As the real estate market evolved from a seller's market to a buyer's market I see more investors opting to purchase properties and turn them into rentals rather than “flipping” properties for a profit.
Things have changed.
As I mentioned earlier, I assist with tenant placement only - not property management. Many of these investors choose to handle their own properties if they live locally. Besides, when one is in a position to collect the rents, do the little things necessary to address issues, and be available for those calls, it does save that 10% gross rent most property management companies charge!
Now my two cents worth of unsolicited advice for owner managers.
- Most tenants are real people. Some may have had a few bumps in the road including a short sale in the past. Don’t be too harsh if the only bump was real estate. Lots of folks got burned or, at least, singed a bit!
- Build a relationship from the start. When the tenant and landlord are on good terms then there is more likely going to be open communication
ifwhen there is a problem – with the house or the tenant’s next rent check! If a tenant knows you are concerned they may be more likely to call you when a minor problem shows up instead of ignoring it!
- Don’t be too kindhearted. It is great to have a nice relationship but ignoring or letting missed payments slide can add up…and the eviction process takes time!
If you are an owner investor in Brevard County (or leaving the area and can’t sell for now) and need help with tenant placement, call me directly at 321-693-3850 or email me to discuss how I can work with you..