Marketing and advertising efforts must adapt to different seasons as people’s immediate needs change. Your property is no exception! Potential renters in the late summer and early autumn are sure to look twice at a location designed to appeal to them.
Are your rental properties ready for summer? Find out with this checklist of summer features for your property! #TarantinoProperties #propertymanagement
Maintaining an Appealing Property
This time of year, tenants have a very specific list of property traits in mind. Does your space measure up? In the warm summer and autumn months, potential renters tend to look for these features:
Reliable air conditioning
Lit outdoor walkways
1) Reliable Air Conditioning
Houston summers are miserably hot. Most buildings in Houston already have air conditioning, but when was the last time you tested or upgraded it? Make sure the AC systems in your properties are working and keeping your buildings at a comfortable temperature for when potential tenants visit.
2) Healthy Plants
A well-maintained lawn is an appealing sight in the summer sun. Keep the lawn mowed and the weeds pulled for a professional appearance. Additionally, consider spreading mulch in flowerbeds to retain moisture, or set up an irrigation system to keep all the plants watered. Don’t let the Houston summer destroy your lawn!
Pro Tip: Plenty of colorful flowers thrive in direct sunlight and high temperatures. Liven up your property’s exterior with some natural beauty this summer!
3) Lit Outdoor Walkways
Heat and bright sunlight can make daytime walks unpleasant. As summer continues, some people choose to take walks or run their errands later in the day to avoid the worst of the heat. Any tenants who are out late will definitely appreciate well-lit walkways to or between your buildings! Give your properties a safe and professional appearance.
Give Your Tenants What They Want
Business owners have to market to their target audience by understanding and offering features that their clients want. As a property owner, your job is very similar. In addition to keeping your property maintained, you have to learn which summer features your potential tenants will want and make sure to offer them.
Connect with us for more tips on making your property as appealing as possible.
With many small businesses experiencing a decline in earnings, many business owners are having to resort to receivership. That being said, what one company encounters may not look the same for another. In real estate, understanding the different types of receivership is crucial when preparing for your business’s future.
When a company is struggling to pay back loan payments, the bank will start taking remedial action. This is the job of a receiver. They act on behalf of a property owner by taking control of everything related to the financial and operational functions of the business. Learn more about the different types of receiverships.
In the broadest sense, the processes of administration and administrative receivership are fundamentally different. In administration, the company’s directors are replaced by a licensed Insolvency Practitioner, and all creditor action is stopped. An administrative receiver, on the other hand, will invariably give all authority of the company’s assets to the creditor. Although not as common today, administrative receivership almost always means the end of a company.
Court-Appointed or Liquidated Receivership
When a company is facing financial difficulties, the judgment creditor will reach out to the appropriate authorities for assistance. Similar to a trustee in a bankruptcy proceeding, a general or liquidated receiver will assume the role of the debtor. In most cases, the court may appoint a receiver with specific powers and rights laid out.
A court-ordered receiver acts as a liaison between the debtor and creditor, but they are ultimately responsible to the court. With the powers they’re given, any assets that are recovered are prioritized based on the interests of all secured creditors.
Pro Tip: A secured creditor can appoint a receiver without a court order in unfortunate circumstances. Commonly referred to as “privately-appointed receivers”, it is ultimately the responsibility of the receiver to reclaim a debtor’s assets.
Unlike general receiverships, special or limited receiverships are bound by certain ramifications. A limited receiver will only take possession of certain securities, loans, or assets that have been specified. The goal of a limited receivership is to assist a company in certain financial and operational decisions so that bankruptcy doesn’t occur. In such cases, the rest of the assets will remain in control of the debtor.
Seeking the Appointment of a Receiver?
Having a reliable and trustworthy receiver is crucial for the success of your business. Secure your property’s value and profitability with help from our team of experienced professionals. From accounting, legal documentation, rent collection, or property management, our receivership team is ready to assist you.
Connect with our Commercial, Multifamily, Senior Living, and Student Housing receivers to keep your business functioning for the long term.
Do you have an open space in your shopping center? Does your commercial office building ready to start welcoming new tenants? Take advantage of our proven methods for attracting tenants to your commercial or multifamily property.
Are you looking to fill some of your empty space? Start attracting potential tenants for your commercial property!
The tenants you choose will likely be renting from you for years to come, and their trustworthiness will significantly impact your income and the condition of your property. Don’t default to the first prospective tenants. Try these expert-approved methods to find and retain quality tenants for your commercial property.
