Top questions to ask while hiring a property Management company

Do you want to get the best out of your real estate investments? Are you planning to hire a property management company? Well, hiring a great property management service is one of the most important tasks you will undertake to manage your properties without any stress.

Nowadays, many companies offering property management services are out there in the market. However, it is a crucial decision and you should not hurry in making this decision. When it comes to hiring any kind of services, cost is the prime factor considered. In general, a property management company charges a monthly fee to manage your property. The fees may vary depending on various factors. It can range from 5%- 20%. Remember, cheaper does not always mean of lower quality. You can find companies that offer more services for reasonable rates. Search for the one that suits your needs and fits in your budget.

Here are some questions that will help you narrow down your search and end up with a well-informed decision.

Questions to ask while hiring Property Management services

• How many years of experience does the property management company have? Ask the company to provide 3-5 references of real estate investors that have been using their services at least twelve months and are happy with the service.

• Ask the company, where and how they market available properties? You can inquire how effective the company is at filling vacancies. A property management company having an effective marketing campaign will definitely help you achieve your goals.

• Ask the company about the methods they use to qualify tenants? What type of background checks do they do? It is advised to have a property management company that can provide records of satisfied customers.

• Inquire how the company handles cases of delays in, or failure to pay, rent? It is better to skip the property management company which is “flexible” with tenants about rent payments. Look for a property management company that is courteous and fair. However, it should enforce your rental contract with your tenants. After all, getting timely payments is an important aspect for you.

• Ask how many other properties the company manages? How many resources the company has? If the company has a limited staff and a large number of properties, then the company may not be able to pay attention and manage your property. You should look for a committed company that offers good services efficiently.

·         Inquire with the company about the management fees they charge.

1.      Showings

2.      Advertising

3.      Signage

4.      Management Fee

5.      Leasing Fee

6.      Renewal-Leasing Fee

7.      Typical Move-out/Move-in expenses

8.      Repair/Maintenance

9.      Inspections (extra or included)

10.  Evictions

You have to consider various aspects while calculating the fees. However, it should be within your budget.            

• Does the company charge a lease commission separately? In general, the majority of companies charge a percentage of the monthly rent as the commission for lease renewals and new leases.

• Ask the company if they charge a vacancy fee? Many property management companies charge a vacancy fee for marketing and advertising endeavors.

• Inquire who will handle yard maintenance and repairs. If the company handles it, ask with whom do they work and how are they rewarded? Do they charge by the time or job? Many experts suggest paying by the job.

• Ask the company if they have their own rentals too? You can gain knowledge about the industry by learning how a company manages properties. Communication is the most essential aspect to consider while hiring a property management company. The company should be responsive to both email and telephone. Getting a response back in a timely manner is a very good sign of a proficient and dedicated company.

For some companies, property management has become a business about markups and hidden fees. All the above questions will help you find a good resource to manage your property well.

© Global Realty & Investment Corp 

Tips for commercial real estate investment

Do you want to add value to your assets? Investing in commercial real estate can be a great source of income. A well positioned commercial real estate property can increase dramatically in price later, giving you the best returns. Leased or rented commercial real estate can be a source of steady cash flow.

Most real estate investors start with single-family houses. This is the most well known option of investing in real estate. When it comes to investments in commercial real estate, it is essential to have plenty of patience and the right perspective. For getting success in commercial real estate investments, you need the willingness to invest efforts and time up front in researching. You should identify the correct type of investment.

Here are some useful tips that will help you invest wisely in Commercial Real Estate

• Use Personal experience and Knowledge- Your personal knowledge and experience is the key asset in this endeavor. As an investor, you should look for property in your neighborhood or other localities you know very well. Here, you need to use your knowledge to find out what and where to buy.

• Research well- When it comes to investments, people always prefer the default to familiar products. Undoubtedly, there is nothing wrong with this strategy. Nevertheless, you need to research well and find out the current market trends. As numerous investment options are available, you need to think of a better fit for your needs, budget and goals. Explore all possible options and opportunities in other arenas as well.
  
