4 Ways to Get Started In Real Estate Investing In 2021

 

If you've been thinking about investing in real estate, you might be feeling a bit intimidated by the idea of it. Investing in the stock market or in cryptocurrency is fairly straightforward, but investing in real estate feels much bigger and like more of a commitment. However, real estate can get you larger returns faster and it doesn't have to be overly complicated.

All you need is a strong foundational knowledge of real estate investing and a team of real estate investment professionals on your side. Keep reading to learn about some ways to get started in real estate investment in 2021.

1. Rent Out a Room

Oftentimes, people think that they need to have a large sum of money to jump into real estate investing, but that's not the case. In fact, you can get started if you have a spare bedroom or mother-in-law suite at your home. 

Although renting out a room isn't a great long-term investment option, it's easy and can help you save up the money to make a larger real estate investment down the line.

You can either have a long-term renter stay in the room and pay you monthly or make the room into an Airbnb. Even if the room isn't always booked, you can easily make a few thousand dollars after just one year of renting a room out. Then, you can use that money to start making bigger investments in real estate.

2. Flipping Investment Properties

Flipping properties is a great way to build wealth quickly, especially if you're someone who's handy and can complete repairs and renovations without hiring others. However, flipping properties can also be risky, especially for inexperienced investors. Not only will you need to pay all in cash, but if you overpay for a property that requires a lot more repairs than you thought, you could lose money.

It's best to hold off on flipping properties until you've learned a lot about real estate and have the financial stability to handle a loss if necessary. 

3. Purchase a Short-Term/Vacation Rental Property

One of the best options for real estate investors is to purchase a property, whether it's a condo, townhouse, or single-family home, and rent it out for vacationers. For this type of investing, you can take a mortgage out and have rental rates that cover your mortgage, insurance, and property tax costs along with some extra money for repairs and property management. 

Investing in a vacation home can be more fruitful than other options because if you're always booked, you can make a ton of money. However, as 2020 has shown us, vacation rentals can be hit with long periods of limited renters, which can cost you. Fortunately, with this type of investment, you're still gaining money in the long term from the property appreciating in value. So, even if there are periods where the property is empty, you'll be secure in the long run.

4. Purchase a Long-Term Rental Property

The most fruitful form of real estate investing is purchasing a single-family or multi-family property to rent out to long-term renters. You can start investing in rental properties with just a few thousand dollars and have the cost of rent cover your expenses as you build equity and the property appreciates over time. 

There are always going to be people looking to rent a nice home, so you shouldn't have trouble filling vacancies, especially if you work with a local property management company. This option also requires less work from the investor and allows a person to invest in properties out-of-state if they want. 

Start Investing In 2021

Whether you're looking to dip your toes into real estate investing by renting out a room, or you're ready to invest in a residential property, 2021 is the year to get started. The real estate market is stronger than ever, and it's time for you to cash in on all of the excitement.

Work with the best real estate investment team, Professional Real Estate Management & Investment Services Inc., and start growing your wealth for the future. Contact us today to learn more. 

The Florida Forecast: Real Estate Predictions for 2021

2020 has been an unprecedented year full of ups and downs, especially when it comes to the real estate market. Just a few months ago, investors, sellers, and buyers were all unsure what this pandemic would do to the real estate market, with many people nervous about an inevitable crash. 

However, just the opposite has happened. As the world has been in quarantine, people are placing more value on where they live than ever before which has led to a boom in the real estate market. Demand is higher than ever and prices continue to rise as the year comes to an end.

But what can we expect for 2021? Will prices continue to rise, or will they even out? Keep reading for our Florida forecast and predictions for real estate in 2021.

The Population Will Grow

The population in Florida grows, on average, 1.6 percent per year and that growth is expected to continue. Florida is one of the most popular destinations for people immigrating from around the world, as well as for U.S. citizens searching for warmer weather from up north. Pair that with more millennials wanting to live in the major Florida cities like Tampa and Miami, we can expect the population to at least reach average growth levels, if not exceed them in 2021. 

What does that mean for real estate? Well, it means more demand for buying properties, but also more demand for renting properties. A lot of people moving here from out of the state or out of the country are looking to rent before settling down and buying a property. This is great news for investors; there should be no shortage of renters for your investment properties come 2021.

Prices Will Continue to Rise

After a short dip early in the pandemic, real estate prices have surged well above what they were prior to the start of the pandemic. But can prices continue to increase in 2021? The answer is yes, and they are expected to. 

Demand for real estate is sky-high and supply is nowhere close to catching up, which means prices will continue to rise into the new year. Regardless of the pandemic, we are certainly in a seller's market and it's not expected to shift from that next year. So for potential investors waiting for a real estate crash, don't hold your breath. The time to invest is always right now!

Higher Demand for Short-Term Rental Properties

With a vaccine on the horizon, traveling will begin to ramp up again in 2021. People will be jumping at the opportunity to travel to the best beach spots in Florida for a paradise getaway, and that means demand for short-term rentals and AirBnBs will skyrocket.

For investors who prefer renting out to vacationers, 2020 may have been a bit of a struggle. But don't worry; brighter days are ahead in 2021. 

There Will Be Great Opportunities for Investors

While prices are increasing and investors may feel hesitant about jumping into a seller's market, there are still plenty of opportunities for a great deal. Investors who are willing to put in some sweat equity can capitalize on the foreclosures around the state. With prices skyrocketing for turn-key homes, the opportunity is there for investors to buy a cheap, run-down property and renovate to make a huge profit.

Investors with cash-on-hand should look to auctions and bank-owned homes to find some great deals. Additionally, you can work with an investment company that has exclusive connections to the best deals in town. Even in a seller's market, there are always fantastic deals out there to take advantage of.

The Time to Invest Is Now

If you're on the fence about investing in real estate, our 2021 forecast clearly shows that the time to invest is now. With higher prices and more demand on the horizon, waiting around to invest will only cost you in the end. Get started on your real estate investment journey today with Professional Real Estate Management. Contact us today to learn more about our investment and property management services. 

How to Manage Multiple Rental Properties: 3 Tips for Success

Investing in real estate is one of the best ways to grow your wealth and secure your financial future. But even investing in just one property can feel a bit overwhelming, let alone managing multiple rental properties. 

Investors have to worry about marketing, finding and screening tenants, collecting payments, dealing with legal issues, handling maintenance, and much more. And for every property you own, those tasks multiply. However, if you can learn how to manage multiple properties successfully, you'll be building wealth at a much faster pace and higher rate. 

Read on for a few tips on how to manage multiple investment properties with ease.

1. Utilize the Latest Real Estate Tech

Technology is created to make life easier for everyone. With the latest real estate tech, you can perform tasks and duties virtually and with the click of a few buttons, making managing multiple properties a lot easier. 

For example, if you want to show a property to a prospective tenant but don't want to do it in person, you can do virtual showings. These showings can give tenants a 360 degree view of your property without having to step foot inside. Another piece of technology you can use is an online billing system where tenants can submit their monthly payments so you don't have to worry about collecting checks each month. 