Appealing to Prospective Tenants
What do tenants want from your property? While you don’t have to bend over backward, providing a few incentives will make your space seem more appealing to potential renters. Consider offering a rent-free period, pre-installed internet, upgraded security measures, or simply making your property more visually appealing. Maintain any yard space and decorate your property’s interior with artwork or flower vases. The more well-maintained a property looks, the better the impression you’ll leave on a potential tenant.
Prioritizing Building Improvements
If the property could use a few improvements or renovations, don’t delay the projects for too long. Replacing old furnishings or outdated technology should be first on your priority list. This goes beyond the simple decorative efforts of making your property look nicer. Show prospective commercial tenants that you can offer them a well-built, modern space with up-to-date technology and designs.
Pro Tip: How can you improve your commercial property’s security? Consider installing security cameras or hiring security guards to show your tenants you value their safety.
Difficult Tenants vs. Quality Tenants
It’s not always easy to predict whether a prospective renter is a good choice for you or not. But there are a few signs you can watch out for. Maybe the renter has been rude and demanding in every conversation with you. Alternatively, maybe the business owner seems in over his head with his plans and may be on track to fail. The red flags may vary. Just know that you are not required to rent to the tenant with the highest offer or the most vocal requests. Find someone who can not only pay you, but is also a good fit for your property and someone you’ll enjoy working with.
Commercial Property Management Can Help
Finding long-term tenants that you can form a good relationship with can be time-consuming. Plus, with the everchanging real estate market, it’s important for property owners like you to be equipped for the future. Our professional property managers are trained real estate agents who understand the different dynamics of a commercial property. Start investing your time where it counts by partnering with our team of professionals to help grow your occupancy.
There are multiple factors that make a property management stand out from the others. When considering new management for your commercial or multifamily property, it’s important to know what qualities matter. By finding a good property management company, you can ensure that your residents will remain satisfied amidst the change.
Are you looking for a property management company to handle your tenant relations? Look out for these 5 signs in your decision-making process!
Pay Attention to These Qualities
A property manager is given the responsibility of your entire property. Whether it’s handling the tenant screening process or cleaning the property, this role is crucial is extremely important. As look for a property management company, be sure to look for these qualities:
1) Experienced leadership
Owning an investment property comes with many challenges and opportunities. Having a leadership team that can provide guidance for your future endeavors is an important aspect of a property manager. Look for a team skilled in various areas of property management such as real estate, accounting, or brokerage services to be fully prepared.
Pro Tip: A part of owning a property is being able to plan renovations. Make sure your property manager has experience in construction best practices so that you can continue to grow.
2) Clear communication
Confusion within your team inadvertently affects your ability to serve your residents. That being said, good property management company will value clear communication with you, your residents, and your community. Pay attention to what kind of customer service benefits will be provided in the event of an emergency, property damage, or complaint.
3) Finance knowledge
Every property owner will be faced with a number of financial decisions. Thus, it’s important for your management company to have extensive knowledge regarding rent collection, accounting, and tax services to keep you in business. Choose a company that will treat your investment with as much care and attention as you would yourself.
4) Market awareness
In real estate, the market is everchanging. Having a property management company that works with local real estate agents and stays updated with the latest trends is crucial. With the right guidance, you can maximize your ROI by preparing your property to endure future changes in your target market.
5) Reputable portfolio
Examining an organization’s portfolio can’t be overlooked, especially in commercial or residential property management. with that in mind, look at what types of properties potential companies are currently being managed and how they’re operating. Your situation is unique, but having a better understanding of what you could expect is helpful.
Your Choice for Property Management
Based in the Houston area, Tarantino Properties is a full-scale property management company designed to meet your needs. From marketing and accounting to building maintenance, our team is committed to developing customized business plans for each of our properties. With professional support and experienced leadership, we take pride in helping you meet your business goals.
Are you currently searching for a management company? Connect with our team of real estate agents and property managers to find a solution for your property needs.
As a property manager, how would you score if your employees and residents gave you a review? Would they want to learn from your success, or would your management style be an example to avoid? Knowing what practices to keep are integral to becoming a leader in the Houston property management industry.
Your managing style will either make or break the success of your property. What do you need to change to improve your team’s morale?
Between managing communication with your tenants and supervising the tasks of your employees, property management is a job with multiple facets. Performed correctly, it could be the greatest career in your life. However, costly mistakes could put you and your Houston property in jeopardy.
