Welcome to the CoRental Property Management, Inc. owners guide. We hope that you will find this page to be a useful tool for managing your investment decisions. We welcome your feedback and input. Please contact us if you any suggestions that would improve the appearance or enhance the effectiveness of this site.
Rental Market Comparisons
There are many methods utilized when setting a market rate for a rental unit. Some landlords science might boil down to licking their finger and sticking it up into the wind while others may choose a complex model with statistical analysis. Of course it doesnt really matter how you get there as long as you arrive. Its important to understand the market trends when determining your rent amount. One thing to consider is how long you can wait to find a tenant willing to pay what youre asking. In a strong market, renters line up at the doors and you have a pretty good chance of renting the unit in a short amount of time. In a soft market you can throw all the rules out the window. Market value fluctuates so often that it might be wise to set your rent aggressively. You should weigh the loss for a twelve-month period. For example, if you have been receiving $1500.00 a month in rent and the unit is vacant for 3 months because you want to rent at that amount, you are losing a total of $4500.00 in rent along with any expenses accrued throughout the three month period. Over a 1-year period you stand to lose $600.00 if you reduce the rent to $1,450.00.
Along with our market analysis, we think the newspaper offers the strongest pulse on market value. We like to start at the high end of the spectrum, but we encourage flexibility from our owners as to the lowering of the rent amount. If you want your property to rent quickly, price it at the bottom of the rent range and you will at least get response to your advertisement. Rarely is a property rented without a potential tenant viewing the home first. If they look at the rental property, you have accomplished half of the battle.
Landlord and Tenant Laws
Owning an investment property can be exciting and frustrating. It can also leave your personal assets exposed. It is important to know your rights and the rights of your tenant when dealing with issues concerning tenancy, notices and ownership. Of course, our legal guru can answer most questions that may come up and we often make those decisions with our clients, but if you like to be an informed owner, feel free to click on the links below for an overview of landlord / tenant law and the HUD library.
Landlord Tenant Information
Curb Appeal and More
Historically, owners were able to get a substantial return on their investment with little money going into the property. Today, the way your home shows to the tenant is crucial to quickly renting the home. Updating appliances, flooring, painting, and in some cases remodeling areas of the home can improve your chances of finding a quality tenant at a reasonable rent. Call it karma if you like. It is the condition of the property that determines the type of tenant youll find. A property kept poorly, will attract a tenant that is comfortable in that environment and dont expect them to have a sudden change of heart when they move in. Over time, letting go of your property becomes a trend for the tenants. They see how little you care about your property and so they in turn treat it with the same level of respect or lack thereof. A property in ill repair can only lead to lower rents and more problems with tenants down the road.
That is where we come in. We work with vendors who offer special pricing for remodeling and general repair items. Our contractors get special pricing for the materials we use. It can improve the curb appeal of your home and help it attract the right renters for the community and for you.
In our long history in the industry, we have come to understand that sometimes less is more. When the market is strong, many owners tend to think that it is okay to let certain things go. Because the demand is high, tenant's demands are low causing fewer expenses for the home. However, when an owner is receiving a high rent on a consistent basis, it is the right time to invest some of that income back into the property. It is a good idea to replace little things here and there as they break down or as a means of maintaining the look and feel of the property. It will reassure your tenant that you take pride in the property and value them as tenants. Owners who do these things tend to hang on to their tenants longer and have fewer issues over the term of the tenancy. When the tenant does decide to leave, you have left yourself in a good position. You will have to spend less money to bring the property up to expectations and youll re-rent the property faster and collect a higher rent in some cases. Talk with a loan agent about leveraging the equity in your property if necessary to help finance your project. The choice is yours.
Property Owners Services
Today's property owner faces the continuous challenge of meeting new requirements and responsibilities in managing their valuable investment profitability.
CoRental Property Management, Inc. can provide the expert management your property deserves. As experienced professionals, we can ensure you the maximum net return from your property, based on its highest and best use.
Services Offered by CoRental Property Management, Inc.
Here at CoRental Property Management, Inc. we provide monthly services for our owners to receive thorough and competent service. Listed below are some of the management services CoRental Property Management, Inc. provides:
Property Maintenance and Upkeep
What is Property Management?
Our objectives in Property Management are:
The activities that CoRental Property Management, Inc. undertakes to accomplish these broad goals are many and diversified. Listed below are a few services available.
Fees charged are among the most competitive available and will vary depending on the amount of services you request or require, for the Management Program you feel best suite your needs.
We look forward to introducing you to our complete property management services, each diversified enough to best serve your individual needs.
Eight most frequently asked questions
We have found that when prospective clients call to ask about our services they often ask the same types of questions. We decided to create a list of frequently asked questions. Now when you speak to one of our agents, you will already be an informed investment property owner.
Question # 1
How do you find a tenant?
Question # 2
How do you qualify a tenant?
Question # 3
How do you determine the rent price for my property?
Question # 4
How long will it take to find a tenant for my property?
Question # 5
Why is my property a good investment?
Income: Cash flow
Equity Buildup: While the tenant is paying your mortgage, your mortgage is decreasing
Tax Savings: Tax laws may provide a shelter for depreciation.
Appreciation: Over time your property will likely appreciate in value.
Question # 6
How is maintenance handled?
Question # 7
How long do we sign an agreement for?
Question # 8
Can you pay my bills?