The Rental Property Life Cycle
Renting out an investment property can be a very time consuming and a difficult process. Knowing all of the ins and outs of the business takes time and is hard to achieve on your own. Hiring a property management company in Prescott, like Far West Realty, can save you tons of time and effort. Below we share with you our process:
How we manage properties – The Rental Life Cycle
We get calls from prospective clients wanting to know how we do what we do. We are, at Far West Realty, of course, always glad to give them our “spiel.” You see, it all centers around the diagram above. We call it the “Rental Cycle of...
The Rental Cycle of Life: Step 1 – Inspections
Last week I posted a lengthy article covering what we call our “Rental Cycle of Life.” I want to take some time this week and go a little more in depth about the 1st item on the cycle: Inspections. Far West Property Management's idea of managing a property revolves...
The Rental Cycle of Life: Step 2 – Maintenance
Item 2 on Far West Property Management’s Rental Cycle of Life, is Maintenance. I know that real estate investors are ultimately concerned about one thing with regard to their rental properties: ROI (Return on Investment). They work hard, and often long, to get to the...
The Rental Cycle of Life: Step 3 – Marketing
The single most effective method we’ve found for finding quality prospective tenants quickly, is online advertising. And, this is simply because it seems that the great majority of people looking for a rental home or apartment, use the internet to do it. At Far West...
The Rental Cycle of Life: Step 4 – Tenant Screening
At Far West Property Management, we thoroughly screen every applicant, using a professional background investigation service. We also speak personally to previous landlords, and current employers to get first-hand input as to what kind of tenants our prospects have...
The Rental Cycle of Life: Step 5 – Lease Signing
I think one of the essential elements of handling any rental property is creating what I refer to as a “Good” lease. Leases are not “one size fits all” things. Some landlords try to use fill-in-the-blank lease contracts without the necessary experience or expertise to...
The Rental Cycle of Life: Step 6 – Manage & Monitor
All too often landlords are so relieved to get a tenant in their rental property, that they forget or overlook one of Yogi Berra’s truest truisms: “It ain’t over ‘till it’s over!” A wise landlord doesn’t just sit back and wait for each month’s rent check to arrive. ...