5 Things to Do Before Renting Out Your House

Renting your property may seem like an easy way to increase your passive income, but upon starting the process, you may find it to be more complicated than expected. Your house may sit on the market for months without a rental applicant because it is priced above the fair market rent. A bad tenant may…

Renting your property may seem like an easy way to increase your passive income, but upon starting the process, you may find it to be more complicated than expected. Your house may sit on the market for months without a rental applicant because it is priced above the fair market rent. A bad tenant may be late or outright refuse to pay rent; they have the potential do thousands of dollars in property damage and may ignore your attempts to evict them from the property until authorities are involved.

So how can you avoid the headache of these common difficulties associated with renting a property? Here are five things to do before renting out your house to reduce the risk and stress of being a new landlord.

1. Take Photographs of the Property

Photographs of the property are necessary for several reasons. They are an important part of online advertising – otherwise favorable rental lists without pictures of the property are often passed over by potential tenants because they do not want to have to wait for a house tour to find out that the property does not have a layout or design that suits them. These photographs will also be helpful when your future tenants are moving out, as you can use them to measure any property damage that occurred during the rental period.

2. Assess Fair Market Rent

While it may be tempting to charge higher rent to make money back on recent renovations you may have done or moving costs from when you left the property yourself, the best thing to do is conduct market research: check with rental websites, newspapers, local landlords , realtors, and property management companies to determine the amount that properties of similar location, size and condition are renting for.

3. Create a Concise, Effective Rental Application

An effective rental application will not intimidate potential renters with its length, but will be comprehensive enough that it can be used for tenant screening purposes. Any additional information that you need from the tenant should have pass screening can be included in the lease documents. A good application will have spaces for the following items:

  • Name
  • Date of Birth
  • Social Security Number
  • Phone Number
  • Current / Previous Addresses (last 7 years, including landlord name (s) and contact information)
  • Current Employer (name, address, hire date, income, contact information)
  • Authorization to Obtain Consumer Report Statement
  • Tenant Signature

4. Consider Using a Property Manager

Property managers will typically charge a percentage of the monthly rent for their services, but in exchange, they will take care of things such as finding new tenants, creating / signing the leases, collecting the rent, and issuing legal notices (including evictions). Hiring a property manager cuts down on the profit you will make from your tenants' rent payments, so you should carefully consider the cost-benefit of these services.

5. Find Good Tenants

Finding a decent tenant is easier said than done – many applicants can be friendly, polite, and will seem to be a good fit, but will create a flood of problems for you. The best way to improve the quality of tenants that you are leasing to is to conduct tenant background checks – that is, choosing tenants based on measurable fiscal and rental responsibility. Most landlords will charge rental applicants an application fee to cover the cost of tenant screening.

Know How Estate Agents Value Properties For Sale

Every homeowner wants to sell his or her property for its maximum value. And, too often they end up choosing an estate agent simply on the basis of who provides them with the largest initial valuation. However, this will be a costly mistake. What your house is valued at matters. If you get the estimate…

Every homeowner wants to sell his or her property for its maximum value. And, too often they end up choosing an estate agent simply on the basis of who provides them with the largest initial valuation. However, this will be a costly mistake.

What your house is valued at matters. If you get the estimate wrong, it might sell for a price, less than what the actual worth of the property is. On the flip side, even overpriced homes will put off prospective buyers from viewing your house. Moreover, hefty selling prices can even result in a long wait before any good offer comes in or may not sell at all. Getting the valuation done right agent is so recommended.

Here are a few aspects estate agents take into consideration during property valuation!

Few Factors Estate Agents Keep In Mind While Valuing A Property

1. Local Amenities

During property valuation, one of the major factors which can drive up the selling price is the actual area where the house is located in. Aspects such as how close the house is to schools, shopping malls, banks, restaurants and parks definitely affect the final selling price. A property which has good transport links will get a much better price than the house that's located in secluded places.

2. Size

When it comes to getting your property valued, the size of your home is another vital aspect which estate agents keep in mind. The number of bedrooms that the property has affects the marketing of the property. Even the size of every individual room largely determinates buyer demographics.

3. Aesthetics

Other than the obvious considerations like keeping your house well-maintained, tidy and clean, there are few other aesthetic factors which can help you in raising the value of your property. Properties which offer great views or are close to water bodies will always achieve a better selling price. Just the way hotel rooms with scenic views cost more, so do homes near a river or sea.

4. Kerb Appeal

Estate agents believe that the way your property looks from outside is as important as the interiors. After looking all around your property, the agent will determine if your front garden looks neat and well maintained and whether your property stands out from the rest. A house with great exteriors will certainly fetch a better price than the ones which do not have.

5. Potential

Although the size of the home plays a vital role in property valuation, so is the flexibility of the property which is being valued. Agents even check if a particular property can be extended. A house which has the potentiality to be improved can help a lot with the selling price. Properties with the scope of improvements and renovation can drive up selling prices significantly.

Now that you are aware of the considerations, what are you still here for? It's time you get your property valued by qualified estate agents!

