21. January 2015 08:03
From the decision of making an investment in real estate to actually buying a rental property, there are a lot of factors to be considered. The task may be specifically intimidating for the first time investors. There are a number of risks involved and a single mistake can obliterate your returns in the future. Thus, it is necessary that you have an open minded approach and the guidance of a professional real estate agent to take you in the right direction.
Given here are a few features that can help you purchase a profitable rental property in Harker Heights, TX:
- Neighborhoods: The location and neighborhoods that you choose for your rental property is a strong determinant of the frequency of vacancy cycles you will face. For example, if your rental home is in a locality with schools and colleges or business areas close to it, there are higher chances that you attract more potential tenants and face vacancy only during the vacations.
- Amenities: Take notice of all the parks, playgrounds, shopping malls, gyms and public transport hubs nearby your rental property. Depending upon your type of investment, these amenities can make a huge difference in your rental income.
- Employment Opportunities: People generally look for rental properties in an area offering increasing job prospects. If your area is likely to have some big companies in the near future, it will surely attract a lot of potential tenants.
- Crime Rate: before purchasing a rental property, remember to verify its crime statistics from a nearby police station or a public library. Tenants prefer communities that are safe and secure to live in with families. Also, inquire about the security arrangements in the area and the particular locality you are considering.
- Property Taxes: You should be well-informed about the rent amount you will be losing in property tax every year. Higher taxes are not always bad, subject to the community, quality of life, prevailing rent prices and income taxes. As a real estate investor, you should know how all the expenses can affect your profitability from the rental income.
Searching for a profitable rental property that fulfills all the above mentioned conditions might not be easy. However, once you succeed, it will greatly increase your potential for long term gains.
For more tips on how to find a rental property in Harker Heights, TX, contact John Reider Properties at (254) 699 – 8300 or visit their office at 455 E. Central Texas Expwy, Suite 101, Harker Heights, TX 76548.
12. January 2015 15:07
Whether you are a landlord who owns a rental property or you are a tenant who is looking for a suitable house to rent, you can greatly benefit by hiring a property management firm. A reputed property management firm takes care of your rental needs and ensures that they do not face any issues and save a huge amount of money.
Benefits For landlord
Being a property owner who has multiple properties to handle, you can rely on a property management firm that is responsible for finding a good tenant, advertising your property and taking care of all other aspects of renting. They understand your needs and develop policies that work for you. The manager visits, inspects, and manages your property.
- Letting: You can expect reliable letting services from the property manager who takes extensive notes about your property, lists the property on real estate websites that they subscribe, advertise your rental property through different media and schedule viewing as required by potential tenants. The company ensures that you face minimum vacancy period and your home is occupied quickly.
- Tenant Screening & Evictions: The property management firm makes every effort to ensure that you get the perfect tenant. They check the background of the tenant and their tenancy history to confirm whether he pays the rent on time or not and verify the applicant’s former renting references. The firm completes and executes the tenancy agreement and resolves any repair, renovation and evictions.
- Rent Collection: The property manager is responsible for collecting rents from all your rental properties and thus, ensuring that you get a consistent income. They handle the accounts and offer complete financial summary.
- Property Inspections: They undertake property inspections prior to the property being occupied. They even regularly inspect the homes and offer you a comprehensive report. They report any repairs or maintenance work that is essential while ensuring that the tenant retention rate remain high.
Benefits For Tenants
- Help You Get Better Homes: By hiring a property manager, a prospective tenant stands a better chance of finding an appropriate home. They can easily beat other applicants and be prepared for applying for a rental property.
- Understand Tenancy Agreement Terms: A property management company helps tenants understand all the clauses and terms in the agreement. They even explain your responsibilities as a tenant and make you aware of policies regarding parking, guests, pets, etc.
- Resolve Issues: The property manager helps you resolve any issues related to the property. He acts as a mediator between the landlord and the tenant and keeps things cordial.