While the Yucatan Peninsula has some very established real estate markets, such as Playa del Carmen or Cancun Real Estate, it also provides some new opportunities in markets that are just beginning to show their possibilities for a beachfront lifestyle, such as Tulum real estate.
With their already well established reputations, the famous areas on the Yucatan Peninsula need very little introduction for most people. The wide, white beaches with soft sand, and warm, clear, turquoise water in Cancun and Playa del Carmen are considered by many to be the most beautiful in the world. In these areas beachfront condos with beautiful views are often a favorite, although by no means the only choice. Cancun offers a modern, convenient urban atmosphere, while Playa del Carmen with its low-rise buildings and large Italian population has a distinct European feel.
An established cruise destination, Cozumel Real Estate is another favorite in the area. The town on the island has a more traditional Mexican style to it; While the city is not colonial, the community’s history dates back to before colonial times, to the pre-Hispanic Mayan culture; the town is one of two in this part of the Yucatan Pensinsula which has been continuously inhabited since that time. Quaint homes in Cozumel can be found in town, or land purchases in environment-friendly developments, as well as luxury condos in the new developments on further parts of the island. In either case, buyers will have easy access to the attractions which originally drew them to the island – snorkeling in the reef, visiting the pyramids, the beaches, and the beautiful natural surrondings.
Aside from these more established areas, heading further south on this same shore, we find Tulum, where a new international airport and an urban growth plan are helping to make land purchases in elegant new developments attractive endeavors. Tulum MLS listings will also show a growing number of high-quality condos and homes. The new airport is also expected to help open up tourism, and consequently real estate, opportunities in the south of the state, mainly in the Costa Maya area.
Next to Tulum, perhaps the area most promising for quick growth in the near future is Campeche real estate. Campeche is located on the other side of the Yucatan Peninsula, on the Gulf coast rather than on the Caribbean coast. The colonial center of the city of Campeche has recently been completely restored, with underground wiring, colonial-style street lamps, re-painted and re-ornamented facades, and newly fixed-up parks. Two new luxury condo/golf developments are currently in process nearby, one directly on the oceanfront with a marina.
A little bit further down the road, beachfront lots with electricity, water, phone and internet are available starting at only $64,900.
Thomas Lloyd graduated from Purdue University Krannert School of Management with a degree in Management/Financial Option Investments. He has been living, investing, and working professionally in Mexico for over 15 years. A Mexican Certified Realtor he is the current president of Mexico Real Estate, you can contact him at (512) 879-6546.
Newspapers are old, stodgy and… still quite an expensive form of advertising.
But, people still read newspapers. And perhaps more importantly, those in your “target market” for private money are probably newspaper readers (at least the Sunday paper). So…
Should you ever advertise for private money using the newspaper?
I think there are a few determining factors that you must consider before pulling the trigger on something like this.
1. Your market
2. Your marketing
3. Securities laws
First let’s talk about your market.
If you don’t have a clearly defined target market for your investment opportunity, you’ll be wasting a great deal of time and money on advertising in the newspaper. A big part of this waste will come from: wrong ad copy, wrong ad positioning, wrong paper selection.
How you write your ad is critically important. If you cannot catch the readers attention and compel them to the action you want (lead generation in this case) then you are wasting your money. But you don’t just want any old reader…no…you want to signal out to your target market (those that have investable assets) that your message is for them.
Even if you get your ad copy somewhat decent, if you don’t place your ad in the right part of the paper (it’s very easy to mess this up) then your response is going to be depressed. In addition, you may not even be selecting the right newspaper to place the ad in.
But let’s say you get this down: you have the right paper selection, good ad copy and the proper position in the paper.
Now it comes down to what exactly you are offering to anybody that calls. Are they calling you directly? Visiting a website? Calling a voice-mail box? What happens after they call? What kind of follow up marketing sequences do you have in place that will ensure a return on advertising investment?
Ok, let’s say that you have a fantastic marketing sequence in place and you also have a great ad, good paper and good placement.
Now, let’s talk about securities laws for private money for a minute. Of course, I’m not an attorney and what I’m saying here should never be construed as legal advise. You should retain a good securities attorney when you get super-serious about raising private money.
When you run an ad in a newspaper for private money, depending upon what you are offering in terms of investment, you may be making what’s called a “general solicitation.” This means, in the eyes of regulators, that you are trying to sell a security to the broad investing public. And there are lots of laws in place that try to protect the investing public from securities solicitations that haven’t been at least reviewed by the SEC.
