I got to see one of the most amazing buildings I have ever seen. It was in Istanbul, Turkey. It is a large apartment complex. Over there they call them apartments, but the residents actually own them. The complex I saw has several large towers filled with apartments. Then there is this giant swimming pool that surrounds other buildings. You access them by going over a bridge to a structure that is out in the middle of the water. Then you go over another bridge to the central island that has the buildings. This introduction to property investment in Turkey was a real eye opening event for me. I had no idea you could have this kind of luxury living in an apartment in Turkey. Continue reading
I started looking at real estate in Turkey when I realized that we were going to be living in the city for a long time, according to the new contract my husband had just signed at his work. That was good news for all of us, because we had been wanting that stability for a long time. It is my husband and I, and then we have our three young children as well. They are the main reason why we wanted to have stability, because I did not want them having several schools under their belts before they even hit their teen years.
When I found out that we were here to stay, I went online and started looking at different apartments and villas. I was not sure which one I wanted, and I knew that I would spot the one that was meant to be ours immediately. I just had to take the time and go through all of the listings on the real estate website that I had looked at. Continue reading
Marketing is essential if you want a good value of your property. And the best way to market your property is listing it with professional property managers. They are the ones who can help you make the most out of your investment. At first they will explain you their method of marketing, if you agree to it, they will start on with the method. They will make effective strategies that will help you get more customers for your property.
Your real estate agent is the one who can outline the best marketing strategy for your property. This strategy can help you a worthy value for your house.
Strategies Based On Target Audience:
Survey says that most people have a tendency to buy a house in the locality i.e. the area where they are already living. This means that you need to make good marketing campaigns, which will successfully target all the potential buyers of your locality.
Some of the most common advertising mediums for promoting your property are online advertising, print media, letterbox drops and signage. Home hunters of today are well-informed. Thus, your property agents need to make sure that the overall strategy of the marketing campaign is perfect; starting from the headlines to the photographs of the property.
There are few questions that you must always ask your real estate agent before marketing your property:
• Can they offer you a marketing plan that covers total listing period of your property?
• How will they publicize your property?
• Does that offer any kind of feature sheet for your house?
• Will they promote your property online?
• Ask them if they have a huge referral network of interested buyers?
• Ask them to give you some samples of the projects they have handled earlier.
• Which medium of marketing do they expertise at in comparison to all the other property managing companies?
• How will they update you with the daily progress of your properties marketing campaign?
These are a few questions that you must ask your property manager before handling them the project of marketing your property to the targeted audience. Choosing professional sales consultants are a must if you want to become successful in making huge profit by selling your house. Real estate agents also offer you valuable feedback about your house during the marketing process. They suggest you about some necessary adjustments which can help you get an enhanced value of your house. Apart from these, they can also help you decide the perfect value of your property through home appraisal.
Established houses have a special character and charm on them, which seem attractive to most buyers or property hunters. Most often, sellers offer excellent and affordable value for these properties in comparison to the investment you would have made in building a new house.
Price of these houses depends on various factors like its age, condition and amount of maintenance required. Make sure that you have considered all these factors before purchasing the property. For more satisfaction, you can also call professional property managers who can inspect your house and confirm whether it is structurally sound or not and what extra expenditures you need to make for this property like repairs and replacements.
Apart from all these, there are various other factors that you must consider before purchasing a property for you and your family.
Position of the house plays one of the primary roles in real estate market. Value of a house depends majorly upon the place where the house is. You can qualify the place of a house in various ways. It may signify that your house is in a prestigious place or can also mean that it is near to hills and waves.
Every buyer looks for a house in a peaceful street, close to public transport health centers, shopping malls, education centers, park, etc.
Other than the above-mentioned things, also make sure that your house is close to the most necessary services stations like electricity, sewerage, water, and gas.
Before buying a property in a new place, you must also know about its plans for what new developments the place in about to see and witness in near future. Developments like increasing the number of stores, easy access to public transport, educational centers and parks for children.