If you work with a property management company, you'll have access to all of the latest technology for property investors which will make owning multiple homes much more convenient and simple. 

2. Always Stay Organized

When you're juggling all of your properties, it can be easy to lose track of important tasks you need to get done. This can lead to delayed maintenance, missing payments, or upset tenants. Being unorganized can make managing several homes ten times more complicated and difficult.

You need to prioritize organization as a property owner. If you're more tech-savvy, keep things online and in designated folders, use spreadsheets, and add reminders to your online calander. If you prefer doing things offline, make sure you keep everything organized in their appropriate file and use effective ways to stay on top of your to-do list, whether that means carrying a notebook with you or hanging a to-do calendar above your desk. 

By staying organized, you won't ever have to feel overwhelmed by your management duties. You'll stay up-to-date and ahead of the game at all times and your tenants will be pleased. The best way to stay organized is to outsource management duties to a professional real estate management company that can handle things like rent, maintenance, and tenant issues.

3. Work With a Professional Management Company

Unless you're prepared to become a full-time landlord, managing multiple properties won't be possible without the help of a professional real estate management team on your side. When you get assistance with managing your many properties, you can sit back and collect monthly checks while watching your properties appreciate in value, all while letting the pros handle the hard work. 

A property management company will handle:

  • Marketing your properties
  • Screening tenants
  • Lease agreements
  • Legal issues
  • Security deposits and rent collection
  • Maintenance requests
  • Property inspections
  • Filling vacancies
  • And much more

Managing Multiple Rental Properties Is Easy When You Get Help

Don't make your life more complicated than it already is; let Professional Real Estate Management help you with your investment properties. Our team has the experience necessary to help you grow your wealth through real estate without having to put in all of the hard work. 

Contact us today to learn more about our investment property management services.

3 Reasons You Should Invest In Clearwater Properties

With how strong and steady the real estate market has remained through the craziness of 2020, many new investors are looking to join in on the fun with a big investment of their own. It makes sense; investing in real estate is perhaps the safest way to invest money because there will always be value in property, and historically, that value always goes up. 

But determining where to invest can be difficult, especially for first-time real estate investors. We're here to explain why Clearwater, Florida and the surrounding area is one of the best places in the country to invest in the real estate market. 

1. Clearwater Has a Strong Local Economy

Clearwater has a lot going for it, but perhaps at the top of the list is its strong economy. Even through the pandemic, the local economy has remained strong, showing the city has a lot more going for it than just tourism. 

Clearwater, located just thirty minutes from Tampa, is a great spot for families and young professionals to settle down. Whether you're working in Clearwater or Pinellas County, or you're commuting to Tampa, the steadily increasing population has created a strong economy that can thrive even without the massive tourism crowds. And as businesses have begun to open up and people feel more comfortable traveling, Clearwater is sure to see a boom from people dying to get a slice of paradise.

2. Perfect Balance Between Paradise and City Life

Why is Clearwater such a popular destination for people of all ages and backgrounds? It's simple; this city provides people with their own pocket of paradise while appealing to those who enjoy city life.

Clearwater alone has plenty to offer in terms of beaches, restaurants, and unique places to go out. And with a short 20-minute drive south to St. Petersburg, you get even more hot spots. You're also just a bridge away from Tampa, one of the country's fastest-growing cities which is full of some of the best restaurants, bars, and venues in Florida. 

So, what does this have to do with investing? Well, because Clearwater has so much to offer and appeals to such a wide range of renters and buyers, demand for real estate will always remain steady and high. You'll also see the value of your Clearwater property increase at a faster-than-average rate as more and more people move to the area.

3. Clearwater Properties Provide Investors With a Lot of Flexibility

When you invest in property in Clearwater, FL, you'll have a flexible investment. What does this mean, exactly? Well, you can choose to do a lot of different things with your property. For example, you could choose to rent it year-round to steady tenants. Or, you can make it an AirBnB to profit off of the tourism crowds.

If you want to enjoy the property for yourself occasionally, you can make it a short-term rental and block off the weeks that you want to visit. Additionally, Clearwater is an amazing option for investors who want to eventually retire and move into their investment property. What better place to retire than Clearwater, which is just a stone's throw from the top beaches in the country?

Property In Clearwater, FL: It's Time to Start Investing

Clearwater properties provide investors with the perfect opportunity to get a fantastic return on their investment long-term. The time to start investing is now; the longer you wait, the more prices will increase. Take the leap and give Professional Real Estate Management a call today to start your real estate investment journey. 

4 Things You Need to Know About the Real Estate Market In 2020

2020 has been an unprecedented year in just about every way. Back in March at the start of the pandemic, people across the country started wondering if a real estate crash was right around the corner as the economy shut down. Stock markets plummeted and businesses shut down, but the real estate market was a giant question mark.

People argued for both sides, but no one could have predicted that the real estate market would not only remain steady but actually continue to rise to record heights. Now, we're in a hot seller's market but buyers aren't slowing down. As a real estate investor, it's important to understand what exactly is happening in the real estate market in 2020. 

1. Home Prices Continue to Rise

Back in April, things weren't looking great for the continued rise of real estate prices. Growth drastically slowed down compared to previous months. However, as we got into May and beyond, growth rates sped up and are now growing at pre-COVID rates.

This is great news for sellers who were worried that a real estate crash could cost them a ton in equity. It also gives sellers the choice to cash out now or continue to wait as prices creep up in the months ahead. 

For buyers, it might seem like a terrible time to buy, but that's actually not the case. There are still plenty of deals going around, and we can't ignore the fact that there are people in this country hurting from the pandemic looking to sell their house fast, even if it means selling for less than it's worth. As a buyer, you just need to know where to look and have the help of a professional real estate team to find you the best deals. 

2. Mortgage Rates Continue to Fall

If you're a buyer that needs some convincing to enter the real estate market, this should do it: mortgage rates are at an all-time low and continue to fall. If the pandemic brought us anything positive, it was that mortgage rates have been slashed, with rates going for as low as 2.5% for a 15-year mortgage. This means that even if you pay a higher sale price for the property, these low rates will make the property less expensive than they were several months ago. 

Unfortunately, mortgage rates are unpredictable, especially in an election year. While it seems rates will continue to fall through the end of this year and into next year, there are no guarantees. If you're on the fence about buying a house, now might be the time to pull the trigger so you can lock in an amazing rate.

3. Don't Wait Around for the Real Estate Market to Crash

People have been waiting for the real estate market to crash for years, hoping to jump in on incredible deals similar to what came during the housing crisis of 2008. However, people who have been waiting for a crash are continuing to watch home prices skyrocket when they could have bought in years ago. 