Is this a complete bummer?
I don’t think so. If you have a good opportunity and you know that you can deliver, then it may be worth pursuing. There’s nothing better than having your phone explode with leads from people who are ready, willing and able to place funds with you.
An important note: you have to be ready to do proper follow up marketing and securities laws compliance when you use bigger advertising. The worst thing you can do is let a bunch of hot leads sit for days and days. People want instant information. Give it to them.
Advertising for private money could be very profitable for you, even in spite of the small obstacles. Consider everything I’ve said here in addition to your own business goals and objective.
-Happy Investing!
Article Submission Signature
Adam Davis is a real estate investor, author and speaker. He teaches real estate investors how to raise capital. Adam has completed hundreds of deals- from single family house flips to apartment buildings. He has raised millions of dollars from private individuals. For a FREE audio program on how to get private money go to: http://ForeclosureswithPrivateMoney.com
Panama has a large expat population and not all of them are retirees. Even some who came retire in Panama still work. There are lots of opportunities in the land that connects North and South America as well as the Atlantic and Pacific Oceans. Here are a few thoughts about making money in Panama.
Panama Investment Climate and Expatriate Talent
Panama has business friendly laws that attract foreign investment and foreign talent to this tropical paradise with world infrastructure. Panama ranks first in Latin America in foreign investment per capita.
Panama is taking advantage of the previously undeveloped parts of the Panama Canal Zone to promote assembly and export facilities and to upgrade its ports and container shipping infrastructure. These improvements will help especially when the “third lane” canal expansion is done in 2014 and some of the world’s biggest ships will be able to pass from ocean to ocean.
As the business climate prospers so do entrepreneurs. A number of online English publications are run by expats and the owner and the editor of the most prominent English language newspaper in Panama City are long term expats.
Doing Business in Panama
It is perfectly legal for an expat to come to Panama, open a business, employ people, make things or provide services, make money, and prosper. It can also be difficult to do business in a foreign location. Panama lays few restrictions on doing business in the country. However, doing business in Panama is a lot easier for a Latino expat from Caracas, Botota, or Barcelona than an English speaker from Chicago or Saint Louis.
Although business prospers in Panama the pace of life, and business, are different in this climate. A Venezuelan fleeing life under Hugo Chavez may well have better intuition into doing business in Panama City than even the son of Cuban refugee who was raised to do business in the Cuban community of Miami.
An example can be found on the Doing Business website. This business site ranks countries for ease of doing business. Panama ranks 81st out of 181 economies ranked. Panama ranks eighth in doing business across borders. Panama ranks twenty-eighth in getting credit for doing business. Within the Western Hemisphere Panama ranks eleventh overall out of thirty-one countries. Panama ranks seventy-third in dealing with construction permits. This means that there is a lot more paperwork and waiting to get a project going, make changes, and deal with paperwork in general. Panama does especially well in foreign trade related matters because of the Panama Canal and the Colon Free Zone. In other areas a foreigner will probably want a Panamanian partner for a hands on business.
So, if doing business in Panama could be a chore what are the options?
Doing Business Offshore
Not all expats living in Panama do business in Panama. It is perfectly legal in Panama to set up an offshore corporation, do your banking through your corporation, buy goods in Japan, and have them delivered to Australia. The nice thing about having an offshore entity in Panama is that money earned outside of Panama is not taxed in Panama. Because of the asset protection features of vehicles, such as a Panama Private Interest Foundation, foreigners will own an offshore corporation headquartered in Belize through the foundation and bank in Belize. This is living in Panama but it is not making money in Panama.
Investing in Panama
Since capitalism is the order of the day in Panama it is perfectly OK to let someone else deal with social security and workman comp issues while you purchase commercial real estate and have a professional property management company collect rents and handle all details. When the thriving economy in Panama drives the price of your commercial real estate to higher levels you can sell and reinvest in a new, promising location. The new Panama Metro Line 1 will start construction this coming fall. Anyone interested in commercial real estate investment would do well to consult the map provided by the Metro Authority for a hint as to look commercial locations.