Why a Great Storefront Is Vital to Your Company’s Bottom Line

Great commercial real estate can be hard to find, but rest assured it is well worth the wait. Retail real estate that is well set up, in a favorable location, and affordable can drastically increase your store's bottom line. The more profitable your company is, the better it is for not only yourself, but also…

Great commercial real estate can be hard to find, but rest assured it is well worth the wait. Retail real estate that is well set up, in a favorable location, and affordable can drastically increase your store's bottom line. The more profitable your company is, the better it is for not only yourself, but also your employees and the local economy.

“Well Set Up” Storefront

A well set up storefront is one which is clean and well organized. It should be large enough for the wares you plan on selling, or (alternatively) offer enough office space for those you plan to employee. Stores which are crowded or dirty are immediately off-putting to potential customers, and they will often leave without purchasing anything – sometimes even if they really need it.

A good display in the front window, which shows the best of your merchandise or relevant materials referring to your services, will help to draw customers in. It also helps to keep the area well-lit and inviting. The exception to this rule may be when less light appeals better to your target demographic, like Hot Topic stores.

Favorite Location

Commercial real estate which is in a favorable location can be even harder to find than one which offers your company enough room to do business. Patience is key here, however, because there is nothing more important than location. You may have the best products in the world, but it will not matter a bit if nobody can see them.

The best location will be one which is centralized to your target audience. It should be located near a well-traveled road, or in a shopping center which sees a lot of patronage. For your convenience, it helps if the store is not too far from where you live. Keeping traveling distance to within an hour will make the building more accessible for you.

Affordable

What is considered affordable for your company will depend on your unique situation. As a rule, however, you want the mortgage or rent on your retail real estate to be as far below your potential income as possible. The higher your building costs, the less profit your company will end up making. If you can purchase or rent a property for less than fifty percent of your overall projected income, you've done well.

When making your calculations, be sure you have taken into consideration other business expenses, such as materials, products, pay roll, and utilities. If these, added with the possible store cost, are more than 80% of your projected income, than you will not be turning any substantial profit. Without a substantial profit, your company will be unable to succeed.

Finding the perfect commercial real estate for your company can take a lot of time, patience, and energy, but it is unduly worth it. The potential to make a higher profit yield is critical to success, and a great storefront will allow your company just that. Simply remember you need a well set up storefront in a favorable location, which is affordable for your unique financial situation.

8 Things to Consider When Choosing a Strata Manager

Our insider tips to the questions you should be asking your prospect Strata Manager. Good or bad, most people judge an entire strata agency on the working relationship that they have with their strata manager. We have prepared this short list of questions that you should be asking prior to making a decision to appoint…

Our insider tips to the questions you should be asking your prospect Strata Manager.

Good or bad, most people judge an entire strata agency on the working relationship that they have with their strata manager.

We have prepared this short list of questions that you should be asking prior to making a decision to appoint a new Strata Agent.

How many buildings does your proposed new Strata Manager already look after

Your entire strata experience depends on this simple question. Most agents manage large ports, to the point where they can spend most of their time putting out spot fires rather than giving you the proactive service that you are looking for.

What's included in the monthly management fee

Most agencies charge a monthly management fee which covers agreed services. Works performed outside of the agreed services are charged as an additional fee. You can negotiate with an agency to have fixed price disbursements to give you a clearer understanding of how much your scheme will be paying per year.

Qualifications

The Strata Manager that will be managing your building should at least hold a Certificate 4 in Strata Title Management. Ideally this would have been gained through a Tafe course. It is possible to get a Certificate 4 in Strata Management by paying to do a 2 week course. It is also a good idea to ask how long they have been with the agency.

Experience

When approaching a potential new agent, it's a fair question to ask how much experience the strata manager has that will actually be managing your building and in case things do go wrong, how much experience they have in attending mediation and tribunal hearsings.

Reporting

How often are financial reports generated and are they delivered just the treasurer to the entire committee? Ideally this will be available on a monthly basis.

Service Level Agreements

Strata management is customer service. Your new agent should be able to provide you with time frames of when your requests will be activated, emails replied to and telephone calls returned.

Your money, your input

It's your building and you do not need to need the Strata Manager to do everything, so it's important to clarify how much input you will have in approving creditor payments and what level of input will the committee have when the agent is preparing the proposed budget.

Agreement terms

When appointing a new agent, most will try to lock you in for the maximum period of 3 years. If the services does not meet your expectations you are locked in for the term of the agreement, except your scheme decides to pay out the remaining term of the agreement. It is a better option to sign a one year agreement and see how things go.

Why Use a Professional Inventory Company?

An inventory is a concise and detailed list of the contents, fittings and fixtures of a house, flat or office that is being let. This includes everything from the carpets and curtains to all the furnishings (if furnished). An Inventory provides a clear concise snapshot of the property at the time of the inventory completion…

An inventory is a concise and detailed list of the contents, fittings and fixtures of a house, flat or office that is being let. This includes everything from the carpets and curtains to all the furnishings (if furnished). An Inventory provides a clear concise snapshot of the property at the time of the inventory completion with digital photographs provided to support the report. The inventory should be transported out by a third party, independent inventory specialist otherwise it will be considered bias and will not stand up in a court of law when needed to be relied upon.