With the pandemic this year, there's an even larger pool of potential buyers waiting for a crash, and the same thing is happening. Prices didn't drop, but instead continued trending upward. Again, people are missing out on building equity because they are trying to time an unpredictable market. If you try to time the market and wait around for another crash, you could be without an investment in real estate ten years down the line while you're still waiting for a crash. 

4. Millennials Now Make Up the Bulk of Home Buyers

Millennials are now in the majority of homebuyers. In fact, it seems the pandemic may have encouraged more Millenials to purchase a home because people are placing more value in where they live as work-from-home becomes the norm. 

As more Millenials save money and decide to settle down by purchasing a home, buyer demand will continue to rise. As an investor, it's important to realize this trend now because it's more evidence that the housing market will be strong for the foreseeable future.

Start Investing In Clearwater Properties

The time to invest is now. Don't try to time the real estate market, but instead work hard to find the best deals so you can start building equity right away. When you work with an experienced real estate team, you'll have all the support and resources you need to get an incredible investment property. Contact us today to start investing in Pinellas County, one of the hottest spots for real estate in the country. 

Introducing Our New Tenant Portal on Buildium

Professional Real Estate Management and Investment Services Inc. is pleased to announce that we are transitioning to a new tenant portal starting July 1st. The new portal will be on Buildium, which offers tenants new and exciting benefits that will make our your lives easier. 

The tenant portal will be your one-stop shop for everything you need regarding your leased unit. Here's a quick rundown of some of the features you can expect from this new portal.

Simple Rent Payments

You'll be able to pay your rent online using this portal, and your payments will be processed right away without any hassle. You can access the rent payment tool on your mobile device by using our mobile website or our app, making payments easier than ever.

Instant Maintenance Requests

Having a problem with your unit? Now you can submit maintenance requests online instantly so they can be resolved quickly and without any effort on your part. Landlords will be notified of maintenance requests right away so they can easily fix the problem in a timely manner.

Access to Rental Documents

Need to take a look at your lease agreement? You'll be able to access it on your portal instantly, no matter where you are. This new portal is mobile friendly so your lease agreement will always be at your fingertips.

Have Any Questions? We're Happy to Help!

We're excited to take this next step in making all of our tenant's lives a bit simpler. If you have any questions about this new portal or run into any issues, please don't hesitate to reach out to us.

Introducing Our New Owner Portal on Buildium

Professional Real Estate Management and Investment Services Inc. is pleased to announce that we are transitioning to a new owner's portal starting July 1st. The new portal will be on Buildium, which offers owners a ton of new and exciting benefits that will make our client's lives easier. 

This new owner's portal will be your one-stop shop for everything you need regarding property ownership. You'll have access to all information for properties, tenants, and maintenance requests. The portal is updated in real-time so the process will be streamlined and much more efficient. Not only that, but you'll get paid faster and have instant access to financial information.

Let's dive deeper into the many incredible benefits you can expect after our transition to the Buildium owner's portal.

Instant Access to Financial Information

You'll have all of your financial information in one spot for instant access, including:

  • Profit and loss statements
  • Contributions and draws
  • Transactions made by PREMIS on your behalf

This financial information will be updated in real-time and can be accessed from any device, so you'll always be up-to-date with everything related to finances.

Easy-to-Use Document Storage System

With Buildium's state-of-the-art document storage and sharing system, you'll always have access to documents related to your investment property, including:

  • Lease agreements
  • Receipts
  • Work orders
  • Property inspections
  • Any other important document

These documents are uploaded to the portal and can be accessed instantly by property owners. If landlords need to upload documents--the process is simple. Once uploaded, the documents can be accessed by PREMIS instantly.

Streamlined Tenant Experience

This portal will also make your tenant's experience more efficient, and allow landlords to have streamlined and instant access to any tenant issues, including maintenance requests.

Tenants can submit their rental payments each month on this portal and you'll be able to access those payments once they're submitted, meaning you'll get paid quicker.

Access to Property Reports

On the owner's portal page, you'll find a "reports" tab which allows you to run different reports in regards to your property. Here are just a few of the reports you can generate with this feature:

  • Budget reports
  • Cash flow statement
  • Balance sheet

The data used to generate reports is updated in real-time so you can feel confident that the reports are accurate with all current information.

Have Any Questions? We're Happy to Help!

We know this is a big change, but it's an exciting one that will make your experience as a property owner much easier. We are thrilled to improve our client's experience and make the entire process more efficient, easier to navigate, and more organized. If you have any questions regarding the transition to Buildium, please don't hesitate to reach out to us so we can help.

Applying for Unemployment Benefits: Everything You Need to Know

If your income has been negatively affected by the outbreak of COVID-19, you're not alone. Millions of people have temporarily or permanently lost their jobs due to this pandemic, making it difficult or impossible to pay monthly bills. 

Luckily, with the passing of the CARES Act (Coronavirus aid, relief, and economic security), new benefits have been made available, and more people are eligible for unemployment benefits. If you have lost your job or your income, you can apply for unemployment benefits to keep you afloat so you can continue to pay bills and expenses each month.

Here's everything you need to know about applying for unemployment, what the benefits are, and understanding the stimulus checks that will be sent out in the coming weeks.

Who's Eligible for Unemployment?

With the passing of the CARES act, eligibility requirements for unemployment benefits have significantly expanded, meaning just about everyone who has lost income due to the coronavirus is now eligible to receive unemployment benefits.

More specifically, people who may be eligible for unemployment include:

  • Employees that have lost their jobs
  • Employees that have taken a significant cut in wages
  • Gig workers (Uber drivers, food delivery services)
  • Contract workers
  • Freelance workers
  • People that are self-employed

To qualify for coronavirus unemployment benefits, you must meet one of three criteria:

  • You were ordered to quarantine by a medical professional or government agency (non-essential business shutdowns)
  • You lost your job (temporarily or permanently) due to the coronavirus
  • You are caring for a family member who has been diagnosed with the coronavirus

Previously, gig workers, freelancers, and self-employed workers were not eligible for unemployment. Luckily, this bill has dramatically expanded benefits to all types of workers that have been financially affected by this pandemic.

What Are the Unemployment Benefits?

Unemployment benefits vary from state to state, but in Florida, you can earn a maximum of $275 per week. However, the CARES act has added an additional $600 per week for up to four months of unemployment.

This means if you are approved for unemployment benefits, you can earn up to $875 per week for the next four months or until you start receiving your regular income again.

How to Apply for Unemployment

Applying for unemployment is easy, but with the increase in traffic over the last couple of weeks, it may take a bit longer for the website to load. 

All you need to do is fill out and submit your unemployment application here. In order to fill out your application, you will need your:

  • Social security number
  • Driver's license or state ID
  • Your past 18 months of employment (name of employer, reason for separation, earnings, and date of employment)

Once you submit your application, your claim will go to review to determine whether or not you qualify for unemployment benefits. 

