detectors.
9. Take an interest in them. Where do they work, what do they do? What do they like to do with their spare time? This will help you determine if you are likely to get on and if your lifestyles are going to conflict with one another.
10. Follow up. You are likely to already have an email address or telephone number, but if not, it does no harm to ask for them as the lodger is leaving. If they like the place they will most likely give it to you. Follow up with a call a few days later, and find out what they thought. Any negative comments can be worked on for the next lodger.
If you follow these simple steps, you will have differentiated yourself and your property from 90% of those on offer in the marketplace, and have your pick of whom to offer the room to.
Chris Gill is the founder of http://www.fivenights.com - the weekday only room to rent service. IT contractor, entrepreneur, and long suffering commuter, he came up with the idea whilst staring at the wall of a B&B, one evening a long way from home.
Article Source: http://EzineArticles.com/?expert=Chris_Gill
Thursday, 11 March 2010
Finding a Great Rental Property
A lot of the advice real estate agents will read has to do with buying and selling properties. However, a great many people cannot afford to buy homes in one go, and so are out for a great place to rent. Renting is becoming a very popular option, given the current housing/economic crisis. Many people who own apartments or houses are trying to find buyers, but cannot, so are considering looking for lodgers, instead. Here are some bits of advice for real estate agents who want to step into rentals.
Expect the market to be glutted with so-called accidental landlords. These are people whose first intention was to sell their homes, but who are now looking to get lodgers, since buyers are in such short supply. Under such circumstances, the prospective landlords must compete for lodgers, not the other way around. You should then be prepared to have a landlord/landlady adjust his/her expectations. The person wanting to put his/her residence up for rent must also be flexible about things other than price. For instance, it will be easier to get buyers if there is more leniency about the way the lodger is to treat the property. For instance, a landlord/landlady who does not want any pets in the house might have to reconsider this policy.
Still, it pays not to be too hard on accidental landlords. If their requests are reasonable, you may also give them advice on how to handle rent collection and the other issues that come with having lodgers. Once more, it helps to treat everyone you work with well, so that you get repeat business. This is particularly relevant if you are working with landlords who have only a short-term agreement with their lodgers. Once the agreement is done with, they may require your services again when the time comes to look for another lodger.
Secondly, be aware that college students constitute a large part of the market of prospective lodgers, to the extent that the market for rentals is significantly different in the months around the start of classes. You might want to orient your marketing towards college students, or deliberately go after listings that college students might be interested in. For example, go for places that are near universities, libraries, or youth hang-outs.
Keep college students in mind when it comes time to network. You might want to leave some of your advertising material around popular websites concerning college life, for instance. Also, try to harness positive word of mouth. Students who found you pleasurable to work with may tell their friends about you. You might end up "inheriting" a crop of student lodgers every year, asking you to find a good place for them to rent.
Finally, remember that some owners do renovate and rent out their residences with a sale in mind, some time in the future. If they ask you about long-term sale plans, do tread very carefully, especially if their expectations for the future real estate market are unrealistic. Remember that you are supposed to look after your client's best interest, not puff up their expectations beyond reason.
Beverly Manago is a freelance writer focused on the real estate industry. She is also a consultant for My Single Property Websites, a web 2.0 marketing tool that lets real estate agents create stunning virtual tours and single property sites easily, with a free version available for listing presentations. She also contributes to the Real Estate iPad section there.
Article Source: http://EzineArticles.com/?expert=Beverly_Manago
Expect the market to be glutted with so-called accidental landlords. These are people whose first intention was to sell their homes, but who are now looking to get lodgers, since buyers are in such short supply. Under such circumstances, the prospective landlords must compete for lodgers, not the other way around. You should then be prepared to have a landlord/landlady adjust his/her expectations. The person wanting to put his/her residence up for rent must also be flexible about things other than price. For instance, it will be easier to get buyers if there is more leniency about the way the lodger is to treat the property. For instance, a landlord/landlady who does not want any pets in the house might have to reconsider this policy.
Still, it pays not to be too hard on accidental landlords. If their requests are reasonable, you may also give them advice on how to handle rent collection and the other issues that come with having lodgers. Once more, it helps to treat everyone you work with well, so that you get repeat business. This is particularly relevant if you are working with landlords who have only a short-term agreement with their lodgers. Once the agreement is done with, they may require your services again when the time comes to look for another lodger.
Secondly, be aware that college students constitute a large part of the market of prospective lodgers, to the extent that the market for rentals is significantly different in the months around the start of classes. You might want to orient your marketing towards college students, or deliberately go after listings that college students might be interested in. For example, go for places that are near universities, libraries, or youth hang-outs.
Keep college students in mind when it comes time to network. You might want to leave some of your advertising material around popular websites concerning college life, for instance. Also, try to harness positive word of mouth. Students who found you pleasurable to work with may tell their friends about you. You might end up "inheriting" a crop of student lodgers every year, asking you to find a good place for them to rent.
Finally, remember that some owners do renovate and rent out their residences with a sale in mind, some time in the future. If they ask you about long-term sale plans, do tread very carefully, especially if their expectations for the future real estate market are unrealistic. Remember that you are supposed to look after your client's best interest, not puff up their expectations beyond reason.
Beverly Manago is a freelance writer focused on the real estate industry. She is also a consultant for My Single Property Websites, a web 2.0 marketing tool that lets real estate agents create stunning virtual tours and single property sites easily, with a free version available for listing presentations. She also contributes to the Real Estate iPad section there.
Article Source: http://EzineArticles.com/?expert=Beverly_Manago
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