http://www.DelValProperty.com/blog/client/index.cfm/187 en-us Wed, 08 Sep 2010 23:59:23 -0400 Sun, 06 Jun 2010 14:27:00 -0400 BlogCFC http://blogs.law.harvard.edu/tech/rss mlautensack@comcast.net mlautensack@comcast.net http://www.DelValProperty.com/blog/client/index.cfm/187/2010/6/6/Residential-Property-Management--Finding-the-Best-Tenants For any residential property management project, having good tenants can make the difference between a profitable financial investment and taking a major loss. Having an experienced property manager assisting with the interviewing and review process of potential tenants is critical to the success- and peace of mind- of leasing a residential property. A professional property management company will have the tools and resources to properly screen a tenant pool to ensure the most responsible and reliable tenants are selected. Property Owner's have a lot at stake when it comes to their residential real estate investment, both financially and time commitment. If the wrong tenants are selected, the Owner is potentially left with unpaid bills or excessive, unnecessary house calls or even worse, damage that will require extensive repairs. A qualified property management firm will have minimum standards for tenant qualifications to help mitigate any potential risk for these adverse tenant issues. These standards typically have been established through historical evaluations of successful tenant relationships. These tenant qualifications standards can involve anything from credit scores, to employment history to reference feedback from previous rental contracts. The time savings a residential property management firm can provide to a property Owner is extensive. An effective residential property manager will know exactly where to post advertisements seeking qualified renters. The residential property management firm almost certainly has pre-existing processes for screening tenants, seeking reference information and reviewing the property with the potential new tenants as well as having a prepared leasing contract that can be modified to accommodate any specific terms set by the property owner. These are all facets of leasing a property that an Owner would have to develop prior to being able to lease their property. The cost advantages and time savings accrued from working with an experienced residential property management firm will assist an owner with their real estate investment. There are many benefits to contracting with a residential property management firm, including optimizing the outcome of the investment with high quality tenants which will improve the overall experience for a property Owner as well as increasing profits and minimizing the required time investment. Mike Lautensack is the owner of Del Val Property Management LLC, a FULL service residential property management company located in Philadelphia, PA. Mike advises real estate investors how to build wealth and financial security through hassle-free ownership of investment real estate with their "Total Property Management Program". This proven management system allows owners to enjoy the financial benefits of cash flow, tax savings, and wealth creation while it GUARANTEES you will never receive a late night emergency call, deal with a lengthy eviction proceeding or ever have to interact with an irate tenant. To inquire about our services, or get a FREE estimate, please visit http://www.delvalproperty.com/ Sun, 06 Jun 2010 14:27:00 -0400 http://www.DelValProperty.com/blog/client/index.cfm/187/2010/6/6/Residential-Property-Management--Finding-the-Best-Tenants http://www.DelValProperty.com/blog/client/index.cfm/187/2010/6/2/Real-Estate-Investors--Discover-New-Ways-to-Rent-Your-Houses-and-Apartments-Faster In a recent survey completed by Rentbits dot com of 1000 people were who were in the process of finding a rental home, people were asked a series of questions about their process of finding an apartment or house. The results will surprise you. Apartment vs. House One of the first surprises was that 83% of people were looking for houses versus apartments. It would seem that people's interests has migrated away from small apartments towards houses. This change should have some major impact on apartment builders who have been increasing the number of new apartment buildings in 2008. For investors, it should highlight the need for investing in houses versus duplexes, triplexes or small apartment buildings for long term value. Rental Advertising Another surprise was the large impact of the internet on how people look for rental housing, with 72% of people saying they start their search on the internet. Over 93% of people visit at least 2 different rental sites during their rental search. Landlords need to understand this trend and start to use the internet to advertise your open rentals. There are free sites such as craigslist and many paid sites that offer great exposure. Pick a few sites and sign up for accounts and get your advertising onto the internet. This is exactly what we have seen in our business as older methods of advertising, such as newspaper and locator companies, have become less effective in recent years. We have moved heavily to the internet for advertising to be out in front of this trend. Key Words In these Internet searches, people are using search terms that are between 3 to 6 words with "location" and "price" as the primary key words. It is important that people understand the importance of key words in your ads including the city, the zip code, the area code and neighborhood names such as "South Philly". Be sure to use shorter versions of city names such as "Philly" for Philadelphia. Anything that people might type should be in your ad to be sure to capture as many people as possible with your ads. Other Terms After the two most important elements of an advertisement including price and location are a number of additional elements such as pictures, lease terms, deposit amounts, pet friendly and appliance that are important to people. People are looking to "rule out" certain properties if they do not fit their needs. These additional elements allow them to rule out certain houses without having to waste their time or your time visiting properties they will never rent. We have recently started filming videos of our rental properties, producing a "Virtual Tour". This tour allows prospective tenants to see a 2 to 4 minute video of the entire