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Is Now the Time to Buy Residential Rental Property?

by pmd on Saturday, November 09, 2013 10:00 AM
If you are interested in purchasing a rental property such as a house, condo or townhouse, you should definitely take advantage of the current real estate market. After all, interest rates are still low, and it is possible to obtain a quality piece of real estate in many markets at a reduced price. However, it is important to note that mortgage prices are starting to rise again, especially for newly constructed homes. Therefore, you should carefully consider looking into discounted options such as properties that have been foreclosed on in order to reduce your expenses. What is the Current State of the Rental Industry? Although everyone needs a place to live, the apartment industry was hit hard by the recession and the general level of consumer insecurity that occurred after 9/11. Fortunately, the industry has finally rebounded, and it is actually becoming difficult for people to find an apartment or rental property in many prime markets. The national vacancy rate was a mere 4.2 percent...

Residential Rental Property Investing is Back

by pmd on Thursday, November 07, 2013 7:04 AM
There is no question that the U.S. real estate market has taken a turn for the upside. Properties in many of the hardest hit regions like Florida and California have now come back from low points in terms of valuation due to demand. Further fueling the fire, mortgage interest rates jumped from the mid 3.5 percent range to as much as 4.6 percent on a 30-year mortgage. The quick rise triggered a buying surge in consumers believing the time of low financing rates had finally ended. Fortunately, a reprieve is still in place, with rates dropping down to 4.25 percent and the Federal Reserve continuing to keep a financial support of the economy in place for now. All of the above factors trigger the question of whether investors should get back into the real estate business again or still stay out. The answer seems to be more and more supporting re-entry. Factors to Consider First, the fact that the Federal Reserve chose to continue delaying the tapering of mortgage-backed securities purchasing which has helped...

Property Managers: Promote Security & Generate New Leads

by pmd on Sunday, July 28, 2013 1:14 PM
Sometimes the best way to get the word out to potential new customers about your property management services is to leverage the existing assets that you already manage as part of your portfolio.

Housing Report: Supply Low, Demand On Rise, & Future Pleasantly Optimistic

by pmd on Sunday, February 03, 2013 7:44 PM
The state of the nation’s housing continues to improve and the Tampa housing market is no exception.  The bursting of the housing bubble dragged the economy into a recession but most economists now believe that it will be housing that will lift the U.S. back out of the recession.  A number of positive reports have been released over the past 6 months indicating that real estate is moving in the right direction for 2013 giving us confidence that the local Tampa market will be no different.
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Tampa Real Estate Market: Tracked Housing Supply Low But Foreclosures Cloud Future

by host on Wednesday, July 25, 2012 8:02 PM

The local Tampa real estate market continues to show signs of improvement with housing inventory levels steadily trending down and sale prices seeing a slight increase over last year.  But, it’s the potential supply of housing units that lurk in the shadows of foreclosure that leaves the true measure of housing supply in the Tampa market as a question mark for the near future. 

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How to Speed Up the Rental Process With the Right Application

by pmd on Monday, July 09, 2012 7:56 PM
Selecting and using the right application is the key to a quick rental process. A good, solid application will bring in more tenants, enable them to apply more quickly, allow you to screen them in an instant, and just make the whole dang process a heck of a lot easier!

Luckily, choosing the right application is easy. To start off, you want to simplify things as much as possible, to the bare essentials even. A simple rental application looks more attractive to potential tenants and is easier for them to fill out. All too often, good tenants turn away from rentals because too much, and often useless, information is required on the rental form. The simpler that your application is, the more likely that people will actually apply for your rental.

 

While you want to make sure that your rental application is simple, there is also some basic information that you should take Rocket Leasecare...
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Will the Housing Market Come Back Anytime Soon?

by TLutzenberger on Saturday, June 30, 2012 7:31 AM
The last time the real estate market in the U.S. was in its heyday was in 2007. From that point forward, the market went into a slow and then increasingly fast downturn. By 2008 it was a death spiral as many knew at the time and others found out later with rising mortgages and foreclosures. It’s been four years now since the mortgage-backed securities crisis decimated Wall Street and the lending markets froze. Many are still underwater with loans owed still at balances far more than the homes financed are worth currently. Available home sale markets are also glutted with foreclosure inventory, with far more units still be held back by banks unless the prices drop even further with so much supply suddenly available. Finally, banks are still being very strict what those loans they are willing to approve, generally providing the funding to those who almost don’t need the funds at all to buy a home. So when will the real estate market actually improve? Believe it or not, the market may actually be showing signs...

