Maximize Profits From Your Rental Property
 | (NewsUSA) - Managing a rental property can be an excellent source of income in today's economy.
A third of the nation's households rent their residences, according to the 2010 U.S. Census Report, and that number rises as high as two-thirds in large metropolitan areas, such as New York and Los Angeles. Given the steady demand for rental housing, it's no wonder that individuals are investing in real estate, but there are several things property managers should know if they hope to make a profit. First, it is important that landlords screen all potential tenants to ensure they have reliable income and will pay bills on time. Once you have secured tenants, keeping them happy, while still running a successful business, is your primary goal. Maintaining a clear, written record of any exchanges you have with tenants will make it easy to track any problems. It's also essential that all properties satisfy basic living conditions, such as adequate weatherproofing, and that they adhere to state regulations for safe electrical wiring and ventilation. Landlords are required to arrange for necessary repairs. It's good to develop relationships with local contractors, so tenants remain satisfied, and the property stays in top shape. Property management is expensive, even with the supplemental income that rent provides, and many property managers lose a substantial amount of money each year by not taking advantages of available tax deductions. Insurance costs, repairs and independent contractor wages are all fully deductible but often go overlooked. A detailed record-keeping system is the best way for landlords to track their income and expenses, but many simply do not have the time. One way to address this issue is to hire a bookkeeping firm to take over bookkeeping duties. On Call Accountants (www.oncallaccountants.com) is one such company that specializes in outsourced accounting, financial reporting and consulting for small and mid-sized businesses. By handing this job over to the professionals, property managers can maximize profits with minimal headaches. For more information about On Call Accountants, visit www.oncallaccountants.com. |
More Resources
Unable to open RSS Feed $XMLfilename with error HTTP ERROR: 404, exiting
More Real Estate Information:
- Group 1
- Group 2
- Group 3
- Group 4
- Group 5
- Group 6
- Group 7
- Group 8
- Group 9
- Group 10
- Group 11
- Group 12
- Group 13
- Group 14
- Group 15
- Group 16
- Group 17
- Group 18
- Group 19
- Group 20
- Group 21
- Group 22
- Group 23
- Group 24
- Group 25
- Group 26
- Group 27
- Group 28
- Group 29
- Group 30
- Group 31
- Group 32
- Group 33
- Group 34
- Group 35
- Group 36
- Group 37
- Group 38
- Group 39
- Group 40
- Group 41
- Group 42
- Group 43
- Group 44
- Group 45
- Group 46
- Group 47
- Group 48
- Group 49
- Group 50
- Group 51
- Group 52
- Group 53
- Group 54
- Group 55
- Group 56
- Group 57
- Group 58
- Group 59
- Group 60
- Group 61
- Group 62
- Group 63
- Group 64
- Group 65
Related Articles
Finding the Ideal Home Builder — 5 Tips for Success
Informational article offering those ready to buy a new house tips on how to find a home builder.
Home Staging: Professional Service Slashes Time and Increases Profit
Selling your home can be a trying time. Why wouldn't you want to decrease the time your home spends on the market while increasing your sales price? Relying on a home stager can make all the difference.
Home Staging: 50 Tips - Get Started on Your Home Staging Journey
Decorating is optional. Staging, on the other hand, is essential - that is if you want to sell your house for the most possible money in the shortest amount of time. Staging - it is the difference between ordinary and extraordinary.
Home Staging - an essential merchandising tool for resale
Selling your house? You need to know about Home staging and how a small investment will allow you to sell your property faster and for more money.
Commercial Real Estate Finance Market Shows New Life
Until recently, the commercial real estate market has made a sluggish recovery from the nation's economic recession. The good news is that property values, rental rates and occupancy rates are improving, and commercial real estate appears to be gaining critical traction.
Senior Housing Market Swells With Investment Potential
America's elderly are one of the fastest-growing segments of the population. As a group, senior citizens over age 85 are expected to double between now and 2030. While people are wondering what Social Security will look like in the coming years, senior housing is another rising concern.
Home Selling: Which Fixes Are Worth It to Lure Buyers?
If you're one of those homeowners who's been moaning about how hard it's been trying to sell your house, your bargaining power -- you remember that concept, right? -- hasn't been completely devastated just because a flood of new foreclosures is expected to hit the market as a result of the recent $25 billion "robo-signing" mortgage settlement.
Maximize Profits From Your Rental Property
Managing a rental property can be an excellent source of income in today's economy.
Three Helpful Tips for Renting Out Your Home
Home ownership has always been a part of the American dream, but that may be changing. Uncertainty in the housing market has led many would-be buyers to believe that renting's the better option.
First Time Home Buyers: The Housing Market's Key Players
First-time homebuyers, more than any other demographic, stand to benefit the most in today's real estate market.
Facing Foreclosure? Don't Lose Hope
Homeowners struggling to meet their mortgage payments should not wait until they default on a payment before speaking to their lender. Hope and help are available.
Refinancing in a Down Market
Falling home values are a cause for concern for millions of American homeowners, mortgage lenders and the federal government.
Green Building Makes Homes More Affordable
Faced with increasing demand for low-income housing, public housing authorities are finding that investing in green building solutions can make their homes more affordable and more livable.
Struggling Market? Now Is the Time to Buy
Maintenance costs are up, home values are falling and states are seeing more foreclosures than sales. But terrible times for homeowners make for terrific investment opportunities.
Staging Your Home for a Quicker Sale
Foreclosures and high maintenance costs mean that new homes go up for sale faster than you can say "down market." And what is great for buyers -; more homes to choose from -; means that sellers need to distinguish their properties from the rest of the crowd.