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Phone: 979-693-0201 Email: [email protected]

Myke Leatham | Brazos County Realty

Myke Leatham | Brazos County Realty

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Property Management Tips for Any Landlord

October 5, 2020 by Myke Leatham

Owning an investment property brings you one step closer to collecting passive income and building wealth for yourself and your family. Whether you choose to own a single-family home, a condo, a townhome or a multi-family residence with a varying range of apartments, you will be responsible for this property. This means that as the owner you are responsible for fixing anything that is damaged, anything that needs to be repaired or replaced, ensure that the grounds are well-kept and that your tenants are taken care of. Owning an investment property is a big responsibility – many landlords will choose to take on property management by themselves and only seek assistance from qualified plumbers, electricians and other professionals or handymen as necessary. Others will choose to hire a property management company that will take care of the property from top to bottom, including maintenance, tenant complaints and issues, collecting rent, marketing the property when there are vacancies, etc. 

Whether you are a first-time landlord or an experienced investor with an impressive portfolio, we’ve compiled a list of property management tips for any landlord. Being prepared can help you avoid common mistakes so you can focus on taking care of your investment and building up your net worth. 

Research, Research, Research

Before you even begin thinking about becoming a landlord, it’s very important to do your research and understand the demand of the market. Do you have what it takes to be a landlord? Do you have the time to dedicate to managing your tenants and property? Here are some questions to ask yourself before you take the plunge into being a property manager for your investment property:

  • How much money is required for a down payment on the property you are interested in?
  • Is the area where the property is located considered to be desirable?
  • Are rents in the area appreciating?
  • How much can you charge for rent?
  • What are the rent control laws and policies in the area?
  • Is this a fixer-upper property and what will it take to renovate it? Is it worth it?

Run It Like a Business

You need to treat your investment property as a business – even if it’s hard to do at first, you will need to separate business from emotions. It’s not uncommon to encounter a tenant who is struggling to pay rent, but it’s important to put boundaries in place for things like late fees so that paying rent late doesn’t become a bad habit. Think about it this way – you have to pay the mortgage and bills on the property on time no matter what, so it’s important that you hold your tenants accountable for their rent. As a landlord, you should consult with a team of experts who can advise you on dealing with difficult situations – this can include lawyers, accountants, insurance agents and other property owners. 

Additionally, you will want to treat your tenants with kindness and respect so you can maintain a good reputation. Put practices in place that will keep your tenants satisfied so that in turn they won’t give you any more trouble than necessary. For example, ensure that you have reliable maintenance staff on hand that can respond to requests and emergency repairs on call. Similar to any other businesses, if you are not trustworthy and professional towards your tenants they won’t stick around. 

Lastly, discover new ways to increase your income beyond raising the rent on your tenants. If you properly researched the property before you made your investment, the value should appreciate, and you should be able to increase rent in the future. However, in the meantime you can think about different ways to collect income on the property, some ideas may include:

  • Installing a vending machine in a common area
  • Renting out storage space
  • Offering paid laundry services on site
  • Renting out additional parking or storage space to tenants
  • Leasing a billboard if you have the room for it on a larger building 

Get Insurance

There are so many different types of insurance policies in place to protect you and your assets. Fire, earthquake, flood and other disaster plans will keep your property safe in case of an emergency; homeowner’s insurance will reimburse you for any losses you experience or if you need to repair anything as a result of damage from a disaster. As a landlord you need to protect yourself from any potential liability by purchasing insurance. Depending on the laws and requirements of your state, you may also consider requiring your tenants to carry renter’s insurance as well. 

Learn How to Manage a Property

Being a good, successful landlord goes beyond filling vacancies and collecting rent. In order to thrive it’s important to learn how to effectively manage your property. 