How does a property owner evict a tenant, legal time frame, and who pays for the process?

by pmd on Saturday, March 31, 2012 8:29 AM
Becoming a landlord can be very rewarding as well as challenging. It is unfortunate that sometimes the tenants do not comply with the rules and regulations of the lease agreement. Landlord and Tenant Act specify exactly what is expected of both parties. When the agreement is violated, the landlord may be forced to exercise the tenant eviction.
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Tampa Property Management – The Continental Group Realty

by host on Tuesday, February 28, 2012 12:19 AM
The Continental Group Realty servicing the Tampa market is one of Tampa’s premier property management companies set up to provide the resources needed to assist Tampa property owners with property management services.  As an owner of a Tampa property, you can benefit greatly by choosing The Continental Group Realty to manage your property interests.  The Continental Group Realty has all of the resources needed to provide you with highly qualified property managers in the Tampa marketplace no matter what type of property you need managed including residential property management, commercial, multi-family, resort, and association property management services.
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Property Management 101

by pmd on Friday, January 27, 2012 1:51 AM
Property management can be defined as the leasing, managing, marketing and maintaining of real estate property that is owned by another party.  Most often times in the property management industry these responsibilities are handled by a certified property management company.  Property management companies work to facilitate the relationship between property managers, property owners, and tenants to ensure that all aspects of managing, leasing, and maintaining a property are covered.  
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3 Things New Landlords In Tampa, FL Need to Know

by host on Thursday, January 19, 2012 12:32 AM
The implosion of the housing market has turned many homeowners into reluctant landlords. In areas like Tampa, FL where the Tampa real estate Home Price Index continues to trend downward, owners are learning that income-producing real estate should be managed prudently. Being a landlord in Tampa is challenging because the local economy has yet to see an uptick. Given this environment, landlords in Tampa have to be creative and aggressive in managing their owned and operated rentals.  As part of that process new landlords need to have a strong understanding of legal issues as they relate to real estate and tenancy issues, be prepared to stay on call for all maintenance issues that arise with the property 24/7, and be familiar with procuring and screening new tenants.
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What does a property management company do?

by pmd on Tuesday, January 10, 2012 12:15 AM
A property management company is responsible for maximizing the return on real estate investments. The company acts in the best interests of the property owner.
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Property Management Fees in Tampa, FL

by host on Tuesday, December 13, 2011 12:59 AM
In the current housing market, many Tampa area homeowners who must relocate are facing the decision of whether to attempt the sale of their current home, which could result in a sale well below the price that was paid for the home, or to use their home as a rental property.

Tampa Real Estate Market: Mixed News For Tampa Property Owners

by host on Thursday, December 08, 2011 1:25 AM

The Tampa real estate market has seen its share of lows over the course of the last 5 years.  Predominantly brought on by land speculation from trigger happy investors and over extended homeowners, the Tampa market has fallen victim to an over supply of housing inventory in recent years.  The bulk majority of those properties have sat mostly vacant in Tampa communities across the bay area awaiting short sale or foreclosure proceedings.  As bleak as it has been, there is a glimmer of hope on the horizon as recent MLS statistics released from the Greater Tampa Association of Realtors suggests that housing supply in Tampa is steadily decreasing. 

