How to Deal with a Problematic Tenant

Rental investors are making good returns on their investments because the demand for housing has increased tremendously in the recent past and not everyone in the city can afford to buy a house. However, one of the biggest challenges for many landlords in the city is dealing with troublesome tenants. Many landlords do not know how to deal with difficult tenants and end up evicting them instead of solving the issues amicably. Here are basic tips on what landlords should do with a problematic tenant.

  1. Get To Know the Cause Of The Problems And Act Accordingly

The first thing to do as a landlord when dealing with a problematic tenant is to get to the root of the problem and act accordingly. If the problem is coming from your side as a landlord, then it is your responsibility to make sure your tenants are satisfied. If the tenant is the cause of the problem, you need to explain to him/her your dissatisfaction.

Always stay calm

  1. Give the Tenant a Warning Letter If He or She Continues To Be Problematic

In a situation where the tenant does not change for good, the second step is to give the tenant a warning letter stipulating the possible consequences. You need to make your intentions clear and let the tenant know that he/she could be evicted from the property. Remember to do everything in accordance with the tenancy agreement so that you may not get into more problems for violating their rights.

  1. Give the Tenant A Second Warning

A good tenant should not have problems giving a problematic a second warning letter before evicting them. After all, landlords make money from tenants and they should not be quick to evict them. The second warning letter gives the landlord a better ground in a situation whereby a tenant sues you for evicting them.

Issue a warning letter

  1. Seek Legal Help for Your Lawyer on Eviction Matters

Tenants in the city have laws that protect their interests, just like the landlords. It is important to seek legal aid from your lawyer if you do not understand the procedure of evicting tenants. Else, you might have problems with law enforcers for violating the rights of your tenants.

  1. Give the Tenant Eviction Notice As Required By the Law

The law requires that a landlord should give a tenant eviction notice before kicking them out of the property. This is very important so that the tenants can make arrangement on how to leave the property peacefully without too much drama. The eviction notice should be structured in conformity with the laws that protect tenants and landlords in the city.

  1. Get Your Keys Back and Let the Tenants Go

The last step is to let the problematic tenant out of your property and get your keys back. You need to inspect your property and make sure everything is in good condition before refunding the rental deposit to the tenant that you are evicting. In a situation where the tenant has done some damage to your property, you should make some deduction from the rental deposit to cover the repairs in accordance with the tenancy agreement.

Submitted by a Professional Property Management Company:

Real Property Management Indianapolis Metro

2222 Cunningham Rd Suite 2
Indianapolis, Indiana 46224

(317) 484-8444

Website: www.rpmindymetro.com

Twitter: https://twitter.com/rpmindymetro

Facebook: https://www.facebook.com/rpmindymetro

Key Components to Becoming a Successful Real Estate Investor

Real estate investment is a very profitable venture that can make you a wealthy person within a very short period if you are able to manage your investment properly. However, many property investors are unable to make the most out of their investments because they lack what it takes to be a successful real estate investor. Well, if you want to make it in this profitable, but very risky venture, here are the key things that you need to be victorious and become a real estate mogul.

Property Investment Tips:

1. You Must Remain Ethical in All Your Dealings

The property market is the industry that requires patience and honesty. This means that anyone aspiring to make it in this competitive industry has to uphold ethics in all his/her dealings. You need to be fair to your tenants, property managers and any other persons that you will be dealing with in all your undertakings as an investor. Never be tempted to be caught up in unethical dealings to get rich quickly.

2. You Need To Take Real Estate Investing As a Business

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Many people are unable to make it in property investment because they do not do it as a business. It is important to treat your investment as a business and make sure that everything is in order and well accounted for. You need to keep relevant records for your investment and nurture it to grow to grow. This means that you must be aware of the trends in your business and make sure you are able to minimize expenses as much as possible and always make informed decisions about your investment.