  • You need to have a basic understanding of landlord and tenant rights, including rules about security deposits, notice laws, inspections, licenses and other procedures to ensure that you are fully informed and running your property within state law. 
  • Determine how you want to collect rent from your tenants – will you be collecting in person or do you prefer to use an online system? Although many tenants will opt to pay with checks and cash, it can create a complex situation if a check bounces and accepting cash can also be dangerous. An online payment system is an easy, safe and efficient way to collect rent and ensure that you avoid risky situations. 
  • Stay organized by saving copies of all records and paperwork that affects your property. This includes receipts for anything you have purchased, invoices for service and repair work, vendor contracts, etc. You can digitally scan paperwork so you can organize it on your computer and easily search for it next time you need it. Many property management companies will handle lease agreements, payments, maintenance requests and more online so they always have a digital paper trail to refer to.
  • Make sure to work with an experienced accountant that can help you keep your expenses organized, advise you on how to pay yourself and tell you what you need to file for taxes. 
  • Be professional by setting office hours that tell your tenants what days and times you are available. Even if you live onsite, it’s important to put this boundary in place so you’re not being approached by tenants 24/7. You should also have a plan in place in case of an emergency so your tenants can be taken care of as soon as possible. 
  • Decide if you are going to accept tenants with pets. Pet-friendly apartments are difficult to come by, so you can really stand out and quickly fill vacancies if you allow cats and dogs into your investment property. Although pets can be a liability, you can charge extra pet rent as well as a separate pet deposit to cover any damage that may be inflicted by the animals. Most tenants will gladly pay for the extra rent and deposit since there are so few options for pet-friendly properties. 

Sell a Lifestyle Experience

In order to make your investment property profitable, you will need to fill any vacancies that pop up. Your best shot at quickly filling vacancies is to make the property and unit(s) comfortable and desirable so that potential tenants can envision their life in this new home. Basic upkeep of the grounds is necessary because similar to buying a home, first impressions on curb appeal make a big difference. Ensure that the property is clean, gardening is maintained, and the common areas are welcoming. When it comes to individual units in a multi-family property make sure that you refresh the paint when tenants move out, do a deep clean, that the unit smells good and that old appliances are repaired and/or replaced. If your goal is to charge top dollar for rent, then you may want to invest in updating the property with hardwood floors, stainless steel appliances and other desirable upgrades. 

There’s no better teacher than experience, and as you continue to build your real estate portfolio and acquire more investment properties you will become an expert landlord. Renting out a property and working with tenants can be a challenging business, and the best way to enjoy a smooth experience as a landlord is to educate yourself in advance, be knowledgeable in all aspects of real estate and work with professionals who can support you when you need it. Last, but not least, it’s also important to acknowledge when it’s time to hand the work over to professionals – there are countless outstanding property management companies that can take over the work so you can focus your energy on your other priorities without having to worry about your investment property. Our team at Brazos County Realty would be thrilled to assist with all of your real estate needs – including helping you fill vacancies in your rental properties. Please contact us to learn more about our team, our experience and if you have any questions about investing in real estate and being a landlord in Bryan College Station – we look forward to hearing from you. 

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Category: Blog

About Myke Leatham

I’m so glad you found me – your College Station and Bryan, TX real estate source! When you choose to buy or sell a home in College Station/Bryan, TX or other surrounding areas using our expert services, you will receive a free consultation to determine your needs, free listings, and free reports sent to you by email. These weekly reports will show you how hard the members of my team are working to accomplish your property goals, and we guarantee the best service and consultation you have ever experienced. You’ll find the best community information for the College Station, Texas region right here.

It’s nice to know YOUR Realtor will still be of service after the sale.

Experience Counts: Broker/Owner of Brazos County Realty
Over 25 years of sales experience. With past ABR, GRI, CRS, & Epro designations.
Continuing education in real estate: Education is paramount in an ever changing industry like Real Estate. Myke has taken over 1000 hours of real estate specific courses which include but are not limited to: Residential Appraisal, Marketing, Law Contracts I & II, Finance, Residential Inspections, Principles and Practice, Law of Agency, Code of Ethics, Bankruptcy/Easements/Surveys/and Probate, Home Warranties, 1031 Exchanges and hundreds of hours of extensive real estate training.

