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Choosing the Right Kind of Renter For Renting Out Your Home Your home is your castle. And even if you don’t currently occupy your home, you still want to know that it’s being well cared for. There are many reasons why homeowners choose to open up their property to renters. They may be traveling overseas for an extended period of time, they may take a job that has forced them to relocate or they may be experimenting with the idea of turning their family home into an investment property. Whatever your reasons for renting out your home, you want the peace of mind that comes with knowing that it’s occupied by the right kind of renter. A two-sided problem Trying to find quality renters for renting out your home can be a little reminiscent of the story of Goldilocks and the three bears… Except that the balance never seems to be quite right. Either you struggle to find a single quality tenant or you have a huge list to choose from and find it impossible to make the right call. Thus, here are some tips to help you to navigate both of these common scenarios… Offer the first month at half price rent Struggling to occupy your property but don’t feel that you should have to budge on your list price? Perhaps you should consider offering the first months’ rent at half price. This can induce a surge of interest in your property and bring out quality renters who, for whatever reason, have previously kept their distance. Carry out one-on-one interviews When you have an embarrassment of riches on paper, personal one-on-one interviews may be a great way to separate the musts from the maybes. Interviewing prospective tenants can help you to get a feel for their personalities and better differentiate them from one another. When you have gotten to know each prospect a little better you can make a more informed choice. Carry out the right checks Once you’ve found a seemingly suitable renter for renting out your home, it’s essential to carry out checks to make sure that they are everything that they appear to be. Many a well-meaning landlord has fallen afoul of tenants who turn out not to be as reliable as they first seemed. Appropriate checks include; Income verification- (3 months of payslips or invoices for self employed tenants) Credit checks- All landlords should carry out credit checks to help ensure that their tenants are financially responsible and likely to pay rent on time. Criminal background checks- Because you can never be too careful. Do they have a guarantor? There may be some instances in which a renter is unable to guarantee their income. Nonetheless, this does not necessarily mean that they are not a worthy tenant. They may have only recently started their job or begun self employment. If you have a good gut feeling about a renter yet they are unable to verify their income you may wish to give them the option of nominating a guarantor who will pay their rent if, for whatever reason, they are unable to. How we can help With our suite of property management services accessible through our easy to use owner portal, we can take the guesswork and the legwork out of finding the right renters for renting out your home. We can also help you to monitor your property throughout the tenancy to give you peace of mind and put you in the driving seat. Contact us today to learn more about renting out your home and for one of the best Bend Oregon property management companies.
Renting Your Home: It Can be a Great Investment For Your Future None of us ever knows what the future will bring. No matter how stable our careers and how reliable our income, it’s always a good thing to be able to take steps to safeguards your future wealth. That’s why you’re never too young (or too old) to think about savings, pensions, IRAs and other financial products to help you to enjoy a leisurely and stress-free retirement. Yet, one of the most potent investments you can make in your future is the roof over your head. Those who choose to rent out their homes find that they benefit in a number of ways which make it easier to plan for good financial health in the future. Here are just a few of the reasons why renting out your home can make a great investment for your future… Renting your home gives you additional income to bolster your savings Do you find it hard to save? You’re not alone. Despite the received wisdom that we should all put at least 10% of every paycheck into our savings account, an increasingly large proportion of us find it harder than ever to do that. The rising cost of living and the bare essentials seems to leave us with less and less to put away each year. However, the steady stream of rental income you receive by renting your property gives you a comfortable margin to bolster your savings, leaving you with more ready cash to pay for the essentials and life’s little emergencies. What’s more, when the time comes to remortgage you may find that you’re able to reduce your monthly mortgage repayments, increasing that margin even more. Renting your home insulates you from the risk of negative equity In today’s property market, home owners are thankfully free from the worry of negative equity. Nonetheless, nobody knows for sure what the future of the property market holds. The good news, however, is that people always need a place to live. Renting out your property can prevent you from needing to sell it, thereby allowing you to weather any economic crisis and its impact on the housing market. Renting your home gives you the freedom you need to pursue great opportunities Every now and then an opportunity of a lifetime may come your way. It may be an opportunity to travel the world or perhaps pursue a dream career move in another town, state or even another country. Being tethered to your home can prevent you from seizing these golden opportunities. Renting out your house, however, can allow you to pursue these opportunities without the need to sell your home quickly and take an inevitable hit on price in the name of a quick sale. Renting your home keeps you in the driving seat When you rent your home, you have the peace of mind that comes with knowing that you always have equity when you need it. And that equity will only keep on growing as your tenant pays more and more of your mortgage. This puts you in the driving seat and gives you a greater range of options later on down the line. How can we help? With our suite of property management services, we can make renting your home completely stress-free without completely eating into your profit margins. If you’re ready to take a bold step forward and rent your home, contact us today to take control of your future!
