When it comes to rental property ownership, one of the most important decisions a landlord will make is whether to self-manage their property or hire a professional property management company. Each path comes with distinct advantages and challenges, and what works best depends on your goals, experience, and the amount of time you can dedicate…
Just like in a romantic relationship, there is a right way to go about a breakup with your property manager. As my youngest son would say, “Don’t ghost.” (This translates to: don’t simply disappear and stop responding to texts and calls. That’s all the current dating lingo I’m privy to.) Most long-term rental property owners…
Acquiring a rental property is a great first step to building passive streams of income that help you increase wealth. But it’s just that, a first step. At some point, you’ll need to delve into the world of property management and put systems in place to ensure your investment is protected – and continually bringing…
The question that will come to mind as you read this is “Who does that?” The unfortunate answer is “too many people.” We are in an industry full of talented people – mostly. If these mistakes are occurring with your assets, it is probably time to look for new management – first, to stop the…
Apartment buyers look for at least two years of increasing net operating income (“NOI”) when purchasing an apartment building. Just like the U.S. economy, a certain amount of annual gross domestic product (“GDP”) growth is expected to keep up with consumer price index (“CPI”) to be competitive with other countries. When analyzing income / expense…
The current moment is a strange and dismaying one for people in all kinds of businesses – perhaps more accurately, it’s a strange time to be alive. In the past five months, the rapid spread of COVID-19 has accounted for hundreds of thousands of deaths and changed the way we go about our daily lives.…
[Author’s Note: I wrote this before COVID-19 had changed the landscape of ownership, but the contents of this piece remain true regardless. I’ll have another article ready soon that deals specifically with managing property in the current climate.] In property management, we’re almost always talking about the present. When describing the benefits offered to property…