It’s common knowledge that owning property comes with major advantages. It’s a great long-term investment strategy, a great way to generate passive income, and you’ll be able to benefit from the property’s appreciation if you decide to sell later down the line. However, in order to reap these benefits, landlords have to be knowledgeable about the field, and have a ton of skills in their repertoire. So, before you add Landlord to your resume, here are some telltale signs that you’ll need to hire a property manager to help you with your investment.
1. You’re easily overwhelmed
Landlords and property managers need to know how to cope with stress – especially if you’re looking after multiple properties at a time. Landlords usually deal with competing deadlines, tenants’ complaints, property maintenance, inspections and tours amongst other things. With a to-do list this long, multitasking and staying calm in high pressure situations are two essential skills for success. If you’re someone who is easily overwhelmed and prefers to handle one task at a time, hiring a property manager may be the way to go. Experienced property managers like the team at Cornerstone do a great job of handling tenants’ queries and overseeing the upkeep of your investment property. This way you can sit back and enjoy the benefits of property ownership.
2. You’re not a marketer
Finding quality tenants to occupy your rental relies heavily on good marketing and sales tactics. In this day and age, you have to keep up with the best practices of digital and traditional marketing, photography, networking, and apartment staging if need be. This is where property managers come in. A good property manager will be able to use good visuals and copy to advertise your rental on online classifieds. They should also be able to help with off-site marketing strategies and confidently sell your rental’s best features to potential tenants during viewings.
3. You have several rental properties
Managing multiple rental properties at once is a full-time job! If you’re someone who has invested in property to generate passive income on the side, you may not have time to deal with multiple tenant inquiries, renovations, viewings and more. In this case, working with a property management company would be incredibly beneficial. It will lighten your workload and ease the stress of dealing with multiple properties at once. Management companies will also ensure your rentals are properly taken care of by assigning a different supervisor to each one of your units.
4. You live in a different city
For property owners who don’t live in the same city as their rental units, working with a property manager can significantly improve your situation. Hiring a local property manager means you won’t have to commute back and forth at the slightest inconvenience of your tenants. You’ll be able to rely on them to use their skills and assets to keep things running smoothly on the ground without your constant supervision.
5. You don’t know your landlord/tenant laws
If you plan on being a successful landlord, you’ve got to know your local landlord/tenant laws. And, if you don’t have time to learn, then you’ll need to work with a property manager. Every municipality has specific regulations that guide the landlord-tenant relationship. These guidelines outline your role as a landlord, what you’re responsible for; and vice versa. A good property manager should know the landlord/tenant law and advise you on how best to deal with tricky situations that arise between you and your tenants.
Being a landlord is a job that requires time and a diverse skill set. Luckily, if you find yourself falling short in one of the areas mentioned above, you can hire skilled property managers to help take the stress of property management off your plate!
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We all know that 2020 will ring in a new decade but, did you know it will also bring in a whole new demographic to the rental market? That’s right, 2020 will introduce landlords and property managers to the Gen Z renter. The oldest members of this selective, tech-savvy, and eco-friendly generation are reaching the stage of life where they’ll be hunting for their own homes and apartments. While you may be tempted to treat Gen Z renters like millennials or other demographics that precede them, this isn’t the way to go. The Gen Z market comes with its own unique set of needs you’ll have to cater to if you want to appeal to them as a landlord. With that being said, here are our four tips for attracting Gen Z renters.
1. Make use of technology
Gen Z renters don’t know life without technology. So, it goes without saying that landlords and property managers can no longer ignore the need to go digital with their renting efforts. To properly cater to this young demographic, you’ll need to provide a comprehensive digital experience. This includes everything from marketing your rental property, to initiating leases. Gen Z renters use search engines and social media as their primary sources of information, so it’s best to connect with them through social platforms and polished, branded and easily navigated websites. Even regular interactions like submitting maintenance requests and paying rent should be done online. Using technology will make your job as a landlord/property manager easier and will improve your appeal and relationship with this tech-dependent demographic.
2. Provide a social experience
The Gen Z demographic values community. They have a desire to participate and belong socially. As a result of this, Gen Z renters will be looking to live in apartment buildings with social spaces like game rooms, gyms, lounges and co-working spaces. They also want to live in communities that offer areas and opportunities for people to gather. Rentals in amenity-rich communities packed with things like coffee shops, parks and neighbourhood gyms are a huge attraction for this market of renters.
3. Focus on authenticity
In a world where they are flooded with information on a regular basis, Gen Zers have learnt to fact check everything and get to the truth of the matter. This means that property managers will need to be as transparent as possible when dealing with Gen Z renters. Don’t overstate claims, delete negative reviews or rely on false marketing hype to get your rental off the market. Instead, focus on engaging with the Gen Z market by providing accurate and concise information and handling negative reviews in a thoughtful manner. Since Gen Zers crave authenticity, they will appreciate your openness and honesty and will, in turn, give you their loyalty.
4. Sustainability is key
A key characteristic of the Gen Z demographic is their passion for the environment. They care about the impact their actions, products they consume, and the places they live have on the earth. This means that eco-friendly features are must-haves in your rental property. Switch out traditional lighting for LED bulbs and make use of “green” washing machines, refrigerators, and stoves as they require less energy to run. Providing a sustainable environment for Gen Z renters will quickly move your property off the market. Plus, you’ll be able to charge a good rental rate since they are willing to pay a premium for an eco-friendly home.
Renting a home to the Gen Z demographic isn’t as complicated as it may seem. With these key tips, you’ll be on your way to dominating the rental market.
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