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How much should you charge to rent out your home in Tampa, FL? (Part 2)

by host on Sunday, December 04, 2011 8:09 PM
Second in our 2 part blog series on helping property owners identify the right rental amount to charge tenants in the local Tampa area.  This time we focus on the additional value that a Tampa property manager brings in putting together a comparison analysis as a follow up to the market analysis.
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How much should you charge to rent out your home in Tampa, FL? (Part 1)

by host on Saturday, December 03, 2011 7:55 PM
A number of factors go into determining the amount to charge for rent but how do the professionals do it?  One of the many benefits of hiring a property manager to take care of your rental home in the greater Tampa metro area is the emphasis placed on making sure a complete market analysis goes into each property that a property manager lists on the property owners’ behalf.
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Property Management Eviction Process In Tampa, FL

by host on Saturday, December 03, 2011 10:23 AM
Before a Tampa property management firm can proceed with a tenant eviction, the property manager must prepare a three- day notice. This document demands payment of rent or possession of the property within three days--excluding Saturday, Sundays and recognized legal holidays-- after delivery of the notice. After the three-day notice expires, the Tampa property manager goes to the courthouse and files a Complaint for Eviction. Complaint and Summons File the original Complaint for Eviction and a copy of the Complaint for each tenant with the Clerk. Attach a copy of the Three-Day Notice, as well as a copy of the lease, if applicable, to each copy of the Complaint. The court receives a copy of these documents too. The manager must sign the Complaint in the presence of the deputy clerk or have the Complaint notarized by a notary public. After the manager files the Complaint and pays the fee, the court Clerk issues an Eviction Summons/Residential, which has a copy of the Complaint, three-day notice, and a copy...
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Top Reasons To Hire A Property Manager For Your Tampa, FL Home

by host on Saturday, December 03, 2011 10:20 AM
For those who own rental property and seek professional property management in Tampa, our website is a good place to start. Although managing your own property might seem simple, being a landlord can be stressful. Hiring a professional property manager in Tampa will eliminate the stress of being a landlord. Finding a good tenant isn’t always easy. The truth is, some tenants are less than ideal. A Tampa professional property manager can more stringently investigate a potential tenant and thereby reduce the likelihood of having an undesirable tenant. Some methods used by professional property managers include background checks and credit reports, and these methods may be unavailable to the lay person. In addition, having a Tampa property manager will make it much easier to collect the rent in a timely manner. Unfortunately, sometimes legal actions become necessary, such as evicting a tenant or addressing a lawsuit. Most professional property management firms have attorneys that they use regularly and with...
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Questions for Hiring a Property Manager

by pmd on Friday, November 11, 2011 9:49 PM
Hiring a property manager service works the same way as hiring an employee, except in this case it's a contractor. In this regard, you will need to probe and ask questions on topics ranging from how costs are arrived at to how the manager provides satisfactory work for landlords. Commissions/Costs - While you do want to find a property manager within your budget range and not overpay for it, price should not be the only deciding factor. There are plenty of low-bidders out there who can make empty promises. Most property management services average 5 to 10 percent of collected rent as their commission. Vacancy and Leasing Fee – Consider this charge a finder’s fee for tenant ads and marketing. However, it varies so you should ask before hiring what you will be charged. Typical costs equal a half of the first month rent as a commission. Contact Resources...
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Certifications and Education of a Property Manager

by TLutzenberger on Friday, November 11, 2011 9:45 PM
Ideally, hiring a property management service should provide a landlord with a contractor that has certifications, training, expertise, and education qualifications in managing landlord-tenant issues with rentals. Unfortunately, too often management services are operated with maybe one or two people (the owners) having some certifications while the rest of the staff include general laypeople addressing the daily operations. This creates a significant risk for legal mistakes for an affected landlord. In an ideal situation, those managing and directing the activities of a property management service will have a Certified Property Manager (CPM) credential or similar under their belts. Such certifications and their training tracks involve candidates pursuing a standardized course of study and testing before expertise documentation is provided. Areas of test expertise include...

Signs of a Bad Property Manager

by TLutzenberger on Friday, November 11, 2011 9:40 PM
There comes a time with any business relationship if a contractor is not performing up to par, it’s time to terminate the agreement and get someone else to do the job correctly. However, as a landlord, you want to be sure you make the right decision and not assume immediately a contractor is a bad property manager. That said, some warning signs stand out, making it clear to a landlord when their property manager needs to be replaced. Tenant complaints regularly connect with you. The whole point of having a property management service is that the contractor manages the property, not you. A bad property manager regularly triggers complaints being sent directly to a landlord, indicating the need for a fix quick. There's a visible lack of maintenance and repair at the rental. Again, you’re paying the property service to maintain your rental. If you do a walk-by or drive-by and the property looks like a dump, at the least the service is not monitoring the issue and at worst they are pocketing the commission money...

