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SUCCESS OBJECTIVES
MAXIMIZE CASH * RAISE VALUE * REDUCE
RISK/STRESS
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THESE IMPORTANT GOALS ARE ACCOMPLISHED BY PROVIDING
THE FOLLOWING SERVICES:
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Marketing
Analyze neighborhood and city wide trends
: Vacant properties don't pay well..... We analyze market trends
through the use of the Multiple Listing Service, Property Management
Forums, and daily management involvement. Maximizing an owners
cash flow is accomplished by marketing the property at fair
market value. Owners need to understand that areas and general
economics are constantly changing and consequently so are rental
prices. If a property has not rented quickly, usually it is
better to lower the rental price for the short term in order
to fill a vacancy and then raise the rent after the tenant has
a psychological bind established with the unit. |
Effective and cost efficient advertising strategies:
Vacant properties still don't pay well.... Advertising is a
key factor. You need to have as many potential renters as possible
know about your property. Below is a list of advertising methods
we employ that given the right pricing.... work very well.
1) Signs- Place a sign on the property. Also place signs in
the area that point to the subject unit. We are the only firm
in the city that uses street signs. If you have a condo, inside
a complex, how is anyone driving by the complex ever going to
know that something is available inside unless you put a sign
outside the complex?.
2) MLS- We use the Multiple Listing Service (MLS) to alert approximately
10,000 other Realtors that your property is available. Of course
there is a referral fee involved when an outside source brings
a tenant, but isn't it far cheaper to pay this fee, once a qualified
tenant is accepted, than to have the property vacant?
3) Referral Agencies- These firms charge a prospective tenant
a fee for giving them a list of available units. As a whole
they are not very effective. However, they don't cost anything
for the additional exposure.
4) Newspapers- We attempt to customize each advertising program
to each owners wishes and property type. Some owners want constant
newspaper advertising, while others do not want any at all.
Most owners want some. We have found that serious tenants look
for affordable housing seven days a week, not just on the weekends.
Consequently, we recommend a program of advertising M-W-F in
the second half of the month when more tenants are "searching".
Advertising during the week is cheaper than on the weekend and
concentrating in the 2nd half of the month reaches more potential
tenants per ad displayed. Initial advertising funds will need
to be placed into the Owners account prior to an ad being placed.
Owners are given a copy of the bill after it is received from
the newspaper, and deductions are made from the funds in their
respective accounts. Owners can place the ads themselves, however,
the Nevada Real Estate Division requires that our name and phone
number be placed in the ad. Otherwise it could be conceived
as "bait and switch". Some tenants, because of their
rental history, do not want to deal with a property management
company. They know their only chance at getting a property is
through an individual that probably does not have the resources
to research their history or is out of state and would have
trouble evicting them. When a generic ad that covers several
properties can be used those charges are shared by all of the
vacant properties to which the ad applies.
5) Govt. Agencies (HUD Sect 8) - When the properties qualify
and the owner is interested to renting to tenants that receive
government support, then we contact all agencies so they can
post the available property in their respective agencies. This
can be a gold mine for many owners. Usually people in this program
are unwed mothers or individuals with medical/mental conditions
that prevent them from holding down a job. There really isn't
much difference in handling this type of tenant. They have the
same Security Deposit requirements and the eviction process
is the same. Since the Federal Government has been cutting back
on many social programs, the HUD tenants are now required to
"toe the line" so to speak. This was not always the
case in years past. Now there is more pressure on the tenant
to be responsible in maintaining the property or they will lose
their benefits.... because there are hundreds of other potential
recipients waiting in the wings to take their place.
6) Internet- More and more people are using the Internet to
locate their goods and services, including rental properties.
Tenants can find your property through this Internet web site
as well as many others, like the MLS Web site, and the hundreds
of other web sites that we are linked to.
7) Yellow Pages- We have two Property Management ads in the
phone book. The first addresses owners but is used by renters
as well because they know we handle the properties. The second,
and probably more important ad is a block listing under "Real
Estate Rental Service". We are the only firm that currently
has a block ad.
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