Remodeling or Renovating the House:
You can also bring a change in your old property by incorporating some renovations. Repaint the house or extend it a little to make it look new and creative. Your real estate agent can help you in this matter. He can contact various builders who can renovate your property and can also do all their repairs and maintenance required.
Getting a property satisfying all your demands and requirements becomes a very daunting task. But you can easy get one with the help of property managers. Just let them know your demands and they will give you a list of properties that satisfies all your requirements.
How much should one pay for professional property management services? It’s a good question. And the answer is… It depends, but hopefully it doesn’t cost not too much. At least that’s what most people would think.
There are three basic services for which most property managers charge a fee:
1. A leasing or often called a listing fee. (This is also sometimes called a procurement fee.) In any case this has to do with the tenant placement function.
2. Monthly management fee. This covers the cost of periodic interaction with the tenant (sometimes daily).
3. Annual lease renewal fee. Usually only charged when the management company is successful in negotiating a renewal at the end of the lease term.
Look at these incrementally, but also consider them collectively over a year’s time. These fees can be easily compared among competing agencies. You can be the judge of what’s reasonable. Keep in mind that such fees do vary from market to market. Be careful not to get hoodwinked into selecting the cheapest solution simply because it is less. Cut-rate management services may be just that, cut rate. The poor quality of services that you receive may explain the discount. A quality property manager can save you tons of money on the back end.
What you need to look for, and maybe even specifically contract for, is that there are no undeclared fees. Those are the ones that pop up and bite you when you least expect it. Read your management agreement carefully. Don’t get surprised!
Probably the fee that is most often hidden, or perhaps not fully disclosed, is the cost of home maintenance services arranged for by the management company. It is not uncommon for companies to add a surcharge to maintenance and repair invoices. For many property management companies this becomes a secondary or even primary source of profitability. The landlord is oftentimes completely unaware of these costs at the time they agree to work with the management company, and they may never become aware of what’s happening. Sometimes, even when such fees are disclosed, the disclosure language is so heavily couched in legalese that one would need a law degree simply to understand.
Get your prospective property manager to fully explain all aspects of the arrangement and make sure that what they say is also what’s printed in the management agreement. If the manager cannot explain everything to your satisfaction, move on to another manager that can. Don’t get caught paying for services your neither want nor need.
The detailed inspection of the property you are planning to purchase, is an essential step before entering into an agreement with the seller. Sellers usually try to hide minor damages, so that they can later pin them on the buyer and avoid the repair costs. Checking the property for any hidden damage or structural issues is always a good idea so that you don’t have to pay for the repair of these complications. Here’s what you should look into:
1- Check For Water Leakages
One of the basic damages that go unnoticed during casual checks are the small gaps that later go on to cause water leakages. Another unnoticed issue is water seepage, which causes damp walls. This problem is more prevalent in apartment buildings, where water seepage in an apartment, causes damp walls in the room directly below the faulty water seepage.
2- Lookout For Cracks
Thorough inspection of walls and ceilings for possible cracks is very essential. Usually, what looks like just a minor line on the wall turns into something substantial with time. So instead of running through the house inspection, it’s better to take your time and closely inspect every area to detect cracks.
3- Inspect The Plumbing
Proper plumbing is the foundation of a well-built house. Without this, the water supply and drainage pipes become faulty and can cause massive damages for you. A comprehensive check of the plumbing system can be done by checking the condition of the pipe material used for draining, waste, and venting purposes.
4- Test Window And Door Fittings
Another important aspect of the property inspection process is the absolute and thorough checking of the window and door fittings. A loose window or door is an invitation for accidents and should be properly checked to avoid mishaps. Also the setting-in of windows in their frames must be ensured, so that they can close easily during rains and sandstorms.
5- Measure Room Size
Before finalising the property, measure the size of each room on your own and map out how much space you will require for placing furniture and other items. Estimating just by looking may not be a good idea, as later you will realise that the room is actually smaller than what you had anticipated.
