Category: Uncategorized

Prevent Mold From Growing In Your Home!
Southwest Florida is an extremely humid climate with lots of rainfall. Over the years, I’ve witnessed countless renters and homeowners be devastated by mold growth that they didn’t know existed until it was too late… Unfortunately, natural causes aren’t the only reason mold grows. Leaks (water intrusion) can occur and create mold in a number of places in your home, such as:

• Sinks
• Washing Machine
• Refrigerator
• A/C Unit
• Dish Washer
• Toilets
• Roof Leaks
• Window Casings

Luckily there is a solution! In this blog, we’ll discuss how you can prevent mold BEFORE it starts forming!

First and foremost, how many of you consistently check “wet areas” (washer, sinks, etc.) of your home for mold? People are generally too busy to worry if their appliances are running without a leak forming. But it’s very important to monitor such things so you aren’t faced with a nightmare situation!

As we know, mold is created by two things, moisture and time. So how do you prevent it? A great solution for this is wired or wireless leak detectors. They are installed in any wet area of your home so they will detect moisture, shut-off the water source, and send you an alert on your smart device so you can immediately resolve the issue.

Additional benefits to leak detectors are:

• Peace of mind for seasonal residents
• You don’t need to activate your alarm for it to function
• If you move, you can transport the devices with you
• It prevents you from unknowingly living with mold
• Some Insurers are offering discounts

Even if your home watch company stops by once every week to inspect your property, it might be too late, leaks or floods in your home only take seconds to create an expensive headache that is now your problem.

If you own an investment property, rent an apartment, or own a home, consider purchasing a leak detector. They can preserve your time, money, and your overall health. For a recommendation on where to find top-of-the-line leak detectors, call Reed Property Management and we’ll be happy to assist you!

Why As a Tenant, You Should Treat Your Rental Property With Respect
If you’re renting, you might be thinking, “I don’t own the property, why should I go the extra mile to make sure it’s in good shape?”

If this is your mindset, we need to change it! Keeping someone else’s investment property in tip-top shape has many benefits for both yourself and the property owner.

In this blog, we’ll discuss the importance of showing your rental property a little TLC!

Negotiations
It should go without saying that you should take care of your rental property because it’s the right thing to do… But there are additional benefits to being a caring and attentive tenant. Doing things such as:

• Paying rent on-time
• Calling for maintenance when necessary
• Not hiding pets
• Moving-in without causing damage
• Moving-out without causing damage

Can go a long-way with the property owner. If you’re a “model renter” they’re more likely to cut you some slack if you ever need it in an emergency situation.

If you’re negotiating lease terms at the end of your agreement, you’ll be able to fall back on the superb manner in which you treated their property. Your goal as a tenant is to make them want to renew your lease because you treated their property with respect and did the things listed above consistently.

Security Deposit
If you’ve ever rented, you know the security deposit can be a huge chunk of your overall move-in cost. But there’s some comfort in knowing you will get that money back at the end of your lease. But this only stands true if you don’t cause any damage to the property, such as; neglecting something that needed a repair or breaking any of the rules instructed to you by either the property owner or property management company.

Property Owners
When you work with Reed Property Management, we put potential tenants through an extensive background check to ensure your investment property is in good hands.

If you need a property management company to take care of tasks such as rent collection, property inspections, maintenance repairs, etc. give Reed Property Management a call and we’ll be happy to assist you!

 

 

Financing When Buying a Rental Property
Are you considering purchasing your first or maybe even second rental property? In this blog, we’ll discuss extremely useful information shared with us by, Tom Mihalik of Best Interest Mortgage, that can help you tremendously when financing your investment property.

What You Can Expect
For individuals looking to finance a rental property, you’re going to want to ask about investor financing. Mihalik shared with us that they offer both fixed and adjustable rates that can go up to an 80% loan to value, which requires at least a 20% down payment. Although 80% is offered, the rates are much more attractive for investors if they put down 25-30%. Like most major purchases, your credit score is critical for the type of loan you qualify for.