What to Expect from Experienced Property Management in Bend Those who choose to invest in rental properties here in Central Orgon know that hiring good property management in Bend to work alongside them is going to yield them higher earning potential and reduced liability. Knowing what to expect from experienced property management in Bend isn’t always easy, though, especially if you’re not a person experienced in dealing with them. They should be able to supply you with a higher rental price, good quality services including: Expert knowledge in the property field and location area Interior and exterior walkthroughs Access to quality advice about the local area Cheaper vendor recommendations Excellent tenant screenings Peace of mind! You’d go see your physician to make sure you’re in good health on the inside, so you’d go to property management professionals to make sure that your property is leased, cleaned and managed appropriately. You’d also want to know that your tenants are happy, which is why you hire property management in Bend to stay on top of these things for you. You want to choose a bend property manager that will communicate with you effectively so that you can be a more successful property owner. So, what sort of service should you expect to receive from your property management in Bend? Communication, Professionalism, Accessibility Firstly, you need a property manager who is going to be available to you when you want to contact them. A property management company that doesn’t respond to an email is not going to give you the peace of mind that you need to know that your investment is being taken care of. If you don’t have calls returned to you promptly, it’s a cause for concern, as you are allowing someone to manage your rental property and they are doing so ineffectively. Trust is important, and a professional property management company will be respectful to you. Knowledge, Experience, Expertise There are laws that will impact your rental property, and you aren’t going to be an expert in these laws. A professional property management company, however, will be adept in the legal changes and the local laws that will affect you. You can expect them to have the right knowledge and expertise for your property so that they can manage any issues that could arise in the course of their working with you. Marketing, Advertising, Leasing You need good, professional tenants that are going to look after your property. With the right marketing and advertising strategy as put forward by your property management in Bend, you can ensure that you get good quality tenants that will meet the rental criteria that you’ve set out. They will use the leases that will protect you as a landlord and the leasing process is handled for you, from key signing to move in inspection. Using a property management company may not have been in your radar when you first bought your property, but when you need to concentrate on your work and other areas in life, the right experienced property management company in Bend could be everything you need for success. The team at Fox Management Services would love the opportunity to provide property management services for you and your rental properties. Give us a call today!