Investing in Growth and Recovery in Panama
Every so often in life a good deal comes along. Those who recognize it and catch it in time do very well and those who miss out complain forever. One of those opportunities presents itself right now in Panama. The expensive end of the real estate market in Panama took a hit when the recession, stock market crash, and collapse of real estate markets took a bite out of pocketbooks the world over. Panama was doing well and, in fact, never had a recession with a growth rate that bottomed out at about 3.3 percent.
What happened in Panama was that North Americans and Europeans walked away from down payments on high rise condos. People whose hedge fund investments evaporated before their eyes had the mortgage on their second home in Panama repossessed. All of this happened a couple of years ago and buyers are coming in to pick up the deals. In some parts of the capital city prices on really depressed real estate have gone up as much as a third in the last year.
If you are in Panama to visit and are thinking about investing here or are retired and looking for a little more income a look at someone buying distressed properties might be in order. These distressed properties are brand new and are only distressed in the financial sense. They are in good shape and will sell readily. Over the next three to five years we can expect to see substantial appreciation the recovering high end properties in Panama. Of all the way of making money in Panama this idea may well be the best yet.
There are a number of ways of making money in Panama and while in Panama. The most efficient may well be to pay attention to Panama’s economy, the housing and real estate market, and other investment opportunities involving capital and not running a business in Latin American, unless you grew up in San Jose, Mexico City, or Bogota.
An offshore formations and banking specialist working for several companies regarding offshore structures, formation of companies, foundations, banks and financial institutions in several jurisdictions, including provision of government issued financial licenses.
Working for User Bancorp Ltd, which is providing private and corporate accounts, merchant accounts, offshore companies such as Belize IBC’s (International Business Company), Panama corporations and foundations, wire transfer services, managed funds/forex, credit- debit- and prepaid card issuing.
We also offer co-ownership and shares in different investment programs such as real estate investment in profitable jurisdictions like Panama, Belize and Spain.
Certificate of Deposit/Term Deposit accounts available up to 9 % p.a.
Contact me on e-mail: geir.holstad@userbancorp.com
Everyone has a story about, “if I had just.” If I had just bought a certain stock is one of them. If I just bought property before the real estate market caught fire in Southern California is another. In the USA the “if I had just” should also include selling before real estate markets collapsed. In the little country of Panama the “if I had just” will occur with a lot of people in three to five years after the real estate market corrects back to its pre-recession levels. What opportunity knocks it is time to act. Now is probably the right time in the little Central American Republic that connects the oceans by way of the Panama Canal and connects North and South America by way of the Isthmus of Panama.
A Little Perspective and a Little History
Numbers and Geography
Panama is the country of just over 3 million people living on the land bridge that connects North and South America. It is covers 75,990 square kilometers and is bordered by Costa Rica to the West and Colombia to the East. To the North lies the Caribbean Sea and to the South lies the Pacific Ocean. The peculiar geographic “twist” of Panama is such that folks walking along the Bay of Panama in Panama City at dawn watch the sun come up over the Pacific Ocean!
History
Today’s Panama Government is democratically elected but that was not always the case. Just twenty years ago the military dictator, Manuel Noriega, was deposed by a US military invasion. Since Mr. Noriega has languished in a federal prison in Florida, Panama has flourished into a prosperous little nation without a standing army and more colonels waiting to take over. Panama’s Balboa is tied one to one to the US dollar and United States paper currency is used in all transactions as Panama does not print paper money. It just calls the greenback a Balboa.
Since the fall of the dictator Panama has written a number of laws onto the books to give incentives for investment in Panama and to entice retired North Americans to live in this tropical paradise. Both have been successful. The building boom in Panama slowed but did not cease while the rest of the world suffered through the worst recession in three quarters of a century. The country is full of “pensionados” too. North Americans and Europeans have taken advantage of discounts to retirees and the fact that property rights for foreigners are no different than for Panamanians. They have moved and bought in Panama in droves.
Since “Norte Americanos” tend to buy or build more expensive homes than Panamanians the deluge of North Americans not only stimulated the housing market but set it on fire! Condos went up by the Bay of Panama and gorgeous homes were built in El Valle, Cero Azul, Boquete, and in the Bocas del Toro Archipelago. Then came the recession.
The recession slowed business in Panama but the GDP only dropped to just over 3% in 2009 and is expected to end 2010 above 5%. What got hit in Panama when the recession hit Canada, the USA, England, Spain, and the rest? The high end of the real estate market got hit! Prices dropped. Folks who had put 10% down on a condo on the 30th floor walked away. That was a year or so ago.
