Are you looking to make a few upgrades to boost the value of your property? In this new economy competition is stiff between seasoned property managers and investors and homeowners who have entered into the single-family home rental industry because of falling home sale prices. To ensure that your property is not overlooked you may want to do a few home improvements. The 2007 Cost vs. Value Report by Remodeling and Realtor magazines offers a little insight into that age old question…“What will I get for my money?”
Job Cost
Cost Recouped
Bathroom Addition
$37,202
66%
Minor Kitchen Remodel
$21,185
83%
Deck Addition- Wood
$10,347
85.40%
Attic Bedroom Remodel
$46,691
76.60%
Sunroom Addition
$69,817
59.10%
Values can change depending on the state in which you reside so be sure to take a look at the full report here.
Green Tip
Have you ever wondered what kinds of renewable energy are feasible for your properties? Not only is renewable energy like wind and solar good for the environment it can also offer large cost saving benefits. Visit the My Watts Estimator at Choose Renewables to get a renewable resource analysis for your home, townhome or condo. The Earth will thank you.
If you’ve made the decision to become a landlord, then you’ve taken on a responsibility that few dare to endure, and inevitably there will come a time when you will have to resolve a dispute between either you and the tenant or the tenant and other neighbors. Here are a few tips to help prepare you:
Get it in Writing – Every lease agreement is written in black and white for a reason. Take the time to go over small details so that everyone is clear about their rights and responsibilities. Many disputes arise because tenants were unaware of rules regarding lease terms.
Keep Good Records – If you’re faced with a chronically delinquent tenant it is best to document everything. If the case is ever brought to court you’ll be able to provide an accurate history of events and circumstances to support your claim.
Take a Meeting – There are a lot of things that people will say or do via email or phone that they will not do face-to-face. Choose a neutral setting and give yourself and the concerned party a chance to go over the problem.
Take Your Time – Before making assumptions about what a tenant will or will not do, talk to them. Make an effort to hear their explanation or concern and then consider your options. You may be able to come to a compromise that minimizes heartache on both sides.
Get Another Opinion – If you’ve been unable to resolve a dispute on your own you may also employ a mediator whose decision is not binding. The next step would be an arbitrator, whose decision is binding and then you can always move to small claims court, though it is always less expensive to resolve disputes outside of the judicial system.
Upcoming Events
Date
Location
Event
May 15
Colorado Springs, CO
Colorado NARPM State Conference
May 17-18
Phoenix, AZ
AZREIA Real Estate Investing Conference and Expo
May 23-24
Panama City, FL
FARPM Conference and Expo
Rentals.com has a national sales force, covering every region of the U.S. To connect with the account representative in your area, please call 1-888-501-RENT (7368).
A prolific personal development author shows how people can realize their dreams at work. With muscular clarity, he says the contract between worker and company should include an organized effort to help both become better versions of themselves. Companies can do their part by helping employees talk about goals, work on them, and find resources to achieve them.
When renting out a house it is always a good idea to meet at least one of the neighbors. Tell them that you are going to rent out the house next door and that you will make every effort to see to it that the new resident will a responsible care-giving renter for your property and their neighborhood. Give them your contact information and let them know that you would appreciate a call from them in the event that the house is not being properly cared for or if they observe anything that they think you would want to know. Establishing a relationship with them could also help you find a new renter or even possibly a new property.
Rob Massey Jr., is a Certified Property Manager (CPM) and past President of the Louisville Chapter of the National Association of Residential Property Managers (NARPM).
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