Real estate investment firm Dependable Homebuyers has published a post on its blog sharing management tips for owners of rental properties. The We Buy Houses company based in Baton Rouge purchases all types of homes including apartments or condominiums directly from owners. They also buy rental properties, with or without tenants. Evan Roberts, the owner of the nationwide investment company, says that he and his team have come across many owners who are struggling to manage their rental properties. This encouraged them to write the article that is now available on the official blog.
Roberts and his team illustrate the key issues that owners of rental properties usually face and how those should be dealt with in order to succeed in such ventures. Not every owner has sufficient experience in operating or managing a rental property. This leads to errors that can be easily avoided. It is not unusual for owners to ask for higher rentals than what tenants are comfortable paying. One must study the market and the various specific factors that should influence the monthly rental for a particular property. Rentals vary across neighborhoods and depend on the type of property, including all its fixtures and amenities. Pegging a higher monthly rental deters potential tenants. They may not even come by for a quick tour. They shy away from making an offer and instead explore other options. Owners of rental properties should be able to initiate a conversation with potential tenants to reduce the period of vacancies.
Vacancy is the most common challenge encountered by owners of rental properties. Dependable Homebuyers suggests a two pronged approach to handle this issue. The first is to put forth a reasonable rental amount per month. The second is to reduce the security deposit. Many owners ask for a steep security deposit. This may protect their interests but usually is unfavorable for tenants, especially those who may not have enough cash to spare upfront. The security deposit along with the rental can serve as deal breakers even before a potential tenant is certain that a property is suitable for them. Owners of rental properties should make the proposition lucrative for tenants to reduce periods of vacancy. Evan Roberts says that it is better to keep earning a bit less every month throughout the year than not generating any revenue for several months in a row.
Roberts also highlights a third issue that should draw the attention of rental property owners. Not all rental properties are outright desirable for tenants. Owners might consider improving the property in some way so they are more enticing for potential tenants. Such improvements may also justify the higher rental, if an owner does not want to reduce it. Improvements can counter other typical shortcomings such as the precise location or building rules. The improvements do not have to be much and should not cost a fortune. Smart installations and both aesthetic and utilitarian improvements can change the game of a rental property owner. Visit https://sites.google.com/a/dependablehomebuyers.com/company/home/We-Buy-Houses/We-Buy-Houses-Louisiana/We-Buy-Houses-Baton-Rouge for more information about the company and the services they provide.
SOURCE: Press Advantage [Link]
Dependable Homebuyers is a local home buying company in Baton Rouge, Louisiana. We buy houses in any condition and any situation. If you want to sell your house fast, give us a call at (225) 307-3324 and we’ll provide you a cash offer within 24 hours.
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