Today and Going Forward
The weather is always great in Panama. Rainy season or dry it is warm. There is no record of a hurricane every striking Panama. The Panama Canal was built where it is because of the fact that the narrowest part of the Isthmus of Panama has never had a serious earthquake. The Panama Pacific is known as the Tuna Coast because of the exceptional fishing. World records are still being set off the Hannibal Bank near Isla Coiba the ferries to Isla Taboga and to the Pearl Islands still pause for photos when they spot whales.
Panama City is a Latin American business and banking center. The night life on Calle Uruguay goes on until dawn as does the actions in casinos all over town. While building projects shut down all over Latin America a 46 story high rise continued ascending in the barrio of Obario on the edge of the banking district, the bancaria.
Panama is one of the most biologically diverse nations on earth. Birders come from all over the world just to walk the Pipeline Road or look for Quetzals at the foot of the 11,000 foot extinct volcano, Volcan Baru.
The combination of a tranquil life style in a tropical paradise with preserved nature all around continues to attract visitors and retirees. The vibrant life in the capital city brings tourists and business from all over Latin America. Panama’s growing business community brings investment and personnel from the Americas, Europe, and Asia.
Panama’s easy residency requirements continue to attract retirees looking for a warm and inexpensive location for their later years. Many of the same folks are attracted by the discrete banking and offshore corporation laws in Panama.
Opportunity Knocking
Panama has gotten head start on much of the rest of the world in its economic recovery. Business is growing, a new Metro is in the works and property values are heading up.
A unique opportunity presents itself in Panama. Inside of a stable economy that did quite well despite a world wide recession there was a major correction in the high end of the real estate market. The North Americans stayed home for a couple of years as did many Europeans and Asians. The folks that were driving prices for the 30th floor condos on the Bay of Panama in the city or the luxurious beach front homes on the Pacific in Coronado weren’t buying. Prices dropped, some walked away, losing down payments, and some defaulted on mortgages due to problems at home, not in Panama where the economy stayed afloat.
As of this writing property values are heading back up as fast as 35% a year in some locations in Panama. The knocking sound you hear is opportunity telling you that an investment in a well conceived enterprise buying reposed mortgages in Panama will thrive for the next three to five years!
An offshore formations and banking specialist working for several companies regarding offshore structures, formation of companies, foundations, banks and financial institutions in several jurisdictions, including provision of government issued financial licenses.
Working for User Bancorp Ltd, which is providing private and corporate accounts, merchant accounts, offshore companies such as Belize IBC’s (International Business Company), Panama corporations and foundations, wire transfer services, managed funds/forex, credit- debit- and prepaid card issuing.
We also offer co-ownership and shares in different investment programs such as real estate investment in profitable jurisdictions like Panama, Belize and Spain.
Certificate of Deposit/Term Deposit accounts available up to 9 % p.a.
Contact me on e-mail: geir.holstad@userbancorp.com
Most rental property owners at some point make the decision to turn the property management duties over to a professional property manager. This is especially true when the owner lives outside the area and simply can’t service the property correctly. But other reasons, including an owner’s desire to spend more time with the family or perhaps on the links, also motivate the decision.
Whatever the reason, however, logistic or personal, there are a number of realities surrounding professional property management companies worth noting.
Foremost, bear in mind that you will never find a company that will service your rental property as well as you do. This is not a dig at the professionals, but the reality is that you can’t afford to pay any property manager to work your properties as you would. After all, the management company is in the business to make a profit and most likely would not find it cost effective to treat every rental property with the same intensity or compassion as the owner.
Okay, so what should you expect from the management company you hire?
- Your units rented at market rents
- As little vacancy as possible
- Operating expenses controlled and on a budget
These three specific things are really what will give you the most bang for your buck because they each, when successful, contribute to a favorable and profitable bottom line. The cost for professional property management (typically 5 to 7 percent of gross rents if off-site only and maybe up to 10 percent with an on-site property manager included) must be factored in, naturally, but at the end of the day a good management team should make you money.
Finding a reliable company to manage your property shouldn’t be difficult. You might start by asking for suggestions from a loyal real estate agent or some other rental property owners if you know any. You can also do some driving around and look for signs companies often post at properties. And of course, there is always the rental section of your local newspaper.
Once you narrow down the field and start interviewing a property manager, here are some thoughts on the type of questions you might want to ask.
- What is their management fee?
