Our philosophy is to run a “low profile” and low overhead office which allows us to charge a Flat-Rate Management Fee of as little as $95! Screening tenants is one of the keys to successful management, and we excel at it. We have had just about every trick in the book pulled on us in the past, so we seldom get fooled anymore! No one bats 1,000, and if we make an error we step up to the plate and take responsibility for it.
For our owners we always try to maximize their rental income and control their expenses.
Hiding is not a good strategy
1 – CALL THE PROPERTY MANAGER – If you have a problem, always call the manager and tell him about it before he finds out and calls you. Going to be late with the rent? The check you wrote for the rent is going to bounce? Want to add someone as a roommate? See a leaking faucet, gutter needing cleaning or a missing downspout? Call the manager! Come to us before we need to come to you.
2 – DON’T AVOID THE MANAGER – If she knocks on your door, talk to her. She probably knows you are in there anyway… you won’t make any points by hiding from her. Many renters think that when someone comes to give them a 3 day pay or vacate, refusing to answer the knock on the door will somehow help the situation. It will not! Open the door, accept the notice and offer an apology and a plan to get the rent paid.
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To prepare to answer this question, I have before me a crystal ball, a Ouija board, today’s horoscope and a Jamaican lady at the Psychic Hotline Line holding on Line 2.
All agree that the answer is NO! Here are some of the reasons that factor into this answer:
- FEAR – There is still too much of it circulating in our society and culture right now. Just wait a bit … the fear will subside with time.
- UNCERTAINTY – One morning you will read that sales prices are up in 19 out of 20 major cities since 12 months ago… but then that night the 6 o’clock news announces that foreclosure rates are up in some of the same cities! Now THAT is uncertainty – go figure!
- TIME – It’s still too soon. We are still not far enough away from the crash that started in 2008 where most of us lost 1/3 of our real estate equity values… or more! Be patient. The book entitled “The Benefits Of Rushing Into Things” has not yet been written !
- APPRAISAL PROBLEMS – Appraisers are still including distressed sales as comparables on their appraisals. That means that even if you find your dream home and you and the seller agree on a price, it very well may not appraise for the agreed price.
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1. MONEY – have some – to put down as a holding deposit when you find the place you want.
2. TIMING – don’t start too soon – if your lease isn’t up for 3 more months then it’s too soon.
3. LANDLORD REFERENCE – have a good one – it’s very important to be able to get a good recommendation from your present landlord so try to establish a good track record BEFORE you go out looking for your next place by:
- Paying on time
- Causing no trouble
- Taking good care of your rental unit
- Always complying with your rental contract.
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