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.

Real Estate 101: The Best Ways to Get Started in Real Estate Investing

Real estate investing is one of the best ways to grow your wealth and start taking in a passive income. But for someone who's new to the real estate world, it can feel pretty overwhelming. How do you start investing in real estate if you have no prior experience?

Well, you have a few options depending on your financial standing and your investment goals.

Ready to learn some real estate 101? Keep reading for the best ways to get started in real estate investing.

Rent Out a Room

When you think of investing in real estate, you might imagine buying a property to rent out or to flip for a profit. But for people who are beginners in the world of real estate, or who don't have the money to invest in an entire rental property, renting out a single room is a great investment opportunity.

If you're planning on buying a house of your own, why not make an investment and buy a house that has a spare room to rent out? Another route would be to buy a duplex and live in one side while renting out the other. This is a great option for people with limited resources who are interested in making at least some money off of real estate. 

If you take out a mortgage for the home, you can potentially make back your mortgage payments by renting out part of the property. 

Invest in Rental Properties

If you are in good financial standing and you're ready to dive head-first into real estate investing, there's no better choice than buying a rental property. This option will earn you the most passive income and have a high appreciation rate so you earn more over time.

The most difficult part of investing in a property is finding one that will earn you the most money now and in the long-run. If you're new to investing, it's best to work with a real estate investment company that can find you the hottest properties and best deals.

Start Flipping Homes

Looking for a high-risk, high-reward investment opportunity? Do you want to earn a profit right now instead of in ten years? Flipping a house might be your best bet.

This strategy involves buying a home that you think is undervalued, fixing it up to drastically increase the value, and then re-selling it at a much higher price than what you originally paid.

This is a high-risk strategy because you're banking on the fact that the house will sell for a lot more than what you spent (a) buying the house and (b) fixing the house up. However, if it works out, you'll have earned a big profit really fast.

This is a good way to get into investing if you're someone that has money to spend already. It's not a great strategy for people who need to take out a mortgage for a home, however.

Buy Real Estate Investment Trusts (REITs) 

If you're an investor that wants to add real estate to your portfolio but doesn't want to make a traditional purchase, you can buy through a real estate investment trust (REIT). Essentially, this means you are buying stocks of real estate so you will only own a fraction of properties.

This is ideal for investors who want to get started in real estate without putting down a lot of money. You can earn profits off of your "stock" and get a better feel for how real estate investing works before jumping into an investment property on your own.

Real Estate 101: Start Investing Today

Now that you've got the lowdown on real estate 101, it's time to take the next step and start investing. The earlier you start investing in real estate, the more you'll make in the long run. Luckily, we're here to help you get started.

Here at Professional Real Estate Management, we help entrepreneurs find the perfect properties to invest in. Then we'll find quality tenants and manage the property so you don't have to. Contact us today to learn more about our investment and property management services!

The Ultimate Guide on How to Find Tenants for Your Rental Property

You've recently bought an investment property and you're excited to start renting it out and earn a passive income. But unfortunately, finding quality tenants is a lot easier said than done.

Even if you live in an area that has a high demand for rental properties, you still need to market your house and get the word out that it's for rent. Otherwise, it'll sit vacant and will end up costing you money each passing month instead of providing you some extra income. 

Here's everything you need to know about how to find tenants for your rental property.

Use "For Rent" Signs

It might seem obvious to put up "for rent" signs at your property, but it's something can be overlooked in the age of digital marketing. However, it's important to catch the attention of people walking or driving by your home because you never know who might be looking for a place to live. 

Not only will they see that your house is available to rent, but they will actually be there in-person and can form an opinion on how it looks. They can also drive around and see what else is in the area to give them a better idea of if it's a good fit. Then, they can give the renter's number a call or visit their website to see additional pictures of the interior of the home. 

Advertise on Rental Sites

The number one way to attract tenants is to advertise on rental sites like Zillow or Trulia. This is how tenants look for properties, and if yours isn't listed they will never know it exists. 

The more you include on rental sites, the better. Potential tenants want to have as much info as they can before reaching out to get a viewing. Include quality pictures of the inside and outside, and make sure the photos are free of clutter and personal items. It's best to work with a professional photographer that can really highlight the qualities of your home.

You should also include rent price and what's included in rent (HOA fees, utilities, etc.), pet policies, square footage, floor plans, and what maintenance will be provided, if any.