- Do they charge extra for showing rentals or going to court on evictions?
- What are their business hours?
- Who covers rental calls on the weekends?
- What types of reports will they give you, and will they be mailed each month?
- How do they handle slow or nonpaying tenants?
- How do they set rental rates?
- What do they do to market vacant units?
- What dollar amount of expenses requires owner approval?
You get the idea. You want to ask the property management professional enough specific questions so you understand the philosophy of management to which the company adheres and how much effort they will devote to hands-on management. The bottom line is that you want to feel comfortable that the property manager you hire not only recognizes the profit goals you have set for your rental property, but knows that you expect them to earn your business.
About the Author
James Kobzeff is the developer of ProAPOD – leading real estate investment software solutions since 2000. Create rental property cash flow, rates of return, and profitability analysis presentations in minutes! Easy and affordable. Learn more at => www.proapod.com
Almost similar to the management function in any other business, property management also implies operation of residential, commercial, or industrial property. In literal words, this may stand as managing a property on behalf of its owner in his/her absence or lack of time. This branch of management includes a wide array of functions related to maintenance of buildings including damage repair, paint, and substitution of any fitting. Property management, also referred to as Real estate Management, at times also involves rent collection, outgoings of payments, insurance payments, paying the maintenance staff, and negotiating with the current and prospective tenants.
Right from the residential apartments to villas, and from small shops to commercial malls, people engaged in the property management service cater to all your property related needs. Not only this, they at times also undertake personal property management, thereby taking care of equipment, tools, and all the related corporeal capital assets attained and employed to build, renovate, and sustain end article deliverables.
Real Estate Management or Property Management actually entails the procedures, organisms, and manpower needed to administer the life sequence of acquired properties. These procedures may include two or more of the following features like acquisition, maintenance, control, liability, operation, and disposition.
Roles of a Property Manager
One of the most important roles of a property manager is to act as a buffer between the landlord and the user of the property. He/she acts as a liaison person who makes both the parties agree on mutually beneficial terms. The property mangers accept the rent on the behalf of the landlord from the tenants and address all the maintenance issues on behalf of tenants. This service thus benefits both the parties equally and is hence flourishing with the upcoming boom in the real estate sector.
Property management service is beneficial either for working professionals who do not have time to search for their desired place or for property owners staying outside Canada. Such landlords definitely need to hire some manager to look after their property and to liaise with their tenant constituency.
This service has many different facets to it. It includes managing the financial transactions of the properties, participation in the litigation process as well as initiation of tenant litigation and signing in of the contracts with maintenance companies, security companies, and insurance companies.
Although litigation is an altogether different stream which is entrusted only upon trained attorneys of the area, yet most of the management services undertake the property litigation themselves. For this, they also at times hire real estate attorneys on an hourly basis who do the freelancing for the former. The majority of legal matters that draw the attention of property managers are cases pertaining to
* Evictions
* Public nuisance
* Non-payment of rent
* Non-payment of bills
* Harassment due to damages and
* Diminution of pre-arranged facilities
Therefore, it becomes quite mandatory for the property managers to be updated on all the law practices applicable under municipal, county, and state law.
In the present scenario, various magazines and journals also publish the desired property details. Such journals tend to publish mainly the following
* Contemporary market trends and research
* Market data digests and reports
* Area-wise deep analysis of property trends
* Various judgments and updates in property law and
* Property reviews based on market research
That is to say, these journals adopt a wide subject abate and address key concerns ranging from the economic, physical, and social aspects of Property management to international perspective.
Learn more about the property management at http://www.propertymanagementblog.ca.
To be “proactive” means “to be in control of a situation by causing something to happen”, whereas being reactive is simply “responding to a situation when it happens”. And there is a big difference. Reacting to problems after they have occurred can cause bigger problems and is usually more expensive than being proactive. If you can provide a truly proactive property management service to your owners, there are lots of benefits. You can look forward to delighting your customers and growing your business. In fact your level of proactivity is the difference between you being viewed as a just a true “asset manager” instead of just a “property manager”. Which would you rather be?
Here’s a story for you
About a year and a half ago, I was re-evaluating my telecommunications options at home. Like most people, I have a home phone line, broadband, a mobile and Pay-TV. I had been with my current provider for as long as I could remember and felt that all the new bundling offers and lower prices had completely passed me by. I hadn’t talked to anybody from that company in ages.
