Safe Harbor Property Management is on your side! Here is a great set of tips to keep you moving forward profitably.
The Safe Harbor Dozen are 12 tips that we have found to make our clients profitable year after year. These tips will be organized from very long term to things to keep in mind on a very regular basis. So keep on reading to find the ones that will make a difference today!
Long Term
1. Long Term Maintenance
Real Estate management is not a quick money endeavor. While preventative maintenance will help keep emergencies at bay, some issues are longer-term that must be taken into account. This means water heaters can give out, carpets will wear, roofs will age, and more. We can help you appropriate the proper amount as well as be a guide to know what needs to be replaced…and when!
2. Being preventative
Property repairs are as consistent as gravity. Having a yearly, quarterly, and monthly schedule will help you make improvements or maintenance before costly emergencies arise. Be sure there is an appropriate amount budgeted for maintenance in your master budget.
3.Changes in Legislation
This is one of those issues where you may not have much happening…until it does. We keep our ear to the ground and listen for any subjects that need your attention. When a new issue arises that might address your properties; we will contact you.
Medium Term
Things to regularly review :
4. Your Investment Portfolio
Today may be the time to make some changes! Before you do- give us a call. We can give you a realistic rental value before you take the plunge. If you are considering doing a 1031 exchange to limit your taxable gains, be sure to talk to a professional first. We’d love to sit down to make sure your portfolio is balanced and well-positioned for the coming future.
5. Current tenancy
No one likes negative surprises! Let’s touch base and check in on which leases are up for renewal or even if you need to go through an eviction. We have a great deal of experience looking at current tenancy statistics and being able to look for potential liability. You may not have any problems ahead, but it doesn’t hurt to get another viewpoint to gain peace of mind.
6. Property Insurance
You do not want to be the person who gets hit with expired coverage or inadequate coverage. The way to ensure this is to make sure you review your insurance at least yearly. There may be legal changes that go into effect on your policy that you may not have noticed. So let’s make sure to take a look at least once a year to keep everyone safe.
7. Your ROI
While many things in our lives have deadlines, it’s important to stop and make sure our ROI is pacing property. Each year review your return on investment (ROI) for each property. Knowing where you sit financially will ensure you can make changes to cut expenses or new investments to increase income. We calculate ROI every day and can make this an easy process for you.
8. Tax Information
Sorry for bringing this up, but keeping your investment tax information organized and at hand will avoid a huge amount of stress every year. Your records are your protection, as well as the documentation of your deductions! Prepare for your tax season regularly so that when the time comes, you don’t have to stop doing your important day-to-day tasks to get tax information ready.
Shorter Term
9. Risk Management
All of the above points are elements of risk management. Our job as your partner is to help you minimize all risks as a general way of life. For some people, risk management is a hat you wear. For us, it’s the lens we look at EVERYTHING through.
10. Always follow Fair Housing
Violating Fair Housing laws and regulations can be very costly for investors. That is where we come in. Following Fair Housing is a huge key to a successful property management business. Fair Housing affects many areas concerning investment property, such as advertising, showings, applications, renting, etc. And violating them can cost you fines, tenents, and your reputation. Allow us to help you keep on the right side of this issue.
11. Never retaliate
Tenants are people, and people can do very frustrating and difficult things. The natural inclination for an owner is to want to get back at the offending tenant. As your partners, we can help you keep a cool head during tough times to ensure a court cannot perceive any action as being retaliation. Before this ever gets to that phase, bring us into the conversation to keep everything going in your favor.
Very Short Term
12. Teamwork!
We are in your side and are ready to work for you. Protecting your investment is why we exist, so don’t worry about calling us up for help or advice. You know your specific situation, and we have decades of expertise in many situations, so we can make things better if we work together.
Interested in having a professional management company manage all of these details for you? That’s what we do. Call us today at (253) 302-3079 – we would love to help you with all the details of managing your property assets.