Post Properties on Social Media

If you have a social media account, consider posting pictures of your properties online. You can post your property to local real estate or rental pages on Facebook and you might find locals interested in renting the property.

You can also post pictures on your own pages to see if any friends or acquaintances are interested, or may know someone that is interested in renting your property.

Advertise on Craigslist

Posting properties on craigslist is one of the easiest ways to attract tenants. It's free and easy-to-use, and people looking for properties often check out craigslist before any other renting sites.

When posting an add on craigslist, be sure to include all of the same information that you'd include on other rental sites. This helps people differentiate your listing from scam posts that often flood craigslist.

Work with a Property Management Company

The best way to find quality tenants is to use a property management company because not only will they do all of the above for you, but they have a ton of experience finding tenants and know how to market properties. 

A property management company will market your property, conduct home viewings with potential tenants, create tenant applications, screen potential tenants, and write the property lease. That is a lot of work for an investor with no experience to try to do, so there's no question that hiring a property management company will save you both time and money in the long run.

How to Find Tenants: Quality Matters

When thinking about how to find tenants for your rental property, it's easy to forget that finding quality tenants is more important than quickly filling a vacancy. Yes, having a vacant property can be costly, but having a bad tenant move in and destroy your property or miss rent payments is a lot worse. By taking the time to attract quality tenants, you will be much better off. 

Here at Professional Real Estate Management and Investment Services Inc, we have all the tools to attract quality tenants to your rental property. We will handle screening tenants, the entire application process, and will deal with collecting deposits and rent every month. We also have an established reputation in the Pinellas County area and generate hundreds of calls from prospective tenants each month.

There's no doubt that managing tenants is one of the most difficult parts of renting out a property, and that's why we'll handle those duties for you. Contact us today to learn more about our property management services and how we can help make your life as an investor much less stressful.

Florida Real Estate Investment: 3 Things You Should Consider Before Investing

Florida is one of the most popular states for people looking to invest in real estate, and for good reason! Florida's housing market and economy are strong and it's a beautiful place to live. But when deciding on a Florida real estate investment property, there are some important things to consider.

If you want to make the most out of your Florida investment property, make sure you consider these three factors.

1. Determine Your Investment Goals

The first and most important thing you need to think about is what your ultimate investment goal is. This will drastically change what type of property you're looking for and which regions you should consider.

Is your goal to buy a Florida property and hold it for the long-term appreciation value so you can sell it for a big profit down the line? Do you want to buy a property with the main goal being to rent it out or use it as an Airbnb property to make profits right away? Are you looking to buy a property that you'll end up living in after retirement? 

These are questions you need to ask yourself before starting your search for a rental property. For example, if you hope to buy a property and rent it out until you retire to Florida, your priority should be looking for a property that you love and want to live in. But if you don't plan on living in the house or unit, you should mainly be focused on the home's value and whether other people will want to live there.

2. Compare the Value of Different Regions

Each region in Florida has something unique to offer, and it's up to you to decide what you value the most. For example, Miami has a unique and vibrant culture unlike anywhere else in the country. People of all ages and backgrounds live there and the city attracts millions of tourists each year making the economy very strong.

The Tampa Bay area is another great region of Florida that you should consider. The city of Tampa is growing in popularity and has a lot to offer when it comes to affordable housing, exquisite restaurants, exciting music venues, and unique neighborhoods.

Just outside the city, you'll find Pinellas County, which includes popular cities like Clearwater and Dunedin. These cities offer beautiful beach homes and houses just a stone's throw from the nearest shore. The residents in the Pinellas County area like to say "we live where you vacation", and it's true! Investing in an area with a ton of tourist activity is always good for the investor.

There are tons of other regions in Florida to consider, so be sure to do your due diligence and take a closer look at what each city has to offer.

3. Compare Individual Property Value

When investing, you're going to have to make some tough decisions while narrowing down your search for the perfect rental property. You might find a property that you really love but it costs a fortune and might not appreciate in value as much as a property that you aren't as interested in.

When looking at individual properties, you need to consider a few different things:

  • Current asking price
  • Property taxes
  • Quality of neighborhood
  • Market trends
  • Surrounding businesses
  • Quality of the property itself

Each of these factors either adds or takes away value from a property. For example, you may find an affordable property in an up-and-coming neighborhood, but it's in need of some serious renovations that'll cost you a fortune. You have to weigh those costs against what you think the value of the home will be in the future. Once you determine that value, you can compare to other properties that have caught your eye and decide which one offers you the most short or long-term value.

