What makes a good tenant? Our ideal candidate is someone who understands that a process is involved. It’s similar to buying a home. You go through a series of steps, and then 30 to 45 days later, you get the home. Renting a property is kind of the same thing, but on a smaller scale. There is a process to follow before you get a great house. Consider these three words when you’re placing and retaining tenants: systems, expectations, and education. [Read more…]
We receive phone calls every day from homeowners who have specific questions about property management. We also receive phone calls from people who have a variety of questions, which are centered on whether or not professional management is necessary. When you’re considering self-management, think about three things. [Read more…]
As a Property Management Company in Gwinnett County, “What’s Your Plan For Your Home” is a question worth asking. Whether you are renting your home or currently living in the home, knowing the answer can be a proactive approach to staying ahead of the curve. Many of us got caught several years ago thinking everything was great and we would continue on course, but that didn’t go as planned. Below are a few things to consider.
If the home is currently rented, do yourself a favor and set up regular home inspections. Not just a drive by, but a walk thru. Look for security issues and preventive maintenance items that can save you money down the road. Your goal should be to reduce liability and future expenses. If your plan is to sell the home or renew the lease, start looking at comparables several months out. This will give you a clear picture of your options. The downturn taught me something. If I have the opportunity to sell and make my number, I will probably go that route. But, I have a plan for all of my holdings and that line of thinking helped over the past year while the market heated up. Now, a new trend is coming around that has to be taken into consideration. By doing these inspections, it will enable you to rent for a higher amount or sell more quickly.
If you are currently living in the home, take a moment to determine how long you anticipate living there. Let’s say your answer is two years. Don’t wait before you put the home on the market to start doing some repairs and upgrades. Enjoy the items now. Visit model homes and see what is in style. Make a list of those upgrades or repairs and perform them over time. You will save money by planning and shopping and will enjoy them after they are completed.
If you own more than one rental home, sit down with your CPA and Property Manager and plot a course. Whether you know it or not, a new tax rate was just passed that may affect you. While the media had everyone distracted, the politicians slipped through another tax increase. Look at each home and determine where you are on depreciation, upgrades, repairs, rental amounts, cash flow, and market rates. It may be time to sell the old ones and upgrade the portfolio. By now, you have a better idea of what you like to own. Knowing what I know now, I certainly would not have bought homes in specific areas with certain features.
For more information on selling or renting your home, visit us at www.4thavenuepropertymanagement.com. 4th Avenue Property Management is a a Property Management Company in Buford, Georgia offering Property Management Services in Lawrenceville, Duluth, Braselton, Hoschton, Buford, Suwanee, Sugar Hill, and Dacula. We specialize in Rental Property Management.
As a property management company in Buford Georgia, we base our entire business around the fundamental fact that an empty, non producing house is bad for everyone. Getting that property rented out is priority one if you are the owner or property manager. Below is a summary what we use in our business to get our own homes rented out as well as our clients.
A key area to focus your efforts and money is the curb appeal or attention that your properties convey to the potential residents who drive by. Statistics have shown over and over that the majority of residents who rent apartments or homes do so because they liked what they saw when they drove by. Less than 20% were attracted by paid advertising.
All of your unique and creative vacancy filling ideas really can’t help you very much if the outside of your property is unattractive.
Priority number two is making it easy for people to know about your home. Otherwise known as marketing. Do some research for your area and find how and where people are looking for homes. Trust me when I say that every area is different. Not everyone uses Craigslist. Locate at least 5 different online sources to market your home on. Call a local property management company and ask them for advice or feedback. Do not use print media. It’s too expensive and slow. Stay online. Post everyday or as often as you can by changing headlines, content, and account numbers. Forget about just posting on the busiest days. Market the home every day. Be sure the yard sign stands out and it is easy to read. Remember that 55% of people drive by the home. You must and I repeat must drive by the property every three days to ensure it is locked and the yard signs are up. Be sure to answer the phone when it rings. Many people use automated voicemail services allowing the potential resident to get information without you having to give the information over and over again. While this is convenient, many full-time rental management companies and investors are answering their calls.
Make it accessible and convenient for people to see. Be sure to have all information about the home and requirements for renting the property in plain sight.
Last, but not least, make it comparable to the other homes in the area. Please do not base your rental amount on your monthly mortgage payment. One has nothing to do with the other. Scan the online sites and drive the surrounding neighborhoods. About a 3 square mile radius is about the limit depending on population. Currently, we are in a great rental market.
If you currently have a vacancy or a home or apartment coming available, use this as a blueprint to get the property rented as quickly as possible. Your bank account will appreciate it.
4th Avenue Property Management is a property management company in Gwinnett County, Georgia. We offer Property Management Services specializing in rental property management in Lawrenceville, Buford, Braselton, Hoschton, Duluth, Suwanee, Sugar Hill, and Dacula Georgia. If you are currently selling or renting a home, give us a call for a solution to your real estate needs.
As a Property Management Company in Gwinnett County, Georgia, selling or renting a home has become much more difficult. In my opinion, performing these 3 minor items will enable you to sell or rent your home faster and for more money. In my previous post, I mentioned the need to distinguish between performing repairs or improvements. These 3 items are a must and key to making the home sell or rent faster.
1. Exterior of Home: power wash exterior of home including deck and driveway, clean exterior windows, and screens. The cost has come down and many people are opting to wash instead of pressure wash. This typically cost between $180-$275.
2. Landscape: A landscaping company can be hired for around $500 to do a front yard makeover. Many yards only require a makeover and not a complete redo. The goal is to make your yard look new. Most times, the foundation shrubs can be cut back while the secondary plants can be replaced with newer, more balanced shrubs. If the plant beds are small, consider the colored mulch. Adding annuals are a nice touch in the spring to add color. To save even more money, take pictures of the front of your home, measure plant beds, and take your photos and measurements to your local nursery. Many times, they will help you design an easy and quick drawing for you to do it yourself.
3. Fresh Paint: A fresh coat of paint on the front door, shutters, and window trim. is a good start to make that first impression. Take a drive through the neighborhood or new subdivisions and look at the color pallets. A newer door color or a new coat of paint will go a long way. I just paid someone $350 to paint the front door, 6 shutters, and trim for 3 windows. Don’t forget the mailbox. If it looks old and tired, replace the mailbox and post. If you have the time and the desire, all of these can be done in one day with a ladder and paint for under $200.
I routinely budget $1,000 for everything above and rarely miss it by much. For more tips on renting and selling your home, visit our Blog “All Things Real Estate.” As a property manager, we continually look for ways to separate our listings from all of the homes on the market. Everyday your home sits vacant is a day of lost income or opportunity for life to happen. Nothing good happens when a home is vacant.
For more information on selling or renting your home, visit us at www.4thavenuepropertymanagement.com. 4th Avenue Property Management is a Property Management Company in Buford, Georgia offering Property Management Services in Lawrenceville, Duluth, Braselton, Hoschton, Buford, Suwanee, Sugar Hill, and Dacula. We specialize in Rental Property Management.