Saturday, January 30, 2010

Property Manager – It’s The Little Things

In college, I lived in a great multi-unit apartment in Savannah. It was like Melrose Place, but with a lot less drama and death. The tenants, a great mix of young and old, really cared about one another and actively worked together as neighbors and a family. The key to this – and frankly, the reason for its success – was our all-star property management agency.

Their representative, a wonderful character named Brian, did way more then just fix our leaks and clean our gutters. He was a warm presence who went above and beyond the call of duty, a constant visible presence reminding us of the hard-work it takes to keep a complex going. A man who new the benefits of recycling before eco-friendliness came into vogue, Brian was an endearing educator who kept our common areas clean and our apartments repaired.

It wasn’t just Brian’s speed at answering our dilemmas, it was also his manner. Polite, punctual, and never patronizing – he set a tone in our complex that kept us there. Brian’s presence also helped us take greater pride in our homes – instead of treating our rental units poorly, we worked hard to keep them clean and maintained – putting the same pride into our space as Brian and our owners did…When it came time for lease renewal, there was never a question – of course we would stay! This was our home!

Personal stories aside, a property manager/management agency is key to any successful rental property. If you can’t be the their to run your own property, make sure you are using an organization that will run it in the direction you want…Keeping your tenants happy and keeping the rent flowing!

Property Manager
Kuester Property Management
Boon, Myrtle Beach, Charlotte, Fort Mill & Concord

Wednesday, January 20, 2010

Multi Unit Residential Property

Right out of college, a good friend of mine made one of the best decisions he could. He saved up all his money, and applied his sterling credit rating to get a low-interest first-time home-owner’s mortgage. The property he choose though, was the smart part of this effort: he choose a multi-unit building.

The large brownstone in Charlotte wasn’t in the best area of town, nor was it in sparkling condition. He rented out the two larger apartments to tenants, putting himself and his girlfriend in a smaller downstairs apartment. It wasn’t the most ideal living conditions, and some people would have choose a different path.

The whole deal worked out great for my friend, simply because his mortgage was completely paid for by his tenants. In fact, they paid MORE then the mortgage, and he had enough left over to sock away in the bank, or make necessary and cosmetic upgrades to the building. Since he didn’t have to add any money out of his pocket to the mortgage, he was able to some months pay MORE on the mortgage, or some months to drop a nice chunk of change in the bank.

Flash forward a few years, and my buddy has moved to a beautiful and spacious home in a gorgeous part of town. He still owns his first multi-unit, and it is humming along nicely generating a little extra cash and paying for itself. It’s a great investment, and a wise one.

My point to this story is that multi-unit residential spaces may sound a bit cumbersome. More tenants, more headaches…More units...more costs…But in the end, if a sensible person is handling the property (whether it be you or a property management company) a multi-unit residential property can become a very lucrative and fruitful endeavor.

Property Manager
Kuester Property Management

Friday, January 15, 2010

Investment Property: The Skinny

Can almost anyone can make serious profits in the real estate business? Sorry to shatter your dreams, but not necessarily. Financial success in investment real estate requires skill and knowledge. A limited understanding isn’t going to bring in the types of returns on property that you might see in other types of investments. The part that tricks many investors up is when it comes to evaluating the potentials of properties. Novices often make the mistake of focusing primarily on the return, the income…While the smart investor also considers many additional factors.

If an investment property was just an ATM machine, we wouldn’t be having this conversation. But your investment properties will have people living in them, and that means something called: wear and tear. Your tenants, while contributing to your income, will also expect returns for their rent. Maintenance costs have to be factored into the equation. If the roof leaks, you HAVE to fix it.

Critical to your goals is to determine whether or not the property under consideration fits into your overall investment plan. Having a solid plan is essential to the type of organization that separates losses from big profits. Hopefully your investment strategy is more sophisticated than just amassing properties, if not, you may to address this issue with an investment consultant before buying. Don’t be afraid to seek professional help…

The biggest factor in property investment to always consider is location, location, location…Sure, that is three factors – but you know what we are saying…You want to make sure your property is someplace that people are going to want to live, to work, or to shop. We give the developers in Dubai a big hand – but not all of us have 20 billion to dump into a dessert. Smart investors need to find key locations. Also consider the local tenant quality, who will be renting or visiting your properties. Near a university means college kids, while near Park Avenue means a more upwardly mobile crowd. Both come with their own challenges, needs, and demands.

If this sounds daunting, don’t fret. We can work with you to turn your small nest egg into a nice chunk of change. Property investment is a team sport, and if you put together a good team, you will be able to set the groundwork for a successful investment in property.

Property Manager
Kuester Property Management

Sunday, January 10, 2010

Commercial Property For The Personal Investor

In these tough economic times, you have to make savvy business decisions when it comes to your personal wealth. Especially when it comes to any investment opportunities. I tend to remember what my Grandfather said about investing: “Buy land! They don’t make it anymore…”

For many investors, the land best invested in is commercial real estate. In the right climate, commercial real estate can produce instant and healthy returns. Whether you are a large investor or a small investor, there are plenty of deals that can packaged to suit your economic needs. Certainly, larger investors have a greater range of options available. But small investors can find suitable opportunities to help them avoid the ever-risky and stressful stock market.
While some areas of the country have seen some major devaluation in real estate, there are still areas of this state – and the rest of the country – that are pretty much puncture proof. Work with the proper expert to find the right property, at the right location, to suit your short-term or long-term investment needs. Do your research and ask for advice, study the trends and proceed with caution. With a little help and a lot of smarts, you will be able to reap big rewards from the right commercial real estate investment.

Property Manager
Kuester Property Management

Tuesday, January 5, 2010

Property Management: Keeping the Tenants Happy

Most people who have rental properties don’t lease them out for the joy of meeting new people. Rental properties are typically an important source of income and/or a solid investment. As long as they stay rented, your investment remains healthy and your income will remain steady. Solid and reliable property managers are crucial to keeping your tenants happy. Happy tenants are tenants who will not only renew their leases, but also recommend your properties to friends. Quality property managers also know how to deal with problem tenants, ensuring that rent is paid in a timely fashion and that your property will not sustain any costly damage.

No matter the reason why you turn to a property management agency, an attentive and responsible property manager will keep things humming along. Property mangers are the guys who shovel the snow, trim back the trees, and keep Mother Nature at bay (or, they know who to hire to make all this happen!) You have to remember that all of the upkeep that is needed to ensure your house runs smoothly – well, that kind of upkeep and more is needed to keep your rental property running. A property manager or management agency is the best bet to ensure you don’t spend your life keeping your rental properties running smooth.

Occasionally something will break or fail at even the most carefully maintained residence. Experienced property management agencies know what contractors to call when there is a problem and what contractors to avoid so not to get over-billed. Many property managers have preferred relationships with plumbers and other repairmen, and can also negotiate the best terms with other service providers like landscaping, pool cleaning, painters, snow removal and general contractors. Depending on your property and business relationship, your property manger can probably run things so efficiently that you might totally forget about the unit (well, at least until the checks come in!)

Property owners tend to choose an outside management agency to run their assets for many of the reasons above. Qualified property mangers will pay for themselves, by saving you on headaches and money--and keep your tenants happy!
Property Manager
Charlotte area property management Fort Mill, Boone, Charlotte, Myrtle Beach & Concord