Helpful tips you should know....
Helpful tips for owners
- Five Questions to Ask Yourself When Selecting a Property Management Company
- Getting Your Home Ready for the Market
- Benefits of Renting Your Property
Often times when choosing a service we tend to rely on the internet to help us. Have you ever considered coming up with your own key qualities prior to appointing a company and/or service? Everyone’s needs are not the same when selecting a property management company. Someone else’s reasons for choosing a PM company may be completely different from yours. Below is an acronym (our "COUNT" system) that Property Depot uses to ensure we are providing quality services to our clients. We believe it is not the number of clients we have, but how well we manage the numbers we do have. Utilizing our "COUNT" system, ask yourself the following:
✓ Care- Does this management company “care” about my investment? Are they taking my asset to the next level by maximizing the return on my investment?
✓ Ownership- Does this company take “ownership“ of all things, good and bad?
✓ Understand- Does this management company “understand” the goals for my asset?
✓ Needs- Is this company able to meet all of my “needs”?
✓ Trust- Can I “trust” them to provide the services they promise? What kind of guarantee do they offer that ensures me that I will be satisfied?
If you are not 100% satisfied with the answers given, move on to the next. Besides, your real estate is one of your most valuable assets. Do not leave it to just anyone to manage. Choose a company that will make you never want to leave.
Preparation for placing your prized possession out there for the world to see can be stressful, but also exciting. Because it is a reflection of you, making sure that it represents you well may take a little work. Below are a few pointers to ensure that you get the most traffic and a quick commitment.
✓ Maintain the yard; cutting, edging, leaf removal, etc.
✓ Care for the home on the inside by keeping it clean. Periodically go in and remove dead bugs, spider webs, flush toilets, etc.
✓ Keep the homes' temperature at a comfortable setting.
✓ Leave a couple of lights on, i.e. back entry, over the stove or sink, bathroom light.
✓ Make sure newspapers are regularly picked up and properly disposed up.
Ensuring these things are maintained will make the home easier to show. Keep in mind, the outside is what draws people to the inside. Having your property overlooked due to curb appeal issues or cleanliness is an expensive cost to pay. It’s the attention to detail that makes your home stand out from the rest!
There are many benefits to renting out your property, but addressing your emotions towards it first is important. People respond to renting out their property in one of two ways. Either they are open to the idea and excited about the earning potential, or they are against it in fear that their property will be destroyed by tenants. Usually the person that is not in favor of it, never purchased the property to rent it out. They may have tried to sell it and because it did not sell, they then start exploring the idea of placing it for rent to alleviate the financial burden. Ultimately, for this person choosing the right property management company is essential. Those negative thoughts and concerns that once invaded their mind should be put to rest if they make the right choice in choosing a PM company. Now let’s take a look at those benefits.
✓ Income potential
✓ Money saved on services to maintain the property (utilities, lawn service, pest control etc.)
✓ Tax deductions (mortgage interest, repairs, insurance premium, depreciation)
Renting out your property is clearly not a bad idea; it is a smart one. The tax benefits alone are exponential and should weigh heavily when making a decision. Do not let what you do not know, emotions or fear hinder you from making a smart financial decision. Do your homework and allow the right PM company take care of it for you while you relax and reap the benefits.
Helpful tips for residents
Renting a home comes with freedom as it relates to the maintenance and financial obligations of the home; however there are other responsibilities that you need to make sure you fully understand before signing a lease. A lease agreement, like any contract, should be read thoroughly and a full understanding of what you are signing is advised. Here are a few pointers to read prior to signing:
Term of lease - Be sure to check the dates and make sure it is the length of time agreed upon.
Late fees - Have a clear understanding of when the late fee is charged. For example, if your rent is due by the 5th day of the month, then if paid on the 6th you are late. Is that late fee a percentage of your rent amount or a flat rate?
Lease termination fee - If you should terminate your lease agreement before the end date, have complete understanding of the procedure and costs associated with terminating the lease early. Keep in mind; most lease agreements require a 30 day notice in writing. It does not matter that you are moving out on the lease end date, you are still required to give a 30 day written notice.
Maintenance responsibilities - There are a few maintenance items you may be responsible for; changing air filters, batteries in smoke detectors, the water filter in the refrigerator, etc. Get a clear answer on these things. If neglected, you could be held responsible for the repairs due to neglect on your part.
Pet Policy - If you have animals, make sure your pet is approved by management. Also find out if there is a one-time pet fee or a monthly pet rent for animals.
Customizing - Prior to making any changes to the home, ask if it is allowed. Changing the paint colors, hanging televisions, changing out fixtures are all examples that will need prior approval from management.
The best way to ensure your protection during the lease term is to ask questions before you sign. If you feel comfortable with the answers, then move forward and enjoy the freedom of renting.
There are many reasons why people choose renting over purchasing a home. Jumping to make a decision to stay at one place for an extended period of time is simply not appealing to some people. Having the freedom to move around is a better fit for some and simply makes more sense to them. If you are unsure if renting is for you, review the statements below to help you decide:
You are new to the area and not familiar enough with the town to make a lengthy commitment.
Temporary job assignment
Need time to build credit to purchase.
You desire minimal responsibility.
Career flexibility… With the changes in the economy, moving to an area that is thriving is easier.
Choosing whether or not to rent can easily be decided if any of those statements are appealing to you. Besides, if you do not like renting use your flexibility and purchase. It’s just that easy.
Rental Insurance is essential when leasing a residential property. The insurance that the home owner carries does not cover your personal belongings brought into the home. This type of insurance policy provides a wide range of types of properties that can be insured. Coverage can be obtained if you live in an apartment, condo, rental house, co-op, dormitory or in a roommate situation. Rental insurance will more than likely be either a requirement or highly recommend by the property management company. Below is a list of the protection offered with rental insurance:
Protect against theft
Depending on the amount of coverage and the deductible will determine the cost of the premium. Be sure to contact an insurance agent to find out the costs involved with this type of insurance. Remember peace of mind is priceless.