By failing to prepare means that you are preparing to fail. By implementing the ideas of the 6’s, you will be able to set yourself up for success. If you want your property management business to be successful, plan it, manage it and monitor your business. Below I’ve stated the 6 P’s and how they relate to your success as a property manager.
The key to earning more on your properties is not about acquiring a ton of properties. If you think about it, it’s all about maxing what you currently have to work for you.
Before we get into the 4 ways, let’s start with an understanding that a big role in being a property manager is to understand how to market you and your company.
With that being said, that essentially says that you will have to market in two avenues. One avenue is for client owners to be able to show the trust and ability to market and maintain their properties. The over avenue is for tenants who live in those properties.
Owning real estate investments can be incredibly rewarding, and at the same time they can be a huge time-suck.
Here are 3 ways that hiring a property manager can help you grow your real estate investments.
1) Property Managers Set The Right Rental Rates
Rental rates are determined by 3 things:
- Competing Rental Prices in the area
If your rental rate is too low then you will lose money. If your rental rate is too high then you won’t be able to rent it. You want to find the happy medium when setting the rental rate.
Property managers are seasoned veterans when it comes to setting rental rates. They conduct a thorough market analysis of your property and cross-examine your property with other properties in their database.
If you want to get the highest rates possible then a property manager is the way to go.
Today I’m going to reveal 7 tax break that could help you make more money from your current real estate investments. If you are a seasoned property owner then you are probably already taking advantage of these tactics, but I guarantee you aren’t utilizing all of them.
Tax Break 1: Interest
Just like with your personal property, you can deduct interest paid on loans used to purchase your property.
The same goes with credit card interest. Be sure to deduct interest paid on credit cards for any purchases related to the maintenance and upkeep of your rental property.