Make the Most Out of Your Florida Real Estate Investment

If you're considering a Florida real estate investment property, you're on the right track. Because of Florida's massive economy and strong housing market, you're already setting yourself up for success. But it's important to determine your investment goals and consider what each region of Florida has to offer before making a decision.

Here at Professional Real Estate Management and Investment Services Inc, we strongly believe that Pinellas County has the most to offer real estate investors. With award-winning beaches, top-notch public schools, an always-growing economy, and an influx of new local businesses, Pinellas County is the perfect place to invest in.

If you're ready to invest in your future, we're here to help. Contact us today to learn more about our investment services!

Increase Your Profits: 9 Factors to Consider When Buying a Rental Property

Investing in a rental property can be scary because if you choose to invest in the wrong neighborhood, you could substantially limit your short-term and long-term profits. But with the proper research and knowledge of the area, you can find a great deal on a property that will make you a ton of money going forward.

Taking the extra time and effort to research a property can make a huge difference in your investment, so don't cut corners here.

With that being said, what factors should you consider when buying rental properties? 

Keep reading to find out!

1. Neighborhood

The neighborhood you choose to invest in is the most obvious factor to consider. By looking closely at a neighborhood, you can see what type of tenants you will attract to your rental property. Some neighborhoods are filled with families, some are popular among young professionals, and some are for low-income individuals. 

You should also consider what could lead someone to rent a house in the area. For example, if you invest near a university, the majority of interest will come from college students. This can pose some problems as you may have more vacancies over the summer, and you'll also have more turnover each year.

Your safest bet is to invest in single-family homes in middle-class areas.

2. Job Market

The job market can speak volumes about the local economy and the quality of the rental properties you're looking at. Higher job demand and growing employment opportunities means more professionals looking to move into the area. This bodes well for you as an investor because it means fewer vacancies and allows you to increase rent prices to meet demand.

Also, if you hear about a popular or large business moving into the area, you can bet on a lot of professionals flooding in as well. Jumping on the opportunity to invest in a property near a popular business can pay off big time.

3. Property Taxes

Property taxes are a huge factor to consider because they will really bite into your monthly profits. However, it's important to note that high property taxes doesn't always mean you should avoid that particular property. Some residents with higher property taxes are well worth it and will earn you enough to offset those taxes. But there are also properties that carry a high property tax but don't offer enough value to be worth it in the end.

The best way to consider property taxes is to just look for properties that you like and that meet your requirements, and then see what you'd be paying monthly towards taxes. Then, weight that cost against the value of the property and you can make an educated decision from there.

4. Crime

One of the first things you should look for when researching a property to invest in is the crime rate in the surrounding area. No one wants to live somewhere with a high level of crime, and the people who do rent in those areas probably won't stay long. This can really drop the value of your property and also cause longer vacancies which costs you a ton of money.

Be sure to research crime levels in the local area. However, if you notice a neighborhood that used to have high crime levels is decreasing at a fast pace, it might be worth a look. The area could be on the come up, which means you might get a great deal on a property that's about to shoot up in value.

5. Schools

If you're looking to invest in a family-sized home, schools should be one of the first factors you consider. Families often look for homes that are zoned for high-quality schools, so this factor alone can really increase demand and reduce vacancies.

You can research online for local school grades to learn more about which ones families will be interested in living near.

6. Local Businesses

The local businesses in an area can speak volumes about the quality of the property you're interested in. Do you notice a lot of fast-food restaurants, chain businesses, and low-quality supermarkets? That's never a good sign of an up-and-coming area. 

But if you see a lot of small, unique businesses such as nice coffee shops, high-end restaurants, and organic grocery stored

7. Future Development

If the area you're looking at has a lot of construction going on, or there are new properties being zoned in the area, it can be both a good and bad thing for your investment. On one hand, it shows that there is a lot of growth in the area which means more people will be flooding in. Also, if new businesses are being built, that's always a good sign for investors in the area.

On the other hand, if new homes are being built, it could mean more competition when it comes to finding quality tenants. 

8. Number of Listings in the Area

The number of listings in a neighborhood can tell you a lot about the local demand. If there are no listings, it means that neighborhood is probably in high-demand which bodes well for you as an investor, because you can charge more and have shorter vacancies.

