Commercial property refers to a non-residential property that is used for conducting a business. It includes stores, industrial parks, malls, office buildings, etc.
Following are some tips for investing in commercial real estate:
- Set Goals: The first tip for investing in commercial real estate is to set realistic goals. However, the goals should neither be too high nor too low.
- Budgeting And An Investment Plan: Before investing, assess the status of your finances by maintaining financial records. This will help in keeping track of your income and expenses by giving you a fair idea of how much you can invest in the property. Also, it is important to layout potential investment costs on paper such as maintenance costs, legal fees and more when budgeting.
- Focus On Your Niche: Consider venturing into one of the numerous property types such as office space, retail space, etc. when investing in multiple commercial properties. This will help you gain expertise with every purchase that you make.
- Know The Market Trends: Staying in touch with the industry and latest market trends can help you invest in a good commercial property. Knowledge about market trends will give you an insight about the tenant demands, rent charged by similar properties, etc.
- Location: Rent and capital appreciation are two most important factors that affect the income from commercial property. Both factors are highly dependent on location of the property. So, when looking for a commercial property, you should search in places where the vacancy is less to ensure maximum ROI.
- Additional Features: Type of the property is equally important as its location. A property with distinctive features is more likely to attract good and reliable tenants as compared to other properties in the same location. Features like elevators, beautiful lobbies, picturesque views and the like attract more tenants and are also more liquid.
- Flexibility: To make the most out of commercial property, one should be willing to become flexible as per the latest trends and requirements. You can provide add-on services and facilities to the tenants e.g. more parking space. This will add to the value of the property in the long run and keep it relevant.
John Reider Properties provides assistance in commercial property investment to its clients. The agents understand the real estate market and implement stringent tenant screening process to help the investors maximize their ROI. To know more about commercial property investment, you can visit 455 E. Central Texas Expwy. Suite 101, Harker Heights, TX-76548 or call at (254) 699-8300.
A real estate agent help his clients in buying or renting a property. Agents assist their clients in striking good property deals as they have years of experience and are up-to-date with the latest real estate trends & regulations.
Let us take a look at some reasons in favor of hiring a real estate agent:
- Knowledge And Experience: As a real estate agent works thoroughly in the market, he gains extensive knowledge and experience in the field. Thus, he is capable of helping his clients in making well-informed decisions.
- Connections In The Local Market: Well-established real estate agents build links in the local market which can be beneficial in saving both time & resources of their clients.
- Assistance In Paperwork: Real estate agents help their clients in understanding the lease or contract terms. They are also capable of negotiating the terms to cater to the interests of their client. The agents make sure that the paperwork is completed without any mistakes and also that it conforms to the law.
- Information About The Neighborhood: Local real estate agents have complete information about the neighborhood. They can provide their clients information regarding schools in the area, demographics, transportation facilities, amenities and much more. This knowledge is paramount in helping their clients find a property that suits their requirements.
- Price Guidance: They thoroughly research the market for the price of comparable properties. This knowledge of real estate market trends helps their clients buy a property at a competitive price.
- Save Time And Energy: Working with a real estate agent helps in weeding out properties that do not meet the client’s requirements. The agents understand client needs and shortlist suitable properties to save their time, energy and money.
- Negotiation Skills And Confidentiality: Real-estate agents are skilled at negotiating the terms of a deal and representing their clients while maintaining high levels of confidentiality for clients.
- Continuous Assistance: Another reason to hire a real estate agent is that they assist you with queries even after the paperwork has been signed. They can help you in understanding issues related to taxes, law, invoices and so on.
John Reider Properties is a well-known real estate firm in Harker Heights, TX. The agents help their clients in making investment decisions and provide thorough assistance throughout the process of finding and buying or renting a property. To know more about real estate agents in Harker Heights, you can visit 455 E. Central Texas Expwy. Suite 101, Harker Heights, TX-76548 or call at (254)699-8300.
