Although it seems to be contra to what you would expect, it has been my experience that tenants who can move in to a rental on a dime, can also move out as quickly.
I've always had a pretty good experience with tenants who thought of moving as a monumental headache. Think about it. Once they've moved in, they don't want to move out again unless they're extremely uncomfortable. It is these tenants who grow roots who are also the easiest to raise the rent on (in moderation, of course) without fearing that they will not renew their lease.
Something to think about!
Ray
Monday, February 27, 2006
Sunday, February 26, 2006
Common Elements in renting your property
There are a number of elements that are common to all residential rentals.
Clearly one of the first items to look at is the actual rental unit itself. Whether it is a single family detached home, a townhouse or a condo, you will need to know how competitive your unit is in today's rental market.
Knowing how competitive it is, is merely a function of knowing how much rent you can ask for and not shy away rental applicants. You'll have to compare that against your expenses, especially your monthly loan amount.
The condition of your rental will also determine to a large degree what type of a tenant you're going to attract. Not every rental unit is a palace and there is a lot of business to be done with renters who are less than kings and queens.
What time of the year it is when you start to market your rental is also important. Knowing when the peak of rental traffic moves through your town is the difference between a rented unit and a vacant one.
I'll touch on all of these items in the very near future.
Ray
Clearly one of the first items to look at is the actual rental unit itself. Whether it is a single family detached home, a townhouse or a condo, you will need to know how competitive your unit is in today's rental market.
Knowing how competitive it is, is merely a function of knowing how much rent you can ask for and not shy away rental applicants. You'll have to compare that against your expenses, especially your monthly loan amount.
The condition of your rental will also determine to a large degree what type of a tenant you're going to attract. Not every rental unit is a palace and there is a lot of business to be done with renters who are less than kings and queens.
What time of the year it is when you start to market your rental is also important. Knowing when the peak of rental traffic moves through your town is the difference between a rented unit and a vacant one.
I'll touch on all of these items in the very near future.
Ray
Why this blog?
Managing your own rental property can be downright frustrating and potentially legally complicated. There are many preconceived ideas about how to properly manage a rental that can get an owner into trouble, and I thus was compelled to try to add my knowledge to the overall pool.
I am a licensed managing real estate broker in the Commonwealth of Virginia, working as a full-time, professional property manager of residential and commercial rental property. I'm also active in a number of property management related professional organizations. I know this business.
Why, then, would I write a blog about how an owner could manage their own property without my professional assistance?
The reasons are many-fold.
First and foremost, I anticipate that owners outside of the general Northern Virginia area, and thus not potential clients, will read this blog.
Second, not every potential owner in Northern Virginia will meet *my* requirements for me to manage their rental property. I can still help them, however, with some relevant information.
And third, there will be those owners in Northern Virginia who will have thought about managing their own property, who will, after reading this blog and other readily available information, decide that there is too much at stake and therefore would much rather go with the services of a professional property manager.
One of the things that I can promise you now is that the field of property management, even if for only one property, is considerably more complex than might be expected.
I hope you'll like it.
Ray
I am a licensed managing real estate broker in the Commonwealth of Virginia, working as a full-time, professional property manager of residential and commercial rental property. I'm also active in a number of property management related professional organizations. I know this business.
Why, then, would I write a blog about how an owner could manage their own property without my professional assistance?
The reasons are many-fold.
First and foremost, I anticipate that owners outside of the general Northern Virginia area, and thus not potential clients, will read this blog.
Second, not every potential owner in Northern Virginia will meet *my* requirements for me to manage their rental property. I can still help them, however, with some relevant information.
And third, there will be those owners in Northern Virginia who will have thought about managing their own property, who will, after reading this blog and other readily available information, decide that there is too much at stake and therefore would much rather go with the services of a professional property manager.
One of the things that I can promise you now is that the field of property management, even if for only one property, is considerably more complex than might be expected.
I hope you'll like it.
Ray
Subscribe to:
Posts (Atom)
