Wanted to say a few words about the Studer Institute “Leadership in the Workplace” seminar we attended on August 21, 2014. Our own Quint Studer is a nationally recognized speaker, health care consultant, and entrepreneur. This seminar instructed you how to become a better manager and a better employee. The goal is to create a better place for people to work, and to put people in a position to succeed. Quint provides you with the skills and techniques to create a great workforce culture and to provide superior customer service. Barrons Property Managers would recommend this seminar to anyone who is looking for better employee engagement and customer satisfaction. Our company would like to thank the Studer Institute for their service to Pensacola.
One of the more difficult decisions adult children have is what to do with the house their parents are no longer living in. Maybe your parents have gone into assisted living facility or perhaps they have passed on and you’re not sure whether you should rent or sell their house. Our first recommendation is always to talk to your CPA. There are definite tax implications involved in anything you do with the property.
Deciding to rent their house can be a good option, especially if your parents are still living and being cared for at an assisted living facility. The extra income you get from renting out your parents home will help you offset what they might be paying for with their long-term-care. When the property is rented out for a few years it means you can decide what to do with it later on down the road.
At Barrons Property Managers we think renting the house out instead of selling it right is always an option. It allows you to buy time and you always can sell a house at a later time. This helps if you want to sell the house eventually; perhaps a few years down the road when emotions have calmed down. You have a tenant taking care of the home, paying you rent, then you can take the time to make any upgrades or take care of maintenance items that might help you sell it for more money once the time comes. Trying to decide what to do with a parent’s house can be confusing and emotional. If you have any questions about the pros and cons of renting or selling it right away please contact us at 850-934-2588 and we would be more than happy to give you additional information
Postage rates are going up for everyone. Save time and trouble each year by paying your rent online or arranging for automatic bank drafts.
When you pay on-line, you can use VISA or MasterCard for your monthly payment. You save postage fee’s, and your precious time. You also save the hassle and cost for late fees.
Any way you look at it, pay online or automatically to make your life easier!
Renting out a property has the potential to be a lucrative endeavor, but there are many to-dos to cross off your list before you start taking in tenants.
With rental vacancies low and rates climbing, renting a property might seem like a lucrative opportunity in today’s market. But before you get into the rental game, you need to have a rental game plan.
Below, our licensed property manager’s share tips on getting started with your rental.
It’s a Time Commitment
“Depending on how many units someone wants to manage, it’s definitely a big time investment.” People often underestimate the amount of time it takes to be a landlord.
Even when it comes to evicting a tenant, local, state or city regulations may permit a tenant to stay even when rent money is owed, says Tom Barron – who has dealt with difficult evictions more than once.
Whether or not you use a property management service, screening and finding new tenants, dealing with leases, managing repairs and collecting rent all take YOUR time.
Have a Financial Plan in Place
“You have to analyze this like any investment.” The key is knowing and understanding how to analyze real estate, which a licensed agent or financial adviser can help, Barrons says.
Identify your long-term goals with the property and your expectations for appreciation, revenue and expenses.
Barrons advises putting aside 20 percent of annual rental income as a “rainy day fund” in the case that you are faced with a costly repair to your property.
When Finding Tenants, Do Your Homework
Run credit checks on all applicants and check their references of past landlords.
“Most individual owners don’t have the ability to run credit; they don’t know how to call and talk to a landlord. A number of online credit-check services are available; most require a one-time or subscription fee.
Finding new tenants can be a time-consuming process and is an important consideration to take before renting your property.
Research Your Local Market
If it’s a neighborhood heavy in rentals, go on several rental sites – we also have access to the (MLS) multiple listing services and see the rental price of comparable units. On the other hand, if your property is in an area with a lot of homeownership, talk to a real estate agent about what people are looking for in the market and what’s important to them.
“Getting that first-hand knowledge will definitely be helpful as a person looks to either buy a rental unit or convert something they own to a rental unit.”
Get Legal Advice
If you’re a first-time landlord who has no prior knowledge of legal contracts and leases, sit down with a real estate attorney. Make sure to have him or her recommend a contract that can be enforced, in the case that there is a tenant violation.
Use a Property Management Service
The easiest way to combat making fatal first-time errors is to hire a property-management service. From maintenance and repairs to credit checks, a good property manager can lessen the burden of landlord duties.
These services don’t come free. An average fee for property management is 10 percent of the annual rental income. HOWEVER, Barrons motto is – If you think hiring a Professional is expense, wait till you hire an amateur.
If you are interviewing property managers, please include us at: www.BarronsPropertyManagers.com or call (850) 934-2588
The decision to use a property management company to manage your investment property versus managing the property yourself can often times be a difficult one. Even if you feel that you cannot afford the services of a property management company you should think twice and take a moment to interview with a company to see what they can do for you. You may find that it’s cheaper to go with a property management company for both financial and mental health reasons. Tune in next time on all that we do, so you don’t have too!
If you ever wanted to live on the beach, now is the time. We have a few condo rentals that will go fast – these are still priced reasonably but going up year by year. Now is the time!
Gulf Breeze Chambers breakfast meeting at Andrews Center. Great presentation put on by Karen Sendell of the National Flight Academy. What a great asset for our city!