Kim Reed, Owner of Reed Property Management, cleared the air about financing investment condos, “There are rumors circulating about investment condos needing a higher down payment, is that true?” Mihalik responded, “No, it’s standard financing across the board, 20% down is required.”

Rehabilitation Loan
If you’re the owner of an investment property, you might want/need to rehabilitate (rehab) the existing state of the property… This is when to consider a rehab loan. A rehab loan is when you purchase a home at the contracted price, then any addition that you want to do to the home, such as…

• Remodeling the kitchen
• Repurposing a room
• Installing new flooring
• Adding a pool
• Putting a new roof on

is added onto the total end loan. As long as you get a licensed contractor bid, then submit that with your purchase offer, a lender will combine the purchase offer plus the projected price of the improvement and will lend off the after fix-up value. For example, if you purchase a home for $200,000, and the projected renovation cost is $50,000. They can then finance 80% of the $250,000 total purchase price. This is a far more convenient option instead of financing $200,000 and coming up with $50,000 out of pocket, or taking out a separate $50,000 loan.

What We Offer
A big thank you to Tom Mihalik of Best Interest Mortgage for a lot of priceless information that many property investors could really benefit from.

If you’re in the process of purchasing a rental property, give Reed Property Management a call! We’ll handle property inspections, rent collection, maintenance requests, background checks, security deposits and much more.

 

 

Beautiful AirBnB Vacation Home
At Reed Property Management, we’re known for handling all of your residential investment property needs, such as; rent collection, property inspections, leasing, maintenance requests, etc… But in this blog post, we’ll talk about a beautiful vacation home in luxurious Naples, Florida that’s calling your name!

Briarwood Home
This spacious 3-bedroom 2-bathroom home delivers a very modern open floorplan for the dining and kitchen area. If you have kids, there are a multitude of things that will capture their attention such as a large pool, three televisions and a portable playpen!

But don’t forget about all of the amenities’ this community has to offer:

• Tennis courts
• Basketball courts
• Volleyball
• Playground
• 2 pools

Just a short distance from this lovely Briarwood home is everything that makes the city of Naples so wonderful! Downtown Naples delivers top-of-the-line shops and restaurants, pristine beaches (with a gorgeous pier) are just minutes away, championship golf courses and many other attractions are located throughout the city!

To view pictures of the home and schedule your check-in date, click here.

Reed Property Management
Reed Property Management is a full-service property management company with our main priority being to maximize your return on investment. We do this by efficiently managing your property and tenants. We implement and enforce any lease keeping within all Florida laws to retain tenants and keep them happy but we do so within the parameters of the lease. Our long history of successfully managing properties in Southwest Florida coupled with our extensive experience, we can proudly say that we have the best skill set and fine-tuned operation to manage your home or investment property.

Contact us today if you need property management services for your investment property!

 

Online Rental Payments are Trending Upwards
With millennials conquering the rental market, that can only mean one thing… technology is involved! Millennials have a HUGE influence on digital and social trends. More than 80 million millennials are scattered throughout the United States and are having a massive impact on property management companies across the country. In this blog, we’ll discuss the renter’s expectations of technology, how other generations are adapting, and the overall benefits of transitioning to electronic payment options.

Renters Expectations
The accessibility for tenants to make rent and utility payments online isn’t just a luxury anymore, it’s a necessity if your property management company is going to survive. The National Multifamily Housing Council’s Renters Report revealed over 76 percent of renters make electronic payments every month. This shouldn’t come as a shock considering you can reach payment portals from pretty much every device (phone, laptop, tablet), and most property management companies make the process seamless and confusion free… for most individuals.

How Are Other Generations Adapting?
Baby Boomers haven’t embraced the technological fad as quickly as millennials. Nearly half of all individuals 65+ prefer to make payments in-person. What does this mean for property management companies? This means that our industry must continue to satisfy different technological generations to maximize revenue, while keeping pace with technology trends.