Understanding the Stimulus Checks

In addition to the expansion of unemployment benefits, most workers will also receive a one-time stimulus check in the next few weeks for up to $1,200. In order to receive the stimulus check, you must have filed your taxes in either 2018 or 2019. If you were not eligible for the stimulus based on your 2018 salary, but you are eligible based on your 2019 salary, you should file your taxes for 2019 right away (if you haven't already) so you receive your check.

Here are the criteria for receiving the stimulus check:

  • All Americans with an adjusted gross income below $75,000 (or $150,000 for married couples) will receive the full amount of $1,200 (or $2,400 for married couples)
  • An extra $500 will be given per each dependant child
  • People with no income are eligible for the same amount ($1,200 for each adult + $500 for each child)
  • People who have been listed as a dependent on another person's tax return are not eligible
  • People who receive their income from means-tested programs, such as Social Security, are eligible and do not need to have filed their taxes to receive a stimulus check
  • Americans who make between $75,000 and $99,000 (or married couples making between $150,000 and $198,000) are eligible for reduced stimulus checks

These payments are not taxable and may arrive in as little as three weeks. If you have direct deposit set up with the IRS, you will receive your payments quicker. If not, you will receive your stimulus check via the postal service.

Apply for Unemployment Today

If you have been financially affected by the coronavirus, you are likely eligible for some unemployment benefits. Apply today so you can start receiving some financial assistance to keep you afloat through these tough times.

COVID-19 and Your Tenancy

Valued Tenants and Friends,

 

First and foremost, we hope that you and your family are healthy and doing well. These are challenging and unpredictable times for us all.

In light of the current circumstances, we’ve made some recent changes to the way we do business. These changes are for your safety and for ours.

To begin, our office is no longer open for walk-in traffic. Rent payments may be made either online at http://www.premisrealty.com/pay-rent-online, by US Postal Mail, or by using the drop slot at the top of our office door. Cash payments will no longer be accepted. If you choose to drop off or mail a personal check, money order, or cashier’s check, please make sure that the rental property address is on it.

Maintenance requests must be made either by telephone at 727-447-5100 or online at http://www.premisrealty.com/premis-maintenance-request. As of right now all of the vendors who work for us are still making service calls. Please use best practices and adhere to social distancing if a vendor comes to your home to make a necessary repair. This is for your safety and theirs.

Lastly, lease renewals will be done by email and signed electronically. Renewal inspections will be deferred until the situation changes. You may report any concerns that you have when the renewal addendum is emailed to you. If there’s something that you want us to see, please feel free to send pictures back with the renewal. We may still drive by to check the exterior condition, roof, and trees.

Thank you for your patience and flexibility as we navigate these uncharted waters together. Our best to you and yours.

 

Professional Real Estate Management

COVID-19 and Your Pinellas County Rental Property

Clients and Friends,

 

First and foremost, we hope that you and your family are healthy and doing well. These are challenging and unpredictable times for us all.

We are still operating as normal. We will continue to handle day-to-day maintenance needs as they arise, and we will continue to collect and disburse rent on your behalf. As of right now, we are still maintaining regular office hours.

We are still showing vacant properties as well, however, calls on available properties have decreased significantly. Please understand that if your property is currently vacant or will become vacant in the coming weeks we will do everything within our power to fill that vacancy. How the public reacts to this ongoing and fluid situation is however beyond our control.

Lastly, it is quite probable that we will experience some delinquency in April rent payments by tenants who work in the hospitality industry. Fortunately, they only comprise about 8.5% of the workforce in Pinellas County. Retail employees make up another 13.5%. It is our hope that the current Administration and Congress will work swiftly to help those affected workers, but April 1st is right around the corner.

In the meantime, we’ll do our best to keep you informed as this continues to unfold.

 

Best,

 

Professional Real Estate Management

Is Real Estate a Good Investment? 4 Things You Should Know

Investing is essential for anyone who wants to grow their wealth and have the ability to retire at a reasonable age. The earlier you start investing, the better off you'll be in the future.

But getting started in the world of investing can feel intimidating. Do you just blindly jump in and hope for the best? How do you know what to invest in?

Real estate is one of the most popular ways to invest and grow wealth, but a lot of younger people may feel intimidated by it. They might wonder, "is real estate a good investment compared to stock investments"? The answer is yes, real estate investing is the best way to grow your wealth over time.

Here's what you need to know about why investing in real estate is a great option for people who want to grow their wealth.

1. There Will Be Monthly Cash Flow

When you invest in the stock market, you'll usually just invest and forget, meaning you will leave the money invested without taking it out for several years unless you need to. But wouldn't it be nice to have a monthly return on your investment instead of only a long-term return?

When you invest in real estate and rent properties out, you will get monthly cash flow right into your wallet. Sure, a lot of this will go towards paying the mortgage (if you have one), paying property taxes, or paying for maintenance, but there will usually always be a good amount leftover that'll go right into your pocket.

2. You'll Have More Control Over Your Investment

Investing in real estate is unique because you have a lot more control over your investment. When you invest in the stock market, you really have no control over what happens, you can only decide how much you invest and when to pull your investment.

But with real estate, you control which property you invest in and what upgrades you will make to the property. You can literally add a ton of value to your investment just by fixing up a property and making some new additions. You also have control over who you rent to and how much you will charge for rent. 

Real estate investing means a lot more involvement on your part, which is great for people who do their research and put the time and effort into improving their investment. 

3. Real Estate Is a Tangible Asset

When you invest in real estate, you're investing in something tangible and real. You're not investing in paper or something with no real value other than the value we have given it. Real estate is something that will always be valuable because it serves a necessary function and people will need to live in properties no matter what.

This is super important when you consider long-term investing. You never know what will happen to the value of stocks and bonds, or even to the value of the dollar. But you can always feel confident that the real estate you own will always be valuable.

4. Properties Appreciate in Value Over Time

While it's great to get a short-term return on investments, the reality is that investing is a long-term game. You want to significantly increase your wealth over time so you are financially comfortable as you grow older. 

Real estate is the best way to grow your wealth over time because the value always appreciates. It doesn't matter if there is another crash in the market because the value will bounce right back up as it has since the last crisis over a decade ago. When you look at how real estate value changes over the span of 20 or 30 years, it always trends significantly upwards, which is what you should be looking for as an investor.

Is Real Estate a Good Investment? Yes, It Is!

Now that you know the answer to "is real estate a good investment", how can you get started? While real estate investing is a great option, it's also easy to make big mistakes if you don't know what you're doing. That's why you need to work with a real estate investment company that can help you find high-value properties as well as manage those properties and find quality tenants to fill vacancies.

Here at Professional Real Estate Management and Investment Services, we do all of those things plus much more. We have the knowledge, expertise, and passion to help you make an amazing investment that will bring you wealth now and for years to come. Contact us today to learn more about our investment and property management services!

Taking the Leap: Is Now a Good Time to Invest In Real Estate?

If you're thinking about investing in real estate, you're probably asking yourself, "is now a good time to invest in properties?"

