Hello there and thank you for reading this article. In it, I will be speaking about the benefits of property self-management. When it comes to having a rental property of your own, there are two things you can do: you can try and manage it by yourself, or you can go and hire a professional property manager.
But let’s take a few steps back and think of what it takes to successfully run (manage) any rental property. A property is a financial success (and most property owners want their property to be financially successful) when all of its rental units are occupied by tenants who:
• Take care of your property as if it was their own
• Make regular and timely rent payments
So what should a property owner (or a property manager) do to have all those goodies? The answer is: “He should be able to distinguish a good tenant from a bad one.” So, if you think that is something you can do on your own, then you should definitely consider self-managing your own property. Are there any benefits? There definitely are and I list them below:
• You don’t need to pay the property management bill every month. This is a big one especially if you only have just a few rental units and your rental property is still owned by the bank.
• You get to deal with maintenance contractors by yourself. What happens is that most property management companies employ their own in-house maintenance team and they obviously charge more for their work. In other words you get to save on your property’s maintenance.
• Many times a professional property manager will not care as much about your property as you would. They are simply paid to do their job. But when it comes to you, you may have spent all of your savings and borrowed from your bank, so it is important that your rental property is treated with care and full dedication. So, by self-managing your property, you have all that in direct control.
• Most property management firms charge you for every filled vacancy. If you run it by yourself, you get to deal with every prospect tenant in person, so there is no need to pay anyone to fill a vacancy.
• If your property management company is located a bit away from the actual property and they require tenants to show up at their office to pay the rent,, this creates an extra inconvenience and if there are other rental properties in the same area you risk to have your tenants leaving you.
• Since you spend lots of time self-running your property, you know first-hand of the maintenance work that needs to be done. This way you don’t run the risk of having inexpensive issues turning into costly-problems.
As you can see, there are quite a few pros of running your own rental property by yourself. But before you get your hands dirty, make sure you assess your own personality first. To be a landlord involves lots of people work and if working with people is not your thing, then you might consider outsourcing this role to someone else!
Once you have decided to buy your first home, you have to prepare yourself as well as your budget. You would need the time and money to purse your dream of being a homeowner. You would also have to contend with the grueling and sometimes frustrating process of home buying. You would therefore need to have someone to help you through it and that means having a real estate agent you can trust and work well with.
With that said, it is important to take note of that the first step you should take is to look for that agent. If you are at a loss where to look for agents, then this article is for you. Below are some tips you can use in your search for that ideal agent.
One of the best ways to find an agent is if someone you know and trust can refer someone to you. This makes a lot of sense especially if your friend or relative recently bought a house with the help of an agent. If they had a good experience with their agent, then you could be sure that you will be working with an ideal agent.
If you are out of luck with referrals, you can use the internet to search for real estate agents. There are plenty of websites that can help you make the right decision. There are sites which lists down the agents affiliated with this or that group operating in a particular area where you are looking to make your purchase. There are also websites operated and maintained by agents. By looking at their sites, you would have a better feel as to their knowledge about the real estate market and how helpful they are to their clients.
Attending open houses is also a good way to spot a good agent. By seeing them work, you would glean some information of how they operate. If they are very helpful to everyone, you could take that as a sign that that particular agent is dedicated to helping match people with the ideal property for them. If they seem to be pushy, then that could be a red flag as they could push you too to buy this or that property just to get the commission from closing a deal.
If you know an agent but cannot work with him or her because you are looking for a property halfway across the country, they might be able to help you get in touch with someone they know and can trust. Having a good real estate agent working with you to find your dream home is very important so you should be careful in picking whose services to secure.
How would you like an additional income on your Property?
Have you ever thought about leasing a billboard space on your property? It’s a great way to generate additional cash income.
I am Thomas Gunter a 46 year veteran of the outdoor adverting and today owner a billboard development company named Billboard Brokers of America, LLC. Leasing your property to a billboard company is a great way to increase your properties revenue stream. You may want to consider leasing a billboard location to a billboard company for the placement of a highway billboard. Here are a few tips you need know to help you get started.