  
• Have patience- Think wisely. Never buy commercial real estate too quickly, just because you have the money.  You need to be patient. Consider all aspects before buying a property. Invest in a property, only when you are comfortable with the price and real estate.

• Build a Real Estate Network – A real estate network is the most integral part for every investor. If you have a trusted business associate or friend in the legal, contracting, real estate or banking professions, then this will help you make good decisions and find deals. With a well developed real estate network, you can manage the investments effectively.

• Set Goals (Short Term and Long Term) - As a commercial real estate investor, you should be able to envision both the immediate impact of an investment along with the long term prospects. Numerous run down commercial properties are on the market. You have to think of various aspects that might greatly impact the value of a property in the coming years.

• Diversify- Like with any investment, if you need to put all of your money into commercial real estate, then it involves a big risk. Definitely, you can get a better cash flow by renting out the properties. You can spread your money around into various kinds of commercial real estate like office buildings, apartment buildings, raw land, retail space, etc.
• Learn the formulas – Never get cowed or discouraged. Sometimes, it may take longer to conclude a commercial deal. Because of the diversity inherent in commercial real estate, it can take longer than expected. With practice, you can complete transactions faster. It is also essential to keep in mind that the investment value of commercial properties is calculated differently. You should learn the specific formulas used. This will help you determine the correct offer to make. 

• What to look for: It is true that there is huge availability of more reasonably priced options. However, keep in mind that investing in commercial real estate is not child’s play. It needs correct planning, research and foresight.

You should consider the following important points-

ü  The vacancy factor

ü  Renovation, refinancing and repositioning potential

ü  The break-up of cash flows

ü  Long term capital appreciation potential

ü  Expenses including building insurance, maintenance and property tax

ü  Lease terms, expiry dates and lock-in period

You need to establish the soundness of the spot along with its supply-demand dynamics. You should also ensure that the population growth, economy and job market are healthy. You should also verify the potential for infrastructure development, developer credentials, quality of property management and access to public transport before investing in the project.

© Global Realty & Investment Corp 

Maximize your profit with Property Management Services

Do you want to get the maximum profit from your real estate investments? Do you know about property management services and how such services can help you? It is a fact that numerous individuals in the real estate sector are not aware of the services offered by a professional property management service. Many people are usually reluctant to even talk about the matter. With the advancement in technology, the real estate investment industry is in a big boom. In such a competitive world, not using the professional services may keep you away from enjoying the benefits.

Profitable and correct management of commercial, as well as residential real estate, consistently demands time along with substantial stress. Further, proper infrastructure and manpower may make it more difficult.

Property Management services- Do I really need them?

Yes, you really need property management services to manage your residential or commercial properties. In general, it includes various factors-

·         Finding reliable tenants

·         Pay on time

·         Better tenant retention

·         Longer and reliable rentals

·         Handling legal matters

·         Tenant screening

·         Property and Safety conditions

·         Inspections

·         Regular maintenance of the property

·         Timely collection of the rent

·         Negotiating the deals

·         Assistance with taxes

A trustworthy property management firm will shoulder all the above listed responsibilities efficiently with a correct professional approach. In addition to this, a team of professionals and a distinguished infrastructure also helps manage your properties well. We live in a competitive era and the global real estate industry is changing rapidly. You have to keep yourself up to date. Many people today have very busy schedules and do not have time to resolve the challenge. Hiring a property management service can be the perfect solution for it. Besides providing you with the most innovative and latest schemes, a property management service will help you maximize your profits. The professional experience and knowledge of the property management service will let you relax.

What a property management service can do for you?

Shouldering your responsibilities and decreasing your work is the most important thing that a reliable and proficient property management service can do for you. The service will help you with the advertisement and publicity of your property along with its maintenance and administration. Remember, a property management service is your rent and tenant collector; however, the service will take care of all possible aspects. The service will provide you with financial schemes and advice that will help you run your property in a beneficial way.

Nowadays, many firms offer property management services in the major cities of the globe. Many of them have a prominent online presence. It has become very easy to get the services. However, you need to look for a reliable service and check out the range of services offered. Many companies offer a free quotation facility and you can avail it right from the comfort of your workplace or home. However, this is a crucial decision and a small mistake can mean the difference between loss and profit.

A proficient property management service can add significant value to your investment. A professional property management company has very good knowledge and experience of marketing campaigns. They know how to advertise a property. Further, such services help negotiate cheaper advertising rates. The property management company will also help you with its time-tested tenant retention policy. Another advantage of hiring a property management service is the preventative maintenance which is achieved by putting systems in place. This needs a well thought maintenance check program. The property management company will help you with advice, upgrades and modifications.

All in all, hiring a property management company will help you say goodbye to all your stress and enjoy your freedom. Start your search for a good and competent management company and maximize your profits in an easy yet effective way.

© Global Realty & Investment Corp 

Important considerations while renting an Apartment

For most people, the day will come with the need for an apartment. For some people, this will be the first residence after college or high school, whereas it may be a place to live in retirement. No matter for what reason you want to rent an apartment, you should consider a few areas to make it a smooth move.

Searching for an apartment to rent can be a daunting task. After looking at various options, it is easy to narrow down the search to a place that shows well compared to the others. Remember, a place that looks good, does not always mean the right choice. There are various aspects you should consider before you sign the contract and commit to an apartment.

Neighborhood- Location is a very important aspect of any property. While selecting a new place to live, evaluate the nearby location as much as the actual apartment. Of course, there may be some concerns that vary person to person. Do invest some time investigating the locality. Visit the area. Try to speak to people living there. Find out the pros and cons. Further, locate any particular interest or areas including shopping, entertainment, schools, parks, public transport, nightlife, etc.

Rent- Before you start your quest for an apartment, decide how much you can afford to rent. It is better to set a maximum and minimum limit for the monthly rent. This will help to narrow down your search. No matter how perfect the place is, there is no point to have it be way out of your budget range. Never forget to understand what is included in your rent. There are different types of combinations of inclusions in a rent payment. Sometimes, you may need to pay higher for an apartment that includes all utilities but your other expenses may be lower, as you pay one monthly bill only. You should know well exactly what you are paying for. Remember, it should be a well planned decision as you may need to pay again and again for this endeavor in the case of a wrong decision.

Amenities- Depending on the budget set and the location, you may get different options with various amenities included. You may find an apartment featuring everything you need. You should decide what amenities you would like while renting an apartment. Sometimes, it may be an added bonus or a deal breaker even. You should have a clear understanding of the amenities you need from security, to internet and laundry facilities, to cable inclusions. You can also think about the amenities for pets, appliances, etc.

Inspect the Apartment- As mentioned above, an apartment that looks good does not mean an excellent option always. You should inspect a property carefully. Inspect potential properties; never take it at face value. If an apartment is furnished, try to imagine your belongings in the apartment. If necessary, take measurements to check out if your furniture will fit in the rooms. Inspect water and drainage pipes for any leaks. Ensure heating and electrical work properly. Check doors, locks and windows.

Rental Agreement- In your endeavor, a rental agreement is a very important aspect. When you find your apartment, you should read the contract cautiously before you sign it. You should check the conditions and duration of the lease, the rental price, inclusions, responsibilities for repairs and notice of termination. Get a copy of any laws and regulations. Read all of the paperwork carefully before committing to an apartment.

Undoubtedly, many people will evaluate each of these considerations in a different way. You should have a clear understanding of what you want. This will help you avoid disappointment and troubles in the long run. Make a well informed decision and enjoy it without any surprises. 

© Global Realty & Investment Corp