Passive income is always desirable. Who doesn’t love the idea of reaping in wages without doing much work in the long-term? However, some may wish to be more involved in the process. When dealing with real estate, one has many options from which to choose and can take on the role of a landlord or a real estate investor. To see which one might be a better fit for you, read the brief analysis below.
Posts Tagged ‘ Property Manager ’
When looking for a place to rent, one has a world of possibilities open to him. The type of building, the amenities, the location, and more are all at one’s front door of life. One of the most critical questions a future tenant can ask is about who manages the property and how. This fact can make a bigger difference than one might expect. Here’s what to know about renting from a landlord vs. a property manager.
Property management is a beneficial service for landlords who have multiple tasks on their plate and need assistance with their commercial property. However, it’s often not so easy to find truly stellar property management to look after your high-occupancy abode. Here’s what you need to know in order to discover the best property manager out there.
As a commercial property owner, hiring a property manager is a significant decision for improving your processes and client experience. With this, there are many benefits to hiring an efficient property manager for your rental property. Consider the many ways in which hiring a property manager can boost the efficiency of your rental property for 2019. (more…)
Know Which Best Practices of Successful Property Managers to Consider for Your Commercial Property ManagementFriday, July 20th, 2018
Managing rental properties is no easy task, as it requires organization and leadership. This point is especially true for property managers who are maintaining multiple properties at once, as managing numerous properties requires a significant amount of attention to detail. No matter how many properties you may be managing at one time, it is crucial to prioritize the needs of your property and tenants to keep everything running smoothly. One primary responsibility of a property manager is to find practical and efficient solutions to issues that may arise with your property. However, many issues that arise surrounding property management are often preventable with the right proactive measures and steps of maintaining your property and managing tenants before these issues arise. To ensure that all aspects of your property are running smoothly throughout the year, consider these three best practices of property managers that may help you as you manage your property. (more…)
It is a tale as old as time, sometimes the people we hire for certain services add superfluous hidden fees for things we may not even understand. In real estate, it is no different. If you are looking to hire a property manager to handle landlord responsibilities, it is important to look out for sneaky fees that may end up significantly reducing your profit. (more…)
Rental property management requires severe organization and skill. As such, when you are fortunate enough to manage multiple properties at one time, the situation could be cumbersome if not well-prepared. In fact, it is important to prioritize the most urgent needs first. As a property manager, it is your responsibility to manage and resolve any lingering or sudden problems that arise. Acting in a proactive way to help all tenants is a vital component of property management. As a result, there are certain tips and tricks of the trade that can help you be the best rental property manager and alleviate some of the insurmountable stress that invariably results. (more…)
Deciding whether or not to hire a property manager is a huge investment in your business. In fact, there are a number of benefits you will reap as soon as you alleviate some of your current responsibilities once you hire an efficient property manager. Here are just a few of benefits that accompany the hire of a property manager. (more…)
The music’s too loud. They party every weekend. They have offensive window decorations. Do you really want to know what that smell is? Like it or not, that tenant on your property is yours and not someone else’s. Their neighbors have tried the reasonable approaches, but their attempts to peacefully express their concerns have seen no response—or worse, disproportionately negative responses. As the property manager, you are the next step in conflict resolution. You have the power to resolve these neighborly clashes.
Why Bother the Property Manager?
The question here should actually be, “Why put up with the issue any longer?” As long as they’ve taken the civil and neighborly approach to conflict resolution, then they might well approach you to resolve the situation. Each tenant has an equal right to live in a peaceful neighborhood as another has the right to listen to music or hold parties. The thing is, one side’s rights end where they meet the other side’s, and part of sharing communal walls is the ability to compromise solutions that allow both parties the greatest possible freedom to their rights. In addition, it is to the property manager’s benefit to resolve these disputes quickly and to both parties’ satisfaction in order to maintain every relationship with all tenants under his or her watch.
Conflict Resolution at Work
When neighbors feud in your property, you lose the most. You lose the trust of the injured party and property value on the instigating estate and all surrounding estates. In order to resolve these issues, you must apprise yourself of all of the facts of the situation. Approach both parties, including the accused, about their experiences with each other as well as any unusual needs, such as sensitivity to bass music sounds. You must then offer a resolution that fits both sides’ needs as well as possible given any expectations. Your last resorts are moving one of the tenants to another location within the community followed by eviction and legal action, respectively. Using these will cost you the trust of the affected party and give the other side an undue sense of “victory” that shouldn’t be necessary in these disputes.
Benefits of this Method
By involving yourself in your tenants’ disputes, you open yourself up for several benefits. By resolving the issue of both sides satisfactorily, you increase the trust both parties give you. This leads to better tenant retention or recommendations to others when the tenant moves out. In addition, the overall property value will increase—or at least return to its previous state as peaceful living returns to the community. Lastly, you can prevent health issues such as breakdowns caused by mental anguish, physical injury caused by junk lying in paths, and even drug-related health risks in serious cases.