“With approximately 50% of all of end of tenancy issues going into dispute, and the Landlord being awarded 100% of the deposit in only 18% of those cases.”

  • There is no legal requirement for an independent company to carry out inspections on a property. However, an Inventory and Schedule of Condition of a property at check-in is a vital piece of evidence in showing the condition and cleanliness of the property at the start of a tenancy. When the tenancy ends, it is this document against which the check out report is compared. Therefore it is very important that both documents are as accurate as possible and their content is clear for all to see.
  • Some landlords do produce very comprehensive reports which are impartial and accurate. However, our experience from our work with dealing with disputes shows that many are not. It is very hard sometimes for landlords who probably have an emotional attachment to the property to be objective about either condition or cleanliness.
  • Sometimes agents take on this role, but again while their clients are both landlords and tenants, in practice, it is not always easy to be impartial. It is also not a cost-effective option when having to send staff out for time-consuming Inventories when their time could be better spent elsewhere in the business.
  • Using an independent and professional inventory company cuts out any risk that things are not reported correctly. It is there in the best interests of the landlord, the tenant (s) and the agents to engage a professional independent inventory company.

Are you renting out your property?

Have you collected a deposit from your tenant which you will in case of damages or unpaid rent?

In this case, it is wise to have an inventory done on your property before anyone moves in.

An Independent, Impartial Property Inventory clerk or expert can provide you with a professionally compiled service including check-in report, inventory, check out report or interim inspection, which will mean that you should be covered when it comes to making any deductions from the deposit at the end of the Tenancy.

Cloud ERP: A Way to Skyrocket Your Real-Estate

Most real estate companies are struggling hard with inefficiencies in their property management, owing to the lack of any system for data integration. Situations become more prominent as their business spreads out and its operational areas expand. To improve the management of real estate assets, your real estate needs a little more investment on “Cloud-ERP”.…

Most real estate companies are struggling hard with inefficiencies in their property management, owing to the lack of any system for data integration. Situations become more prominent as their business spreads out and its operational areas expand. To improve the management of real estate assets, your real estate needs a little more investment on “Cloud-ERP”. It promises to make your business faster faster, keep you updated with latest market information and foster efficiencies in all functional areas. In other words, a one-stop ERP solution that works on a cloud network and is accessible to all streamlines end to end processes, ie from lead generation to project completion. So, no more brawling with separate software systems that cost you more money, people and time.

With any more ado, let's get in detail how a cloud real estate ERP application can benefit you over the time with seamless property management.

# 1 Get control over your lease

With ERP's lease management feature get complete control over your lease operations, like an accurate analysis of the lease requirements, perceiving demand-supply graph and occupancy rates. Further, cloud system integrates an extensive 360-degree tenant intelligence tool and thus let you keep track over returns or renewals. With automated notifications, you can further know tenancy checks and the lease deposits time to time.

# 2 Project management becomes highly streamlined

You can have an extensive project management system with a fully cloud supported ERP. Get easy tools for automated project costs estimation and costs actually provided by the contractors and sub-contractors. Not only costs estimation, it also automates daily billing and payments to them. Further, you can determine your profitability of the projects through the major progress indicators.

# 3 Materials procurement becomes efficient

You can enhance your control on the materials procured at different points and hence can overturn any crises in your inventory. Cloud ERP makes planning for the materials purchases quicker by letting you know what have fall short and where. Maintaining suppliers directory, evaluating charts for purchase orders, and tracking shipments until they are delivered, all are possible on your cloud ERP solution.

# 4 Coherent management of accounting and finances

Cloud-enabled ERP solutions will help you get real-time data on your finances, from accounting, purchase and sales departments. This helps in generating error-free reports about the materials procured, utilized or to be used. Dashboards on the ERP, that are accessible to all staff will proffer updated information on accounts receivable / payables, profits & income statements, trial balances etc.

Beside all these, you can also get information by logging onto the system on funds planning, tax rules and obligations, regulatory complaints on your different projects and keep a check on your costs to magnify profits. While there are sufficient compiling reasons to make use of cloud ERP in your real estate estate, waste no more of your time on inefficient processes, sub-standard projects planning, budgeting and unorganized property management.

6 Important Factors to Consider When Getting a Property Management System for Your Hotel

If you think of a hotel as a well-oiled machinery, with its million little parts functioning together to deliver a seamless experience, a good property management system (PMS) is the heart that keeps the machine beating perfectly. From simple check-ins and check outs to offering sublime experiences based on guest preferences, a good PMS is…

If you think of a hotel as a well-oiled machinery, with its million little parts functioning together to deliver a seamless experience, a good property management system (PMS) is the heart that keeps the machine beating perfectly. From simple check-ins and check outs to offering sublime experiences based on guest preferences, a good PMS is integral to the functioning of hotels of all shapes and sizes.