If there are a ton of listings for the neighborhood, it could signal that the neighborhood is in decline and people aren't looking to move there. However, it could simply mean that it's the end of a renting cycle so people have recently moved out. 

9. Average Rent Price

The money you make off monthly rent payments is a big part of your investment returns, so you need to make sure the average rent price in the area is what you're looking for. If the average rent price is pretty low, it's not necessarily a bad thing, however. For example, if you find a property in an up-and-coming area for a cheap price, investing in it and betting on higher demand in the future can really pay off.

On the flip side, neighborhoods with a higher average rent price can seem really appealing, but they also might cost significantly more and carry a higher property tax. 

So it's all about weighing the average rent price against the other factors we mentioned above to find the best value.

Consider These Factors to Find the Most Profitable Rental Property

If you're interested in investing in real estate, you know that the key to higher profits lies with the rental property you choose to invest in. That's why it's important to do your due diligence when researching investment properties by considering these factors. 

No one understands these rental property factors more than Professional Real Estate Management and Investment Services Inc. We have nearly two decades of experience in the Pinellas County area and we're eager to share our knowledge with you so you can find the most profitable rental properties. Contact us today to learn more about our services!

What Does a Property Management Company Do?

Investing in real estate is an exciting endeavor. You're taking your future into your own hands and you're ready to earn passive income off of your property. 

However, many first-time real estate investors don't realize how much work goes into owning and renting out a property. In fact, it can quickly become a full-time job which negates the premise of earning a passive income off of your investment.

That's why property management companies exist. But, what does a property management company do, exactly?

Keep reading to learn the services a property management company will provide you with. 

Set Appropriate Rent Price

Setting a rent price for your property might sound like an easy, straightforward task. But in order to maximize your profits without prolonged vacancies, you need to find the rent sweet-spot. This requires a lot of research and local market knowledge.

Setting a rent price goes beyond simply looking at what nearby properties are charging for rent. You need to consider what makes your property more (or less) valuable than the properties around you and set the price with that knowledge.

A property management company has a deep understanding of the local market and what potential tenants are looking for in a rental property. With that knowledge, they can set the perfect rent price to earn you the most money off of your property. 

Market Your Property

No matter how amazing your property is, no one will apply to rent if it isn't being marketed. People can't want what they don't know exists.

Property management companies will market your property on popular renting sites to attract tenants. They'll post attractive pictures and talk up your property so people will be rushing to apply to rent your unit.

Screen Tenants

Attracting tenants through marketing is only half the battle. It doesn't matter how many tenants you attract if they all have poor credit and renting histories. A property manager will screen tenant applications, run background checks, credit checks, and even meet them in person before deciding who the best tenant will be.

Screening tenants is so important because, with a quality tenant, you minimize the risk of vacancies and evictions. Quality tenants will also take better care of your home and will pay rent on time.

Accounting Services

A property management company will collect rent from your tenants and send you monthly reports with your proceeds. 

This is a huge benefit because collecting rent from tenants can be a real headache, and it's best to let people who have experience dealing with tenants take care of it. Then, you'll be getting a financial report each month laying out any expenses and showing your profits for each month. 

Deals with Repairs and Maintenance

Issues arise with every property and repairs and maintenance need to be done on short notice. Without a property management company, you'll be left with tenants calling you directly about issues with plumbing, HVAC, electricity, or broken appliances all the time. You'll have to either fix the issues yourself or call professionals to do the repairs.

With a property management company, you won't have to hear about any of those issues. Tenants will call them to make repairs. A property manager will also do routine maintenance to prevent expensive issues from happening down the line.

Home Inspections

Home inspections are necessary when a tenant moves out to ensure the property is in good shape. A property management company has years of experience inspecting properties so you know they won't miss a thing. 

They will put together an inspection report and hold any amount of the tenant's security deposit depending on the damage that's been done on the property. Then, they will make the appropriate repairs before the next tenant moves in.

What Does a Property Management Company Do? They Make Your Life Easier

Now that we've answered the question "what does a property management company do", it's clear that they are necessary for real estate investors. This is especially true for investors that want to be hands-off when it comes to the day-to-day tasks. 

Here at Professional Real Estate Management and Investment Services Inc, we offer all of these services and more, so you can rest assured that your investment properties are taken care of. Contact us today to learn more about how we can help you.