Property Management Blog

I’ve recently been a go-to source of information for friends looking into investment property. There are so many options. How do you know which one is right for you? What are the strengths and weaknesses of each type of property? What are the long term issues that are going to spring up now that you have this property long term? 

These are all great questions, so let’s go through the strengths and weaknesses of each type of property.

As a professional property manager, I speak to investment real estate owners every day. Most are calling because they are tired of managing their own property. Sometimes I get calls for advice about how to handle a situation. The benefit of being in my position is that I get a broad perspective of what it takes to self-manage your own property. I also see the other side of having a property management company manage your property. Today, I am compiling a list of the pros and cons of managing your own property.

I work in the world of property management and my job is to interact with real estate investors all day.  It’s a great job. I have many rental property owners who call me not only to ask for quotes on services, but also to ask advice on the local market and decisions they need to make. I get to hear all kinds of stories.  Some are great the others and terrible. Here’s a compilation of the most common horror stories I hear in my position.

You have probably heard that there are three rules to real estate: Location, Location, Location. The same is true with where you buy your Chico rental property real estate. When deciding how much to charge for rent or where you can buy a great rental property you need to first look at location. 

Turning over a rental property is probably one of the trickiest parts of rental property management. You need to coordinate move-out dates, maintenance, marketing, cleaning, inspections, possibly remodeling and a whole host of other variables. No doubt this takes skill and finesse to nail down a fool proof strategy to turning over rentals. In this blog I’m going to talk to you about developing an excellent strategy that works for your Chico rental property. 

Stuff happens, and unfortunately if you have a Chico rental property, this “stuff” will happen to your property. Your lawn will die, your parking area will need to be resealed, gutters will need to be replaced, exterior paint will need to be freshened up, and there’s a winter storm coming where you’ll inevitably receive calls saying that the roof is leaking. This stuff is going to happen. It’s not a matter of if, but when. So, what can you do about it? In a world of deferred maintenance how do you keep your investment looking good and staying profitable? 

Much of successful property management is getting qualified residents to rent out your property. But even when you get the sense that you are getting the best residents to move in, you still need to cover your bases when it comes to move-in and move-out paper work. 

If you’re going to win in the world of real estate investing you are going to need to be well informed. You will need to be able to quickly and effectively assess what a property is worth. In order to do this, there are some well-known equations that you’ll want to calculate as you assess the property. Here are some of the commonly used real estate equations. 

The past few blogs we have been talking about how to keep your Chico rental properties filled by working on your selling skills. In this competitive market, you need to make sure that you’re using every competitive advantage to fill your vacancies. Developing your selling skills is a great way to get a leg up on the competition without spending any additional income.

We started this blog series with some basic selling skills. Here’s a recap:

If you’re just popping into this blog you may have noticed that this is a series of blogs about how to sell your rental units to prospective residents. If you missed the first two, you can check them out by clicking below:

The #1 Question to Ask Yourself to Fill Your Chico Rental Property

Tips to Understand Your Customer and Fill Your Chico Rental Property