In the world of real estate, one question continues to plague home-seekers: to buy or to rent? While there are many advantages to buying your own home that doesn’t mean that renting doesn’t have its benefits. There is a case to be made for renting, and a strong one at that. Here are five pros of renting vs. buying.
It’s a great way to establish credit.
If you’re just starting out on your credit journey, renting can help. By paying your rent and any utilities and fees on time, you’re building up a great credit score. Even if buying is not in the cards at present having a good credit score will make any eventual dreams of homeownership possible.
It’s cheaper to rent.
Buying a home is a big financial responsibility- and an expensive one. Rent on a home or apartment is much cheaper by comparison, with smaller down payments and lower rent. Other expenses, like insurance and utilities, are also much cheaper when you rent. The costs of maintaining your home also add to your over all investment, which brings us to:
No need to worry about maintenance.
Maintenance is a landlord’s responsibility. As a renter, all you need to do if something breaks is give them a call, so they can take care of the problem for you. Owning means being responsible for any and all your home’s maintenance issues.
No property taxes.
Like maintenance, property taxes on rentals are paid by the landlord. That is not the case with homeownership. If you take care of your rent and any other required expenses, there is no need to pay a property tax come April.
Renting allows you much more freedom in terms of needing to relocate much more easily than owning. If you’re likely to move around for work, or if you simply aren’t ready to put down roots in a specific area, then renting is the best option for you. Whereas buying a home requires you to wait until your home is sold, you don’t have to worry about finding a replacement once your lease is up.
Now that you know the benefits of renting, check out our vacancies. Norniella Management Company is dedicated to helping landlords and renters alike. Contact us at (888) 979-5357 to learn more.
The only certainty when it comes to the housing and real estate market in 2019 is uncertainty. Expert analysts point to a very complex year, with a multilayer series of overlapping trends that are spearheading 2019. A survey compiled by Urban Land Institute and PricewaterhouseCoopers tapped more than 750 real estate professionals, creating a high-level and perhaps even an accurate assessment of real estate trends in 2019.
For agents, low hanging fruit has been picked. In 2018, the home buying market was highly competitive - before buyers pumped the brakes in the last half of 2018. After years of steady growth and relatively low-interest rate backdropped by an economic recovery from the 2008 housing crisis, demographic shifts and the rise of urban markets may impart a trans-formative moment in the industry in the next year. Financial tech has been supported by capital and is leading to more efficient transactions in 2019.
A refocus on second cities and surrounding suburbs. Researchers note that there is evidence that younger generations that are buying a home are actually interested in single-family units, especially if in walkable and transit-friendly communities. The Census Bureau hints of a second cities suburban shift, with 2.6 million people annually moving from metropolitan areas to more suburban areas between 2016 and 2017.
Millennials will keep buying homes even when mortgage rates rise. Mortgage rates remain lower than they were doing most of the recession — but it is projected that that will shift in 2019, as the 30-year, fixed-rate mortgage reaches an ominous 5.8%. That percentage is threatening; it hadn't been seen since the market crash a decade ago. Interestingly enough, there will be an increase in demand from millennials. Millennials will be at the cusp of their 20s, entering peak homebuying age and spearheading first-time home buyer demand. According to Forbes, millennials will account for 45% of mortgages compared to 17% of boomers, and 37% of those from Generation X.
About Norniella Management Company
Catering to the North Texas residential district, Norniella Management Company offers an effective solution for homeowners and investors looking to rent out their properties to tentative renters. Norniella Management will filter tenants and only present homeowners and investors with high-quality renters, help navigate the rental legalese, as well as offer more efficient rent collection. To learn more about how Norniella Management can be an asset to you, contact us.
Though many individuals know how lucrative owning rental property can be, some underestimate what it takes to be an effective landlord. Creating and managing lease agreements, screening new renters, marketing rental properties, handling maintenance issues, and evicting residents are just some of the task’s landlords must juggle daily. With so many responsibilities, it is no wonder property owners get overwhelmed!
While managing rental properties takes a lot of effort, implementing the following strategies can help improve the overall process and set you up to be a successful and effective landlord.
Screen renters thoroughly – help secure reliable renters by performing credit and criminal background checks, requesting referrals from prior landlords, and verifying employment history. Doing this will help eliminate unqualified renters, keeping your investment intact.
Resolve problems quickly – whether it is addressing maintenance repairs, dealing with pest issues, handling noise complaints, or collecting late rent, it is important to try and put out fires as soon as they arise. Although you may not be able to fix all issues and make every renter happy, you should do your best to contain or lessen the problems whenever possible.
