Hiring a Property Manager

 Is Hiring a Property Management Company a Profitable Strategy?

Many property owners have their own thoughts and opinions regarding property management companies. Many see them as a luxury for landlords. However, there are definitely instances where a property management company is well worth it.  If you are newer to property ownership or have not taken the time to fully investigate the benefits of property management companies, here are a few things to consider when determining if using a property management company is a profitable strategy. 

As we approach the end of the year, this is a great time to sit down and check in on your rental income finances.  What are your gross revenues and what are your greatest expenses? Were your rental properties rented to their fullest capacity? Did you get the most income you could on your properties? As you consider where the shortfalls might have been in your strategy, now it's time to examine what types of benefits property management companies have to offer. 

• Marketing,  If you find that your property sat vacant for too many days this year, consider the outreach that a property management company can provide. Many companies provide a regional and sometimes national presence, ensuring high rates of  tenancy. 
• Distance. If you are not co-located with your rental property, many concerns or issues with tenants can remain unresolved. This can result in unpaid rent or disagreements with your tenants, resulting in high turnover.  Property management companies can provide a buffer between tenants and landlords. They can also find repair people quickly and at a fair price, avoiding such issues from ever arising.
• Vetting Renters. The process of vetting a renter can be time-consuming and costly. Many property management companies already have a rigorous process in place.
• Short Term Rentals. If you own a short-term rental property, property management companies can be involved as much or as little as needed. Many can do it all, but if you prefer to be the one to give the access codes to enter the property, you can request this. 

Many property management companies take a percentage of the gross revenue as a fee, while others have a set fee. Before hiring a property management company, determine where your needs lie, how this particular company can help and what it will cost you in the end. The profits may be huge.  

Pet Policies

 5 REASONS TO UPDATE YOUR PET-POLICY

Quarantine changed how the world celebrates, communicates, eats, shops, works, and even lives. With more tenants blending work and home, now is the perfect time to update your contract, especially your pet policy. It could be the change that pushes your rental property through this post-quarantine slump. Read on for five incentives to update your pet policy or remove it altogether.

# 1: PETS CAN EXPONENTIALLY EXPAND YOUR CLIENT BASE

Currently, tenant trends show that more people are working from home. So high-end properties, once coveted simply for their prime location, are being deserted for cheaper, more spacious properties further into or outside the city where pet ownership is often encouraged. Also, families that currently own pets are downsizing and looking to keep their furry family members. Allowing pets would attract this market to your property. 

#2: PROVIDES AN ALTERNATIVE FORM OF SECURITY

Single parents, single females, and the elderly are tenant groups that often look for security features when choosing a home. Allowing larger breeds of dogs offers these tenants an alternative form of security besides keeping firearms in their homes.

#3: INCLUDES TENANTS WITH AN EMOTIONAL SUPPORT PET

Support pets have become widely recognized as an efficient method of treating some psychological disorders. Allowing pets could mean a better quality of life for tenants prescribed pet therapy. It also joins your brand in the fight against negative mental health stigmas. 

#4: PETS CAN BE NATURAL RODENT DETERRENTS

Pets around the home often deter common rodents and pests like mice and cockroaches. Pets also help lower the number of rodent sightings reported throughout the year.

#5: PROVIDES AN OPPORTUNITY FOR OVERDUE RATE ADJUSTMENTS 

Most tenants are reluctant to accept rate increases when the amenities have not increased. Rising rent prices have forced many long-term renters to consider buying. Renters would rather pay higher rates for a mortgage in exchange for future land ownership and instant freedoms, like getting a pet. Changing your pet policy to accommodate these applicants could attract even more qualified tenants. 

It's time to reevaluate if your current pet policy is still serving you. Not only are people spending more time with their pets at home, but more renters are also looking to become pet owners for comfort, safety, and companionship. Rules regarding maintenance and security deposits will need to be revised to cover any liabilities or damages incurred during the tenant's lease. However, it could be the one renovation that brings your desired rental pool within reach.

Budgeting Amidst an Eviction Moratorium

 Landlords: How to Budget During an Eviction Moratorium

Not only are tenants struggling to pay their bills, their landlords are facing the same problems. They are not allowed to evict those who can't afford to pay rent due to unemployment, yet they aren't bringing in the monthly rent like they used to. Even worse, some of these landlords are unemployed also, making it even harder to pay their bills. 

However, we will get through this, like others have before. So, what can you do to budget during this difficult time? 

Focus on the necessities. Some plans, like remodeling the bathrooms, can be put on hold. Instead, focus on paying the mortgage and other bills that are necessary. Fix what needs to be fixed immediately, such as leaky faucets, and leave some of the other less pressing things to the side (until your income is back up). 

Cut back on certain things. You may also have to cut back on certain things to help with the costs. If you are paying the cable bill for the whole building, can you find a smaller package until things turn around. If you give gifts to your tenants, can you make some small gifts instead? All of these little things can add up quickly! 

Do more work yourself. If you are at all handy (or maybe not at all), you may want to think about trying to do some of the things around the place yourself. Instead of hiring someone to mow the lawn, you should have plenty of time to do it yourself. Do you have a plumbing problem that needs to be taken care of? Watch a YouTube video and see if you can handle it! 

Though others may not realize it, as a landlord, you may also be struggling. You have to find ways to stretch your money. To do this, you need to focus on taking care of the most important things, such as your mortgage and other bills. You may need to cut back on other things. You may also need to do more things around your building yourself. This can really save you a lot of money in labor, making it worth the extra time it takes you!