Hey Central Oregon! My name is
Valarie and I’m a client care manager here at Team Birtola Garmyn, wishing you
a Happy Thanksgiving from all of us. I’d also like to take this time to let you
know how much you mean to us and thank you for another great year. We’ve
already sold over 430 home and still have another 6 weeks to go. It doesn’t
look like this winter is slowing down like it has in the past, and we’re happy
to say we’ll be ringing in the New Year by being super busy! I know your
probably thinking that the holiday season isn’t the best time to sell your
property, however we have so many buyers looking, now is the opportune time to
put your property on the market before the rush in spring. So again, Happy
thanksgiving to you and yours and we look forward to hearing from you
With
interest rates as low as they are these days, many investors are
getting in on the action and buying properties to rent out.In fact, what used to be a market where renters were paying less rent than homeowners were paying in mortgages has now flipped around.Property
owners that are paying a mortgage can demand rent that is at least a
few hundred dollars higher, if not more, yielding a sizable “instant”
return on investment.
We
talked to a property manager to find out where the rental market stands
today and why it makes sense to hire a management company as opposed to
tackling it all on your own.
What’s Happening in the Rental Market Right Now?
The
most notable difference in the rental market recently as opposed to
just a few years ago is that we are finally witnessing an improvement in
tenants’ ability to support rental living.With the economy slowly gaining momentum again, rent values are heading slightly up or at least remaining constant.Some
markets that were exhibiting declines in rent values are now seeing
rates that rival those from 2008, a much stronger rental period across
the board. Keeping with the
positive trend, areas that showed stable rental statistics between 2008
and present will likely experience a bit of an increase or at least
remain flat.
Why Would Some Use a Property Management Company?
At
a time when the economy seemingly has a long way to go before a
complete recovery, many potential or existing owners of rental
properties may be reluctant to spend on having their property managed.
However, there are several reasons that it makes sense to hire a
management company to handle all aspects of the rental business.
First,
the process of screening tenants, handling all background checks,
leasing units to those with approved applications and assisting with the
move-in process is managed by the company.Promotion
of the location, attracting viable tenants that fit the desired
demographic profile plus communication and operations – are all things
that fall within the parameters of a property management company.
Also,
document maintenance and preparation that comes in handy when it comes
times for accounting and taxes is also managed. Depending on the number
of units in the property, the amount of paperwork can be staggering.With someone handling all of these details, it allows the property owner to focus on other things.
By
hiring a company to handle all on-the-ground aspects of running the
property, the investor is then given a lot of freedom to travel or spend
time in another county, state or country while continuously yielding
the benefits of rental income and rental property ownership.
Finally, one of the most tedious aspects of rental properties is the need for 24-hour maintenance.Late-night
emergency calls, routine and other maintenance issues, assistance with
grounds keeping plus other upkeep tasks are all managed by an
experienced, organized staff that is well-versed in managing these
aspects of rental units.
~
If
owning a rental property sounds good to you, be sure to consult with
your Realtor to find the best properties available out there right now.And
of course, by hiring a property management company you can enjoy
flexibility and freedom while at the same time be rest assured that your
property and tenants are in good hands!
For some, the phrase “home maintenance” might sound like a great way to spend a weekend, while to others it might seem like a dreaded, even avoided, task. However you view routine home maintenance, the fact of the matter is that this somewhat simple task, if done consistently, can increase your home’s value over time. Increased Property Value Benjamin Franklin once said,“An ounce of prevention is worth of a pound of cure.”This is certainly true when it comes to your home. In fact, proactive maintenance is essential to preserving the value of your home. If you ignore this important task, your home could actually lose 10% of its value over time. There are a number of benefits you can expect from just making sure you home is kept in decent shape with occasional maintenance.For one, your curb appeal is improved by just simple acts of routine upkeep from time to time. Ultimately, your home reflects your attention to detail, or lack thereof. Neglecting a home can greatly bring down the value of any property. Things like a house with chipped or fading paint, sagging gutters, or worn carpeting leads to a problem when it is time to sell.Not only does the work accumulate over time, so do the costs.A few simple fixes every year can add up to an increased home value over time. Cost vs. Value It’s easy to look at the cost of regular home repairs as a burden that might be able to be avoided. However, it is important to look at the value that you are placing in your home by performing the regular costs of upholding a well-built and maintained home. A study out of the University of Connecticut and Syracuse University suggests that home maintenance can actually increase a home’s value by about 1% each year.Instead of viewing the routine tasks around a home as “chores,” these tasks should be looked at as a money maker. When you sell your home, you will reap their rewards.
Dr. John P. Harding, Professor of Finance and Real Estate at the University of Connecticut’s School of Business and an author of the study said,“It’s like going to the gym. You have to put in the effort to see the results. People and houses are somewhat similar – the older they are, the more work is needed.” Some years what needs to be down may be more expensive than others, but it is the overall strategy to keep a “fit” home that should be the ultimate goal. Proactive Maintenance Strategies Budgeting for home repairs each year will prevent them from seeming like a burden each year.Knowing there will be a certain amount of money going to home repairs and upkeep makes them a regular part of your annual routine.They won’t be a source of financial devastation they can be for many families. Other things to keep in mind to take the burden out of home maintenance include: Play offense, not defense.Being proactive is vital in preventing a small problem becoming a mountain of problems. By having a regular inspections and creating a maintenance schedule, you are in control, for the most part, of home expenses, instead of the other way around. Focus on a room a year.If you home is generally in good order, you may be at a loss of where to start. By targeting a room each year, you can inspect each and every item in that particular room and know where improvements can be made. This prevents an overwhelmed feeling with you looking at your entire house, scratching you head of where to start. Keep track. Maintain a notebook or computer file to keep track of all of the maintenance and upgrades you perform is important. Also, either keep a physical file of paper receipts or a file on your computer where can put your scanned receipts. This helps you keep track of what you have done and also helps you prove to a potential buyer exactly what you have done to the home. It also shows you are a conscientious homeowner who has paid attention to the details of your home. Home maintenance is an important task that should not be overlooked. Not only does it maintain a nice home while you live there, it also helps increase your home’s value when you are ready to sell.
