How to Determine The Rental Rate Of Your Property

If you want to make the most out of your investment, then you need to make sure that you get your rental rates at the optimum price to attract the most tenants. There are several ways to do this, and by studying your local area and the property market you can determine your prices with ease. You should take into consideration the current economy and the state of the housing market, as this can all contribute to the success of your property.

Step 1- Local Comparison

One way to do this would be to analyze the property within the local area. Look at the properties on the street, and compare your prices. If your charging $400 per month and the neighboring properties are charging $200 for the same property layout then you may want to consider lowering your prices. If your property is much larger however, then you have every ground to stick with your price. If your property is larger, or it has additional space such as an attic or a basement, then you should compare it to other properties within the area which have the same features. If your property is the largest on the street, charging $400 per month and other local properties charge $350, then again you should lower your prices. Just because it’s the largest on the street doesn’t mean you should charge higher prices when compared to other large properties in the area.

Step 2- Property Manager

Hiring a property manager is a great way to see what the best price for your property is. They do this by calculating a huge range of possibilities, securing the optimum price depending on several factors. These factors can include the size of your property, square feet of space, the residential area and other rental properties on the market. Your location can largely determine your rental rates. A large property in a rundown area may not reach as higher rental rates as a property in a well kept area. A property manager will be able to guide you through this process- helping you along the way and guiding your investment toward success. They will charge a fee for their services, but you will receive so much more in return from both their expertise and experience.

The Best Ways to Secure Your Vacant Property

When you have a vacant property, you probably have a lot on your mind regarding the overall safety aspect. A vacant property can attract unwanted visitors and vandals, and this can further your loss on the vacant property. You need to make sure that you secure your vacant property by taking the necessary precautions.

Theft

Theft is a main issue when it comes to a vacant property. Although there is nothing of value within the property, thieves do not know this. They may attempt to break into the property to gain access to goods or electronics. The broken entry point can then open your property for a world of issues. One way to prevent this from happening is to install a good security system. Although this may not prevent a break in, it will certainly work as a deterrent.

Vandalism

If your building already has a gained entry point, then you may want to board this up as soon as possible. The worst is yet to come, and there is a high chance of vandals striking your property. They may vandal the interior, or if access has not been gained then they may graffiti the outside. There are several forms of anti-graffiti paint that you can get that would work as a repellent against the chemicals in the spray can. This will protect your property, and signs stating that the paint is anti-graffiti will deter the criminals to begin with.

Squatting

A vacant property is a prime location for squatters. Homeless people are continually looking for shelter, and a vacant property is the ideal choice. Although they may not vandalize your property, they may leave behind trash and dirt which could cause long term damage and pests. Ways to prevent this would include installing security shutters. These are large steel casings, which protect the door from being broken.

You can also place these on the windows; however this would be more of a long term measure if you want it to be cost effective to the property.Whatever you choose, you should always make sure that you hire a good property manager to help you with your security system. They will work with you to ensure that you get top results at all times, as well as keeping your property safe and secure.

Top Things To Think About Before You Hire Your Property Manager

Hiring a good property manager could mean the difference between the success and failure of your property. You need to make sure that they are capable of handling every aspect without fail. When choosing your property manager, you need to make sure that they have the experience and expertise to handle your vacancy rates, tenants and payments.

Tip1- Experience

Choosing someone with experience is vital. This doesn’t just mean someone with years in the property trade. You need someone who is experienced in your local area. A local property manager will not only guide you on your property, but they will also be able to give you the crucial local knowledge you need to excel. Local experience can go a long way with a property, from determining rental rates to personally knowing the tenants.

Tip 2- Dedication

The property manager you hire needs to be fully dedicated to your property. You can find this out by looking into their customer reviews. This is the best way to find out about how efficiently they perform their services. You need someone who is consistent in their duty- as well as being experienced.

Tip 3- Resources

When you hire a property expert, you don’t just hire their services. You also hire someone who has access to a world of resources which otherwise would be unavailable. By making sure that your property expert has the tools you need to progress, you can be certain to succeed. This can include tenant screening services, rental collection, and portals between both yourself and the tenant. Sole property managers generally do not have access to these resources, so it is better to go with someone who is part of a reputable firm.

Tip 4- Professionalism

Your property expert is the face of your investment. You do not want to hire someone who does not look the part. Appearance can say a lot about a person, and someone who wears a suit and tie will say a lot to your tenants. If you want a phenomenal property manager, then you need someone who believes they can make a difference. You want them to carry out their duties without question, performing the necessary steps to give your property the best chance of securing quality tenants.