6- Ensure Proper Ventilation
Passage of fresh air through the house is of utmost importance for the health of the inhabitants. Ensure that proper ventilation vents are provided in every room for brisk air, and that the rooms have good scope of receiving sunlight. Also, if you are installing a central AC, make sure that all the wires and connections are safe.
While real estate can be a lucrative investment, managing tenants, repairs, and related issues can be challenging. This is especially true for owners who live in another location or have full-time jobs beyond their real estate investments. For these individuals, hiring the right property management company can provide much-needed peace of mind. Here are questions to ask when interviewing a potential property manager.
1. How long have you been in business?
Not only is a lengthy record in the industry often indicative of a trustworthy business, but it also means a manager has likely dealt with most problems that tend to crop up with rentals. Experience with a range of issues, including legal, accounting, emergency response, and maintenance expertise, is essential.
2. Are you licensed by the appropriate state and industry authorities?
In most states, licensed managers must take an approved property management course and passed a state licensing exam. A licensed property manager in charge, or PMIC, is allowed to manage other managers and run his or her own business. He or she is knowledgeable about state regulations for handling rental income, security deposits, and other financial matters.
In addition to licensure, certification can indicate more extensive industry knowledge. These credentials are granted by trade organizations, including the Institute of Real Estate Management, National Apartment Association, National Association of Residential Property Managers, and the Community Associations Institute.
3. Can you provide referrals from past clients?
A property manager should be able to provide contact information for current or past clients that have agreed to speak on his or her behalf. Potential clients should check out the addresses of which the business is in control to ensure that they are being run properly. By the same token, relying on referrals from trusted contacts is a good way to vet a short list of potential companies.
4. What fees do you charge?
While there can be a wide range of industry fees, the standard costs include a management fee ranging from 4 to 12 percent of the monthly rent, depending on the location and condition of the real estate, whether there is more than one holding, how many units in each, and what types of services are required. Some companies charge a monthly vacancy fee when the home is uninhabited, while others require the full fee regardless of whether there’s a current tenant. A set-up fee for a new client can be up to $300. Also, those relying on a management company to find tenants can expect to pay 25% to 100% of the first month’s rent (usually around 50 percent).
5. How often do they inspect?
The answer to this question is a key to ensuring that a real estate investment is protected. While a property management firm should inspect anytime there is tenant turnover, regular inspections should still be done when there’s a long-term tenant. Intervals can vary, but units or homes should be inspected at least once a year, as well as an external inspection every quarter to notice any potential developing issues.
One of the biggest decisions you will make as a landlord is whether you should hire a property management company or not. Many landlords manage properties on their own or with the help of an employee, such as a resident manager. Sometimes it happens that landlords need more help when property issues are complicated. This is when landlords need to seek the help of real estate property management companies.
Real estate property management companies can be a huge asset to your company but they don’t come cheap. They deal directly with prospects and tenants, saving you time and worry over marketing your rentals, collecting rent, handling maintenance and repair issues, responding to tenant complaints, and even pursuing evictions. A good property management company brings its know-how and experience to your property and gives you the peace of mind that comes with knowing your investment is in good hands.
A real estate management business is an independent contractor and this helps you avoid the hassles of being an employer. Along with the benefits, hiring a real estate property management company also comes with a drawback of being an expensive one. If you are living far from your rental property, it will be difficult for you to handle property issues from afar. Most of the landlords look forward to finding good tenants to maintain their property in good and attractive condition.
On the contrary, there are few landlords who look at their property purely as an investment and are not interested in lending them to any tenants. In this case, the best option is to hire a real estate property management to handle the property and manage the related issues. Even if you enjoy hands-on management, you will run out of time to concentrate on the growth of your business which will put you in a situation to hire help for your property. Hiring help of a real estate property management company is an attractive option if you can afford the fees for the same. While interviewing management companies, expect to hear quotes ranging between 5% and 10% of what you collect in rent revenue.