Benefits of Electronic Payments
As we mentioned earlier, providing a paperless payment option is a necessity for property apartment communities and property management companies. But not only is it more convenient for renters to make payments online, but it’s actually proven to be a much safer and secure option. Implementing an online payment feature can eliminate the trail of an on-site paper payment and the nightmarish stories that coincide with them. Not to mention, electronic payments make it easier for property managers to track, manage, and report every payment efficiently and effectively, reducing the risk of possible errors.

Reed Property Management
At Reed Property Management, we stay up-to-date with all technological trends in our industry, while providing safe, secure and convenient payment options. But if you prefer to make payments in-person, we can make arrangements for that as well.

If you own a seasonal or year-round rental property that needs to be managed, consider Reed Property Management! We have over 30 years of experience in the property management industry and would love to increase the ROI for your investment property!

 

The Benefits of Renting
The goal for most people is to eventually own their own home. No one is denying that. But when people say “you’re just throwing money away when you rent”, in most cases just isn’t true. To be a homeowner, things need to be aligned and stable financially.

For some individuals, that’s easier said than done, which would makes renting the smarter choice. Owning a home comes with additional fees that people need to consider. When you rent, those costs and expenses aren’t an issue. In this blog, we’ll discuss some of the fees associated with owning and why renting is the best housing solution for many people.

Maintenance
Maintaining a home is a major responsibility. If you’ve rented for a long time, the amount of time and money that is spent on home maintenance might catch you off guard once you’re an owner.

• Landscaping
• Air conditioning unit
• Dishwasher
• Garage door
• Plumbing
• Pest control
• HOA

These are all things that are included in your monthly rental fee. For example, if the dishwasher won’t turn on and you’re not the handiest of people, just put in a maintenance request and that’s the end of it. But when you own your home it’s officially your responsibility to deal with billing and any financial surprises attached.

Flexibility
Say you find your new dream job halfway across the country; it’s far easier to pick up and move when you’re renting compared to owning. Variables such as the housing market can keep you tied to your current location for a while, if you own a home.

Cities are epicenter of economic growth right now. Proving to be more convenient for renters looking live closer to shops, restaurants and offices.

Debt
Renting is a very popular housing option among millennials. Since many millennials have recently graduated from college, they are loaded down with student loan debt for the time being. The thought of being tied to a 15-30 year mortgage payment, in addition to their current financial state, is absolutely terrifying. With approximately 70% of college students graduating with some form of student loan debt, adding another loan to that is unappealing.

Reed Property Management
While purchasing a home can be a very solid investment for the right people, it all comes down to your financial situation. If you don’t think you’re ready to buy a home, don’t get suckered into it, renting offers many benefits from both a convenience and financial standpoint. It allows you to save money and get your ducks in a row, so when you’re ready to buy a home, it’s an enjoyable experience you’ll never forget.

If you’re looking for a rental home in Southwest Florida, contact Reed Property Management!

 

 

3 Property Management Trends Heading into 2020
Owning a successful property management company requires staying up to date with industry trends. Due to population growth in many areas throughout the country, especially in Southwest Florida, apartments and condos remain an extremely popular housing option. Multifamily communities offer many attributes that ordinary single-family homes don’t, and we’ll explain what those things are later on in this blog.

Just like any business that wants to dominate their local market, Reed Property Management is developing a strategy that we look to execute in the new year. In this blog, we’ll discuss the top 3 trends heading into 2020, things that tenants are looking for in a rental home and how they can impact overall retention and success rate.

Management
Of course, affordability is a huge factor in determining if a tenant stays or leaves, but that’s not always something a property management team has a lot of control over. But a property management team does have control over the QUALITY of the service they are providing their tenants. In a new survey, 31% of people who recently moved out of their apartment or condo did so because of poor management.

