Peter Bubel+ by | Sep 3, 2018 | Peter Bubel, Real Estate
The rise in popularity of home improvement shows on the TV has seen many people seek to take on the position of real estate investor for their full-time career. Breaking into the real estate sector may seem like a difficult to achieve position but becoming more than simply a one-person investor but a more advanced team of workers creating a successful real estate investment company.
The first question each professional should be asking themselves is what is the aim of real estate investing? If the answer you provide is anything other than to make deals, a rethink of how you approach real estate is in order. When breaking into real estate, the new investor can find hundreds of books about closing a deal and in-person seminars based on the need for closing the best possible transaction. When taking a step back, one is met with the realization that finding deals is a difficult thing to do. The first deal to look for is that providing the investor with a property to purchase, these deals are hard to find when a profit is being sought.
One of the most unhappy moments for those looking to create a positive career as a real estate investor is the realization that there is no shortcut to real estate success. The path to real estate success should be taken in short, small steps including many goals achieved over a long period of time. By achieving small goals when setting out on a new real estate venture, the chance to grow a business for the long-term is always higher than it was before.
A major decision each investor will be faced with at some point is how much property to sell and how much to keep hold of. The aim of each real estate investor is to make money in a fast and consistent manner which should include the retention of a large number of properties used as an investment against which money can be earned and obtained. The retention of properties can be of major importance for those who are looking to build a growing company based on the principle of underpromising and overdelivering. The delivery of a property with more than was originally agreed to by an investor creates the wow factor each person in the industry is striving to achieve.
Peter Bubel+ by | Sep 4, 2017 | Blog, Peter Bubel, Property, Property Management, Real Estate
Appfolio: Property Manager
Appfolio is a company providing software solutions to property managers and members of the legal industry. Its blog, run by the former property management blog PropertyManager.com, offers advice on everything from creating a team to knowing the law. Subscribe to this blog for a wide variety of informational articles. Or, even though it’s no longer being updated, trawl through the back catalogue of PropertyManager.com, where you can find all sorts of other great links.
Let’s Talk Property Management
Let’s Talk Property Management isn’t just a property management blog. It’s also a place where you can connect with other property managers, ask questions of the experts, and share your own experiences. The blog (located on the site under the button marked “Learn”) has great advice for renters and landlords alike, written by both contributors and blog staff. Start from most recent, or sort the results by viewership, likes, comments, or verification.
First Light Property Management
This isn’t the most user friendly blog I’ve seen. Google searches don’t always turn it up (if you’re having trouble, you can find it at http://firstlightpropertymanagement.com/blog/) and the site itself has a lot of white space that you have to scroll through. But with some poking, you can find articles on anything you could want to know about property management–from how to move when you have kids or pets, and how to save money on your property taxes. For best results, scroll down to the categories list to narrow down your search.
BiggerPockets
Like Let’s Talk Property Management, BiggerPockets is a social network, not just a blog. You can create an account to network with other property managers, seek out advice or experiences, or share your own. Even without a login, you can explore the forums, or read the blog, which offers general money-saving advice as well as property management tips. No time to read? BiggerPockets also has a podcast, so you can enjoy it working out or on your commute.
Property Management Insider
It’s easy to fall into a black hole on this site, which is packed full of blogs, slideshows, and other resources. The blog covers everything you care about, from the market to the impact of the millennial generation, and some things you didn’t know you cared about, like paint technology. In addition to property management, there are also blogs in the categories of Revenue Management, Expense Management, MPF Research, and Apartment Marketing
Peter Bubel+ by | May 1, 2017 | Blog, Peter Bubel, Property, Property Management, Real Estate
Rental properties can either be money making machines or money pits. Like so many other things in life, however, by spending a little bit of money on your rental property, you can not only charge a higher rent, but you will attract better renters. When it comes to choosing the right renters, there are no 100% guarantees. Even the most well-off renters can trash a place and skip out on paying rent. There are ways, however, to at least hedge your bets and having a clean, attractive property that is attractive to solid renters is your best bet. Here are 5 quick tips for beautifying your property to attract the best renters.