Be resilient – unforeseen circumstances are going to happen. Things are going to break, renters are going to violate their lease, contractors are going to bail on jobs, etc. While you may get discouraged and want to give up, you need to remember that things will improve. If you feel overwhelmed, consider hiring an experienced residential property management company that can offer a practical solution to your needs.
Stay organized – keep accurate records, use correct forms, maintain a tidy office, and have an active website. Not only will being organized help you stay legally compliant, but it will also help your business run more smoothly and increase profits.
Handle renewals and evictions properly – it is a lot less expensive to keep your current renters than to find new ones. Help keep occupants happy by suggesting to install new carpet, apply fresh paint, or update broken appliances at renewal time. Renters will see that you are making an effort and may feel it is beneficial to stay another year, helping to secure a steady flow of income from your rental property.
Evictions can be time-consuming and costly, especially when a renter refuses to leave. Because rules regarding evictions vary by state, it is important to seek legal help as soon as possible.
Managing a rental property is a full-time job, especially when taking care of day-to-day operations on your own. Hiring a property management company to handle resident screenings, collect payments, and take care of emergency maintenance requests can help relieve some of your stress.
If you have tried managing your property on your own, but feel you could be more successful, call Norniella Management Company at 888-979-5357 to learn how we can help you earn profit from your real estate investment without the hassle.
Each day your rental property is vacant means you lose rental income. However, there are some simple steps you can take to make your property attractive to potential renters.
Curb appeal – a renter that does not like the outside of the property, may not be willing to look inside. Make a great first impression by:
Removing any trash or debris from the yard
Keeping the grass short, trimming branches and shrubs, pulling weeds, and planting flowers
Making sure the home’s exterior is clean, painted, and free of any damage
Pressure washing the driveway, fence, and porch areas
Ensuring outside fixtures, house numbers, and the mailbox are in good condition
Fresh paint – an inexpensive and simple way to update the interior of your property is by applying a new coat of neutral paint. Pick an easy to clean option like satin or semi-gloss to reduce the need to repaint when it gets marked or dirty. Paint the home’s exterior if needed as well.
Kitchen and bathrooms – kitchen and bathrooms are a huge selling point for renters! Clean the rooms from top to bottom, repair any damages, and replace anything that is broken or not working.
Highlight the positives – when advertising to renters, highlight the things that make your property unique and desirable such as floor to ceiling windows, a claw foot bathtub, or ample outdoor space.
Now that your property looks its best, let Norniella Management Company help you find the perfect renters. Learn more about our services by calling 888-979-5357.
A great renter can make all the difference when you are establishing a property's reputation. The right people may seem hard to find, but there is hope for managers seeking the best of the best. These easy tips can make your job just a little bit easier and might turn your property into one of the area's most desirable choices.
Talk To The Prospective Renter
One of the best pieces of advice that any property manager can follow is also one of the most simple. Look past that paper or electronic form and reach out to your prospective renter. A phone conversation is a great start that helps you establish a tone for an in-person interview. Before the face-to-face meetings, carefully produce a list of questions that will give you a better idea about them. Make sure during both conversations that you listen, instead of just waiting to transition between questions. Simply listening to what the applicant has to say can reveal a great deal of information as well as explanations.
Get That Background Check
It might seem like a no-brainer, yet some managers fail to get a background check that covers everything needed for a proper assessment. A comprehensive check should include:
Credit Report - These records should be used to assess an applicant's reliability as well as their financial history.
Collections, Bankruptcies, and Foreclosures - While a bankruptcy or foreclosure does not tell the full story of a potential renter's story, it's important to know any cases where they may have been in serious financial trouble.
Criminal Records and Sex Offender Registry - This goes without saying, but a comprehensive criminal records search is crucial in looking at an applicant's background. Make sure the sex offender registry is a part of the search, especially if children will be on or near the property.
Renters change the entire atmosphere of a property. Following these simple steps does make a difference. Contact Norniella Management Company today to see how easy it can be with the right team behind you.
As a landlord, one of the keys to your success is having good relationships with your renter. You should actively work to improve and maintain this relationship at all times if you want the best results. Here are some tips for having the best renter/landlord relationship you can.
First and foremost, the biggest thing you can do to make sure your renters are happy is to keep their rental well-maintained. This means fixing apparent problems between renters and quickly responding to any maintenance requests your current renter may make. As painful as it can be to spend money on lots of maintenance, it will keep your renters happy and your property in one piece for longer.