3. You Must Be Ready and Willing To Seek Professional Help

A good property investor should be ready and willing to seek professional help whenever it is necessary. Do not shy from seeking help from professionals in your area whenever there is something you are not sure of in your investment. You can recruit a property agent to help you get good investment deals or a rental manager to supervise the properties on your behalf. If you are looking for a professional real estate company located in Atlanta, click here.

4. You Need To Build a Strong Network with Other Investors in Your Area

As a property investor, you need to work closely with other property owners in your area so that you can exchange useful investment information. Never isolate yourself from other property investors in your area. This is because the real estate industry is a changing market and you can learn a lot from other investors in your area. For online learning and real estate investment groups, click here.

5. You Must Be Knowledgeable and Conversant With Your Property Market

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A good property investor must be knowledgeable and conversant with his or her market. This means that investors should conduct a regular study of their market and remain updated. This enables investors to make informed investment deals when buying, selling and renting properties.

6. You Must Know Where to Get Good Investment Deals

One of the most important things that any real estate investor should do is to find good investment deals. This is relative to whether you want to invest in rentals, buy and hold properties to sell at a later date or flipping properties. Successful investors should be able to get investment deals in strategic places where demand is growing.

For more information on Aramis Realty, you can also view their Facebook and Twitter Profiles.

Key Atlanta Property Management Tips

Property Management in Atlanta is the process of proper maintenance and upkeep of a property. When renting out properties, the success of the landlord lies in their ability to keep the property updated and in good condition, and thereby earn more profitable income in their venture. Most often it could be underrated, though property maintenance spells a great difference in preserving its value for prolonged time. It also helps in building landlord’s eligibility given the competency they need to have in properly managing their business as in their rental property.

Looking for an Atlanta Property Manager? Click Here

Essential Tips For Your Atlanta Properties

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Responsibilities

For stress-free Atlanta property management, it is essential to understand responsibilities as a property owner. It incorporates getting acquainted with relevant laws and ordinances involved in rental properties. Enclose adequate insurance coverage to cover physical damage and related liabilities of the property.

Maintenance

When it comes to maintaining a rental property, one needs to make sure they go for regular cleanups and upkeep, especially in its cleanliness and sanitation. All those who have a property with rental units, they need to ensure that they get a regular cleaning done in the lobby, hallways, and other common areas that are accessed by all the tenants.Moreover, it is crucial that landlords allow a certain amount of the upkeep and maintenance, especially for unexpected and emergency repairs. Thus, it is important to have a substantial amount always ready at hand to promptly address the issues, especially those problems that need to be fixed without delay. Many times, serious damages and problems arise due to negligence.

Inspection Checklist

Property owners should make sure to have regular checks carried out to detect any potential defects and damages caused that require immediate repairs and maintenance. They need to maintain a reliable checklist on which they can base their management and utilize it as the basis to ascertain which part of the building requires what type of maintenance and repairs and so on. They should provide the same checklist to each of the tenants, who might have certain complaints and issues regarding their units. Whatever may be the issues, it is best to get them addressed as soon as possible. When carrying out a check, landowners need to be very specific in assessing every part of the building to detect any sources of leakage and moisture that might develop into mold infestation or other pest invasions. One should keep in mind that such elements could create major damage to the building and health problems for occupants.

Screening

Carefully screen all the rental property prospects in order to prevent property management and other problems. Acquire complete identification information like Identity card, Driving license or others. Attain a list of references having contact information to run a complete check to enhance and augment chances of receiving rent on time.

Written Agreement

Use a monthly rental agreement or lease system after confirming your understanding with a renter. Specify all details related to the handling of repair works and property management. In agreement clearly specify tenant names, occupancy limitation, agreement terms, required deposit, situations, and rent amount. Deposit one copy with yourself and another to tenant.

Security

Install and maintain all the implemented security systems for property in order to prevent property theft. Security ensures the safety of residents in a satisfactory way.

Property Access

Provide at least 24-hour notice prior to access your property for preparation of tenants. Check local laws in case more notice period is required.