Trying to choose a property agent can be daunting, after all you need someone with experience, energy and a passion to succeed! Perhaps even more importantly, someone who will talk to you and honestly discuss how the real estate industry can work successfully for you. In real estate, it’s about service – and that’s what gets results!
A syndicate is a cluster of people who own property mutually while paying a property management company (Ex: Assured Properties) to manage it and deal with the tenants and maintenance. Syndicates generally operate multiple properties, and are usually able to negotiate discounts on property purchase by buying in bulk (for example, purchasing a whole block of flats rather than one unit). This helps you to get involved in the property market at a lower initial cost and reduces the risk factor.
These are associations that sell, buy and manage property, in which you can invest. You don’t have to bother about the daily business proceedings, which is usually taken care according to pre-agreed terms. You can join a property fund through an independent financial adviser. Funds are regulated by the FSA.
Property Renovation for Profits
This is a practical path for people who are well versed about the market with the right skills and the perfect contacts to improve/develop a property quickly and sell it. This is the ideal option when you are sure that the property prices are not going to rise, Example: recession. These kinds of investors are proficient in renovating semi-ruined or derelict properties and bring them back into the market.
For people who know their job and are ready to invest their time & expertise to look for properties that are low-valued or semi- derelict, possibly they can make minor changes or alterations, such as getting a planning permission for an extension, once the value is added, it is possible to trade on at a profit.
Buying ‘off-plan’ property
The buyer purchases unbuilt property from a developer, hoping to sell it on at a profit after it is completed. The investment is highly risky in a static/falling property market.
How to sell your property quickly
Research the local market – Check your property value.
Select a solicitor – Be ready and prepare your paperwork.
Choose a genuine property purchasing company to sell your home efficiently.
Prepare your home – De-Clutter & Create Space
Market the property – Issue particulars & advertise.
Agree a price – Decide the best price you are willing & make a deal.
Conveyancing – Make it legal and agree what is included. Be clear about the paperwork & the legal aspects.
Exchange contracts – Finalise the sale & complete contracts.
Choosing the right property management service usually ensures a guaranteed sale.
Owning a property is not an easy task at all. One needs to make a lot of efforts in order to maintain it. There are many complications and issues that come associated with the properties. Right from the beginning in the entire process of buying and selling, one needs to ensure that the property is in the perfect condition. When you own a land of your own, it is high time that you pay attention to the property management. There are many people who are unaware of the importance of managing the complications. While managing it, one needs to make sure that the papers are correct, it is well maintained and the taxes are submitted timely.
Property management also includes corporate budget preparation, business image consulting, strategy researches and book keeping analysis. There are a few things that you need to keep in mind while hiring a property manager.
Choose the right company
There are many property management companies which will provide this kind of service in your locality. Finding the right company among so many is little bit difficult. You need to find an efficient company who can manage your property. Never hire the first company that you contact. Short list at least five companies and then visits their websites to check what the services that they are offering are. Then, after you select a company, you must call them up and talk about your requirements.
Decide what you want from the company
Each and every company has different needs. You need to be clear within yourself what you need from the company and how can they benefit you. This is something that you need to decide before you are making your first call to that company. Jot down all these requirements and assure what you really want from these management companies.
Referrals play an important role in the process to select something. You can seek recommendation from others to know about what company they chose and how did it benefit them. In this way, you are going to find a reliable company who can provide you the best management services. But if you do not have suitable information from this, you also have other options to choose from.
Do an online research
Internet can be the best friend when you are searching about some information. Browse online in order to find the websites of the companies that are doing a great work to manage property. You can also get the contact details of the companies from their websites. Always check the review page of the company’s website where the previous customers have sent their reviews.
Since, the property management is not an easy task at all, it is advised not to handle it on your own completely. Moreover, you also have many other important tasks to complete. Therefore, it is very crucial that you do not get involved in the matters of management when you know that you are completely a novice in this field. Instead hire an expert to accomplish the tasks efficiently.