That said, the technological needs of a smaller hotel are very different from that of larger establishments. An intuitive PMS that understands their specific requirements is worth its weight in gold. But it is also a significant investment and to ensure that the money is well spent, hoteliers need to choose a system that works well for their property.

Most hoteliers consider security to be their top priority, and that is a valid concern indeed. Any PMS you select must be PCI compliant. Without it, the system is open to threats and vulnerable to attacks. The banking data of your clients, their credit card details, and other personal information must be protected at all costs.

However, the specifications do not end with security measures. There are a few other things to consider before you finalize a PMS for your property.

  1. It should be easy to use

The best kind of technology is that which is absolutely easy to use. The longer it takes for you to wrap your head around the system, the more quickly you'll get fed up of it. Beside, hotels are famous for their high turnover rates, and the software is likely to be used by young executives and experts alike. The system should be such that it requires minimal training for people to get comfortable with it.

  1. It should be mobile compatible

Gone are the days when technology was restricted to personal computers attached to a desk. This is the 21st century and without your technological solution can literally walk with you, it's useless for all intents and purposes.

Any PMS you consider should be able to connect and send information to mobile devices. It should be able to communicate with you no matter where you are and what device you are using, including mobile phones, laptops, tablets, and personal computers. Not only does this promote operational efficiency, your staff will also be able to deliver great guest service on the go.

  1. It should be easy to integrate

The PMS you select should have APIs that support both inbound and outbound connections. This will ensure that you're able to integrate it with any other solution you may be using in your hotel, such as customer relationship management and rate management software.

If your PMS does not facilitate deep partnerships with other vendors, you will have a fractured technology solution on your hands. It will impede two-way exchange of information and hinder sharing of guest profile data. The final result will be less than satisfactory guest experience, not to mention a breakdown of relevant systems.

  1. It should keep track of guest preferences and history

The front desk is one part of the hotel that sees the maximum engagement, and, yet, most of the tasks happening there are fairly mundane and repetitive. If there was a way to automate them, the staff would be free to attend to more important duties.One way in which a PMS can add significant value to an establishment is by making low end decisions on behalf of the hotel. For instance, it should be able to auto assign rooms based on the guests' preferences. This it will do by collecting all the relevant information and using it to make appropriate choices on behalf of the guests.

Secondly, a good PMS should be able to pull a guest's history to discern what he likes and what his preferences were. This way, if a repeat guest has booked a room by the swimming pool in the past, the system will automatically book him the same room or something similar to that.

This form of automation not only eliminates congestion at the front desk, it also results in more intuitive exchanges with guests and the delivery of personalized and informed services.

  1. It should automate guest communication

Hotels are often required to reach out to their guests to share regular updates. But due to conflicting time zones, it becomes difficult to get in touch with them on phone. That's why they generally prefer to communicate via emails.

Having to do this can usually get fairly tedious for hotel owners and the staff. And should you forget to send an email out, it could cause serious lag in communication. To keep things running ship shape, a property management system can automate this process, sending out emails related to confirmation of reservations, post-stay thank you's, and everything else in between.

  1. It should help you measure success

A great feature to have in your property management system is advanced reporting. It frees you up from having to go through long and complicated spreadsheets and deciphering the data that is relevant to you. Instead, it places all the information you need at your fingertips, accessible in just a few clicks.

Basic systems will give you an overview of the daily running of your property. More advance systems should be able to provide reports around parameters such as check ins and check-outs, cancellations, payment methods, average unoccupied rooms, average occupancy, average length of stay, and even revenue per available room.

With so much data at your disposal, you can get a perspective into the workings of your business and even identify areas that need improvement.

As you may have gathered by now, a good property management system can really be god sent for a small hotel. Working invisibly behind the scenes, it combines the best parts of workflow management and decision automation. It also displays a fair amount of intelligence, learning from external systems it is integrated with, and delivering negative insights that help improve guest relations.

That's why it's important that you choose a PMS that fits your establishment. Take into account all considerations, evaluate your requirements, and take a final decision once you're sure the product ticks all the boxes.

Boiler Grants & Tenants

Special Feature – Boiler & Insulation Grants & Private Tenants Not a match made in heaven unfortunately. After 5 years of dealing with private tenants to upgrade their boilers and insulation, I have had to adopt certain measures in order to get the job done. My Dilemma Getting a grant whether for boiler or insulation…

Special Feature – Boiler & Insulation Grants & Private Tenants

Not a match made in heaven unfortunately.

After 5 years of dealing with private tenants to upgrade their boilers and insulation, I have had to adopt certain measures in order to get the job done.

My Dilemma

Getting a grant whether for boiler or insulation through to completion and installed in a rented property has always been extremely challenging to say the least.

You would think that there would be a lot of enthusiasm from both tenant and landlord, not to mention gratefulness.

However, my finds have been that the landlord usually wanted it all for him / her and would not lift a finger unless he had to!