That's a fair question because you don't want to overpay for a property only to have trouble finding tenants to fill vacancies or get stuck with a high fixed-rate for your mortgage. There are a lot of factors that go into whether or not the real estate market is good for investing, and right now, all of those factors are pointing towards it being a great time for making an investment.

Keep reading to learn more about why you should take the leap and start investing in real estate today, rather than continue to wait.

Mortgage Rates Are Low

If you're investing in a property, you're more than likely going to be taking out a mortgage in order to do so. That's why it's important to consider fixed mortgage rates, which can drastically change the amount you pay towards your property.

Of course, your interest rate will be affected by a number of personal factors including your credit score and yearly income. But mortgage rates are also determined by the state of the economy, inflation, economic growth, and the overall housing market.

With all of these factors considered, the average mortgage interest rate is low compared to the last twenty years. On average, you'll find interest rates of around 3.5%-4.5%, depending on what type of mortgage you take out and your personal financial health. To put those numbers in perspective, interest rates were almost double that just over a decade ago. 

You never know how interest rates will change from year to year, but it's hard to see rates getting much lower than they are now. That's why jumping into it now is a great idea; you can get an attractively low fixed-rate mortgage.

There Are a Lot of Renters In the Market

Millennials aren't buying houses and are choosing to rent single-family homes from year-to-year instead. What does this mean for someone interested in investing in real estate?

Well, it means there will be no shortage of potential tenants to fill your vacancies. With such a big pool of renters out there, you won't be left vacant for long and can even increase rent prices to reflect the overwhelming demand for rental units. 

The rental market shows no signs of slowing down, either, as Millenials are hesitant to settle into a fixed 30-year mortgage. This means right now is a great time to get into the game and find your footing while the demand is still hot!

Tenants Are Choosing Private Landlords More Than Ever

Not only are there a ton of people looking to rent homes right now, but they are opting for private landlords as opposed to renting an apartment unit. 

If you can offer the basic necessities that tenants are looking for, such as updated appliances, then you'll find yourself flooding with tenant applications looking to rent your property.

The Earlier You Invest, the More You'll Make

If you're thinking to yourself, "well, it won't hurt to wait a few years to invest in real estate", you might be making a big mistake. This is because the earlier you invest, the more your property will appreciate over time. 

Long-term appreciation is the main goal when investing in real estate, and the longer you hold onto your property, the more it'll increase in value.

So unless you aren't in a good place financially right now, then you should choose to invest as soon as possible. You can make significantly more money by choosing to invest a couple of years earlier.

So, Is Now a Good Time to Invest In Real Estate?

If you're asking yourself, "is now a good time to invest in real estate", the answer is a resounding yes! Not only will you find low fixed-rates on mortgages, but the earlier you invest, the more you'll make long-term. The answer is always to invest now rather than later, as long as you are in a good place financially.

If you're looking for the best real estate investment services in Clearwater, FL, and the surrounding areas, then look no further!

Here at Professional Real Estate Management and Investment Services Inc., we can help you find the perfect property to invest in. Not only that, but we will manage your property and find quality tenants to fill vacancies, and will provide many other services. Contact us today to learn more about how we can help you invest in your future.

How to Find the Best Property Management Company

Investing in real estate is one of the best ways to secure your financial stability for the future. You can make huge profits from your property just from long-term appreciation alone.

However, investing in real estate is a lot more than just purchasing a property and letting it accumulate more value. You also need to keep the property in good shape and find quality tenants to rent to. 

These tasks can quickly pile up and become a full-time job for an unsuspecting investor. That's why you need to work with the best property management company that can care for your property and handle all of the day-to-day tasks. 

But how do you find a real estate manager that can meet all of your needs and keep your property in tip-top shape? Keep reading to find out how to find a management company that's perfect for you.

 

Take a Look at Online Reviews

When you look for a property management company, your search will more than likely start online. There will be several management companies in your area to choose from, and it might be overwhelming to figure out where to start. 

To get a better idea of the companies, check out their reviews on Google, Yelp, and Facebook. Some reviews can be really helpful in letting you know the strengths and weaknesses of a company. Then, when you meet with a property manager, you can talk to them about the reviews you read and hear their side of it to get a full picture.

Explore Their Website

After checking out reviews, visit their website and take the time to explore a bit. Look at their service pages, and see if they have a property management blog. Blogs can be a great indicator of the quality of a business and they can also give you great information about the company.

Also, take a look at the "About Us" page and read up on the staff of the company. You can get a great feel for the company culture and approach to management just by poking around their website.

Understand the Services They Offer

When you're looking for a property management company, you'll want to make sure they offer all of the services you need. Here are some common services to look for in a real estate management company:

  • Create lease agreements
  • Marketing properties
  • Screen tenants
  • Fill vacancies
  • Home inspections
  • Collect security deposit and monthly rent payments
  • Handle maintenance requests
  • Handle disputes
  • Enforce the lease agreement

You should also consider what services the company does, and which ones they outsource. For example, some property managers outsource accounting, which means a longer turnaround time for you to receive your monthly proceeds. 

Ask Plenty of Questions

When you meet with a property manager, ask any and all questions you may have. This is your chance to get a full understanding of what they can offer you and how your business relationship will look moving forward.

Here are some important questions to ask a real estate management company before you start working with them:

  • What certifications/licenses does your business hold?
  • How many years of experience do you have?
  • What is your fee structure?
  • What services do you provide?
  • What types of properties do you manage?
  • How do you ensure vacancies are filled promptly?
  • How do you market properties?

This is also a great opportunity to clear the air of any concerns you may have regarding their company. If you read anything negative online, bring it up with them in person and hear what they have to say. 

Go with Your Gut

Whenever you have a big decision to make, sometimes it's best to simply listen to your gut instinct. How did you feel when you met company X vs. company Y? Did you have a good conversation with a property manager that made you feel comfortable and confident in their abilities?

Your gut can tell you a lot of things that information online can never tell you. So when it comes down to picking the best property management company, go with your gut instinct and stick to it.

Always Work with the Best Property Management Company

Finding the best property management company to work with can be time-consuming and tiresome, but once you find the perfect fit, it'll all be worth it. 

Here at Professional Real Estate Management, we know what it takes to provide the best real estate services to our clients. We always go above and beyond and you'll always feel confident that your investment property is well cared for. Contact us today to learn more about our property management services.

What Is the Best Type of Real Estate Investment Property?

Are you thinking about investing in real estate, but feel unsure about what to invest in? There are a lot of investment opportunities out there, and it can feel overwhelming to choose which one is right for you.

Each type of real estate property has its own advantages and disadvantages, and it's important to have a good understanding of each option. 

Keep reading to learn more about what the best type of real estate investment property is for you.

Residential Real Estate

Residential real estate is the most popular form of investing for beginners, and for good reason. It's easy to get into and there's very little long-term risk. Under the residential real estate umbrella, there are a few different options you can consider.

Single-Family Home

If you're looking for a great way to invest in the long-term, a single-family home is the best option. The long-term appreciation for these properties is almost always high. 

