The phenomenon of social media is here to stay, folks. Which sites and applications are the most popular may change -- and it's no wonder considering new ones are popping up all the time -- but the fact remains that social networking has altered the way companies and individuals think about advertising and marketing forever. It is estimated that within the next year or two, dollars spent on social media advertising will eclipse traditional marketing channels.
Mortgage Originations Jump
Mortgage originations jumped to over 30,000 in 2012 (the latest year with data) and when 2013 numbers are released, they are expected to show another year with over 30,000. That is almost 8,000 more originations than 2011 and the first time the city has gone over 30,000 originations since pre-2007. This activity in the Memphis market is a very good sign as the cities normal real estate cycles begin to shift back into focus.
While spring and summer are ideal for showing properties with neat, beautiful green lawns, shady trees and happy bright flowers, your prospective tenants might show up in the dead of winter looking for a rental home. It’s not your fault the grass is brown and that there are mountains of leaves on the ground. That’s just the cycle of life! They’ll just have to imagine what the place look like when it’s pretty, right? There’s nothing you can do about it.
Property Management, Landlord And Tenant Issues
I was doing some research this week on improving tenant relationships with their property management companies and I came across this info-graphic. Part of the research was on how to respond quicker and provide better service to tenants who have issues with their rental properties. For a company like Premier Property Management where 100% of the properties we manage are owned for real estate investing purposes, quick reaction and tenant satisfaction will go a long way in helping an owner have a consistent and reliable income stream.
Buying Real Estate From Out-Of-Town
Most real estate investors don’t live close to their properties. Some might live towns, cities, or even states away. Those miles and miles of separation can induce a bit of stress at times. We’ve been taught that long-distance relationships are doomed to fail, right? So we’re not surprised if you’re concerned about doing the same with your investments and property management.
Ah, winter. There’s a nip in the air, frost on the ground and...well, a lot of hazards for your properties. Maybe you didn’t start gearing up for ol’ Jack Frost as early as you wanted to, but better late than never!
Generally, it makes a lot of sense to make a property as attractive as possible to as many potential tenants as possible. Once it's ready, you want your property to be rented by a reliable tenant as quickly as possible.