When you become a property manager, like real estate investor and developer Hunter Estess, it is your responsibility to ensure that everything runs smoothly. This entails making sure all the required information is presented to the property owner in a timely fashion, as well as ensuring that your residents are happy. Here are some key management tips that can help you become a successful property manager.
- Always have a complete contingency plan outlined in advance. Make sure you cover what to do in case of a flood, fire, or other natural disasters. You need to act quickly under these circumstances and without hesitation. When you have a plan in place to handle these types of situations you can ensure everything runs as smoothly as possible.
- Even if you have on-site maintenance at the property, there still may be things that are better off being outsourced. Make sure you know your staff’s specific strengths and weaknesses and have a proficient person on call if needed.
- Try and minimize the paperwork you have in hard-copy. Too many hard-copy reports and other paperwork can create confusion, limiting the efficiency of the office. Consider using property management software to help reduce the need for extensive paperwork.
- Make sure you have a protocol in place for dealing with unhappy customers. To avoid receiving negative feedback from your residents, you need to be able to quickly respond to legitimate issues.
As a property manager, your goal should be to minimize the chaos and complications inherent in running one or more properties. Hunter Estess is a successful real estate investor and developer in New Orleans, Louisiana.
Over the last several years, property flipping has increased in popularity across the United States. However, the strategy of buying a property and holding it is just as an effective way to make money in real estate investing. Hunter Estess, a successful real estate investor in Louisiana, has steadily increased his wealth with this strategy. Here are four steps to follow to help you build your wealth through buy and hold real estate investing.
1. Find the right property and the right price and with the right terms. In order to see how long, it will take for your investment to double, follow the “Rule of 72.” To apply the rule, take the rate of return on your investment and divide it by 72. This is a simple way to evaluate return without complex math formulas.
2. To make sure the numbers and the terms make sense, be sure to analyze the property. Take the time to evaluate the holding costs, the current rental market, as well as what it will take for repairs.
3. Buy property that is on the market for less than fair market value. Try to find a property that is at least ten percent of the current market value. Also take into consideration the average rate of appreciation in the area and which neighborhoods generate the best returns.
4. You must carefully screen your tenants. In order to ensure you have the right tenants in place, you need to tailor your marketing strategy to coincide with your target market.
There is no magic bullet when it comes to investing in real estate. You need to know the models for investing and applying them repeatedly as you purchase more property. Hunter Estess, the owner of Dash Development and Holdings, has been successfully investing in real estate in the South Gulf area for more than ten years.