In addition, you'll earn monthly passive income to cover the cost of the mortgage (if you have one), property taxes, and property management. You'll be making enough each month to cover those expenses and you can pocket the rest of the rent money.

Townhomes or Condos

If you're interested in investing in multiple units, townhomes and condos are a great option. You can buy a few units and rent them out to separate tenants. The upkeep with these properties is a lot easier but you'll have to pay heftier HOA fees to cover things like lawn care and landscaping.

Multi-Family Home/Duplex

Investing in a duplex is a cool idea if you're interested in living in one half of the duplex while renting out the other. The rent that the other tenants are paying can cover your mortgage payment so they are basically paying off the entire duplex.

Apartment Building

Investing in an apartment building can be an incredibly rewarding opportunity, but it's something that should be done by an experienced investor. If you're just getting started in the world of real estate, stick with detached properties or townhomes and condos.

Commercial Real Estate

Commercial real estate offers investors an opportunity to make more cash in the short-term. You can also expect to have longer leases, shorter vacancies, and less competition.

Here are some commercial real estate opportunities you should consider:

  • Office buildings
  • Hospitals
  • Industrial buildings
  • Retail
  • Shopping malls

While this can be a great opportunity, you should already be well established as an investor and in great financial standing before investing in commercial real estate.

Raw Land

Raw land is an attractive investment opportunity because it's generally a lot cheaper and you can score big if you invest in raw land that's in a popular or soon-to-be popular area.

If you see raw land for sale in an area with high potential growth, buying it up can get you a huge return on your investment. But oftentimes, raw land won't appreciate in value unless it's in a great location, so there's a lot of luck and instinct involved with this type of property investment.

Which Type of Real Estate Investment Property Is Best for You?

If you're wondering what the best type of real estate investment property is, it really depends on your experience, financial standing, and your goals. If you're just starting out with investing, it's best to start with residential real estate and work with professionals who can help you along the way.

Here at Professional Real Estate Management and Investment Services, we can help you find the best residential investment properties. We will also manage your property for you, so you don't have to worry about all the extra work that comes along with renting out a property.

Contact us today to learn more about our services and how we can help you achieve your investment goals.

Should You Hire a Property Manager? 5 Things to Consider

As an owner of investment properties, you're always looking for ways to cut costs so you can increase your profit margin. One of the costs you might be considering is whether or not to hire a property management company. A lot of landlords think that if they manage the property on their own, they can save a lot of money.

However, that's not always the case. So, should you hire a property manager for your investment properties?

Here are five things to consider when you're making this big decision.

1. How Many Properties Do You Own?

There's a big difference between trying to manage one property and managing five properties.

Even with just one investment property to manage, it can feel like a full-time job when things start to go wrong (tenants not paying rent, repairs needed left and right, etc). But when you're juggling multiple properties, it's nearly impossible to manage them all on your own. 

If that's the case for you, then you should definitely work with a property management company to either help with the duties or to take them over altogether.

2. How Far Away Do You Live?

Managing a rental property requires you to visit the property frequently to perform home inspections, complete maintenance tasks, and do repairs as needed. If you live far away, this just isn't possible unless you work with a local property manager who can be your eyes and hands for the property.

If you live far from your property and you work with a real estate manager, you can limit your visits as much as you want. The property manager will report back to you on your property and take care of all the duties that require in-person work.

3. How Knowledgable Are You?

What do you know about the local real estate market, how to market your property, writing a lease agreement, or doing repairs for your property? Unless you're very knowledgable in all of these areas and everything else that you'll need to do as a landlord, you should hire outside help.

Property managers have a deep understanding of everything that goes along with renting out an investment property, and they have a ton of experience handling any issues that may arise. 

You shouldn't leave your investment up to chance and risk cutting corners on things that need extreme care and attention. Leave it to a company that has the knowledge and experience to get the job done right.

4. Are You Detail-Oriented?

One of the most important traits of a landlord is the ability to notice details and small things that can or will go wrong on the property. Without a keen attention to detail, you can easily overlook issues with the property, issues with your tenants, and more. 

If you're not detail-oriented, work with a property manager. Not only do they know what to look for, but they can pick up on small details that you wouldn't normally overlook or ignore.

5. How Busy Are You?

Do you work full-time, spend your free time raising a family, or love to travel a lot? 

Managing properties can become a full-time position, and one that doesn't allow for breaks or time off. You never know when the air conditioner unit will die or a tenant will break a lease agreement. 

If you're busy and don't have time to give your landlord duties the full attention they need, you absolutely need to work with a property manager. That way, you can focus on the rest of your busy life without worrying about neglecting your investment property or your tenants.

Yes, You Should Hire a Property Manager

Unless you want to be a full-time landlord, you should definitely hire a property manager to help with all of your properties. Working with a property management company will save you time and money in the long-run, so it's an easy decision.

Here at Professional Real Estate Management, we will take care of all of your investment property duties including filling vacancies, collecting rent, performing maintenance and completing repairs, and much more. Contact us to learn more about how we can help you manage all of your properties.

5 Must-Know Tips for First-Time Landlords

Being a landlord is a lot more than collecting rent every month and cashing in the checks. It takes a lot of work to be a good landlord that tenants respect and will continue renting from beyond their initial lease agreement.

If you're a first-time landlord, it's important to know exactly what it takes to be a great property owner. Not only will your tenants appreciate you more, but you'll have fewer vacancies and can potentially earn a lot more money from your rental properties.

Keep reading for five must-know tips to become a great landlord and property owner.

1. Screen Tenants Thoroughly

If you want to make your job as a landlord infinitely easier, you need to find tenants that always pay rent and will take care of your property. That's why screening tenants thoroughly is so important. If you don't, you can end up with tenants that don't pay rent and completely trash your property, adding to your long list of things to take care of.

When you screen tenants, you should do a background check, credit check, and application that includes things like pay stubs and past rent experiences. You can contact potential tenants' previous landlords and ask if they paid rent on-time and were responsible renters.

2. Require a Pet Deposit or Pet Fee

Pets, especially cats, can do a lot of damage to your property. Cats will tear up the carpet at the very least, and dogs can leave a bad smell in rooms that require a thorough (and expensive) carpet cleaning.

If you want to accept tenants with pets, you should ask for either a pet deposit or a monthly pet fee or "pet rent" to cover any potential damages to your property.

If you are renting out a furnished property, you should consider a "no pets" rule unless you want your couches completely torn up by the time your tenants move out.

3. Understand the Fair Housing Act

If you're a new landlord, it's important to educate yourself on the Fair Housing Act to avoid getting into legal trouble. 

The Fair Housing Act protects people from being discriminated against based on race, color, creed, national origin, sex, age, marital status, familial status, or physical or mental disability. 