Signs of a Good Property Manager

by TLutzenberger on Friday, November 11, 2011 9:38 PM
Many times landlords worry about what mistakes their property managers are committing that the client will end up responsible for. However, where there is a good property manager operating, he or she should be recognized. The last thing a landlord wants to deal with is having to find another property manager on the fly after firing the last one abruptly. In that respect, there are signs a landlord should look for that signal a property manager who should be kept on the books. A capacity to negotiate to win your business. Too often property managers focus on their marketing and new landlords’ naivety to win business. However, landlords don’t need to agree with packaged prices. Those property managers who are willing to compromise to win business show a willingness to work with their clients. The property management avoids add-on fees. Many property managers looking...

Rent vs Selling in a Bad Real Estate Market

by TLutzenberger on Thursday, November 10, 2011 9:39 AM
When the real estate market turns sour, appreciation and making a profit on a home sale is not always possible. Faced with this kind of challenge, an owner has a few choices. He can keep trying to sell or rent or don’t do anything at all. If it’s not possible to wait out a bad market until things get better, and a homeowner needs to move, then the decision is cut down to two choices only: sell or rent. If you sell or rent in a bad market, there are a couple of issues to address with either choice. In selling, the most obvious issue involves the loss of value that comes with selling lower than what was paid for the home. Much of this is emotional since the dollars involved were already spent, but it still feels like a financial loss. However, if there is still a mortgage on the home exceeding the sale price, things get very complicated. A homeowner underwater with a mortgage faces the problem...

The Top Legal Considerations for Property Management

by TLutzenberger on Thursday, November 10, 2011 9:27 AM
Tom LutzenbergerManaging a business that deals with landlord-tenant issues inherently includes the risk of disagreement, which can boil over to litigation. If the right property management is not involved, the legal or law issues could become worse before a landlord has a chance to get a handle on the situation. As a result, there are number of items a landlord should look for to prevent potential legal risks before they occur with a managed rental property. Doing so won’t prevent a lawsuit for a fall-down injury or an emotional dispute over a security deposit, but it will make your position stronger and in some cases avoid a lawsuit entirely. The top legal or law issues a landlord can watch out for with the use of property management include: Staying up-to-date on rental law changes . Rental laws are dictated by municipal and state law changes which, depending...

What Is An Investment Property and Why Should I Use a Property Manager?

by pmd on Wednesday, November 09, 2011 9:40 AM
Are you looking to make extra money in the real estate market? Do you need some helpful tips on how to effectively handle the transactions at your property to ensure success and growth for the future. An investment property offers you the chance to secure your financial freedom for years to come. You need to make sure that you know everything you need to know about leases, evictions, working with tenants and hiring a property manager to take care of your property when you are not around. You may be asking yourself why do I need a property manager for my investment property? The answer is simple, you purchased an investment property and you need to make sure that there is someone around the handle everything in your absence. It doesn't matter if you live around town or far away a property manager can prove to be very beneficial to your properties. Property managers handle the day to day operations of your investment property so that you do not have to be tied down to the property around the clock. You...
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Resort Property Management

by pmd on Monday, October 03, 2011 10:47 PM
Resort property management is a difficult task because of its fast-past environment, and managers deal with a wide range of responsibilities from organizing the staff to handling customer complaints. Here are some of the other things they are called upon to do: ● Managers are responsible for contacting repairmen at once, whenever a problem arises. Their assigned task is to see that the hotel or other resort is running smoothly, and repairing broken or damaged property is an essential part of resort property management. Also, maintaining a list of repairmen, including a plumber or electrician, helps to ensure that the right person will be available to answer the call. ● They must also determine that the entire staff is completing their assigned tasks, including housekeeping, according to their resort property management plan. This requires varying the days when inspections are completed because of employees’ work schedules. ● Since satisfied customers are an essential part of a resort’s success, managers...