Ensuring your tenants are satisfied not only enhances your reputation within the community, but allows you to retain quality tenants that pay rent on time and keep the space clean.

Amenities
Earlier I stated apartment and condominium communities offer things for a more affordable rate with better amenities than many single-family homes. Many multifamily home communities provide a pool, workout facility and a park for either children or pets. If you were to rent a single-family home with those amenities, the price would be too high for many individuals. Amenities are proving to be important to renters now more than ever, making multifamily homes a very popular option for the modern-day renter.

In-unit amenities are also immensely important to retaining tenants. Since home ownership keeps presenting seemingly never-ending challenges, renters expect basic features such as a:

• Dishwasher
• Garbage disposal
• Washer and Dryer
• Microwave

So basically, gone are the days of successfully renting out both single-family and multifamily spaces without these amenities.

Easy Mobile Resident Portal Access
Our society has reached the point where if you can’t complete something on a mobile device, you may as well not do it at all… sad but true. That goes for resident portals. If your tenants can’t easily make a maintenance request or pay rent from their phones, that’s a problem. 81% of all residents say it’s very important for them to have the option to access their renter’s portal from their phone.

Reed Property Management
Reed Property Management takes great pride in keeping up with industry trends and doing everything we can to provide exceptional service for investment property owners and their tenants.

If you’re looking for someone to manage your seasonal rental, call Reed Property Management!

 

Benefits of Owning an Investment Property
The days of everybody in their mid-20s entering homeownership are nearly extinct. Sure, there’s an outlier here and there, but most millennials are opting to rent. Surprisingly, millennials aren’t the only one’s choosing to rent. The number of baby boomer generation renters have increased by approximately five million people in the last 15 years.

There are a multitude of reasons why this is happening; student loan debt, flexibility and undesirable home ownership responsibilities to name a few. This opens the door for homeowners to venture down a new path of possibilities, this would be the path of becoming an INVESTMENT property owner. Becoming an investment property owner benefits both you and possible renters. In this blog, we’ll discuss those benefits along with why owning a rental property is a wise investment.

Renter Income
The most obvious benefit when becoming an investment property owner is it provides you with a direct source of income each month. Depending on if the house is paid off or not will dictate the profit you make and the rate you charge, in addition to other factors such as:

• Community fees
• Lawn maintenance
• Pool maintenance
• Property management

Any fees associated with the overall upkeep of the property will affect both income and the rate you charge tenants. Either way, it’s worth it in the end because you can be paying off a mortgage without it coming out of your pocket, or the vast majority of the payment is going straight to you because the home is paid off.

Sweat Equity
Sweat equity allows you to make upgrades to the home at no major cost to you. Improvements such as:

• Interior/Exterior paint job
• New roof
• New siding
• Landscaping additions

They can all add value to your property, in turn, allowing you to charge more for rent down the road. Or when you possibly want to sell the home, reap the benefits from all of the upgrades by selling for more than you purchased it.

Reed Property Management
It can be inconvenient becoming an investment property owner because active involvement in managing the property is required. But we have some exciting news for you! Reed Property Management can relieve you of that burden by taking care of your rental property! We’ll handle tasks such as rent collection, background checks, maintenance repairs, property inspections among many other services. If you’re considering becoming an investment property owner, contact Reed Property Management and we’ll guide you through the entire process!

 

 

Property Inspection Etiquette
When Reed Property Management performs a property inspection, we’re looking to do two things; protect your investment and make sure the tenants are happy. We generally conduct move-in and move-out inspections, along with yearly, seasonal or quarterly inspections to ensure everything is up to par.

In this blog, we’ll discuss how we conduct ourselves leading up to a property inspection along with the Do’s and Don’ts for both a property management company and tenants.

Professionalism
Professionalism is something we take great pride in here at Reed Property Management. We adhere to inspection timing and notifications. We will always alert the tenant at least 24 hours ahead of time before an inspection. The only exceptions being an emergency or a complaint by the property owner.