I decided it was time for a change and found another provider that had better rates and was able to bundle my services. At the time, I was pretty happy with the process, it was all very simple and convenient and I had saved some money.
The real “magic” came a couple of months later, when I was contacted by a telemarketer from my new provider who announced that the company’s broadband rates had recently decreased and “would I like to change to a higher plan that would cost me less?”. I responded that I had only been using the service for a short time and didn’t think I would be eligible for the plan that he was offering. Happily, though he assured me that I was, and I got an even better service for even less money.
You can imagine my surprise at getting this phone call! What a fantastic example of being proactive! In fact I told everyone I could how amazed and delighted I was with the service. It can definitely pay from a marketing point of view to be more proactive with your existing customers – in a small area or industry, they can be your best source of referrals.
How can you be more proactive?
There are three broad areas where you can work at becoming more proactive with your owners. They are: Profit, Protection, and Communication.
1. Profit.
Investors generally buy property to make a profit, either on rental returns or for a capital gain on it’s sale value.
It has been well documented in the news recently that rentals have significantly increased in most states over the past 12 months. Do you review the rent at the end of each lease agreement, to ensure that your landlords are maximising their rental income (proactive), or do you wait for a landlord who has read the news recently to ring you and ask you if a rent increase is possible (reactive)?
Do you make suggestions your landlords about how to improve rental returns on their properties? With a knowledge of the local market, some property managers are also able to suggest improvements to rental properties to ensure that the property attracts good quality tenants and higher rental returns (proactive), versus only fixing things when they occur (reactive). Here’s an extra tip… when you do increase their profit make sure they understand what you have done for them and what value you have added.
2. Protection
Owners want to know that their asset is safe. There are many ways which you can assist your owners in protecting their property such as:
(a) Ensuring they take out a landlord insurance policy. Even good tenants can lose their jobs. If a tenant defaults in their rent and has caused damage to a property, they will need this insurance to claim above what the bond value may be. This also protects the landlord from the tenant injuring themselves inside the property. Educate your landlords that they are much better safe than sorry!
(b) Maintaining the property (proactive), rather than making repairs (reactive). A property that is not well maintained may not only lose value, but can also alienate good tenants.
(c) Management of arrears. Do you explain to the tenant before they move into the property your policy on rental arrears (proactive) or do you wait until they are in arrears (reactive) to manage this. Do you have a process which is easily executed – such as a combination of SMS messaging, phone calls and letters (proactive) to be used as early reminders to tenants should they fall behind in their rental payments, or do you create correspondence each time it happens (reactive).
3. Communication
In real estate location, location, location is a common catch phrase. In Property Management it should be communication, communication, communication! Communication to your landlords is so important and the key to being really proactive here is to be able to tailor your communication style to suit the owners needs.
How much do you know about the owner’s current personal investment strategy? Are they growing their portfolio? Can you look out for anything that the sales team may have on the books that may suit?
There are so many options for communication in today’s age of electronics. Do you know how the owners like to receive communication from you? Do you have email addresses on file for all your owners, and email their statements to them with a newsletter? Have you made use of the availability of online portals, which give them a view of their investment at any time of the day or night?
Even with all the electronic communication methods available today, some owners still like to see their property managers face-to-face. You still need to consider that people buy from people and sometimes the only way to really understand what your owners want is to be able to spend time with them personally.
How can you become more proactive?
Again, three simple principles can help you become more proactive in the services that you provide to your owners.
1. Use Systems
Technology provides us with a great deal these days. The ability to prioritise tasks and keep track of to-do items is a must.
Your property management software should be able to produce certain things automatically. For example, you need to be able to look at your to-do list and determine what are the priority tasks that only you can do, and what are the secondary tasks that you can either delegate or perhaps even outsource. Today, there are many options to use either technology, outsourcing or both, to present a more personal and proactive touch to your owners.
2. Plan Ahead
When choosing property management software, make sure that you are able to have all the information you need about a property, tenant or landlord available at your finger tips, including electronic document storage. You should be able to access all information regarding a property with the click of a mouse. When your owners have questions about their properties, you should be able to answer them instantly rather making them wait for you to “find it in the file”.
You should also take advantage of the reporting capabilities of your system. Most systems provide all sorts of statistics that you can access, for example, a report on properties by lease expiry date. This allows you to plan ahead for rental increases or re-lets. Similarly, you should also be able to track insurances, depreciation schedules, inspections to name a few. Your systems and processes together should allow you to plan ahead before problems arise – even if you happen to be managing a large portfolio.
