As winter approaches, you may need to turn your attention to seasonal property maintenance. Even your occupied rental properties may need additional care throughout the winter season, and not all of your property owners may be aware of the proper procedures for winterization. You may wish to debrief any applicable renters and property owners about the maintenance that is required and the costs associated.
Choosing the right property management software can seem overwhelming for many property managers. Because you don’t do it very often, you may not even really know what new features to look out for when evaluating a software solution.
While raising rent probably isn’t on any landlord’s list of fun ways to spend their day — given that tenants won’t exactly respond to the news with happy excitement — it’s a necessary part of property management. Here are the top 5 reasons to consider raising rent.
Advertising is likely what attracts most tenants to your community; however, the Fair Housing Act has strict guidelines concerning what is and isn’t appropriate for you to show, state, or even imply within any real estate advertisement.
With our co-hosts Grace Hill, we hosted a great webinar titled “How to Survive the Next Housing Bubble”’ featuring Doug Chasick, “The Apartment Doctor.”
Years later the housing market is still feeling the effects of the crash that almost destroyed America’s real estate industry. Many markets have still not fully recovered and many families are still suffering from the consequences. While much of the discussion about the housing crash has been focused through the lens of the single-family homeowner, multifamily housing investors were affected by the crash in unique ways as well. As the government struggles to build reforms that will prevent another crash from ever occurring again, some are worried multifamily investors may be forgotten.
K. David Meit, CPM®, is the President and CEO of Oculus Realty. With approximately 25 years of experience managing all classes of multifamily properties, David is an expert in everything real estate, from financing, marketing and leasing, to real estate investment, operations and renovations. David is also a past president of the Property Management Association (PMA). His interview below provides invaluable advice to property managers and owners.
A widely accepted economic fact is that something is worth what someone is willing to pay for it. That holds true whether the item in question is a signed baseball, a new car, or a dinner at a restaurant. It also applies to real estate. When you decide to price a piece of property for sale, what you paid for it, how much you owe on it, what you’ve invested in it, what you’d like to get for it, or what you think it’s worth is irrelevant.
Interest rates are still at historic lows and property values continue to be depressed. However, recent actions of the Fed and growing seller demand appear to be forcing an increase in both. Those trends might not be reversing any time soon, so now might be the right time to invest in another rental property.
It’s a tired cliché, but it happens to be true. If you fail to plan, you’re planning to fail. Running your business is difficult. You’re being pulled in many directions and there aren’t enough hours in the day to get it all done. Unfortunately, that doesn’t let you off the hook when it comes to planning. You need to have a documented property management business plan if you want to be successful.