Sun Rock Property Management» landlord

Facebook Marketplace

Sun Rock Properties — Sun, 07 Mar 2010 19:21:26 +0000

Word of Mouth is always the best way to market a property. A new application for Facebook users to get the word out about rentals is Facebook Marketplace.

You can post your properties for rent and immediately share them with friends and fans.

This is another great tool to increase cashflow for our owners, by marketing their properties effectively, and at no expense to them.

The listing will help to spread the word about the property through social networks and also rank high on major search engines. Prospective tenants will easily find listings on Facebook Marketplace for searches in the area.

Spending $120 a month on newspaper ads is a thing of the past.

For effective property management in Bradenton, Sarasota and Lakewood Ranch, Florida, contact Sun Rock Property Management

How Much Should I Charge for Rent?

How Much Should I Charge for Rent?

Sun Rock Properties — Tue, 22 Sep 2009 00:42:08 +0000

Determining how much you should rent your investment property for is really not that hard. In today’s real estate market, there are a lot of properties listed for rent, so finding comparables is not a problem.

The first thing you should do is determine how much you need to rent the property for to have a good cashflow (add up all of the costs associated, taxes, insurance, association dues, maintenance, property management fees, mortgage). You want to know where you stand compared to the current market rental rate. You want your property to generate income for you and be an asset, not a liability.

Next, go to craigslist or do a Google search for the street name + “for rent”. This should direct you to several comparable properties. You should look for properties with the same amount of bedrooms, bathrooms and square footage. Some may have pools, be on the water or several acres of land, these rates should be adjusted up or down compared to your property. Find four or five comparables and then take the average of them. This gives you a ballpark range for what is reasonable in the area.

Then compare the average rent with the amount you need in order to get a cashflow on the property. Set your rate at what is going to give you the maximum amount of return on investment possible, while still being competitive with the nearby properties.

In today’s market, you definitely need to be in the same range as the comparables. There is too much supply on the market and your property will not get any attention unless it is priced reasonably.

Once you have your rental rate set, add $25. This will give you some room to negotiate a solid lease.

Tenants Screen the Landlords

Sun Rock Properties — Tue, 22 Sep 2009 00:38:34 +0000

As the collapse of the housing market continues, foreclosures are all to common. Many good tenants, who pay their rent on time are finding themselves having to move because their landlord has not been paying the mortgage.

Tenants are learning lessons from the housing bust. It is wise to check out the landlord before signing a lease, moving all of your stuff in and paying rent. This is not too difficult to do, the main thing the tenant needs to see is the pay history on the mortgage for the last two years. One way to accomplish this is to run a credit report on the Landlord to show payment histories on all of their mortgages. With authorization, a verification of mortgage (VOM) could be sent to the Landlord’s mortgage company. The VOM could take over a week, so it is a good idea for a landlord to go ahead and request it, so that it can be provided to prospective tenants at application.

When a property goes into foreclosure, the landlord should be upfront with the tenants about the situation. The tenants could possibly sue as they are promised uninterrupted enjoyment of the property in the lease. If a foreclosure process is started, any property management contracts are voided.

For more cashflow maximizing advice contact Sun Rock Property Management, no strings attached.