It is a landlord's responsibility to maintain all common access areas in a multi-family dwelling. These include such areas as yards, walkways, laundry rooms or areas, stairs, driveways and common garages. This can include repairs and maintenance, or cleaning of these areas. Common areas must be kept clean, safe and in good repair. You can either take care of these duties yourself, or hire a maintenance or management company to do them. It may require daily, weekly or monthly attention.
The only case in which it's acceptable for a tenant to assume these responsibilities is if you have a contractual agreement with them to do so. This agreement should be drawn up separate from their lease agreement. Often there is compensation involved such as a reduction in rent. Just make sure your tenant is taking adequate care while working under this agreement.
Contact us at www.GoldenEstateManagement.com to discuss all of your maintenance and property management needs. We serve the greater Los Angeles, Fort Worth and Oklahoma City areas.
A Property Manager turns your rental property into a hands-free investment. If you are looking to hand over the daily operations of your building to a company, or if you have invested in a rental property that is not where you live, then a property management company is for you.
Below is a list of responsibilities a Property Manager would handle for you:
Property Management leaves you with the sole responsibility of making an income from your investment property! Go to www.GoldenEstateManagement.com for a comprehensive view of what our company can do for you. It includes the list above and much, much more. We serve the greater Los Angeles, Fort Worth, and Oklahoma City areas.
As an agent, residential or commercial, the rule of thumb is that it's always good to have listings. The "Three L's," in Gary Keller's book "The Millionaire Real Estate Agent" refer to Leads, Listings and Leverage. Listings are important. They get your name out in the community, lead to more listings, and give you the opportunity to work your listing for potential buyers. Most importantly, you are very likely to have a commission result from your listing. In most cases, you can almost guarantee that eventually you will sell the property and make a commission. But there's an if, and it's a big one in today's market.
IF...
You price it right. IF your Seller is reasonable in their expectation of what their property is worth, what the true value is in this economic climate and in the intensely local realities of your market. It is a chief responsibility of your job as a Realtor to properly advise your client in this regard.
As a Realtor, you serve your clients, your community, and yourself better by managing expectations. This goes for the entire transaction of buying or selling a home, and is particularly true and important in selling a home in today's market. You could spend several months of your precious time and thousands of dollars advertising a property, and never earn a commission IF the price is not realistic. The seller will be frustrated with you, anxious with waiting for that "magic buyer" to appear, and ultimately chalk the experience up to you not doing your job.
Do yourself and your clients a favor, a huge favor, and get competitive with pricing. You may have to use some tough love with your Seller clients, but they will thank you in the end.
It's the real estate mantra we've all heard, "Location, location, location." It's the first factor we think of when buying a home, but is it, or should it be, the first consideration when looking at investing in a rental property?
Renters are much like home buyers, in that location, a general feel for the neighborhood, and nearness of certain amenities are of primary concern when finding a place to call home, even it it's not a permanent one. Of course, each person has a differing opinion as to what factors are most important, and price will be a determining factor for most renters.
Some location factors that make rental properties desirable include the nearness of:
The market value of real estate is intensely local. Look at the average rents in the area in which you are considering purchasing an income property. Is the building in a desirable, or "up and coming" neighborhood? If the numbers pencil out, and you can be fairly certain of a positive cash flow, then you are, quite literally, in business!
As if interest rates below 5%, high inventory of homes and low prices weren't enough incentive, the California Association of Realtors just instituted a First-Time Home Buyer Mortgage Protection Plan. With the undercurrent of fear still plagueing a lot of otherwise ready and willing first-time home buyers, this couldn't come at a better time.
The Housing Affordability Fund Mortgage Protection Program (C.A.R.H.A.F. MPP) was officially launched Friday, April 3rd. Through this fund, should a first-time buyer lose their job due to a layoff, he or she may be eligible to receive $1,500 per month, for up to sixth months to help pay their mortgage. $750 per month in assistance may be available for qualified co-buyers, for the same six month term. Program benefits also include coverage for accidental disability and a $10,000 death benefit.
According to the California Association of Realtors (aka C.A.R.):
C.A.R.'s Housing Affordability Fund is dedicating $1 million toward its Mortgage Protection Program, and estimates that as many as 3,000 families will benefit from the program this year.
To qualify for the Mortgage Protection Program, applicants must:
•· Be a first-time home buyer - someone who has not owned a home in three
or more years
•· Open escrow April 2, 2009, or later, and close on or before Dec. 31, 2009
•· Use a California REALTOR® in the transaction
•· Purchase the property in California
•· Be a W-2 employee (cannot be self-employed)
If you are in need of such assistance, and qualify with the terms of the list above, ask your Realtor for an applicaiton to apply for the program. Remember, a good Realtor is there to help you through the many phases of home ownership, and can be a continuing resource for helpful information.
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Out of Keller Williams Beverly Hills, serving the residential and commercial community, with years of experience, and a relentless passion for Real Estate. Always holding clients interest first.
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
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