Property Managers – What to Look For in a Commercial Tenant Today
A good leasing manager or property manager will add significant value to the leasing process and the stability of the tenant mix. They have the ability to tap into the local tenant enquiry and read the requirements of tenants in this market.
When vacancies occur there are major costs to find another tenant. Here are the main ones:
- Loss of rent
- Loss of outgoings
- Costs of new lease documentation
- Costs of new lease incentives
- Commissions and fees to fill the vacancy
Should I Allow Pets in My Rental?
In this article, I’d like to discuss some of the common revenue streams that might make the risk worthwhile.
Pet Fee
A pet fee is an amount payable at the lease signing that compensates the owner for allowing a specific animal to occupy the residence. Knowing that an animal will cause additional wear and tear to the property, this charge covers this depreciating effect. Please note that I called it a fee, and not a deposit. It must be made clear to the prospective tenant that this amount is not refundable like a deposit would be. An average up-front fee is $200 but can range higher or lower depending on the size of the residence and the breed in question. It’s not uncommon for larger dogs to carry a higher fee.
Tips for Hiring Vendors at Your Property
For the past several years, we’ve been hearing complaints from property and facility managers in regards to not being able to locate good vendors, or not being able to obtain good information regarding vendors that they had located. When it comes to the plethora of issues that property managers are required to face daily, which include performing inspections, filling out paperwork, and taking on tenant focused challenges, choosing a good vendor really should not be one of them.
The Four Keys to Being a Successful Landlord
Owning property and renting it out to tenants can be a tremendously profitable venture for those who have a thorough understanding of the real estate field. That’s why many are now considering using their additional cash flow to invest in property and becoming a landlord themselves. Before you take on this challenges job, it’s important to understand the intricacies involved. Here are five keys to achieving success as a landlord: