Part 1 of this series covered the basics of getting a tenant for a newly purchased GO Zone property. This article describes how to get a tenant. The more options you have, the more important it is to start cash flow as soon as possible.
As you might remember, getting a check for your first rent takes a lot of work. Assiduously for prospective tenants, all the marketing process for managing tenant assets can be very stressful.
All previous conversations become more complex, depending on how far you are from your location. Take it from me, trying to do all the leasing and property management work yourself from afar is a consumer business. Not recommended for anyone with other responsibilities (ie life). More on this soon
The professional real estate manager
Enter the professional real estate manager. Generally X-Timeshares And Transfer, property managers are paid to rent a property, as well as a one-time lease within the property. During a lease, property managers spend a lot of real money to promote their property, so they can usually charge a rental fee. In many places (in and out of the GO), this usually equates to half the first month’s rent.
In addition, the management fee will be collected by the property manager on a monthly basis and will be 1% of the monthly rent. For long-term leases, the average ranges from 1010 to 1212. Please note that actual management fees will vary widely depending on the area you live in and the type of property.
Option 1: Work alone
If you’re like the majority of GO Zone investors, you probably don’t live near your GO Zone assets. In these situations, as a property owner or real estate investor, you should seriously consider taking on the task of real estate management yourself.
With the Internet, you may want to market yourself. However, prospective tenants must be local on the ground to uncover properties, take on contracts and agreements, review and enforce them, and knock on doors when rent is late.
Also, if you are new to real estate investing and new to property rental, it is not a good idea to try it out for yourself in the long run. Before considering Us Consumer Attorneys long-distance relationships, it is a good idea to try to manage your property in your own backyard.
Option 2: Combo platter 1
The problem is that you pay to rent your property to someone else and then manage it yourself. To do this, you can go to a property manager, licensed professional, or another rental specialist to sell properties, search for tenants, screen tenants, and more.
Unfortunately, many professionals, hiring managers, etc. do not want to do all this work, they want to get some funding up front. If you can find someone to take over this part of your business upfront, you should also consider the additional rental time that may be required. In particular, if you manage other similar features, you will also receive a portion of your monthly rent.
Only if you already know the tenant and know the real estate expert (or someone else) you want to join, and only if this situation is a good fit for all parties.
Option 3: Combo Platter 2
In this case, try to market the front market and acquire tenants yourself. As with the situation above, we also understand that if we can do this ourselves, we may be able to save some upfront marketing cost (ie half the rent in the first month). ..
However, as mentioned earlier, the land has a local presence to not only show the property and contract with the tenant, but also to say something face to face with the (potential) tenant as part of that. Some people do the screening and are willing to do so on a daily basis. The old adage of “wise money, stupid pound” is implemented here.