- Paint an accent wall or two in a dark, neutral color
One of the things many renters hate about rental properties is bare white walls. While white walls fit in with any renter’s decorating scheme, an accent wall immediately makes your property look more high end. While some people may not care for the accent wall, the potential renters that will love it far outweigh the ones who might not.
- Do a simple renovation in the kitchen
Renters love knowing that their living space was recently upgraded and it doesn’t have to cost a fortune to do it. If you really want to create a splash, you can have cabinetry painted in a more modern color, but there are also simpler things you can do as well. Installing a tile backsplash or upgrading the hardware on cabinets will all go a long way to improve the look of the kitchen.
- Laminate floors
While carpeting may be significantly cheaper up front, carpet gets dirty fast and has to be replaced more often, particularly if renters have pets. Laminate floors are durable, long lasting and significantly more resistant to pet stains, odors and cat dander. Not to mention they give a high-end, modern look to your rental.
- Clean grout
Giving grout a thorough cleaning will freshen up the look of any tile and make it look brand new.
- Do a simple bathroom renovation
Much like with the kitchen, there are a number of simple bathroom renovations you can do to significantly enhance the look of the bathroom. Consider changing out bathroom hardware for something slightly more durable and modern, paint the vanity and change the hardware or even spend a few hundred dollars to update the bathtub.
Peter Bubel+ by | Apr 6, 2017 | Blog, Peter Bubel, Property, Property Management, Reading, Real Estate
Contrary to popular belief, the life of a property manager isn’t as glamorous as you think it would be.
In fact, the daily tasks of a property manager change so often and are spread across so many areas that it’s hard to pin down the exact definition of what a property manager does. For simplicity’s sake, it’s best to just think this: property managers do it all.
Pick a hat, any hat.
There are several aspects of a property manager’s day that are very typical. These include the simple office tasks that anyone within the real estate and management spectrum would do: responding to emails, answering phone calls, putting out any fires (hopefully only figuratively speaking), and meeting the needs of clients. Essentially, however, a property manager is responsible for the daily operations of a real estate investment. This investment could be a single home, an apartment complex, or several complexes.
Property managers are expected to handle everything from setting or adjusting rent costs, to calming an angry tenant. A successful property manager must be able to multitask and handle many different climates of conversation, including the difficult task of evicting tenants. While it may seem very cut and dry, a manager’s day is always full of the unexpected, and they must be able to tactfully handle every situation thrown their way.
Aside from collecting rent checks and maintaining a friendly atmosphere for tenants, property managers have quotas to fill. There are always goals in any management level of a company. Filing taxes and managing a building’s budget costs are large parts of the job that often go unnoticed as they don’t directly deal with tenants. Managers also often have pressures to secure a certain number of tenants for any given building. This will require the set-up of many showings, the review of many applications, and running all of the credit and background checks on tenants to secure their approval for residency.
All in a day’s work.
What many may not realize is that there are an infinite number of reasons that someone would call, email and need their property manager. This requires managers to act professionally but also to have a good sense of humor in order to get through the day.
A recent article on the subject recounts the busyness of a manager, stating, “We are busy, even when the residents don’t see it.” This says a lot about a property manager’s responsibilities and about how much work goes on behind the scenes.
If you think about it, your property manager is your sole point of contact for when you lose your keys or get locked out of your building, discover a leaky pipe or broken air conditioner, and when you have to make a formal complaint about a neighbor. It’s important to be kind to your property managers, as they have a ton of tenants that are likely calling or emailing about the same things.
Most importantly, property managers have a passion for people. While they may be up to their eyeballs in paperwork and applications, a good manager will always carve out time to take care of a tenant’s needs. The next time you see your property manager running around, give them a wave and a smile – it’s very likely that they are headed to handle something unpredictable and unexpected.
Peter Bubel+ by | Feb 13, 2017 | Peter Bubel, Property, Property Management, Real Estate
Real estate is one of the safest of all investments. An investment in real estate is an investment in something that is likely to retain value and even grow in value. However, investing in real estate can be tough. Unlike some other forms of investing. investing in real estate means being active and hands-on. Many people who buy properties find that they may not have quite the knowledge they need to make sure their investments remain stable and in good shape. This is why so many investors find it helpful to turn to a property manager. Working with a property manager has many advantages.