property, allowing them to make a decision about renting the property, whether positive or negative, without actually having to visit it. Obviously, this is a huge time saver for both potential tenants and we are finding that everyone gains from the benefits. Gender Gap Another surprise was that 82% of respondents were female. Conventional wisdom says that 80% of home buying decisions are done by women. Landlords need to cater to women and make sure your kitchens and bathrooms are the highlights of your property to ensure a quick rental process. I invite you to learn more about Real Estate Investing and become a member of our FREE weekly tele-seminar class where we teach tips and strategy on how to grow your real estate investing business and how to raise Private Money by going to http://www.realestatewealthtoday.com/TuesdayTipsSignUp.html. Mike Lautensack is a full-time real estate entrepreneur, coach and mentor in Philadelphia, PA and creator of the Private Lending Presentation Kit. This powerful done-for-you kit is loaded with tools and techniques to attract and develop a consistent stream of private investors into your real estate business. To learn more about this kit and receive your FREE eBook go to Real Estate Investing Blog. Wed, 02 Jun 2010 20:53:00 -0400 http://www.DelValProperty.com/blog/client/index.cfm/187/2010/6/2/Real-Estate-Investors--Discover-New-Ways-to-Rent-Your-Houses-and-Apartments-Faster http://www.DelValProperty.com/blog/client/index.cfm/187/2010/5/19/Property-Management-Trends Times are tough for homeowners. Sky-high gas prices. Weak job growth. Record foreclosures. The evidence is everywhere, and its making home ownership more difficult than it has been in years. Even with a faltering real estate market, however, rentals are flourishing, according to Richard Swerdlow, CEO of Condo.com, a Coconut Grove, Fla.-based Web site that is counting more and more rental properties among its condominium listings. The credit crisis has made it virtually impossible in some markets to get financed for a mortgage, he says. Because of that issue in the for-sale market, youre seeing a lot of demand in the rental market. For property managers, increased demand means increased business, which has the most cautious among them wondering, When will it end? In hopes that it doesnt, property managers are embracing their inner entrepreneurs, counting on business-building trends and tactics to keep the momentum going. Here are four of their favorites for building a bigger bottom linein any market. Trend: Customer Service Tenants are looking for more than a roof over their heads, according to Boise, Idaho-based property manager Tony Drost, national director and regional vice president for the Chesapeake, Va.-based National Association of Residential Property Managers (NARPM). Theyre also looking for great customer service. I have proven to be an honest person who gets results, says Drost, who owns Boise-based First Rate Property Management. He prides himself on giving great customer service, which he says has been the key to retaining tenants and growing his business. I dont market our services; I focus on taking care of current tenant and owner needs, and that brings me the business. In order to deliver exceptional customer service, Drost gives his tenants access to 24/7 tools, including an online account management system and an online repair request serviceboth on his Web sitenot to mention a rental hotline for each of his available properties. He even offers renters an automatic debit payment plan, recognizing that convenience is king. Trend: Tenant Incentives Where service fails, money often succeeds. So while many property managers focus on raising rents, Drost looks for opportunities to reduce them. We offer referral fees and rewards like a credit card, he says. We give so much credit for signing the lease and then additional credits for each month they pay rent on time and have no lease violations. Cash incentives go a long way toward making tenants happy, according to Swerdlow. The ability to keep a property fully leased is paramount, he says. So, were seeing property managers be more proactive. Property managers that cant afford to lower rents or offer cash back might consider other incentives, according to Swerdlow; offering new or renewing tenants a flat screen TV, for instance, will cost much less than having vacancies on your properties, he suggests. Other potential incentives are moving expenses, a month of free rent or a furniture allowance. Trend: Perfect Properties More attractive than a flat screen TV, according to Swerdlow, is a nice property with lots of upgrades. Upgrading units for existing tenants keeps tenants happy and also increases the value of the unit, he says. The promise of new carpeting, nice finishes and stylish lighting fixtures is a big bonus for renewing tenants. Of course, its also a big draw for new renters, who inevitably judge properties by their appearance. For that reason, if you cant afford granite countertops, at least settle for clean ones. Its important to keep your units in rent-ready condition, Swerdlow says. Property managers are making sure that when a prospective tenant goes and looks at a unit, its spotless.  Trend: Internet Marketing Most people dont view properties for the first time in person, however. They view them online, according to Swerdlow. The biggest trend thats changed the past couple of years is the migration to the Web as a low-cost marketing tool, he says. The fact is, 80 percent of people start their real estate search online; by doing online searches, they can knock out half of the units on their list without having to drive around town. Drost can attest to the power of Internet marketing for property managers. To attract tenants, we post our listings on Internet listing services that have high search engine optimization, he says. By having virtual tours, photos, online inquires, online applications and online payment services, we attract a lot of tenants. No matter what what Web sites listing services you use, the key to success is photos, according to Swerdlow. Listings with photos get clicked on oftentimes 40 percent more than listings without photos, he says. And if a listing has multiple photos or a video, those get clicked on more than listings with a single photo. Wed, 19 May 2010 22:10:00 -0400 http://www.DelValProperty.com/blog/client/index.cfm/187/2010/5/19/Property-Management-Trends