A good property manager amplifies the financial benefits of investing in a property. Property managers play a vital role in managing and ensuring tenant occupancy for a rental property. A property manager is engaged in advertizing property, screening tenants, lease preparation, rent collection, handling day to day maintenance jobs, being answerable to the needs of renters etc.
If you have invested in a property in Harker Heights, TX; following are some points that are worth considering when looking for the right property manager:
- Referrals: Word of mouth is a reliable source for shortlisting property managers. Seek recommendations from property owners who have recently bought or sold property in Harker Heights. Make a list of the suggested property managers and further research about them on a personal level.
- Online Search: Online resources can offer helpful insight on property managers in your area. Check the social media profiles and websites of the property managers that you have shortlisted, log on to reliable review sites and read them thoroughly before reaching any conclusion.
- Current Work: A good way of gauging the success of a property manager is to look into the current number of properties he is managing. Assess your needs and see whether the property manager you are considering to hire can live up to your expectations.
- Personality And First Impression: Try to analyze the property manager for a friendly and warm disposition. As you will be working regularly with the property manager, so look out for signs of arrogance and non-cooperation. Trust your first impression based on the way he talks and handles a situation.
- Interview/Ask Questions: Interview the property managers you are interested in and compare them in the process. An interview helps to know more about the manager’s credentials, experience, knowledge, work culture, attitude and more.
- Review The Management Agreement And Fee Structure: After finalizing the property manager of your choice, go through the management agreement. The agreement should clearly state the responsibilities of the manager, extra fees if any, owner’s responsibilities, laws that are applicable and services to be provided. Also, make sure to clarify any doubts that you may have before signing the agreement.
John Reider Properties provides an array of property management services to property owners in Harker Heights, TX. They also offer individualized services to match respective needs of an owner. To know more about property manager in Harker Heights, call at (254)699-8300 or visit 455 E. Central Texas Expwy, Suite 101, Harker Heights, TX.
Property management encompasses real-estate matters such as leasing, negotiating, collecting rent advertizing and more. There are few cardinal rules for effective and successful property management that must be adhered to.
Following is a list of some property management rules recommended by real-estate experts:
- Proper Screening Of Tenants: Thorough screening of potential tenants is critical for effective property management as good tenants ensure timely rent payment and a well maintained property. To screen the tenants, request them to fill an application form, run a credit & background check, contact previous landlords as well as employers and interview the tenant.
- Easy And Automatic Rental Payments: Collecting timely rent from tenants is a major part of property management. You can facilitate easy and automatic payments by implementing convenient methods like online rent payment. You may include these forms of payment in the lease after discussing with the tenant. Also, make sure that you use a reliable software for online payment services.
- A Strong Lease: When it comes to lease agreements, the rule of thumb is to have a written agreement. It is advisable to seek help from lease writers specific to the state where your property is located. A well written lease is impartial and protects the rights of a property owner & tenant equally. Some components of a strong and fair lease agreement are imposing a reasonable amount of late fees (not exorbitant), issuing a notice to the tenants before dropping by, fair rules regarding the termination of a fixed lease and so on.
- Frequent Property Inspection: Inspect your property at least once a quarter so that you can spot any issues that may need your immediate attention. This will cut down the repair and maintenance costs as well as make the tenants feel more responsible for taking good care of the property.
- Be Fair And Nice: As simple as it may sound, being a fair and kind property manager helps in retaining tenants for a longer time. You can achieve the benchmark by ensuring prompt repairs, treating your tenants respectfully, using reward systems like dinner vouchers, movie tickets, etc.
- Be Available: A non-negotiable rule of property management is to be available as and when needed. One should be prompt at attending urgent calls and requests related to management of the property. You can also set up a dedicated 24 hour contact system for after hours, weekends and emergencies.
- Accountability And Trustworthiness: All records of the tenants should be kept secure with date & time stamps and made available when needed.
For more information, visit John Reider Properties at 455 E. Central Texas Expwy, Suite 101, Harker Heights, TX 76548 or call at (254) 699 – 8300.