3. Take Action
Nothing happens until someone takes action. Pick up the phone! Call your owners and ask if they would like their statements emailed, or let them know you now have an online portal available to them. Take photos at the next inspection and suggest some improvements. Check their insurance details and the date of their last rent review. Let them know you are serious about proactively managing their asset.
One last word of advice
Earlier, I recounted one of my own happy experiences with a telco provider who appeared to provide extremely proactive service. The happiness I experienced though, was very short lived. Everything that happened after that was awful! They got the billing wrong, responded to my queries when they felt like it, and I never received one of those happy proactive calls. As a result, I changed providers again just this week.
Once you get proactive with your landlords, I can guarantee that that they will love you and want more. But be warned, that this is not something to just “try” it’s needs to be a long term commitment. If you can give this, and more importantly sustain it, then your ability to become proactive will become major point of differentiation for your business.
Samantha McLean is a sales and marketing specialist with a passion for property management. She has recently taken on the role of Sales and Marketing Manager for Agentplus (http://www.agentplus.com.au), a specialist provider of property management software and outsourcing services in Australia.
Hello, my name is Tim and I operate a house sitting service located in the mountains of Southern California. The question has been asked several times “I have a monitored house alarm system and my neighbors keep an eye on our home from time to time. Why do I need a house sitting service?”
There are several good reasons why every owner of a vacation home needs a good house sitting service.
One of the biggest villains to vacation homes is water. Nothing destroys a house faster and causes more damage than water.
Several years ago the house I own in Crestline had a water pipe burst in between the first and second story. By the time I realized that it was leaking it had already made a whole in my ceiling above my bed about the size of a basketball. Fortunately I was able to fix the ceiling myself however the plumber charged me about three hundred dollars to fix the leak located in between the floor and the ceiling.
A month later I had the dishwasher hose burst. The water leak also put a whole in my ceiling in my bedroom. Just about the time I got that fixed we had another pipe burst at another joint just down from the first leak. That left me with three holes in my bedroom ceiling. I was getting tired of fixing busted pipes with no end in sight. When I bought the house a few years earlier I was told that the original owner replaced all the original plumbing with copper pipes so why all the leaks?
I was asking my plumber the same question when he decided to check the water pressure. He told me that the water pressure for a home should be between 65 and 80 pounds per square inch (PSI). He put the meter up to my water outlet and my water pressure measured 120 PSI. My plumber installed a water pressure regulator and set the PSI to 75. I haven’t had any trouble with busted pipes and it’s been about eight years since I have had any leaks.
The reason I told you that story is because water leaks are a very common problem from pipes bursting, especially in mountain communities, to water heaters leaking. If you don’t have a reliable service performing regular check ups you are asking for trouble. This is just one area where a house sitting service pays for itself many times over.
The problems I encountered at my Crestline home was costly and inconvenient but as I look back and realize just how bad it could have been if we hadn’t been home for a few weeks. The costs would have been a hundred times worse. Whether you are just leaving your home for a week or for a year, you really need to consider all the benefits that a house sitting service has to offer.
If you have a home in the Lake Arrowhead-Crestline area and would like to talk to us about setting up a “customized house sitting service” please follow this link. http://www.crestlinehomewatchers.com
Timothy Fay, Owner
As a resident of Crestline for over 11 years I have definitely seen the need for a home watch company that caters to the specific needs of its customers.
I bought and fixed up my first home in 1985 and have bought and fixed up 3 more since then. I also have been a landlord for over eleven years. I worked as a finish carpenter for over 3 years and worked as a framer for over 10 years. I also worked in customer service as a trucking dispatcher for over 17 years.
I started Crestline Home Watchers with you the customer in mind. We can customize a check list of duties that will meet your specific needs. Whether it is having your home well maintained, or having champagne on ice waiting for you. Crestline Home Watchers is behind the scenes to make your life more comfortable.
So you have already chosen your Tampa property management, company to handle your rental homes. You might have heard a lot of advice online or from other property owners about how it is important to choose the right property manager. It is because a rental property Tampa is a good source of income. Other home owners have seen the benefits that this kind of investment has given them for years and years.
The important things to check out of some Tampa Bay property management companies are as follows:
How tenants are screened.