When renting a billboard space on your property to a billboard company, you have several different options ranging from lump sum cash payments, to monthly payments, or combinations of both. The billboard sign’s footprint requires an approximate 5’ x 5’ space for a standard mono-pole billboard structure, so the impact to your property is very minimal and the return could be great.
The property owner normally has the option to restrict advertising displays from adult entertainment ads, alcohol or tobacco ads, or any ads that would compete with a business at the billboard site’s location.
In addition, the billboard company normally pays all Tangible Property taxes and permits associated with the sign structure.
5 things you should know about your property before you call the billboard company.
1) Visibility. Do you have a possible billboard location on your property? First you need good visibility from the highway or street where the advertising will be visible from. A normal highway billboard location has a 4 to 5 second read from the highway for viewers. 3 to 4 second billboard reads can be used but 5 are better. City billboard locations are more complex. In the city you may have street viewers and slower traffic to be taken into consideration. Times Square is a great example there you 1,000,000 plus viewers a day and most are pedestrians.
2) Traffic Count. Does your billboard property have a good traffic count? That is going to be very important in evaluating what your future billboard location’s value is o the billboard company and the advertisers they will be selling the ads to. This is a very important part of the billboard evaluation equation.
3) Property Zoning. Know what your possible billboard location’s property is zoned before you get started. You are going to need this before you consult the billboard company along with its physical address and legal description.
4) Billboard Government Regulations. Save time know what your local and state laws are governing billboards for your property’s location before you call the billboard company. Call the local building and planning office, they can be of great help. Ask for the person in charge of the outdoor advertising planning about the rules governing off site billboard advertising. If the highway you are planning on leasing your property on for a billboard is State or Federally funded Highway such as an Interstate or US highway also check with your state’s Department of Transportation’s, ask for the outdoor advertising division.
5) Billboard Separation. Each city, county and state has their own set of laws governing the distance between each off-site billboard location. Off-site billboards are billboards that advertise business in a location other than the location where the property where the proposed billboard is to be located.
Property buying process is quite complex subject that requires a depth knowledge and deep understanding of various properties, real estate laws and documentations. There are so many things that must not be overlooked before finalizing property investment and in those necessary things, Real estate property valuation is one and an undeniable factor for sure.
It is mandatory for every buyer to know the value of a property on which they suppose to buy. After knowing the exact value of a real estate property, a person can make his or her best purchase. Especially, when it comes to property loan matters; real estate property valuation becomes a crucial factor by which lending institutions or other banks pass the requested loan amount.
In this way, there is a great importance of real estate property valuation in property buying process and knowing the exact ways of valuation of a property is a common concern of many investors of this time. Basically, this process is conducted by a particular valuation firm. While valuation process, it includes the overall condition of a property and recent sale of same types of properties in similar area.
A property valuation can affect property investment in a great extent as it helps determining if a property is qualified for a particular home loan amount. Therefore it plays a great role in sanctioning a home loan by banks or loan institutions. Apart from being a necessary part for sanctioning loan amount, real estate property valuation has a great significance in various processes that are as below:
* Mortgage Insurance of Lenders
* Grant for First Home Owners
* Concessions for government sponsored institutions
The Mortgages insurance of lenders protects lenders from financial crisis when they end up their mortgage loan for defaulting. In this insurance, a lender should cover insurance after borrowing up to 80 percent at least of your property and to calculate the total premium, an LMI calculator is generally used.
Grant for first home owners is a national level scheme which is managed and funded by territories and states. The amount is varied as per particular state and to know the exact amount, consulting a broker of mortgage is the best option. To get qualified for this grant, you must have a sale contract or pre-approval. To apply for this grant of first home owners or any other government sponsored grants, taking help of a broker would benefit you and make it quite easier. A broker would guide you entire process of applying and processing your application for such concessions. This is quite time saving and effective way of property investment for sure.
Therefore, all these are cases in which property valuation is necessary for getting advantages of it and thus, you can certainly make astonishing property investment for sure.