Surveys

Periodically surveys are the best to approach to acknowledge about the level of service provided to the tenants. Ask for suggestions or feedback to ensure tenants establish long term relationship.

Landlords in Atlanta can benefit and be contented with their property investment only if they follow a proper and reliable above tips.

Watch The Video For Extra Tips:

 

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Using a Property Manager to Scale Your Rental Properties

Many real estate investors believe that they can enjoy more rental income from their investments if they manage the properties by themselves. This is mainly the reason why many people in some big cities in the country are reluctant to hire a property manager to help them to take care of their investments. However, what many real estate investors do not know is that they can use a property manager to scale up their rental properties.

For instance, in Miami, the demand for rental properties is very high and rental rates keep on rising year after year. However, some property owners in the area are unable to maximize returns from their investments because they never hire a property management Miami to help them. If you own some rental properties in the Miami and you want to maximize your rental income, here are some key reasons why you should consider hiring a property management in Miami to help you.

  1. A property manager will help you to reach out to tenants

Property managers in Miami also have the responsibility of advertising properties on behalf of their clients. It is therefore important to hire a property manager to help you in marketing your properties to possible tenants. That way, you are able to lower vacancy rates in your properties and maximize your rental income. Remember that Miami property management  is highly competitive and you cannot be an effective tenant and property manager at the same time.

  1. A property manager will help you do repairs and renovations in your properties

One of the key reasons why many real estate investors in Miami are unable to maximize rental income from their investments is because they do not do timely repairs and renovations in their properties. That way, the properties remain vacant for a long time, resulting to a decline in rental income. However, when you hire a property manager to look after your investment, they also inspect your properties on a regular basis and make sure repairs and renovations are done on time.

  1. A property manager will help you in screening tenants

Miami is a tourist destination and the majority of the tenants here are from different parts of the world and with different backgrounds. Consequently, cases of unruly tenants are very high in the area and investors lose huge money every year. It is therefore important to hire a local property manager to help you screen tenants before you allow them to occupy your properties. Remember that property managers deal with tenants all the time and are in a better position to tell good and bad tenants before allowing them to occupy your properties. This means that a property manager can lower cases of rent defaulters and evictions in your rental properties to maximize your rental income.

  1. A property manager will help you to collect rent and rental deposits

Miami is a vacation destination and the majority of tenants in the area are short-term renters who want accommodation for a few weeks or months. Cases of rent defaulters are very high area and it is very important to hire a property manager to collect rent and rent deposits on your behalf. This is essential if you do not live near your investments or if you want to avoid the stress of running after tenants every end month to collect rent. Remember that a local property manager understands trends in the local market and can help you set reasonable rental rates for your properties so that you can maximize your returns.

 

 

Choosing the Right Neighborhood to Live In

Real estate experts have always said that buying a home is like getting into a relationship. Do you think this is true? When you get into a relationship, the intention is to spend the rest of your life with your spouse. The same thing happens when you buy a home because it becomes your lifetime place of rest after daily activities. Therefore, your home should be situated in the right neighborhood so that you can feel at home whenever you are there. Remember that the state of the neighborhood matters a lot when buying a home. In fact, you need to consider the neighborhood even before you ask about the cost of the home. If you are hunting for a home to buy, here is a checklist for choosing the right neighborhood to live in.

1. Access to basic social amenities

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You should not be fooled into thinking a place is livable if there are no social amenities even if homes are cheap. In order to live a comfortable life, it is important to choose a neighborhood with adequate social amenities such as recreational centers, health care centers, schools, shopping centers, places of worship and other things that you need to live a comfortable life. Social amenities should be within your neighborhood or easily accessible from your home.

2. Good security

Security is a very important factor to consider when choosing the right neighborhood. Life can be very unbearable if you buy a home in a neighborhood where crime is the order of the day. It is important to make sure that your home is located in a secure neighborhood where you can live without worry.

