Property Management

Purchasing a property and converting it into a rental unit is the first step to financial freedom. The next would be deciding on the management aspect. Are you up for the duties of a self-managing landlord? Would you rather hire a more experienced property management company? This isn’t a question that can easily be answered without reservations. Property management entails a bundle of services and high expectations from tenants. It’s best to discuss both the advantages and disadvantages of self-management and hiring a third-party property manager. Self-Management: Pros 1. Financial savings As a property owner, your money goes towards paying…

Having customers is the biggest factor to the success of any business. In the rental industry, the counterpart to customers are tenants. When you focus on retaining good tenants, you get to enjoy the rewards. How do you retain tenants? Keep them happy. It might be simplistic to say that keeping your tenants happy is easy. However, there are several ways to achieve this. It actually requires being a responsible landlord and going the extra mile. Here are more concrete ideas to apply: 1. Practice relationship building See your tenants as more than your source of income. Cultivate a good…