Corporate Rentals can be a Great Real Estate Investment Strategy Corporate housing is usually fully furnished, full-service housing that is available to rent on a temporary basis. This can include apartments, houses, studio rooms and even condos, but the point is that it is used to be let for business workers who need accommodation that is cheaper than hiring out a hotel room. The average corporate housing stay is between eight and twelve weeks and it’s traditionally used by business travelers who need a place to stay while they are working. Think those who are remotely working with a client in the field and need to stay away from home for a few weeks to complete a contract. Why Would Corporate Rentals Be Good For Investors? Any real estate investor who enjoys a challenge and likes a profit would want a piece of the corporate rental business. There are several reasons investors would see corporate rentals as real estate investment opportunities, and here are some of those reasons: Versatile . Choosing to invest in corporate rentals is an optimal rental strategy for real estate investors. They’re a flexible, versatile option and finding the right rental strategy can be done by checking out the demand in the area you are interested in buying in. most corporate investors are looking for professionals to fulfill the rental agreement, and in return, the income tends to be slightly higher. Better Tenants. As the tenants that come through the door of a corporate rental are usually on business, it makes sense that corporate rental landlords don’t face the same worries as they would about a normal tenant. Most of the time, investing in a corporate rental means reducing the costs of finding tenants for the property as well as finding professional tenants. Lower Maintenance. Corporate rentals are fully furnished, and the maintenance and follow up required to ensure the property that you’ve invested in is generating high revenue. Corporate rentals attract tenants more willing to take care of the property, which reduces the overall maintenance costs. Customization. One of the best reasons that corporate rentals can be a great real estate investment strategy is that you can customize the rental to suit you. If you are looking to own property that is leased to your employees, then you can make sure that it’s of the highest standard in terms of furnishing – your reputation would be at stake. The other upside to customization is the fact that it makes the rental more profitable! Should You Invest? Really, it’s never going to be yes or no as to whether you invest in corporate rentals. There are always going to be downsides to the investment, including your budget and location. The best real estate investment strategy involves putting money into a project that you’re going to get a good return on investment with and as your clients will be willing to pay for any premium services or amenities, you can do so much with your investment and earn quickly on them. Take the time to study the various investments in real estate and figure out what’s right for you. If you need any assistance the team at Fox Management Services would love the opportunity to provide advice or property management services for you and your corporate rentals. Give us a call today!
How to Find The Best Property Management Companies In Bend, OR When choosing a property management company, you want to know that you’re in safe hands. But with so many to choose from, that can be a challenge. In this article, we’re going to investigate the things that you should look for to find the best property management company in your area. Take a close look at the following. Reputation Great property managers have excellent track records. Not only do they help customers make high returns on their rentals, but they also offer excellent service too. Property managers should work with their clients as partners, helping them to fully realize the value of their real estate and build on their investments. Excellent property managers act as companions to their clients, guiding them through what can sometimes be a tricky and confusing market. You can usually find glowing customer reviews of property managers online with a distinguished record of getting results. Credibility Customers need to be able to trust property management companies because of the large size of the financial decisions involved. They need to know that the companies they deal with have the competence and the knowledge to protect their wealth. Customers, therefore, should look for things like licensing, accreditation and awards when choosing the best property management services. These licenses and certifications could include REALTOR Membership, Certified Manager of Community Associations, Residential Management Professional, Certified Property Manager, and Certified Apartment Manager. Experience The real estate market is notoriously tricky to navigate and understand, especially for amateurs. So many factors determine price and rental values, both now and in the future, and many properties that seem like good investments, aren’t. Ideally, therefore, you want to work with property managers who are masters of their craft, following years of experience and rigorous education. Look for companies that have been in business for a long time and hire highly experienced professionals to their teams. Availability Property management companies are in the business of service: they exist to tend to customer’s needs and concerns, providing advice and guidance when required. But, as in all service industries, companies fall on a spectrum: some are exceptional at providing prompt responses to customers so that they don’t feel ignored, while others take a more hands-off approach. Those investing a lot of money into property typically want management companies with high availability and team members to answer questions and respond to concerns quickly. Professionalism A professional property management company isn’t just one that has a flashy website or a grand office: it’s one that commits to a deeper set of values designed to protect their customers. The best companies will emphasize their commitment to honesty, reliability, and service. Honesty means being frank about the returns that you can expect from a specific investment and not trying to oversell. Reliability means always being there, even when things get tough. And service means providing all the tools that customers need when navigating the complex property market. Try to avoid, if possible, companies that don’t have an outward commitment to these essential values. Property management is a long-term endeavor, and you need to make sure that you have the right people for the job on your side. If you need a Property Management Company In Bend, OR we’d love the opportunity to provide property manager services for you and your Central Oregon rental properties.