Reputation: SALES LEADER since 1998; Top Producer 2000 through 2009. Listed among the top agents in the county. Consistently ranked among top realtors for total sales volume out of 900 realtors for commercial and residential real estate in the Bryan/College Station, TX area. When Myke represents buyers, she presents all viable options to her clients, including those properties that are not officially listed, but could be available for sale based on her inside information. Her expertise lies with investors and marketing homes of all price ranges in College Station/Bryan to local, national and global buyers, across all major media channels and through her extensive, personal network of contacts.

Myke is among the top 1% of all Realtors in North America!
She has earned the Designations of ABR (Accredited Buyers Representative), CRS(Certified Residential Specialist), GRI (Graduate of Realtors Institute)CHMS (Certified Home Marketing Specialist), and E-pro (Certified Internet Professional)
Fewer than 3% of all Realtors nationwide earn these certifications. They are not only a symbol of Myke’s commitment to this business, but these designations are your assurance of a skilled, trained real estate professional.

Myke is a consummate real estate professional who not only understands the art of deal-making, but also the art of relationships. She makes the process of buying and selling homes an uplifting and fun experience. She has a tremendous appreciation for Bryan and College Station, its rich history, and Texas A&M traditions having lived in the area for 25 years. Her knowledge of Bryan/College Station’s real estate market and market trends is unparalleled. Having been personally involved with clients through their remodeling, purchasing and selling processes, she knows intrinsic quality and value when she sees it. When she doesn’t see it she lets her clients know, without hesitation.
Myke’s proven track record and affiliations in the field of real estate demonstrates her high level of professionalism.

* High energy and enthusiasm
* Aggressive marketing
* Expert negotiating skills
* Ability to listen and ascertain customer’s desires and needs
* Fun to be with
* Internet savvy
* Because Myke is an experienced investor, she quickly helps her customers locate and define good business opportunities. No one likes the feeling of being ‘sold to’ so Myke provides as much information as possible to help you make the right decision.

Personal Commitment:
I am prepared to go the ‘Extra Mile’ for you, because I understand the financial and emotional significance of purchasing and selling your home. I will carefully listen to your desires and arrive at a workable plan. I believe sensitivity, listening, and service are important keys to success.
Whether you are buying or selling a home or you are just curious about your home’s market value, I’d be happy to provide my market expertise and intelectual property without obligation, or meet with you to evaluate your home for future reference. I want my customers to have a great time and enjoy the total process of purchasing or selling property. It gives me great pride when my customerspass my name on to their friends and family. I will continue to work hard to make sure critical information is available at www.AggieRealEstate.com and I invite all interested investors to search my site for cash flow opportunities. I will dedicate my time and talents to helping you achieve your goals. It is my goal to make your buying and selling experience extraordinary. Look closely and you’ll see how much I love meeting and working with people. You’ll experience the difference in working with an experienced and dedicated professional.

Personal information:
Michelle goes by ‘Myke’ and is the proud mother of 6 children – 3 girls and 3 boys. Her husband is David Leatham. They met at Brigham Young University. They have been married since 1977. David is a finance professor, and Associate Head over graduate studies in the Agricultural Economics Department at Texas A&M University, and speaks fluent Spanish. They have lived in College Station since 1983 and loved every minute of it. Myke loves to quilt, sing, swim, ‘sing’, bake bread, ‘sing,’ garden, ‘sing’, sell real estate, and ‘sing some more’ :-). Family, church, and real estate consume most of her time. Truth, honor, integrity, kindness, loyalty, gratitude, and service are very important words to her.

Slogan: ‘Let Myke Help You With Your HOMEwork!’

Referrals: The highest compliment I can get is when you pass my name on to others or post a kind remark on the internet. When you send your friends and family my way, I’ll always provide them with the highest quality of service that I know you would appreciate. Thanks in advance for all your support and friendship.

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