What methods are used when screening tenants? Are they thorough when it comes to checking credit scores, employment and past rental history?
Most Tampa property management companies have their own strategies and techniques when screening tenants. And you, as the owner, should be informed of how their process works. Do not hesitate to ask how the tenant screening is done. If you are knowledgeable about these things, you can also suggest additional strategies on how best to property screen tenants that will be occupying your Tampa house rental.
Real estate knowledge.
Do the property managers have years of experience about real estate rules and rental procedures in that area? Is the company being referred by people? How long have they been in the business?
Knowing more about the property management in Tampa and their operation is also important. You cannot just rely on what you see on their advertisement. Or take another person’s word for it. In the process of choosing the company, do some additional research on the company. Most companies have websites you can visit to check out testimonials, property listings and other factors that are relevant for your own rental property.
Collecting rent.
Does a company have a good record with collecting rent? What are the steps taken when rents are not paid on time?
This is a rental property Tampa business. What makes it successful is if the rents are paid on time and on a regular basis. Late paying tenants cannot be avoided. But it is also up to the property manager to make sure that late payments are dealt with and prevented from being an ongoing thing. This is one of their duties and it is what you are paying them for.
Other skills.
How are rental properties advertised? Does the company have an aggressive marketing strategy to advertise the property? How do they do about their financial report? Do they give out regular report about the status of the property? When often is maintenance being done?
These are additional things to check out of your chosen property management company in Tampa. It is not only about how tenants are picked or how rents are paid. It should also be about taking care of the property and making sure the property is marketed properly.
Once you know that your chosen Tampa property management have and know all about these things, then you know that your investment is in good hands. Now all you have to do is sit back and let them do their jobs.
For more information or for further inquiries, visit: Tampa Property Management
Real Property Management specialize in the management of residential properties all over the United States, and our Tampa office is locally owned and operated and serves Hillsborough County, Pasco County, Pinellas County, and Polk County. This gives us tremendous resources at the local level to assist you with your property management needs.
Problematic tenants cannot be avoided. Even if you they are screened properly, there is still a big chance that misunderstanding will occur in the process of leasing the rental property in Tampa.
Those that have been there and done it would say that being professional in dealing with tenants is the best thing to do. Others would say that creating some rules to follow can help deal with tenants.
All these are true. But what most Tampa property managers do is that they get to know tenants first even before they are screened. Knowing what type of tenants the rental homes in Tampa would have is one way of preventing problems towards the duration of the rent.
Sounds difficult right? All you need is the time to sit and talk with the potential tenant. It should be a two-way interaction process. You should not be the only one talking or asking questions. If you have a Tampa property management handling your investment, the property managers can not only ask the right questions, they can also provide the answer to questions tenants might have.
Some of the common questions to ask would-be Tampa property tenants are:
Where do you live now? When do you plan to move to the Tampa house rental?
Why are you leaving your previous rental home? Can you pay the fees for the new rental?
How many people will occupy the property? Are you from the area or have just moved in the area?
Do you have pets? How many pets do you have?
Where did you hear about this Tampa house rental?
The initial contact with the tenants is usually done through the telephone. This is considered the preliminary interview. These questions can be asked during the conversation. If the tenant is available, he or she can be set up with a schedule wherein you or your property manager can talk with them and get to know more about the people that will be renting your property.
The questions do not have to be asked in order. They are also not the only questions to ask. This is the stage where you can ask any question to your tenants. The above questions are just basic suggestions on how to start interviewing your tenants. You might have some more additional questions to ask. Do not hesitate to ask them to better understand what your tenants will be like. Having a good rapport with your tenant is one way of ensuring that your rental dealings will go along smoothly.
In the process of interviewing your tenants, you also can discuss about the property. What your property has and do not have. The rules to be followed upon rental. And schedules of payment and maintenance. But make sure you and your tenant negotiate properly with some aspects of the Tampa home rental. There might be some things that the both of you need to work on and come up with an agreeable solution.
Take the time. Ask. Answer. And sit with. These are the things you or your property manager need to do in the initial process of getting to know tenants.
For more information or for further inquiries, visit: Rental Property Tampa
Real Property Management specialize in the management of residential properties all over the United States, and our Tampa office is locally owned and operated and serves Hillsborough County, Pasco County, Pinellas County, and Polk County. This gives us tremendous resources at the local level to assist you with your property management needs.