What’s the Rental Value of My Home? How to Price Your Rental When you own a property that you intend to rent out, you want to know that you’re maximizing your investment opportunity, getting as much money from it as the market will bear while attracting the right tenants. Higher rent does not always mean better tenants. If you’re currently an owner of a second home, it might be time to reevaluate your investment as well as an opportunity to see where your home is in terms of other current rentals. Could you improve tenant loyalty, reevaluate goals, increase the monthly rate? Or, do you need to decrease to keep the five-year tenant who pays rent on time every month and keeps your home in great shape? First, things first – what is the current market rate for your second home? Current Market Rate Do you know the current market rate for homes that are similar to yours? This is different than what you believe your rental “should” rent for. Sometimes this is when the “rubber meets the road” – one of three things will happen at this stage whether you are first time landlord or a seasoned landlord. 1.) The current rate for your home is at or near the rate you are willing to rent out your home. Great, start marketing or interviewing property managers so you can start finding the best tenant! 2.) The current rate is nowhere near what you believe to be the value of your home. a.) Highlight the most attractive features of your home that tenants are looking for – you might allow a small dog, recently upgraded appliances, location, xeriscape landscaping. b.) Price your home at the rate you have determined the market to bear, prepare to adjust as needed. If you are not willing to adjust your price this will only increase the vacancy rate, or worse you have a desperate tenant who will eventually feel taken advantage of and not take care of your home as they feel they’re already doing you a favor by paying $1975 for a 1,100 square foot home. 3.) You realize it might be time to reach out to Realtor and consider selling to reinvest in another property. You have no interest in upgrades or improvements and the current rate does not meet your financial needs or goals. Now if you’ve decided you want to rent your property, determining how to price your rental can be difficult. When considering renting out your second home or re-evaluating your current rental. Here are a few ways to add marketability. The Closeness To Amenities All else held equal, most renters would rather be closer to amenities than otherwise. Consider how far future tenants might have to travel for schools, groceries, leisure, and work. Quality Of Appliances Most renters expect landlords to provide appliances, and they are often willing to pay more if those appliances look modern and reliable. Pet Policy Some property owners don’t allow pets, but if you do, you could charge a higher rent compared to similar properties. Quality Of Local Education In many areas, the quality of local schools determines nearby rental values. Homes closer to higher quality schools tend to be rented out for more. Years Since Last Renovation Rental properties need to be periodically updated and redecorated. If you have just renovated your property, the rental value should increase versus a property that has had the same decor for a decade. The Square Footage In general, the higher the square footage, the higher the rental value. However, the impact on the rental value of extra square footage above 4,000 square feet tends to be less than that of additional square footage above 2.000 square feet. The Number Of Bedrooms The more bedrooms, the higher the rental value of the property. Outdoor Space The size and quality of outdoor space can affect rental market values. Patios, gardens, and good landscaping can all contribute to increasing the amount that you can charge. How To Price Your Home When pricing your home, you need to consider all of the above factors and then compare how your property stacks up next to others in your area. Look for similar properties and how much landlords are charging for rent. Ask yourself whether there are any reasons you could potentially ask for more money. The Department of Housing and Urban Development provides data on the current state of the rental market across the US, including average rental prices for different kinds of property by location. Check this to give a ballpark figure of what you could charge, given your property type and location. If you want professional advice on how to price your home rental, then you might want to get in touch with the team at Fox Management Services. They can offer guidance to help you efficiently price your rental property, ensuring that you make the highest return possible on your investment. You can also use house listing services online to look for what the fair market value for a rental might be. Some listing services provide tools that help you “find the rental value of my house” automatically, based on the above factors. And of course, if you need a Bend Property Manager we’d love the opportunity to provide property management services for you and your rental properties.
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1500 NE 10th St, Bend, OR 97701, United States
FMS Oregon, LLC A family owned and operated Property Management Company with more than 30 years of experience. We offer
property management in Bend, Redmond and Sunriver Oregon. Our rental properties include houses, apartments, condos and duplexes for
rent in Central Oregon. If you’re looking for the best rentals in Bend Oregon and Property Managers. You’ve come to the right place.
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