Management Practices to Avoid
DON’T micromanage your employees. If you’ve hired a team with experience and skills to adequately perform their tasks, use your authority sparingly. Make sure there are clear expectations and allow open communication, but then let the work speak for itself.
DON’T stop learning. Whether you realize it or not, there are multiple resources available to improve your productivity and tenant retention. Reach out to others in your network to better understand your field and provide training to your team.
DON’T discriminate against tenants. This should go without saying, but it’s important for you to remember. In your tenant screening process, be fair. Don’t discriminate against any of the protected classes.
DON’T neglect notices. From terminating a lease to sharing maintenance terms, neglecting to properly communicate with your tenants will ignite a number of legal issues.
Management Practices to Learn
DO create a website that is accessible to everyone. From initial contact information to tenant portals, clear communication at the onset will benefit both tenants and the property management personnel.
DO hire an external accountant. As a property manager, you’re pulled in every direction on a daily basis. Protect your assets and adhere to a budget with an accountant to handle your finances, especially rent collection.
DO earn the trust of your residents. If there is a complaint, respond quickly and honestly. Whether you have a commercial or rental property, your tenants should be able to rely on you to take care of any repairs or problems at the appropriate time.
DO follow the rules. When a new resident signs a lease agreement, it’s your job to file the necessary paperwork and adhere to state guidelines. The last thing your property needs is a failed audit or inspection of your property. Make sure you have the correct policies in place to guard against issues in the future.
Pro Tip: Government policies and regulations change regularly in residential property management. Stay ahead of the changes with a professional property manager to sustain your properties.
Property Management in Houston
In the Houston area, we are surrounded by big empires and industries that stretch across the globe. For many, it can seem cold and impersonal. That being said, it’s the job of a property management company to care for their people. Our team strives every day to provide excellent customer service to our clients. It’s our priority to make sure each resident is given the care they deserve.
If you’re shopping for a new property, chances are that you’ll spend at least some time talking with a real estate agent. But do you really understand what they’re there to help you with? Real estate agent myths are remarkably common and confusing to anyone just trying to figure things out. Start your real estate hunt by informing yourself about your agent’s job.
What do you really know about your real estate agent’s job? Learn the most common myths about their work and the truth.
Misconceptions About Agents
A real estate agent’s job is often rather different from what potential buyers think. While there are a variety of different misconceptions about the real estate industry as a whole, several of the more common myths specifically about agents include:
You’re stuck with your first choice
You don’t need a real estate agent
Agents get the whole commission from a sale
One agent is as good as another
1) You’re Stuck with Your First Choice
As a buyer, you may have to sign a contract with a particular real estate agent. While this may in fact mean you’re committed to them for the entire process, this is very rarely the case. More often than not, you can choose to opt for a different agent and continue the process elsewhere. If you feel like your agent isn’t a good fit for you and what you’re looking for, be honest about it and see if you have the option to switch.
2) You Don’t Need a Real Estate Agent
This is only true if you know the neighborhood and local property values inside and out–and let’s face it, most people moving to a new location don’t know that much about it. Having a competent agent helping you search and find a home can be a lifesaver when you’re in unfamiliar territory. Let them help you with your search.
3) Agents Get the Whole Commission from a Sale
While real estate agents get a commission payment from a sale–it’s their salary, after all–the amount and percentage they receive are rarely set in stone. Sellers and other involved parties usually negotiate the total amount. While your agent is ultimately working this job to earn a salary, don’t assume they’re just trying to sell you a really nice house because they want a big commission check. They may not have a guarantee of how much they’ll make off the sale.
Pro Tip: Real estate agents make a commission off their sales, but don’t assume they’re in it for the money. They just want to help you find your dream house.
4) One Agent is as Good as Another
Like any business, not all real estate agents are created equal. An agent who has lived and worked in the area for years will be much more helpful to you than someone who just moved there themselves. Additionally, some agents will be more professional and easier to work with than others. Don’t be discouraged from finding a good agent just because your first attempt didn’t work out. Keep looking! The right agent for your situation is out there.
Learn What Your Real Estate Agent Really Does
These common real estate agent myths ultimately help no one. While your agent is hoping to earn something–it’s their job, after all–their primary concern is helping you find the perfect property to call your own. Don’t let these misconceptions get in the way of a fruitful relationship and successful property purchase.
Connect with us to learn more about what a real estate agent can do for you.