Tremendous Expertise
Some people come to the field of real estate with many years of experience in the field. Others, however, do not have the same understanding. In that case, hiring a property manager can provide them with access to such expertise. A property manager typically knows exactly how to accomplish certain tasks such as investigating a tenant properly. The real estate novice may lack this same skill. Whey they may have a rudimentary idea of how to do the basics, they may not be sure what to do in the event of a tenant who isn’t quite up to the standards they’ve set for the property.
Working With Tenants
Another area where a property manager can really take the stress out of real estate investing is that managing the day-to-day activities of tenants. If something goes wrong late at night, the real estate manager can instantly confront the problem. A real estate investor may live far away from the property or even in another state. A real estate property manager will typically live onsite or at least a short distance away. This allows them to speak with tenants directly and find out the source of the problem immediately.
Local Court System
Evicting a tenant who is be behind on the rent can be tough. A real estate owner may not know where to start. A skilled real estate property manager will know exactly how to help. They know what the laws are in that state as well as the tenant’s rights. Many property managers also have access to real estate lawyers on hand. The real estate lawyer can offer the sort of expertise that can make the difference between a property that is turning a profit and one that is showing a loss.
Attention to Detail
A busy property investor may not have time to pay attention to all the details of their property such as landscaping or making minor repairs each season. The property manager can do this for them, allowing the investor to know their property is in good shape all year long.
Peter Bubel+ by | Jan 9, 2017 | Peter Bubel, Property, Property Management, Real Estate
Good property managers commit themselves to providing the ideal rental experience for tenants. They’ve sworn to manage tenant complaints, field queries and accommodate requests to the fullest extent their managerial powers allow, because they realize that tenants are the source of their profits, and therefore it would be mutually destructive to do anything less than keep tenants thrilled with their current living situation.
Great (and financially successful) property managers and landlords only become known as such by building effective professional relationships; they rely on the fact that their reputations for efficiency and attentiveness are cemented through heaps of praise from tenants.
Both tenants and landlords count equally on each other’s efforts to achieve peace and prosperity, which means landlords reserve the right to be as selective when vetting potential renters as tenants are when choosing places to live. And just like identifying the gems, recognizing possible indicators of a less than ideal tenant is essential to a landlord’s success, so below I’ve listed the major red flags to watch out for when screening tenant applicants.
- A bad credit score – Credit scores are maintained by making payments in a timely fashion, so it’s sensible to assume that applicants with bad credit might have trouble paying rent on time, or at all. Applicants with a score of 620 of greater are far less likely to miss payments.
- Lacking a steadily/adequately paying job – Employment status is a huge indicator of potential payment issues; if a tenant is unemployed, or employed at a job that doesn’t steadily pay at least 2.5 – 3 times the monthly rent, expect an occasional struggle when collecting their rent.
- A hurried move – Tenants might have their reasons for seeking immediate housing (leases ending, terrible previous experiences, etc.), but use your best judgement when considering these situations, as a tenant’s eagerness to jump into a rental agreement could equal their willingness to flake out of one, and stiff you.
- Needing additional time for the deposit – If a tenant can’t even manage a timely initial deposit, the probability of always receiving prompt rent from them may be practically nil.
- Poor or nonexistent references – A great reference from a previous landlord, or commendations from an employer can alleviate previous concerns about applicants. However, serious questions arise when references fail to answer questions relevant to a tenant’s reliability, or cannot be reached anywhere.
- Applicants new to living together – The potential for miscommunication between you and your renters rises slightly with each additional tenant per unit, but the main concern with multiple applicants is whether they can coexist peacefully as roommates, which hasn’t been proven if tenants have never before lived together successfully. Failed experiments in companionship easily lead to broken leases and lost profits.
- Over 3 (serious) convictions in 5 years – If tenants consistently break the law, it’s difficult to expect them to honor your building regulations, or respect lease agreements.