There was a time when mailing a check or driving somewhere to pay your landlord wasn't a big deal, but online payment options have made it significantly easier to pay from anywhere. You should always make things as convenient as possible for your renters, especially when it comes to things like paying bills and requesting maintenance.
These days, most people will look at your available properties through a website. It's your job to make sure any property you have listed online is completely accurate, from the pictures and availability all the way down to the amenities, size, and pricing. You don't want to start a renter/landlord relationship off with disappointment because of an inaccurate listing.
As is generally the case with all relationships, one key to having a good relationship with your renters is clear communication. This doesn't simply mean simply getting in touch with them from time to time, but also having an open line of communication that they feel they can use to contact you at any time.
A Helping Hand
Improving your renter/landlord relationship can be difficult, but a good property management company can help. Norniella Management Company can help list properties, process payments online and deal with maintenance requests. To learn more about how we can help manage your rental properties, give us a call at (888) 979-5357 today.
As a landlord, one of the keys to your success is having good relationships with your tenants. You should actively work to improve and maintain this relationship at all times if you want the best results. Here are some tips for having the best tenant/landlord relationship you can.
First and foremost, the biggest thing you can do to make sure your tenants are happy is to keep their rental well-maintained. This means fixing apparent problems between tenants and quickly responding to any maintenance requests your current tenant may make. As painful as it can be to spend money on lots of maintenance, it will keep your tenants happy and your property in one piece for longer.
There was a time when mailing a check or driving somewhere to pay your landlord wasn't a big deal, but online payment options have made it significantly easier to pay from anywhere. You should always make things as convenient as possible for your tenants, especially when it comes to things like paying bills and requesting maintenance.
These days, most people will look at your available properties through a website. It's your job to make sure any property you have listed online is completely accurate, from the pictures and availability all the way down to the amenities, size, and pricing. You don't want to start a tenant/landlord relationship off with disappointment because of an inaccurate listing.
As is generally the case with all relationships, one key to having a good relationship with your tenants is clear communication. This doesn't simply mean simply getting in touch with them from time to time, but also having an open line of communication that they feel they can use to contact you at any time.
A Helping Hand
Improving your tenant/landlord relationship can be difficult, but a good property management company can help. Norniella Management Company can help list properties, process payments online and deal with maintenance requests. To learn more about how we can help manage your rental properties, give us a call at (888) 979-5357 today.
If you are getting into residential real estate investing and plan on renting out the properties, there’s some important information you should have first. Though some refer income from real estate investments as “passive,” there’s nothing passive about being a landlord or property manager. Many have jumped into the industry as a side-gig to make extra money on top of their 9-5, only to find that being a property manager is a full-time job in itself. The following insights will help you come to a better understanding of what property management really entails.
Understand the costs. First, you have to buy the investment property at the right price to ensure you will have long-term success. You need to know exactly how much you plan to lease out the home for and for how long so that you know how to set the rent. But, you also need to consider recurring costs like insurance, maintenance, and taxes. Going into the real estate business with little to no research is a surefire way to lose money.
Understand the time involved. Being a property manager takes time. You have to figure out how to market your rental, screen applicants, and draw up a legally-binding lease all before you see any income. Then, you will be on call to assist your renter with any issues they have with the property. If you have a particularly troublesome renter, you could spend a significant amount of time every week interacting with them. And if things get really bad, the eviction process is notoriously time consuming and drawn out.
Understand Landlord-tenant law. These laws are different in every state, and are incredibly important for property managers to know. A violation of these laws can cost you big. Depending on the situation, it could mean that the renter is free to leave without paying out the rest of their lease, or even a potential court case with fines and legal costs. And, of course, legal issues will eat up even more of your time and energy.
These are just basic, preliminary things to consider before taking the plunge into property management. If anything above gives you pause, then being a landlord is probably not the right move for you. It requires flexibility, patience, and good people skills to do the job well.
But, just because you don’t have the time or desire to be a property manager doesn’t mean that you can’t profit from real estate investing. That’s where Norniella Management Company comes in. We are a full-service property management company that will take care of all landlord duties for a clear, reasonable fee. This means that you are free to keep your day job while truly getting passive income from your investments. Call us today at 888-979-5357 to learn more about our services and pricing.
No landlord wants to talk about evictions, since they hope for the best with each of their renters. But if you’ve been in the business long enough, you know that situations can arise which call for decisive action. It’s not a fun part about being a landlord or property manager, but it a necessary one. You need to be prepared if the time ever comes to evict a problem renter, since there is a strict legal process which you must follow to the letter. Otherwise, evicting can become a nightmare costing you precious time and money.
