How to Identify Good Rental Investments

What makes a good rental investment? Is it the location of the property? The cost? When considering investing in rental property, there are several factors to consider. There is no one set factor that will ensure a good investment. Property owners who take time to invest in rental properties know that several factors need to be considered before diving head first. Check out the key factors below to help you identify good rental investments.

Location

You have most certainly heard the expression, ‘location, location, location’. This phrase applies to a number of subjects but especially rental properties. When you are looking for residential or commercial buildings to rent a property, it is essential to consider the location. You of course want to stay out of bad areas of town as these buildings will be harder to rent. But you must also consider the use of the building. For a warehouse rental property, you need to find a location that is easily accessible by work truck and offers plenty of parking space for employees. For a vacation rental property, you want to be located in the tourist area of the city. For example, a beach town is ideal for rental property, but location is key. Travelers will pay top dollar to stay on the beach while a condo or beach home located nearer inland will not see as high of a nightly rental price. Location plus usage is essential for seeing the best return when it comes to your rental property investment.

Price of the Property

Another factor to consider is the price. Are you paying cash and buying outright or will you need a loan? You must consider the purchase price and ensure you are getting a good investment. Will you have to make any changes to the property, either structural or cosmetic? This must also be considered in the price of the property. Is it worth the money? Consider how much monthly rent you could obtain for the property and if this amount will help you pay on the building mortgage or if you will make your money back quickly after a cash investment.

Is There A Need?

There is no worse decision for a property owner than to purchase a building in an area where there is no need for the space. You want to purchase a building in an up and coming area or particular area of the city where rental space is in high demand. A business owner will not rent your space if they find a space in a better area where the demand is greater. So consider what the building could be used for and if there is a need for that in the area. For example, if you find a building near a school that you are considering investing, perhaps you could cater to a day care or gymnastics business. Because the building is located near the school there will most likely be a need for day care or after school activities. Find the need and fill it to be able to be successful with your rental properties.

Property owners will find that Latitude Properties Limited is the ideal company to assist with property management services. Learn how to get the best out of your investment by working with Latitude Properties.

Advantages Of Buying Real Estate Property Today

For decades, individuals have invested in real estate property as a way of life. For some, investing means having a place to call home. For others, it means having a side flow of cash or even steady income. Today, there are many advantages to investing in real estate property from having extra cash to tax benefits. Find out the many advantages of such an investment below.

Incoming Cash

Many people choose to invest in real estate as a way of bringing in extra cash. Real estate can be purchased for the purpose of renting, which can bring in money to pay the mortgage with a little extra. If you have the option of having several rental properties, then you can bring in a great deal of extra cash, perhaps even creating a business with your investments. Others tend to purchase homes and flip them, being able to turn a profit after selling the newly renovated home. There are many ways to use real estate to your advantage, being able to bring in extra money or create a new career.

Quickly Paying Off Your Investment

If you choose to go the rental route, you will be able to quickly pay off your investment. Picture this. You purchase a home for $100,000. The monthly mortgage is $600. The home is located in a popular area so you are able to rent to a family for $800. You can place this entire amount towards the mortgage plus pay a little on your end and be able to pay off the home in record time. You will then be able to earn the $800 a month with no mortgage to pay. This is a great way to begin earning extra cash, whether you have one real estate property or several under your belt.

Real Estate Management Companies

One advantage to owning real estate today is the option to work with a real estate management company. Industrial real estate property management as well as residential services allow you to invest in properties but avoid extra work. A real estate management company will care for your properties, handling upkeep, working with tenants, taking care of issues, etc. You turn the property over the management company for a small fee and can focus on other areas of interest.

In the past, real estate investors had to do all the work. If a problem took place in an apartment building or warehouse, it was the owner who had to attend to the problem. Today, these management service companies work in your stead. You are able to work on purchasing more real estate while a quality company handles the day to day operations of your properties. This service option makes it much more enticing to take on real estate than in the past.

To learn more about how you can benefit from such property management services, contact Latitude Properties Limited. The experts at Latitude are ready to assist you with all your real estate management needs, be it residential or commercial property.

The Best Time to Employ a Property Management Professional

Being a property owner has its perks. You can use the property to make a profit by buying low and selling high or amass several properties and rent to local business or organizations. Commercial property is big business and individuals across the globe are taking advantage by purchasing properties to make a profit. When you own a commercial property, it is essential to handle with care. You want to stay on top of business dealings and ensure the property is in top condition so renters will be satisfied. However, this can be difficult when you are too busy to handle your affairs. When you begin to find you are too busy and fall behind with rental property issues, it is time to employ a property management professional. Such options will ensure that your property is cared for with the renters happy as the days and months go by.

Too Busy To Handle Renter Issues
If you find yourself falling behind with renter requests with your commercial property, then it is time to employ a corporate property management team. Such individuals have experience in the corporate world, able to handle any business renter with ease. Payments can be made each month to the management company, with your finances handled. Any repairs needs or issue with the property condition can also be handled by the management company. All aspects of the property will be handled with care while you continue to handle the business side of your commercial property dealings.