Prohibited actions by landlords or property managers based on these protected classes include:

  • Refusal to rent housing
  • Refusal to negotiate for housing
  • Set different terms or privileges for rental
  • Deny a tenant a service animal based on a "no pet" policy
  • Make housing unavailable
  • Advertise to a specific group of people

As a new landlord, you need to be very familiar and comfortable with everything that comes along with the Fair Housing Act to avoid any issues moving forward.

4. Create an Airtight Lease Agreement 

Creating a lease agreement is not something you just do on a whim without taking the time to ensure you and your property are completely protected. Your lease agreement needs to be airtight and clearly lay out what you expect from the tenants, and what the tenant can expect from you as the landlord. 

You should work with a property management company to create an airtight lease agreement because they have a lot more experience and know exactly how to put together an agreement. Property management companies work with attorneys to ensure lease agreements comply with housing laws and cover everything that's necessary for an agreement.

By working with a property management team, you won't be putting this very important task up to chance and can rest assured you have an airtight lease for your prospective tenants.

5. Keep Up with Maintenance and Repairs

Do you want to reduce tenant turnover and ensure your tenants are happy renting your property? Then you need to take care of any maintenance or repair requests in a timely manner. 

Whether you go to the property to make repairs yourself, or you hire contractors to do the work for you, it needs to be done right away so your tenants know you're holding up your end of the agreement. 

Are You a First-Time Landlord?

If you're a first-time landlord, you might feel a bit overwhelmed with all of your duties and responsibilities. But if you follow these tips, you can be a great landlord for your tenants.

Here at Professional Real Estate Management, we can help you with your landlord duties including creating an airtight lease, finding quality tenants, repairs and maintenance, collecting rent, and resolving any tenant issues or concerns. Contact us today to learn more about our property management services.

Real Estate vs. Stocks: Why You Should Choose Real Estate Investing

Are you interested in getting involved in the world of investing? If you are, you're making a great decision that will, more than likely, grow your wealth and provide long-term financial stability.

But when it comes to investing in real estate vs. stocks, which is the best choice for you? 

There isn't a universal answer because some people might excel in the stock market while others have a mind for real estate. However, in general, real estate investing is the best choice for short- and long-term value.

Keep reading to learn why you should choose to invest in real estate over the stock market.

Real Estate Provides Passive Income

When you invest in real estate like single-family homes or townhomes, you earn passive income each month from tenants paying rent. This is a huge advantage because through the stock market, you won't really earn passive income. You typically just invest and hope you get a return over time.

Your passive income will pay for any mortgage payments, property tax, and other costs like maintenance. After those costs, the rest of the rent money you collect goes straight into your pocket.

Long-Term Appreciation of Real Estate

The real benefit of investing in real estate is the long-term appreciation of properties. Over time, real estate value goes up no matter where you invest. This is because the real estate market keeps pace with inflation over time, which the stock market doesn't necessarily do.

If you do your research and spend time learning about the local real estate market, you can find great deals on properties. Look for homes that have a low cost but are in an up-and-coming area. If you make a smart real estate investment, your property will appreciate in value multiple times over.

Lower Risk Compared to the Stock Market

Investing in real estate is less risky than the stock market for a few reasons. The first is real estate keeps pace with inflation so the value of your property will always go up over time. 

It's also less risky because you can learn a lot about specific properties and make better decisions about which property to invest in based on what you think renters value. When investing in individual stocks, you really don't know a lot about the businesses you invest in and you can easily lose all of your money before you know it.

Even if you make a poor real estate investment, it'll always have value and, at the very least, you'll get the same value in return. That is inherently a lot less risky than the volatile stock market. 

Real Estate vs. Stocks: The Choice Is Easy

When you compare real estate vs. stocks, there is no question that real estate investing provides more short- and long-term value to the investor. Also, there is less risk when investing in real estate if you take the time to do your research and work with people who have a lot of knowledge on the local real estate market.

Here at Professional Real Estate Management and Investment Services Inc, we know how to find the best investment deals in the Pinellas County area. Our goal is to help you make the best investment so you can earn money now and in the future as your property appreciates in value.

Contact us today to learn more about our services and how we can help you make a smart real estate investment in Clearwater, FL.

How to Be a Real Estate Investor: 5 Tips for Success

There's always risk involved when it comes to investing, but there are ways to limit risk and become successful if you know what you're doing. 

When it comes to real estate investing, there's nothing more important than taking the time to develop great habits before getting started. If you put the necessary time and effort into learning how to be a real estate investor, you will find success.

Keep reading for five important tips to practice to become a successful real estate investor.

1. Have a Detailed Plan for Investing

Becoming a real estate investor is a lot like starting your own business. Therefore, you need to create a detailed business plan that outlines your short- and long-term goals. This is important so that you stay motivated and focused on what you really want to achieve.

Without an investment plan, it's easy to get caught up in minor setbacks or to completely lose sight of what you're trying to accomplish through investing.

2. Research the Local Market

Understanding the local market is essential for finding success. If you invest in a property before doing the necessary market research, you can end up making a terrible investment and losing money or limiting your profit margin.

Before investing, spend time researching the market in-depth and learn all about current trends, such as spending habits of local consumers, mortgage rates, and unemployment rates. You should also learn about new developments being built in the area (businesses and neighborhoods) as that can say a lot about the future of the real estate market.

3. Have a Specific Property Niche

You can choose to invest in a ton of different types of properties such as townhomes, beach houses, single-family units, and so on. But when you dip your toes into a number of niches, it's difficult to become an expert in any of them.

That's why choosing one property niche, such as single-family homes, is the best route. You'll become knowledgable in the niche and have a deep understanding of what renters are looking for. You can also invest in multiple properties in the same neighborhood to make managing the properties a whole lot easier.

4. Understand the Risks

Investing in any way inherently carries some risk. But ignoring those risks and hoping for the best is not a good habit to practice because you won't be prepared when inevitable setbacks occur. 

By educating yourself on the risks of investing in real estate, you can make more educated decisions and better protect yourself from risk. 

5. Find Help 

Becoming a real estate investor is not something you should attempt all by yourself unless you want your life consumed by it.

Investing in a property is more than just renting out a unit to tenants and watching your house appreciate in value over time. There's a ton of accounting involved, property management, screening tenants, dealing with tenant issues, making repairs and performing maintenance, marketing your property, and much more. 

That's why you need to find help if you want to become a successful real estate investor. Consider working with a local real estate management company that can handle all of the tasks that you don't want to spend time doing. They have expertise in property management so you can rest assured your investment is protected and in good hands.

How to Be a Real Estate Investor and Find Success

Anyone with a little money can learn how to be a real estate investor, but if you hope to find great success through investing, you need to take time to develop good habits and skills. The tips listed above are essential if you want to build your wealth significantly by investing in real estate. 

Whether you're new to real estate investing or you've had some experience, it's always a good idea to seek help because it's not a one-person endeavor. Here at Professional Real Estate Management, we offer all the services you'll need to find success in real estate, including property marketing, screening tenants, property management, and accounting services. Contact us today to learn more about how we can help you get started in real estate investing.