If a situation with a resident becomes unsalvageable, the best course of action is often to initiate the eviction process. They’ve likely broken the rental agreement repeatedly or drastically, and your trust along with it. If the renter refuses to change their behavior or seek new residence on their own, an eviction is your only option. Here’s an overview about what that generally looks like.
Violation of the lease – The renter does something like breaks terms in the rental agreement, misses rent payments, or damages the home or property.
Warning the renter – You should then provide a written warning letting the renter know that their behavior is not acceptable and in violation of the lease. If they’ve done something significant enough, you may be able to go straight into an eviction depending on state laws.
Notice of Eviction – If they ignore your warning, you can issue a Notice of Eviction, a legal document telling them you plan on going through an eviction because of the issue.
File for eviction – The proper amount of time has passed after the Notice of Eviction, and the renter has not rectified the issue, so you can now formally file for an eviction with your local court.
Go to court – At the hearing, you will provide all documentation of the problem, the steps you’ve taken thus far, and when you took them. If everything was done properly and the court agrees that an eviction is warranted, they will set an eviction date.
Get the cops involved – Hopefully your problem resident will be out of the property by the eviction date, but some are especially stubborn. Don’t try to physically remove them yourself – instead, call the sheriff’s department and they will handle it.
Things Not to Do
Because the eviction process is so delicate, any wrong step you take can drag out the process and make it even more arduous. It is especially critical to understand Landlord-tenant law so that you don’t make a mistake which could cause you to have to start the eviction process over from the beginning, or even be forced to pay the renter during the process for a wrongful eviction.
Change the locks on the rental to try to keep the resident out
Enter the rental home without permission of the renter
Turn off water or power to force them out
Remove any of the renter’s property
Attempt to scare them off with intimidating behavior
Need help managing your rental property or properties? If you have an issue with one of your residents, you know that this can take up 10x more time than you thought. Let Norniella Management Company help you out. We take over all aspects of property management, from collecting rent, fielding maintenance requests, finding residents, and performing evictions if necessary. With us, you’ll never be caught in a bad contract or hit with surprise hidden fees; we like to keep relations clear and simple with all of our clients. To learn more about our services, call us today at 888-979-5357.
The key to successful property management is staying on top of things. Managing just one rental home can be a highly-involved task, and sometimes you just need help. Dealing with tenants, handling maintenance issues, and collecting rent can all easily overwhelm someone, especially if you are doing these tasks at several different houses. Take a look at the following 7 signs to see if you could need help managing your investment properties.
You own more than one property. More properties mean more problems to solve, more vacancies to fill, and more tenants to interact with. Handling issues in a timely manner is important to your tenants, so if you spend more time on one property than the others, none of your tenants will be happy.
You live far from one or more of your properties. To be a good property manager, you need to be on call 24/7. It’s best if you can get out to the properties whenever an issue arises, and this could be difficult if they are spread out all over the place.
You have trouble finding good tenants. If you’ve got a lot on your plate, you might not be able to spend the necessary time screening applications to find the best tenants. And it is a big mistake to take the first application you get just to fill a vacancy, since a bad tenant can be more work than 10 good tenants combined.
You are fuzzy on Landlord-Tenant Law. As a property manager, you have to follow a certain set of laws regarding resident selection, handling deposits, terminating leases, evictions, and safety devices on the property. These laws are different from area to area, and you should know them backwards and forwards to avoid legal repercussions.
You’ve had trouble collecting rent. Sometimes, residents can be difficult about rent. They may have sensed your leniency or exploited your good will to delay their rent payments. Even worse, they may be dodging you at every turn or refusing to answer the door. Rent issues can give property managers the biggest headaches.
You feel frustrated working with tenants. Some people love managing properties and looking after their residents, but it’s not that way for everyone. A bad resident can drag you into a mindset of frustration, stress, and irritability, which hamper your ability to professionally manage the property.
You have trouble remembering everything. There’s a lot of responsibility that goes with managing residents and investment homes, and it’s easy to let things slip. Proper organization is critical to being a good manager, but you may just have too much on your plate to do a good job at all your properties.
Do any of these situations ring a bell? If you need help, look no further than Norniella Management Company for your Texas investment property. Our experienced, professional property mangers will keep your investment running in tip-top shape to maximize your profits. We make owning an investment property so easy that you might even forget you are the landlord! For more information about our services, give us a call at 888-979-5357.