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Finding Good Tenants

March 3, 2011 by Marco Santarelli

Ideally, you’d have tenants who paid promptly every month, never complained, and lived in your property for a long time while maintaining it in pristine condition. But that ideal seldom happens for the simple fact that we’re dealing with human beings. They move, get sick, marry, have different temperaments and needs, and so forth – all of which can affect the goals you have for your properties.

However, there are general guidelines you can follow in order to get the best possible tenants, the ones who do pay on time and who seldom complain unless there’s a good reason to do so:

Guideline 1: Qualify Your Applicants

This is a vital first step, because it helps identify great tenants and eliminate potential trouble-makers. The process of qualification involves a combination of asking good questions and using your intuition about an applicant. What are good questions to ask?  Here’s a suggested list to which you can add your own questions:

[Read more…]

Filed Under: Property Management, Real Estate Investing Tagged With: Finding Good Tenants, Property Management, Real Estate Investing

What to Consider When Hiring a Property Management Company

May 5, 2010 by Marco Santarelli

If a property owner manages a growing number of investment properties, it’s inevitable that the day will come when they ask, “Should I outsource the day-to-day operations of my business to a property management company?”

Deciding when to outsource and which company to hire is one of the most important business decisions a property owner can make. Choose wisely, and an owner will be rewarded with the peace of mind that comes with responsible property management. Choose incorrectly, and an owner will end up working harder after hiring a property management company.

Whether an owner owns one or one hundred properties, it’s important to consider whether or not they’re prepared to hire a property management company. Handing over the management of property is a major decision. Before making that choice, owners will want to make sure they understand the following:

  • The implications of self-owned management;
  • The pros of outsourcing management to a third party;
  • The corresponding cons; and,
  • The alternatives to outsourcing.

Let’s take a look at each consideration in detail.

[Read more…]

Filed Under: Property Management, Real Estate Investing Tagged With: Property Management, property management company, property management firm, Real Estate Investing

11 Ways to Determine Rent for an Upcoming Vacancy

September 28, 2009 by Marco Santarelli

1.) If the vacating tenant has been a long-term tenant, and you had a good relationship, simply ask him. I bet over the years he's followed the neighborhood and knows from friends and fellow renters. He can tell you if he thinks you should charge more or less. Feedback from your vacating residents should be ONE piece of the info you assemble to determine.

2.) The quickest way to figure out the market rent is to put your tenant "shopping" hat on and start looking. I observe area rentals (signs, newspaper, etc.), see how they are priced, and watch to see how long they stay vacant. Many times, I'll even stop by to get up close to see the condition of the investment property. In every case, one that is priced right and sits for very long has "issues".

3.) Another resource is a property manager with local rentals (and a website) who knows what they're doing. They make the most money by pricing at the top of the market and usually have little interest in discounting unless a property sits vacant for too long.  I usually price mine 2% to 5% below their prices.

The caveat with property managers is that some have owners that force them to overprice. That happens fairly often, but it is usually pretty obvious.

[Read more…]

Filed Under: Property Management, Real Estate Investing Tagged With: Property Management, Real Estate Investing, rental property

Guide to Setting Rental Rates

August 27, 2008 by Marco Santarelli

Guide to Setting Rental Rates

Setting the right rent can be one of the most difficult areas for many people who are investing in rental property.  If your property rents out in no time, it could be an indication that you are not charging enough rent.  On the other hand, if your property seems to take a long time to rent out, it could be a clear indication that your rent is too high.  So, how do you go about setting a rental rate that is in line with the current market?

One of the best places to start is the local newspaper.  It is imperative that you do some research to find out what rent prices are driving the local market. Location is the most important factor in determining rental rates. For example, a three bedroom, one bath home in one part of town may rent for $1,100 a month while a similar property on the opposite side of town may only be able to draw $900 per month.

[Read more…]

Filed Under: Property Management, Real Estate Investing Tagged With: Landlording, Property Management, Real Estate Investing, Rental Rates

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