The number of property inspections will depend on what the homeowner decides. From the perspective of the homeowner, we understand that it can be a little unsettling to welcome tenants that you’ve had no prior engagement with, live in your investment home.

Maintaining happy homeowners and tenants is a very important goal of ours! To make that a reality, we must communicate the message and contract to the tenants so there is absolutely no confusion when it is time for an inspection. Communication should streamline seamlessly from homeowner to the tenant with Reed Property Management as the mediator.

Do’s and Don’ts (Property Management Company)
YES: Property managers are allowed to drive, walk or ride a bike to inspect the property as often as we like as long as we are not harassing nor disturbing the residents.
NO: We are not allowed to conduct a random property inspection.
YES: Yes, we may schedule multiple inspections a year. Some property managers will schedule quarterly or seasonally, depending on the decision of the homeowner.
NO: Unless specifically allowed by state regulation for circumstances such as an emergency, a property manager may not “stop by” without notice.
YES: A property manager may enter a home unannounced in Florida to help in an emergency.
NO: A property manager may not organize excessive property inspections outside the provisions of the law.
Do’s and Don’ts (Tenant)
NO: A tenant can’t replace the locks without either consent or providing a key for the new lock to their property manager.
YES: A tenant can go on an extended trip, but will be required to inform their property manager and allow access, according to Florida statutes.
NO: A tenant can’t refuse entry to a property manager that has been given appropriate permission.
YES: A tenant may refuse entry to a property manager that has not given appropriate permission.
NO: A tenant that has requested maintenance or a repair can NOT then refuse entry if the landlord complies with Florida notification regulations.

Reed Property Management
At Reed Property Management, we do our part to abide by rules and regulations to respect the privacy of the tenants, while effectively communicating the message of the property owner to eliminate confusion of any sort.

If you’re unhappy with the current company managing your investment properties, give Reed Property Management a call! We’d love to help you get the most out of your rental home!

 

Four Money Making Moves for Investment Property Owners
To be a successful investment property owner it takes time, research and dedication. That being said, it also requires exceptional business acumen that will enhance the property’s overall profitability. In this blog, we’ll discuss four integral steps that can maximize profits and growth for the rental property owner.

Weigh Your Insurance Options Carefully
If you’re a landlord, it’s critical to have quality insurance. But before making your final decision, weigh all of your options. Insurance rates are always in a constant state of flux, and the difference between providers can be extreme. For this reason, you’re going to want to do a detailed cost comparison before selecting a policy, in addition to updating your cost comparison every year for changes in the market. Property owners who have the most success know that just because a policy is the most expensive, doesn’t mean it’s the one that best suits your needs, budget and long-term planning.

Rental Rates Aren’t Everything
When investing in a new rental property, determining the rental rate is a crucial part of the process. But rental rates aren’t everything. Other things to consider are:

• Property taxes
• Local job market
• Nearby amenities
• Other local listings
• Appreciation potential

To thrive in the investment property industry, you must keep an open mind and consider factors that others might not by conducting extensive research in your local market.

Work With Your Tax Professional Year-Round
Keeping track of your income and expenses is one thing, but exemplary rental owners strategize with a tax professional. Being an investor, tax deductions and other benefits can be your best friend, and working closely with an accountant can help you reap these benefits with excellent results. Doing this will help keep your tax bill minimal and increase profits.

Reed Property Management Can Help
When you initially become and investment property owner, you might be thinking that you can handle all of the tasks yourself. But time-consuming services such as:

• Maintenance and repairs
• Property inspection
• Background checks
• Leasing
• Tenant relations

can turn property management into a full-time job. Hiring a reputable property management company such as Reed Property Management not only takes the load off of your shoulders, but it’s the best way to increase the return on investment (ROI). If you’re looking for help managing your rental property, give us a call, we would love to help you maximize the profitability of your investment home!