Home Owners Association (HOA) Management Terms and Definitions

by pmd on Monday, October 03, 2011 10:46 PM
The most common type of an HOA or community association management is a nonprofit corporation established by a developer who plans to build, manage and sell the homes inside the development. The corporation is authorized to enforce the development’s covenants, restrictions and conditions, and is responsible for managing the home owners’ common amenities. When a certain number of lots have been sold, ownership of the corporation is transferred to the home owners. Another category of community association management exists when a group of home owners voluntarily join forces and form a neighborhood association. Their main goals are usually improving their neighborhoods and protecting their property values. Many homes in America are governed by community association management. They are found in common-interest developments, such as planned unit developments of co-op apartment complexes, condominiums and single-family homes. Volunteers within the community are elected to the association’s offices, and committees...

Multi-Family Property Management Terms and Definitions

by pmd on Monday, October 03, 2011 10:44 PM
Multi-family property management includes a wide range of responsibilities because the manager or property management company oversees the rental units and deals with the tenants’ everyday problems and concerns. If they fail to take action when a negative situation in the complex arises, the quality of life there deteriorates and many tenants will decide to move out. In addition, failure to hire the right multi-family property management company can result in a reduction in rental income, a decline in the property’s market value, and lawsuits being filed by dissatisfied tenants. At first glance, investors may feel that hiring a multi-family property management company is unnecessary, but their attention is often focused on other matters. However, if they work with a reliable multi-family property management company, their complex can produce steady rental income while providing tenants with comfortable housing in a pleasant environment. Here are some things investors can expect from a multi- family property...

Commercial Property Management Considerations for Business Owners

by pmd on Monday, October 03, 2011 10:41 PM
If business owners want to see their venture succeed, they should think about consulting with a commercial property management company. For example, that company would take charge of managing approximately 85% of all the facility’s expenses to help keep them in line. These companies also ensure that the building and property are being managed in a way that is both effective and efficient, and they help determine that all of the tenants’ basic needs are met. What these companies do A commercial property management company works with facilities that call for a great deal of attention to detail. As a rule, the tasks they perform are separated into “hard services” and “soft services.” Hard services refer to functions such as maintaining and remodeling a facility, while soft services involve making sure that such tasks are being performed efficiently and correctly. There is a vast array of additional services that commercial property management companies also provide. For example, they assist owners in taking...

Residential Property Management

by pmd on Monday, October 03, 2011 10:40 PM
In today’s uncertain economy, those who invest in residential property should be very selective in regard to potential tenants to ensure that they will receive a reasonable return on their investment. At the same time, carrying out the responsibilities of a landlord often requires time and energy that they cannot spare, and that is why they need the services of a residential property management company. Experienced entrepreneurs know that a residential property management company is an ideal source for screening potential tenants effectively and professionally, allowing them to stay focused on their other business concerns. Also, if a property is unoccupied for a certain period, the owner loses money, and a residential property management company can keep this from happening, perform any repairs that are needed, and take over maintenance as well. These are some of the things a residential property management company can do for the owner: ● Weatherization is very important factor in owning a rental facility,...

How to Choose a Good Residential Property Manager

by pmd on Saturday, October 01, 2011 9:43 AM
Buying rental property can prove to be a profitable investment, but you should also know how to choose the right property management company or property manager to help make it a success. By paying a reasonable fee, which is tax deductible, hiring the right one can help boost your rental yields and the long-term capital gain on that investment. Remember that a reliable company is always proactive. Not content with simply collecting rent and taking care of repairs, they should have a genuine interest in your property and offer expert, personalized service to you and your tenants. Part of knowing how to choose a property manager is deciding exactly what you want them to do, such as taking care of maintenance or handling disputes. Then, look for a company that is experienced in providing the services you need. You will be in the process of forming a partnership, and their part of the agreement will be meeting tenants’ expectations to ensure that your occupancy rates will yield a good return on your investment....
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