Continuing To Add Properties To Your Portfolio
When one begins purchasing properties in commercial real estate, one or two properties are easy to handle. Once multiple properties are owned by your company, it can become increasingly difficult to take care of each property, from upkeep to rental agreements. By handing over control to a corporate property management company, the needs of each property is handled by the professionals. With such service, you are ensured that your properties are well taken care of and you can continue to focus on other aspects of your business.

Focus on Other Aspects of Your Business
Working with a corporate property management company will ensure that you have more time to focus on other areas of your business. Work on securing additional properties or expanding your commercial real estate business without having to worry about the upkeep of your existing properties. Take the stress off your shoulders of having to handle the everyday aspects of each property by relying on others to do the work for you. Professional management companies have the know-how and experience to ensure that your property will be handled with care, providing you with more time to focus on other business dealings.

To learn more about corporate property management services, contact Latitude Properties Limited. With years of commercial real estate experience, the company can assist in providing you with the essential service options for the management of your property. Contact the office today to schedule an appointment to discuss service options for your corporate property needs.

Top 5 Things to Look for When Hiring a Property Management Company

As you become more involved with real estate, buying and renting commercial and residential properties, you may soon find yourself overwhelmed. It can be difficult to manage one property, let alone several. To be able to streamline your business, hiring a property management company is the best solution. You will find a corporate property management company in Kitchener is an ideal way in which to offer the best customer service to your clients without falling behind or stressing yourself out.

But how do you choose a property management company? What service options should you look for and what characteristics should a management company provide? Below are the top five factors to look for when hiring a property management company for your real estate business.

Experience
To get started, you want to work with a company that has experience. While a start-up property management company may be eager to do business with you, it is best to work with an experienced company. You want to have a top quality customer service team who has experience dealing with renter issues. The management company needs to be able to handle any issue that occurs and know the best decision to make in every instance. With experience, you can rest easy knowing the problems will be handled the right way the very first time.

Service Options
A corporate property management company in Kitchener should also offer multiple service options. Included in the management services should be maintenance of your property as well as customer service. Renters should be able to contact the property management company and have access to someone right away who will handle their issue. Any repairs or problems should be handled immediately. You want your renters to be happy so offering a plethora of services via the management company will ensure their happiness.

24/7 Communication
Problems with rental properties can happen at any time. A management company should be available 24/7 to handle any issue that occurs. Look to work with property management companies who offer services 24 hours a day 7 days a week. This way, you know that your renters will be able to reach someone whenever a problem arises. Ensure quality customer service so your renters are always happy and content.

Be In the Know
It is also important to find a management company that will keep you in the know. As the property owner, you need to be able to access information anytime you like. Gain access to reports of renters of your condo or apartment property as well as learn of any issues with the property as they occur. You should be kept in the loop so you know exactly what is going on with your property at all times.

Comfort Level
You should also consider getting to know the property management company. Speak with representatives of each company you are considering working with. See who makes you feel most comfortable. You need to have a good relationship with the company you work with, feeling at ease that they will be handling your properties for you.

To learn more about property management services or to schedule an appointment, contact Latitude Properties Limited. This property management company can assist you with all your real estate needs.

Ways to Fill Occupancy of Your Commercial Property

Occupancy is a word that many property owners hear, whether it is good news or bad news. What owners want is to keep tenants happy and satisfied, while keeping a look out for potential occupants who will fill vacancies when they arise. You have a variety of ways at your disposal to entice others to sign on the dotted line of your leasing contract.

Make the Most out of Online Marketing

Many industrial property management service companies will agree that online marketing is one of the best ways to reach your target clients. People today are more tech savvier than ever before, especially when it comes to making big investments such as purchasing or leasing property. Interested companies will compare prices and places online before making a decision. Funnel the companies down your sales channel by reaching them online. Some of the most effective tools of content marketing are blog posts and videos.

Give your potential occupants a tour of your property through videos you post on your website. This provides companies with a glimpse of what they’ll be renting, if they decide to partner with you. A video enables your audience to imagine setting up their business in your property. This multimedia platform is also good for boosting your page rank on search engines, making it easier for people to find your website.

Blog posts are a personal approach to reaching out to your potential occupants. Posts from you, the owner, or trusted staff can make you more personable to people who are looking for a place to rent for their business.

Improvements

Your property will be less appealing, if it looks old and worn down. Improvements to the design, whether in its interior and exterior will go a long way. A redesigned façade will make a good first impression on potential occupants. When the exterior is appealing, prospective commercial renters are more willing to view the inside of the property.

Improvement don’t always have to be about renovating or a new paint job. Better sales teams and service will also make a good impression on potential tenants. With help from an industrial property management service company, you will be able to deliver top-notch services to both current and potential tenants. Their expertise will make operations smoother, response time to problems faster and boost occupancy rates among other advantages.

Better Rates

Sometimes it boils down to the rate of the rented space. Find a balance between maximizing profit and providing your occupants with a good value price for the space they want to rent.

