Skilled Property Managers Hold the Keys to Profits in Today’s Rental MarketPosted on October 5, 2011 by
Not since the Great Depression have banks been forced to foreclose on so many properties and dispose of them on the open market. To compound the problem, lending institutions have increased their lending requirements to a level that has slowed the real estate recovery, further lowering housing prices.
Opportunity abounds for investors as the need for residential rental property continue to increase as more home owners are displaced and others choose to rent rather than buy. Savvy Investors who choose to Buy and Hold can look forward to low purchase prices and strong rental incomes; however all can be lost through mismanagement due to inexperience or lack of knowledge of laws governing property management.
The key to success in this market falls into the hands of skilled Property Managers who know how to increase the net operating income of while decreasing the gross operating expenses. The property condition must be maintained during tenancy and eventual sale. A good Property Manager knows the state and federal laws pertinent to the tenant landlord relationship, stays compliant with these laws to reduce liabilities. This begins with strong contracts and the firm, fair, consistent, enforcement of these contracts.
Being a landlord is not a forgiving business and in most cases, requires a license in the state of Georgia. Here from the Experts on how not to miss out during these once in a lifetime market conditions!
Be sure to join Russ Hiner and myself at the 2 day, Atlanta REIA Property Management Workshop on October 29th and 30th, 2011 where we will teach you how to be a better property manager and how to hire a good property manager.