The Importance Of Managing Real Estate

The Importance Of Managing Real Estate

The Importance Of Managing Real Estate

Managing your real estate investments is very important when it comes to being successful in the real estate game. It can make you or break you. Managing real estate is a lot of work but can be easy, and even fun, as long as you have the right information and have done your homework. Like anything else it does take practice to get really good at it. And if this is your first investment property I'd like to congratulate you and welcome you to the wonderful world of managing real estate.

So you have a vacant property that needs a good tenant. How do you go about finding that tenant? You have your local news papers, Internet, word of mouth and the list could go on. I personally use rentfaster.ca, a Canadian based website that offers a great way to advertise your property and find a good tenant. To find a service like this for your country or city I suggest doing a Google search. So you have your advertisement up and you start getting calls. I'm going to let you in on a time saving secret that will cut down on wasted showings. Screen your phone calls! I'm going to say this again, SCREEN your phone calls. You should screen your calls to determine if the person calling about your rental is someone your even want to show your rental too. Come up with a questionnaire you can use over that phone that will weed out unwanted tenants. This alone can save you hours of wasted showings and potential problematic tenants. Once you have found a potential tenant and they check out on the phone, you should email them a copy of an application form. Have them fill it out before and bring it to the showing. By having them bring the completed application form in shows you, the landlord, that the potential tenant is serious about renting your unit simply because they have gone through the trouble of downloading and printing off the application in the first place.

Setting up showings. I suggest setting up showings 30 Minutes in between each other to have some showings over lap each other. Why? Because it creates the image that your rental is a hot place and will go fast, which creates more motivation in the potential tenant to rent your place versus your competition. Once you have found your tenant, there's the sign of the lease agreement, a walk through, collection of rent checks, damage deposits, and in some cases checks for utility's. If you would like to learn more about managing real estate, there are many great resources out there to learn from.

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