These are only a handful of ways to entice potential occupants to lease a commercial space in your property. To learn more about property service management and how you can entice renters to your commercial property, contact Latitude Properties Limited. The property management service company has the skills needed to ensure your property stays rented, with new tenants when vacancies occur.

Property Managers Help Improve Real Estate Value

Are you getting an indifferent response from visitors who are looking for a place to rent? Maybe your property has lost some of its value because of neglect or not enough understanding of the market. To bolster the image of your real estate, consider getting a property management service in Kitchener.

The Property Manager Difference

You may have owned the residential or commercial property for years; you think that you have enough experience to market your business and make it profitable. However, this myopic view of the industry will allow your competitors to overtake you. To gain perspective and see a different picture of your business, hiring a property management service company in Kitchener is an option.

A third-party manager will look at your real estate differently and see things that you didn’t. They can identify problem areas whether it is the service you offer or the property itself. They will make an assessment and provide suggestions on how to improve relationships with occupants, operations and boost profits.

Better relationships and communication with current occupants keep them loyal and satisfied. They may even refer people to lease a space, whether it is for residential or commercial purposes. The goodwill you get from tenants makes it easier for you to advertise your real estate and boost its value to a potential occupant.

A property management company has a network of contractors they can recommend to renovate and repair your real estate. Their team can fix or replace faulty electrical wiring, leaky pipes, weak structural foundations, insulation, air conditioning and others. The manager you hire can provide ideas on how to redesign your property’s exterior and interior. It can be as simple as changing the color of the façade or adding more plants and flowers to boost curb appeal. They can also completely revamp the interior and exterior to make both look different and appealing to your target market.

The understanding of the industry of a property manager will allow you to gain a competitive advantage. They have insights and information about potential developments around the neighborhood. This will allow you to make adjustments and get ahead of the competition.

Their network allows them to strategically place your property on listings where your intended target market is. A clearly defined audience increases the possibility of a potential occupant signing a long-term lease contract.

The added experience and expertise of a property manager will work well with your understanding of your property. They help boost real estate value with the changes they make and their management methods.

Types of Services You Should Receive from Your Property Management Company

When you hire a real estate property management company, you have certain expectations – or at least you should have – of what you want and need from them. These companies are meant to make life easier for property owners like you, by professionally caring for your property or properties, and the associated people – your tenants. A good residential property management company does this by providing services to make life run smoothly for the tenants, and maintaining and repairing the properties those tenants call home. In effect, caring for your investments.

                       

Here are the basic services you should or can receive from your property management company:

Evaluation of Property/Unit & Rent Determination: documenting the inside and outside (if applicable); offering suggestions on repairs and improvements; investigating local rental rates to determine appropriate rent; discussion about policies on smoking, damage deposit for large pets,

Marketing Your Property/Unit: repairing, painting and refreshing the interior, having it professionally cleaned; landscaping to bolster curb appeal; creating enticing, informative advertising; screening calls and emails for prospective tenants; arranging showings; supplying appropriate rental applications

Tenant Screening/Selection: verifying identity, income, credit history, rental history, reference checks, and care of past property

Tenant Acceptance: drawing up & signing the lease; collecting first and last month’s rent, as well as a damage or pet deposit if required; ensuring tenant has apartment insurance; walk- though of unit with pictures to verify the move-in condition of the property; reviewing rules and guidelines or giving tenant a copy of them; scheduling the move (especially if elevators are involved)

Collection of Rent: receiving rent at beginning of each month; following up on late payments (enforcing late fees); delivering pay or quit notices; processing rent received; sending reports to owners

Financial Services: payments on behalf of owner (insurance, mortgage, etc.); documentation of expenses (invoices & receipts); maintenance of historical records (paid invoices, leases, inspection reports, warranties, etc.); annual reporting; monthly cash-flow statements with breakdown of income and itemized expenses

Repairs & Maintenance: dealing promptly with repairs 24/7 to prevent small problems from becoming bigger and more expensive ones; consulting owner for major repairs/replacements; maintaining a network of licensed, bonded and insured contractors to provide affordable work to code; apartment painting, lawn cutting, leaf removal, landscaping, snow removal, salting, trash removal

Periodic Inspections: once or twice a year; evaluate how tenants are caring for property; putting a stop to unsafe or inappropriate use of property; noting and stopping code violations, lease violations; reports sent to owner

Legal Situations: knowledge of local, provincial, federal laws and legislation applicable to rental properties; advising in litigation or legal disputes; having name of qualified lawyer

Evictions/Collections: knowledge of local Landlord and Tenant rules; filing necessary paperwork; representing owner in court proceedings; working with law enforcement to remove tenant(s) from premises

As you can see, there’s a lot involved in properly managing an investment property – and these are just the basics! Only the best real estate property management companies go the whole nine yards to make sure you get the most out of your properties – and that includes prompt and consistent communication as well as accountability.

Before hiring a company, get recommendations from real estate agencies or mortgage lenders at banks, go and personally look over some of the properties a company manages, check on-line for comments from current and previous tenants. If you do choose a residential property management company that’s not working up to the standards you expect, don’t waste any time finding a better one. Remember, it’s your investment at stake!