Tenant apathy was also a big problem with little interest in helping the landlord improve his property.

Failed applications

When I first started out, I had loads of failed jobs much to my frustration!

As a very conscientious type of person, I had many sleepless night too!

These failed jobs were usually down to:

· Unable to contact tenant.

· Incomplete paperwork.

· No access to property for surveys or install.

· Tenant refusal.

I could never understand why the tenant would be so unenthusiastic towards a measure that would benefit them financially (smaller heating bills) and make their home more cozy.

The Penny Drops finally

After much clarification and research which involved speaking to many tenants I finally put my finger on the reasons why.

These include:

· A lot of tenants I have come across do loathe their landlord and do not wish to help them in any way.

· Failure to do repairs to the property, high rents, lack of interest in property maintenance have all taken their toll on the tenant / landlord relationship unfortunately.

· Lots of tenants move on after 6 months (after running up lots of arrears!) So do not want to do something that will only benefit their landlord or new incoming tenant.

Why should they care!

I do find that the majority of my clients are short term tenants.

I wonder why!

No Tenant Incentive.

Many landlords have happily accepted their free / discounted boiler without making small provision for the tenant which benefits have made this £ 2000 gift to them possible.

A small gift voucher or discount off the rent would have done wonders for the goodwill of the relationship.

The Answer

I do like to react to problems quickly and put a fix in place.

I do have this nailed now and very rarely get a problem with rented property's.

(What a clever boy am!)

When I get an inquiry from a tenant, I always insist that the landlord calls me as I explain that we are only allowed to deal with the property owner.

No landlord call = deleted enquiry.

If the landlord calls I again explain that our installers will only deal with the property owner and that he will have to be at the property for survey and installs.

Any resistance = deleted inquiry.

I will only supply landlord numbers to my installers so that the landlord HAS to be involved if it wants the boiler or insulation measure.

My Findings- Has it worked?

This has worked out really well as I have found that landlords:

Will not want to miss out on a £ 2000 boiler

Will not be so quick to cancel if asked for a contribution if they have had to put themselves out and attend the property for surveys.

They will have to get up early to catch me out!

Summary

If you are working as an energy surveyor / lead generator and want to ensure all your grant applications get installed and you get paid … Only deal with the landlord.

Thanks for viewing

Everything All Landlords Must Know to Convert Buy-To-Let Properties Into A Cash Cow

The buy2let Shop reviews investment in residential properties as one of the best sources of regular income. Many people prefer investing in UK's buy-to-let property market instead of risking their money by investing in share market. This move generally pays-off for buyers as they get some amount of money / income on monthly basis. But…

The buy2let Shop reviews investment in residential properties as one of the best sources of regular income. Many people prefer investing in UK's buy-to-let property market instead of risking their money by investing in share market.

This move generally pays-off for buyers as they get some amount of money / income on monthly basis. But the amount of money you get is limited and very small. Therefore, the chances are that you may not like this fact. In such a situation, you would like to find a new way of turning your buy-to-let property for sale in London into a money-making machine.

In addition to this, being a buyer, you will also need to know about the following points in detail:
• The best practices for landlords / investors to use their income to beat new buy-to-let rules
• How landlords can avoid implications of “Hidden Mansion Tax” likely to affect the buy-to-let investors.
• The process of converting buy-to-let properties for sale into a holiday stay for tourists for a short-term.
• The possible consequences of the “Hidden Mansion Tax” and converting buy-to-let property into a holiday let for short-term.

Honestly, it will not be easy to talk about all of these four points in just one article. This is why we have decided to launch a series of articles to help you turn your buy-to-let residential property into a cash cow.

Let's begin with the discussion on the first point below:

The Best Practices for Landlords / investors to Use Their Income to Beat New Buy-to-let Rules?

Now, The Bank of England has introduced strict rules on buy-to-let borrowing. Property investment agents in London are of the view that these rules are to help landlords owning multiple properties. These new rules on the buy-to-let borrowing will help such landlords make use of their salary, investment income, and income in the form of pension for taking out a mortgage for buying investment properties in London.

The whole credit goes to the Bank of England's PRA (Prudential Regulation Authority). Landlords owning at least four or more buy-to-let properties will now have to abide by these new rules. This process initiated by the bank of England is known as Affordability Testing.
• Property investment agents in London strongly advise landlords. Lenders or lending institutions to see the way this Affordability Testing actually works.
• Private lenders and lending institutions will now have to take a closer look at the affordability level of investors applying for mortgage. Additionally, it will also be mandatory for them to assess interest cover ratios in full detail.
• Some banks have initiated the use of a system called “top Slicing”. It is a good news for landlords who are ready for buying high value investment properties in London , offering low yield. It is a good way for investors to use EPI (External Personal Income) for making up for any shortfall.

Now here arise some very important questions:
• Are top slicing deals available everywhere in England / UK?
• Which Lenders are making use of Top Slicing while carrying out their affordability calculations?
• How private lenders or other lending institutions reacted to the changes introduced in PRA?
• What will be the buy-to-let criteria for landlords?
• Is the choice for landlords going to reduce?
• Which are the lenders not accepting applications from portfolio lenders?