3. Good infrastructure

Good infrastructure is very important as far as livability of a place is concerned. A good neighborhood should have good street lighting, good road network, drainage and sewer lines, smooth pavements and good landscaping among others. Good infrastructure is very important because it also determines the class of a neighborhood. You can easily tell if an area is a posh estate based on the existing infrastructures.

4. Cost of living

The cost of living is another very important factor that you need to consider when choosing the right neighborhood to live in. You need to know your financial capability when choosing your neighborhood. It is important to make sure you can afford to pay for your utilities, food, medical services and other things that you need to live a comfortable life. It is better to live in a standard neighborhood where you can afford the cost of living than in a high-class estate where you are struggling to make ends meet.

5. Sociable neighbors

Humans are social beings. It is important to make sure your home is situated in a neighborhood where people are friendly. You should live in a neighborhood where you can relate easily with your neighbors and not live constantly as strangers. Your children also need a neighborhood where they can play freely with other children in the area.

6. Means of transport

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This is a very important factor to consider when choosing the right neighborhood, especially if you do not have your own car. It is important to live in a neighborhood where transport is not a problem and you can easily move to and from your home any time of the day. There should be good and affordable means of transport to take you to where you need to go.

7. Proximity to workplace

Proximity to your place of work is another very important factor to consider when choosing the right neighborhood to live in. You should try and live near your workplace to save yourself time. Moreover, living far away from your place of work can be very stressing because you will have to leave your home very early in the morning to avoid being late and leave your workplace earlier so that you can be back to your home before it is too late. People are also generally happier when they live closer to their workplace.

My Personal Experience Investing in Real Estate in Littleton Co

Investing in real estate is very profitable if you are able to plan well. I have a portfolio of rental properties in Littleton Co that are doing very well. The demand for rental houses is very high and real estate is affordable in Littleton compared to other areas of Denver. When I acquired my first property, I decided to manage it myself because I wanted to understand how the market works. However, it became very difficult to manage my properties after I acquired my third property and I decided to hire a property manager to look after my investment. It is now 15 years down the line and I cannot regret my decision to hire a property manager to take care of my real estate in Littleton Co. I know that many aspiring real estate investors think that they can enjoy more returns if they manage their properties by themselves, but I can tell you freely that it reaches a time that you need to hire a property manager. The following are some specific situations when you need to hire a property manager to take care of your investments.

1. If you have invested in properties with complex legalities

Some properties in Littleton are situated in areas that require a lot of paperwork. For instance, one of my properties is under the affordable housing project in the area and there are a lot of rules and regulations to adhere to. It can be very stressing to observe all these legal requirements, especially if you are not conversant with properties under such programs. I did my best to adhere to the requirements but it reached a point and I had to hire a property manager to help me. I remember there was a time I was issued with a notice from the local housing authority because my tenant exceeded certain income limits. I was not aware that properties under the affordable housing project were meant for persons with certain levels of income (Rookie Mistake).

2. If you own multiple units or properties

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When I bought my first property in Littleton, it was easy to manage it effectively on my own. I had adequate time to look after my investment and go on with my other routine activities. However, things became difficult when I acquired my second and third property. It became difficult for me to work, look after my properties and make sure my tenants are comfortable. I had to hire a property manager to take care of the investment on my behalf because I could not manage all the properties effectively and work at the same time.

3. If you have other commitments

One thing that I have realized  is that tenants are very demanding. If you do not have other commitments you can manage to take care of your investment and do it as a full-time job. However, if you are busy with other things, then it becomes important to hire a property manager to look after your investment.

4. If you are looking for a passive source of income

Rental property management is not a tedious undertaking, they say. Do not be fooled, I managed my first properties in Littleton Co for three years and believe me, it was not easy. If you are looking for a passive source of income, then you need to consider hiring property management Littleton Co to look after your investment. That way, you will free yourself from the stress of having to run after tenants every end of the month to collect rent.