What Does a Real Estate Management Company Do?

If you own an investment property, you know how much time and effort goes into taking care of the property, renting it out, and dealing with all of the accounting for the property. If you handle all of these duties on your own, it can start to feel like a full-time job.

But what if you don't have to manage your property by yourself? What if there was a way to make money off of your investment property without spending countless hours managing it?

That's where real estate management companies come in! But what does a real estate management company do, exactly?

Keep reading to find out!

Market Your Property

Marketing is an important part of managing an investment property because, without marketing, you wouldn't attract quality tenants. Trying to market your property is a full-time commitment on its own, which is why you should work with a property management team that knows how to best market investment properties.

Marketing for your property includes yard signs, using online resources like Zillow.com, advertising on social media, and much more. 

Create Airtight Lease Agreements

Creating a lease agreement is an in-depth process because it's a legal document that needs to protect you, your property, and the tenant. If you leave anything out of the agreement, you can risk losing a lot of money or even be held liable for omitting important information.

Real estate management companies know exactly what needs to be included in a lease agreement. They have consulted with attorneys to create a fool-proof, airtight agreement that will protect both you and your property. 

Screen Tenants

Attracting tenants is only the first step, you then need to screen them to make sure they will be quality tenants and pay their rent on-time. Screening tenants include giving applications, completing background and credit checks, and receiving income documentation to ensure they can afford rent each month.

You might end up screening dozens of tenants before finding one that meets your criteria, so it's best to delegate this task to a management company.

Collect Rent

If you own multiple properties, the last thing you want to do every month is worry about collecting rent. If your tenants haven't sent you their rent payment, you have to charge late fees and try to get them to pay it or else evict them. This can all be one big headache and isn't something you want to worry about on a monthly basis. 

Real estate managers will collect rent, deal with late payments, and give eviction notices if a tenant does not pay rent. They will also quickly fill any vacancies after an eviction occurs so you don't lose money.

Handle Tenant Issues

There are so many things that can go unexpectedly wrong on a property. There might be a pest problem, a power outage, or plumbing issues that tenants need to be fixed immediately. Unless you want to wake up to calls at 2 in the morning or have to drop everything you're doing to take care of tenant complaints, you should work with a real estate manager.

Not only will they handle tenant issues in regards to properties, but they will also handle tenants who are damaging your property or are not following the lease agreement. In addition, they can handle any legal disputes with tenants in regard to the property and lease agreement.

Take Care of Repairs and Maintenance

Do you want to spend weekends at your investment properties doing maintenance tasks or making repairs to the home? If not, then you should work with a property manager.

They will take care of any repairs that need to be completed as soon as possible. They also have local contacts including electricians, plumbers, and handymen that they will send to your property for any additional maintenance tasks that need to be completed.

Property Inspections

Once a lease agreement is up, you will need to complete a property inspection to record any damages that have occurred during the previous tenant's occupancy. This is very time-consuming and requires a keen eye for detail as well as experience in inspecting properties, otherwise, something can be missed and cost you money.

A property management company will complete property inspections and provide you with a detailed report so you know the exact state of your property following an occupancy.

Accounting Services

Collecting rent, paying mortgages, property taxes, HOA fees, and repair costs can lead to a complicated financial situation. You need to be able to track the money you are spending compared to the money you are receiving to ensure you are earning enough money.

Real estate management companies will provide accounting services to track monthly expenses and income. They will provide you with a detailed financial report that's easy to read and allows you to have a deeper understanding of your financial situation in regard to your investment property.

Start Working with a Real Estate Management Company

Working with a real estate management company can save you a ton of time and money and make owning an investment property a breeze. 

Here at Professional Real Estate Management, we have nearly two decades of experience in property management and investment services. We know what it takes to manage a property and we will take all of the pressure and stress off of your back. Contact us today to learn more about our real estate management services!

How to Write a Rental Agreement: What You Need to Include

If you're ready to start renting out your property to tenants, you need to create an airtight lease agreement that will protect you and your property. While agreeing to payment terms is a big part of a lease agreement, there are several other things that need to be stipulated and agreed upon in order to protect your investment property.

Keep reading to learn more about how to write a rental agreement and what you need to include in it.

Payment Information

The first section of the rental agreement should detail the payment terms you and your prospective tenant(s) are to agree upon. Here's the payment information you should include:

  • Exact amount of rent
  • Due date for rent
  • Late fees for missing the rent due date, and when they will go into effect
  • Security deposit and refunds
  • Fees for returned checks
  • Other fees the tenant will be responsible for, such as utilities

You should also stipulate which payment methods you accept, such as checks, CashApp, PayPal, or money orders.

Property Specifics

The next section will go into specific details about the property rules. This is an important section because it's how you can protect your property from being carelessly damaged by tenants. Here's what you should include in this section of the rental agreement:

  • The definition of property premises
  • The definition of damage vs. normal wear and tear 
  • The owner's right to enter and inspect the property, and how much notice they need to give tenants
  • Specific details on what can and can't be altered (hanging pictures, painting walls, etc.)
  • A reminder that the tenant must inform landlord of any damage
  • A reminder to not change the locks

This section should be detailed and leave no grey area because tenants will take advantage of any vague property specifics and you'll be left paying a lot more money on repairs.

Lease Termination

There needs to be a section dedicated to lease termination that outlines if and when a tenant can terminate the lease. This section should also include any fees or penalties that the tenant will have to pay upon early lease termination. This protects landlords from having tenants end leases early without any warning which would cost landlords a ton of money.

Additional Information

You'll need to cover all your bases in a tenant agreement because you never know what a tenant might try to do. The more detailed you can be about rules and guidelines for your property, the better. Here's additional information you should include in your lease agreement:

  • Are overnight guests allowed? How long can guests stay?
  • What parking is included?
  • Are pets allowed? If so, what kind and how many? Will there be pet fees or deposits?
  • How many keys are included?
  • Specific neighborhood or community rules
  • Noise ordinances
  • What can be stored on-site?
  • Can tenants sublet rooms?

You should also stipulate what will happen if any of the above rules are broken by the tenant.

Make Sure Your Lease Agreement Complies with Laws

To protect yourself as the landlord, you need to make sure your lease agreement follows federal, state, and local laws. For example, you need to follow anti-discrimination laws, health and safety codes, occupancy laws, and disclosure requirements.

You can work with an attorney or a property management company to make sure your lease agreement is airtight and does not leave you liable.

How to Write a Rental Agreement: Get Help From the Pros

Learning how to write a rental agreement is only the first step. Actually creating one and making sure it's completely airtight and protects you and your property is difficult to do unless you have experience.

That's why you should work with a property management company that knows exactly what to include in a lease agreement. 

Here at Professional Real Estate Management, we will not only create a lease that meets your standards and complies with the law, but we'll enforce the lease to ensure your property is always protected from damage. Contact us today to learn more about our lease agreement and property management services.