Great Property Management Companies

Choosing the best manager for your property can promote your real estate investment or even break it. You find managers in all parts of the market and it is important to tell the good apart from the bad. Messaging and branding The outbound branding and messaging that the company uses is an important factor that…

Choosing the best manager for your property can promote your real estate investment or even break it. You find managers in all parts of the market and it is important to tell the good apart from the bad.

Messaging and branding

The outbound branding and messaging that the company uses is an important factor that can be used to determine what they are really like. To be able to understand them and their mode of operation. Then you need to ask questions.

Documentation

The first thing that you should get to know is whether the company is licensed and recognized by the right body. You need to ensure that you get to know what kind of properties they manage and then get references. You should never move on with the deal if the company does not want or is not able to give you the necessary documentation. When you see the documentation, then you can comfortably say that their operations are legitimate.

You should also get to know the following things about the company:

  • How they set and collect rent
  • How maintenance and repairs are handled?
  • If property inspections are done
  • Retention and marketing of tenders
  • How does the tenant and owner funds are handled?
  • How they do tenant screening.

The other things that you should talk to them about include:

  • Their management fees
  • The management contract

The above should be done to about three companies that you may have shortlisted before you can hire them. You should remain vigilant and do not settle for the first company that you come across regardless of how good they seem to be. There is really no harm in talking to other companies. Talking to others confirms that the initial preference was the best and you may even have some more questions. Young never know, the next company could actually be better than the first one.

If you do not take time to talk to others, then you will have nothing to compare with. It is important to have an idea about how other companies operate to be certain that you are indeed making the right decision. There are many databases that you can use to locate management companies near you.

You need to appreciate the fact that finding a manager for an investment that you made is a very important and big decision. You should do a thorough research before you settle for just anyone. There are many qualities that you should consider when you are picking a great organization.

You should try getting referrals from various sources. This is one of the best ways because you will know the experiences of other people first hand before choosing. You may get some amazing tips about the whole choosing process. Since referrals can sometimes be biased, you should get them from all corners. If you receive the same referral about a certain company, it could very well be true after all, regardless of whether it is a good opinion or a bad one.

5 Things to Expect in UK Property Investment Market in 2018

2017 was an eventful year for the UK's property investment market. The impact of Brexit looks it to core. Those who were planning to attend property auctions in the UK for purchasing second or more residential properties were hit by additional 3% Stamp Duty. The resignation of Mr. David Cameron, the then British Prime Minister,…

2017 was an eventful year for the UK's property investment market. The impact of Brexit looks it to core. Those who were planning to attend property auctions in the UK for purchasing second or more residential properties were hit by additional 3% Stamp Duty. The resignation of Mr. David Cameron, the then British Prime Minister, brought Pound down to its lowest financial value in the last 31 years at the international level. This affected the UK's property investment market too!

This series of events does not seem to be stopping even as 2017 is about to end. The Bank of England has recently introduced changes in mortgage / lending rules. These changes have significantly affected the investment plans of those who had applied for mortgage / loan approval for buying residential properties at house auctions. Now, all financial institutions and lenders are checking all kinds of records of every property associated with applicants' portfolio. These changes in mortgage / lending rules have really changed the way the UK property investment market operates.

What Else is Expected in 2018?

• 2018 is also going to be a very eventful year for the UK's property investment market. As for reason, Brexit is likely to strike again. Both the UK and EU have scheduled a meeting in this regard. This meeting will significantly determine the picture of the UK's property investment market.

• In case you are thinking about attending property auctions in the UK for purchasing a residential property, wait for some time and see the outcome of Brexit meeting between UK political officials and EU members. You should play a waiting game even more because the EU is now trying to come up with a plan to put-off Brexit meeting with the UK.

• Looks like the outcome of 2018 Brexit meeting between the EU and UK is a combination of good and bad news for investors. Those who were planning to attend house auctions for selling their residential properties to earn some ROI (Return on Investment), are likely to face a financial loss from 0.5% to 2%. This is a troublesome news for landlords.

• Those who wanted to purchase property in London, can have smile on their face as house prices in London are about to dip. This is a good news for those who wanted to invest in London property. This will also restore the grip the British capital has been missing among investors for the last couple of years.

• But you should not keep your investment plans or vision limited to London property only. Thanks to the massive house price rise in other towns like Manchester, Liverpool, Birmingham, etc. These towns have seen 10% to 17.5% house price growth. Even many investors have now started attending property auctions in these areas of the UK.

What's the Best Advice?

2018 is all set to be a good year for those who plan on attaining house auctions for buying a house in London. But it could be very tough for landlords. Thanks to Brexit uncertainty and volatile house prices. Therefore, you are left with no choice but to get in touch with experienced property investment agents in London.