5.If you live away from your properties

If you live close to your properties, you can easily manage them during your free time. However, if you live far from your properties, then it becomes necessary to hire a professional property manager to look after your investment. When I acquired my first property in Littleton Co, I was living within the area and managing it was very easy. However, five years later I moved out of the area due to my new job and managing the properties from there wouldn’t have been possible. The stress of dealing with tenants increased as I acquired more properties in different parts of Littleton and I had to hire a property manager to help me take care of the properties. I decided to hire McGuire Property Management and it has been an excellent decision.

In the beginning, you can look to manage it on your own, I actually recommend it. It is a good experience and it really shows you everything involved in the business. As you grow and own more properties, it no longer can be done from solely you. You’ll need to outsource to a professional you can trust. Just see it as a business expanding and hiring new employees.

How to Compare Property Management Companies in Atlanta

Hiring a property management company in Atlanta to look after your real estate investment can help you maximize rental returns. However, it is worth noting that not all property management companies in Atlanta have what it takes to deliver quality services. Your real estate profits depend on the efficiency of the property management company that you hire to take care of your investment. We have numerous property management companies in the region and all claim to offer the best property management services in the region. This makes it difficult for real estate investors to determine the most reliable company to entrust with their properties. If you are a real estate investor in Atlanta facing such challenges, here is a checklist to look for when comparing property managers so you can pick the best one.

1. Check whether it is a genuine property management company

There are numerous property management firms in Atlanta, but some of them are not genuine. There are some property management firms who were started by dubious people whose sole intentions were to take advantage of the growing real estate market. Therefore, the first step when comparing property management firms in Atlanta is to confirm that you are dealing with genuine companies. You need to check their registration and certification to operate as property managers in Atlanta. It is also important to confirm their physical offices and permanent address. You also may want to look out how long they’ve been in business.

2. Check whether they are local or foreign companies

Once you have confirmed the legitimacy of the companies that you are comparing, the next step is to check whether the property management companies are locally owned or not. Remember that real estate management in Atlanta has attracted even foreign companies that lack a proper understanding of how the local real estate market works. It is important to consider local property management firms because they are likely to satisfy your needs and those of your tenants. Dealing with local property management firms is easier than dealing with foreign ones.

3. Adequate resources

A good property management firm in Atlanta should have adequate resources to enable it to handle property management tasks efficiently. Some of the key responsibilities of property management Marietta Ga companies include the screening of the possible tenants, marketing properties on behalf of owners, doing repairs and other maintenance needs. You need to compare different companies on your list to see which company has enough resources to deliver quality services that satisfy your expectations and those of your tenants. Companies that have been operating for several years are generally more equipped than new ones working under a limited budget.

4. Consider property management firms with outstanding marketing skills

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It is the responsibility of property management firms to market properties on behalf of their clients. Property managers are required to reach out to possible tenants and entice them to rent a property. It is, therefore, important to consider property management firms with outstanding marketing skills when comparing different companies in Atlanta. Choosing a property management firm with poor marketing skills can make your properties remain vacant for a long time because competition for tenants is quite intense in this region.

5. Consider property management firms with a good reputation

A good reputation is essential in this industry. At the end of the day, property management is about managing people and expectations. Real estate investors in the region prefer to entrust their properties to property management firms that have been highly rated to deliver excellent services. Similarly, the majority of the tenants in Atlanta prefer renting properties managed by firms that have a good reputation. It is, therefore, important to consider property management firms in the region, which are highly rated by both tenants and property owners. Today, this can be done very simply with an online search.

6. Consider skills and experience

It is important to hire property management firms with good skills and rich experience to take care of your real estate investment in Atlanta. This is a very important aspect when comparing property managers because companies run by highly trained professionals with vast experience are likely to offer better services than those run by individuals with a smaller track record. A good firm should be able to handle all tasks related to property management effectively. Individuals who are able to take good care of the property on behalf of owners, and manage all aspects related to the business are the ones you should entrust with your property. As a starting point, use these criteria at the minimum to compare firms so that you can make the best choice.