Trish King manages properties and consults other investment property owners in Southern Oregon. Trish recommends property owners use this free property management software to manage their properties.
Property Management companies charge on average 7%-10% of the monthly rent collected for receiving and depositing the rent checks. When the unit(s) becomes vacant you have a slew of other costs including; placement, advertising, and cleaning and/or repair fees. These expenses can add up to thousands of dollars. The following ideas could be adopted for owners using property management or not.
Some of the costs saving strategies that I have adopted into my residential real estate business include:
1. I use free online advertising such as craigslist for tenant placement and my results have surpassed results from paid advertising and newspaper classifieds. Some of the benefits include:
- Brings in potential tenants from other areas that are often willing to pay higher rents.
- It's free!
- I have had quicker results, instead of having the house or apartment sitting empty for over a month I have had tenants lined up and approved before the prior tenants vacate.
2. Property management companies do provide a nice summary of income and expenses which make tax time easier. This however is not specific to just property management companies. I use and recommend tracking your rentals using any of the available property management software on the market. There are even very complete free applications which do the job just as good such as this property management software.
3. Find a good repairman with a diverse set of skills. I use a man who was referred to me by a trusted friend and things are working out fantastic.
- I have had bad experiences with letting a property management company manage the repairs and have found that they have not always had my bottom line in mind.
- Their repairman may not be trustworthy
- Their repairman may be over qualified to do general repairs and specialized professionals cost a lot more than a "jack of all trades" would.
- Provided you have the capacity, doing some of the repair work yourself would of course also reduce costs
Utilizing property management does have its advantages as far as saving time particularly for investors who have hundreds of properties and limited time to maintain them. But for the full-time or small-time real estate investor I believe it is an unnecessary expense.
- Related Videos
- Related Articles
- Ask / Related Q&A
- Insurance Coverage To Save Landlords Property!
- Landlords - How to Save Money
- Landlords' Energy Performance Certificates (epc) - an Overview
- Credit Check and Landlord Referencing Guide
- Landlords Insurance Features And Benefits
- Landlord Tools for Organization
- Finding the Right Low Cost Landlord Insurance
- Landlord Property Services and Insurance Guide!
Realtor Websites - The Key To Enhancing You Online Image
By: Michael Bartonolis | 03/01/2010You will need to enhance your online visibility with realtor websites if you want to step up your lead generation efforts. If people are not informed that you have a website, people would not be able to contact you and that is why search engine optimization (SEO) has become very popular with real estate companies.
Looking into some good tips about buying houses in the real estate market
By: Clint Jhonson | 03/01/2010Looking into the market of houses with a plan to buy one is not something that you should do lightly. This should be a move that comes with a great deal of thought and planning so that you won't end up regretting the decision that you have made. It is best if you would look into some tips to help you out in looking into some real estate for sale first before settling on any property. Remember that an informed decision would always end up in a smart move.
5 Things You must have to succeed in Real Estate Wholesaling
By: Eddie Case | 03/01/2010Perhaps this is the reason why more and more people are succumbing to one of the most popular styles of Real Estate Investing – Real Estate Wholesaling. It is because in this business, there are no bosses to order the employees around. There are no deadlines to meet and no clutter of work do to. One only needs to be equipped with the tools needed to succeed in a business such as this, and he is bound to get what his heart ultimately desires.
The Benefits to Visitng and Living in Westby, Montana
By: Tony Mandarich | 03/01/2010Westby, Montana, is nestled in the extreme northeastern corner of the state. In its unique location on the combined border of Montana and North Dakota, you need only venture seven miles north to find your way to Canada. This area of the state is wheat and cattle county with gently...
All about Rent to Own Homes
By: Clint Jhonson | 03/01/2010Finding homes to rent is quite easy. And buying a home too can provide you with a wide selection to choose from. But you might find that rent to own homes are not always as easy to find. Nowadays you find more and more people looking for rent to own homes which are also known as lease to purchase homes which provide the person renting the home the choice of buying the home.
Placing a Bet on Dubai’s Revival
By: Daniel Marshel | 03/01/2010The chips are in and the stakes are hot. They should be, for in contention is one of the world’s most beloved cities-the emirate of Dubai. Just at the start of this week
Real Estate
By: Jordan Benson | 03/01/2010What is the first thing that comes to your mind when you think about Real Estate? May be land or buildings. To get things in perspective, this term means any piece of land and anything that’s on it - like, a house, or a building, the trees and all the air above the land!
Real Estate in all Inland Empire and Southern California Areas
By: Mikeal Whitemore | 02/01/2010In today's highly volatile and competitive real estate market, timing is everything. Many good homes in the Inland Empire and Southern California areas are sold before they are ever advertised. Beat other home buyers to the hottest new homes for sale with our New Listings Notification by Email. This feature is available to VIP Home Search members, who can set up their own home search to run automatically, daily or weekly, and get email alerts for newly listed homes matching their VIP home.
Why Investing in Real Estate is Better Than Stocks, Bonds, and Other Retirement Vehicles
By: Trish King | 29/11/2008 | InvestingThere are many advantages to investing in real estate that you cannot get from investing in the stock market or other typical investment vehicles.