Sure, like everyone who has invested in a rental property, you need to collect as high of rent as possible. On the other hand, maybe a better choice of words would be “to collect as high of rent as reasonable.” After all, you don’t want a potentially long-term, reliable renter to walk away because your …
How to Determine A Fair Rent
Screening Tips to Find Great Tenants
The challenge is on: Finding a quality tenant who will pay the rent on time and take care of your property. While some view this process as a race to the finish line, that may not be the wisest approach. Sure, you want to secure a renter in a timely fashion to keep your rental property profitable. But …
Long-term Tenants and Leniency
When you and your tenant signed the lease agreement, and they moved into your rental property, there was a certain amount of trepidation on both sides. They wondered how approachable and reliable you would be when there were maintenance issues or disruptive neighbors, etc. They knew inspections were part of the scene, but frankly, they were hoping you …
The Big Debate – Holiday Gifts and Your Tenants
It’s time for the annual debate – should landlords give holiday gifts to their tenants. While some consider it completely unnecessary – this is a business, after all, and gifts are for family and friends, others consider it an essential pillar of good business. They claim it is no different than when a business hosts a customer appreciation day. There …
Continue reading “The Big Debate – Holiday Gifts and Your Tenants”
November 2020 Rental Market Update
Here’s the latest rental activity and trends for the Phoenix Metro area for November 2020… Closed Rental Units: 1,682 (13.48% decrease year over year) Median Lease Rate: $1,750 (12.98% increase year over year) Average Lease Rate: $2,021 (15.09% increase year over year) Average Days on Market: 22 (29.03% decrease year over year)
The Hard and Soft Skills You Need to Be a Landlord
Being a landlord involves two aspects—the practical business side and the “people“ component. Each plays a vital role in the success of any real estate rental venture. The business aspect requires what are often labeled as “hard“ skills, while the people side uses what are commonly referred to as “soft“ skills. Neither skillset can accomplish the task solo. So, let‘s tackle the “hard“ skills first, with three crucial must-haves for property management success. Technical property know-how While it is unnecessary to be a general contractor, being …
Continue reading “The Hard and Soft Skills You Need to Be a Landlord”
Gratitude and Thankfulness
“Gratitude makes sense of our past, brings peace for today, and creates a vision for tomorrow.” – Melody Beattie 2020 has …
October 2020 Rental Market Update
Here’s the latest rental activity and trends for the Phoenix Metro area for October 2020… Closed Rental Units: 1,819 (8.64% decrease year over year) Median Lease Rate: $1,725 (11.29% increase year over year) Average Lease Rate: $1,906 (10.43% increase year over year) Average Days on Market: 43 (38.71% increase year over year)
Survey Results – Is Now a Good Time to Invest?
The results of our recent survey about the economy and real estate market reflect uncertainty amongst landlords and investors during an election year and the Covid-19 pandemic. Although 33% of respondents anticipated a “strong” economy over the next 12 month, 67% felt that the economy would be “fair or weak”. Ratings of “very strong” or …
Continue reading “Survey Results – Is Now a Good Time to Invest?”
The Risk of Investing in Rentals
Like most business decisions, there are risks involved when investing in real estate. But this is not a “Don’t invest in rentals post”; this is an “opportunity to beat the risks by understanding them” post. Basically, all business risks have one thing in common – they create a situation where your financial outlay is greater …