Everything Property Investors Must Know About Debt-To-Income Ratio for Loan Application Approval

Profitable property investment is subject to accurate knowledge about a lot of things. For example: Complete and accurate knowledge about the best property investment practices. Purchasing any investment property for sale can not be possible without complete knowledge about political and financial market happenings. You have to keep your eyes fixed on events like Brexit…

Profitable property investment is subject to accurate knowledge about a lot of things.

For example:

Complete and accurate knowledge about the best property investment practices.

Purchasing any investment property for sale can not be possible without complete knowledge about political and financial market happenings. You have to keep your eyes fixed on events like Brexit and newly introduced mortgage rules. Their arrival definitely affects the property investment market and your ROI too.

• Types of mortgages.
• How to take out mortgage?
• The type of investment property for sale to purchase.
• The type of auction events to attend as per your investment strategy.
• Property investment funding options.
• How to get your property investment financed or funded?
• How to devise a foolproof exit plan?
• What to do if your investment plans do not work in your favor?

A lot of property investment agents in London are often seen advising / guiding new investors on such topics. But there is one topic that is strictly touched by most of the agents. This is DTI (Debt-to-Income Ratio).

What Exactly is Debt-to-Income Ratio?

If you are likely to purchase a residential investment property for sale then you must understand this concept fully.

DTI (Debt-to-Income Ratio) is actually the total of your monthly revolving and installment payments, which is further divided by your GMI (Gross Monthly Income).
What is GMI?

Gross Monthly income is the pay earned by employees before tax and other discounts.

The Importance of DTI:

According to the experienced property investment agents in London , DTI helps private lenders or financial institutions determine whether your loan application should be approved or disapproved. Given below are some very important points considered by them before approving or rejecting your application for loan:

• Your current monthly or yearly income.
• Your current credit score.
• Ability to repay the mortgage in time.
• Other mortgage / financial obligations.

In case your some lender or financial institution denies your mortgage / loan application then you should blame your poor debt-to-income ratio for it.

That's not the only thing you should know about DTI. If you are planning to purchase some residential investment property for sale then you will need to learn about many more important things about it. For example:

• What type of monthly bills are taken into consideration by lenders to determine your debt-to-income ratio?
• What type of monthly bills lenders do not consider to determine your DTI?
• What is good DTI?
• What is considered as Income in debt-to-income ratio?
• Can your mortgage or loan application be approved on the grounds of low DTI?
• Is it really possible to lower DTI to get better interest rates or loans / mortgage?

Now, you seem to be all set for leaving about DTI (Debt-to-Income Ration) prior to investing in property in the UK. You should attend a couple of seminars and also get in touch with some experienced investors or agents who are willing to share their knowledge and experience in this regard with you.

5 Tips To Choose a Property Management Strategy

Investing in a good rental properly may not be a good decision for everyone. If you want other options or you want to be a passive manager, you are not alone. To choose the best property management strategy, what you need to do is know your lifestyle and goals. Given below are some tips that…

Investing in a good rental properly may not be a good decision for everyone. If you want other options or you want to be a passive manager, you are not alone. To choose the best property management strategy, what you need to do is know your lifestyle and goals. Given below are some tips that may help you make the right decision.

1. Distance From The Property

How far is your residence from the property? Luckily, if you live a few minutes away, you can go over there on a regular basis to remove garbage, carry out required maintenance, resolve issues with the tenant and collect rent. However, if you live far away, this strategy may not be feasible for you.

In this case, you may want to go for a hands-off approach. In other words, you can hire a local company or individual to take care of the day-to-day tasks. Just make sure you can do so.

2. Number of units

You can manage one unit without any problem, but you can not handle if you have over 50 units. As a matter of fact, for more units, you have no choice but to get outside help. With this option, you can still stay in charge of the major operations, but the other tasks are better left to another person.

3. Skill level

Make sure you know your strengths and weaknesses. If you have a rental property, you have a business to manage. However, for managing a business, make sure you know how to organize things. For instance, you should know the dates of rent collection, bills payments, lease expiration, and other payments. If you are like most people, you may not be able to take care of all these matters.

If you do not know much how to do business, you have two options to choose from: you can learn it or you can get help. Being a property investor, there should be a solid business plan in your head. Beside, you must have a powerful strategy to deal with the routine operations.

4. Time Commitment

Do you like to become a rental property owner or landlord? If you already have already have things to do, it may not be easy for you to manage a rental property. You can choose any investment strategy provided you know your goals. For instance, if you know how to manage a property passively, then hiring a property manager is a good idea. But if you are into active management, you should do everything on your own.

5. Personality

It's a fact that owning a rental property is an appealing investment as far as most people are concerned. However, not everyone can manage a property actively. So, it's based on your personality type as well. If you can handle stress, can handle conflicts and can use your skills effectively, you can go for the DIY route. But if you are not that type of person, you should choose the other option.

So, you should consider these 5 tips when choosing a property management strategy.

Parking Lot Cleaning – Why It’s So Crucial

Neglect of parking lot maintenance can have huge consequences. Facility and property managers are busy people, so parking lot cleaning may not be on the top of the daily to-do list. This can create a negative impression for the entire property, as the parking lot casts the first impression of a property. If it's dirty…

Neglect of parking lot maintenance can have huge consequences.

Facility and property managers are busy people, so parking lot cleaning may not be on the top of the daily to-do list. This can create a negative impression for the entire property, as the parking lot casts the first impression of a property. If it's dirty and unkempt, its create negative feedback that could affect the building and managers reputation.

A regularly regularly maintained helps a property by increasing curb appealing and help prolong the life of the surface. It also saves money from expensive repair bills on the property.

The Nitty Gritty about Parking Lots

Dirty parking lots can be a hazard, as sand, gravel and other pollutants regularly collect on the surface. This debris can cause accidents to both vehicles and pedestrians, and the owners and managers can be held liable.

Another threat is salt and sand that is used to melt snow and ice during winter seasons. This can hide and wear away pavement marks, creating visibility hazards. When the wind picks up, excess dust creates health threats for those with allergies. Various debris can even cause slip and fall injuries to pedestrians. As vehicles constantly drive over the surface, fine dirt and sand slowly grind the pavement, creating quick deterioration of pavement and sealing agents. A filthy area can attract unwanted pests like rodents, which can also be a health threat.

Parkade Garages- The Filth & Fury.

Parkades face the same filthy issues and then some. They usually have poor ventilation with stale, stagnant air. Odours from garbage, cigarette butts, urine, oil leaks, and rainwater, takes a long to evaporate completely. Dirty water sits in floor drains and catch basins, and creates musty smells. Parkades are not exposed to the elements, so rain does not wash away salt residue. As salt corrodes steel, it eats away the foundation of parking garages, previously rebar. It also destroys membrane systems that are expected to protect against water elevations.

What to do about it …

The best value and protection is to have a set program for regular maintenance.

This means regular power sweeping of parking lots. A power sweeping machine with advanced brushes sweeps the pavement and removes all unwanted debris from the property. Twice a year is a recommendation for maximum value, the minimum being once a year.

For parkades, a recommended plan is power sweeping, pressure washing, and power scrubbing. After a power sweeping, a thorough pressure washing session removes the bulk of the debris- like salts, compressed dirt piles and fluid stains from vehicles. This leaves the garage floor sparkling. This allows oil stains and heavy soiled areas to loosen, providing an even better cleaning process. Parkades should be pressure washed once at least once a year, usually in the late winter / spring, to thoroughly clean and maintain the structures integrity. Twice a year is the recommended course of action for most parkades.

Spring Has Sprung – Time To Clean Your Parkade

Winters in the great white north can be harsh. Spring is a time for rebirth, a welcoming rejuvenation occurs. Many welcome the warmer weather to clean and fix up their homes and properties for the year. When spring has sprung, Spring cleaning fever hits in full force! Spring is usually considered as the best time…

Winters in the great white north can be harsh. Spring is a time for rebirth, a welcoming rejuvenation occurs. Many welcome the warmer weather to clean and fix up their homes and properties for the year. When spring has sprung, Spring cleaning fever hits in full force!

Spring is usually considered as the best time book in the annual cleaning of parkade areas.

You might wonder why this is necessary, I mean is not a parkade meant to handle dirt and debris? Will not it get just dirty again?

Let's think about it for a second …

A parkade is a closed environment, meaning it does not have nature or rain helping to clean it. Parkades have high traffic, cars going in and out every day.

Vehicles drag in dust, carbon, sand, salts, fluids, dirty water, and other toxins. Vehicles blow dust around, create exhaust fumes and generally make large messes. Regular cleaning can transform a filthy, unhealthy environment into a fresh, healthy and inviting environment.

A scheduled cleaning session of your parkade involves power sweeping to remove the dirt and debris, followed by a pressure washing session to remove all ingrained dirt and spots. Finally, a power scrubbing machine finishes off the concrete surface, creating a dry and health space. A professional company with proper experience, training, and equipment can make sure that safety risks are minimized. The dirt and debris from your parkade should have been removed offsite to an environmental recycling yard. Drains should be clean and clear and free of sand and debris.

A common inquiry from many owners is “Have often should we clean our stormwater drains, catch basins and sump pits”?

The correct answer is at least once a year. Preventive maintenance saves real dollars. If a parkade floods due to malfunctioning drain or pump, it can be an extremely costly ordeal. The best time to have these cleaned is when the parkades get cleaned after the messy winter season is over. The proper maintenance of your drainage system of the parkade should be a priority for your property.

After a thorough cleaning is a good time to have a professional assessment of the line marks of all stalls and roadways. It is recommended that lines get repainted every 1 to 2 years. This ensures that your parkade is as safe and problem free as possible, as faded lines can impede traffic control and encourage accidents. The best time to repaint lines is after a thorough cleaning.

Having a professional company complete a thorough parkade cleaning, drain cleaning, and line painting session after the harsh winter season will create the best environment for your parkade area and make sure that it's safe and healthy for years to come.