How to Keep a Good Relationship with Your Atlanta Property Management Company

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Hiring Atlanta property Management Company to look after your rental property investment does not guarantee you that your property will be managed well. It is very important to establish and maintain a good relationship with the company managing your properties for you to enjoy excellent services. This is a very effective way of developing a strong trust and bond between you and your property manager so that he or she can serve you better.

The biggest challenge for many real estate investors is how to keep a good relationship with their property management companies. Well, if you have hired a property management company in Atlanta to look after your real estate investments, the following are some of the basic tips on how you can keep a good relationship with your Atlanta property management company in order to build a mutually successful partnership.

1. Make sure you have hired a reliable property management company

It can be very difficult to keep a good relationship with your property management company if the company is not reliable one. Remember that good relationship is two-way traffic and the company that you have hired to manage your properties should be reliable enough to win your trust. It is therefore important to do your homework well and make sure you have hired a reliable and qualified property manager to take care of your investment. Remember that every property management company out there will tell you what you want to hear and it is very important to do your own research before listening to their stories.

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2. Have clearly defined roles and responsibilities

One of the main causes of a bad relationship between property owners and property managers is lack of clearly defined roles and responsibilities. It is there important to state clearly what the property management company should expect from you, and what you should expect from them to avoid a situation where you end up blaming one another. You need to look for a property management company that will keep its promises. Similarly, you also need to read and understand the management agreement and make sure you can as well keep your promises to your property manager. If something is not clear, it is important to discuss and agree on all items before signing any papers. Remember that having clearly defined roles and responsibilities is the foundation of a good relationship and partnership with your property management company.

3. Maintain good communication

Communication is very important in any relationship. As an investor, you need to make sure there is an effective exchange of information between you and your property manager. It is important to agree on a realistic communication method and schedule between you and your property manager to avoid unnecessary inconveniences. You need to state the methods of communication to use and always keep in touch so that every party can be assured that all is well. It is not mandatory that you meet face to face with your property manager. Make sure you have identified a communication method that satisfies both of you.

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4. Be flexible and expect some risk

Property management is quite hectic and as an investor, you should be flexible and expect some risk. Many real estate investors have very high expectations and demands to be met by their property managers, even when they know some of the expectations are unattainable. It is therefore important to be flexible and expect some risk if you want to keep a good relationship with your property management company. You need to acknowledge that although hiring a competent property manager to take care of your real estate investment can help you to avoid numerous financial risks, some risks cannot be foreseen. It is good to be flexible where necessary and do not allow small issues to ruin your relationship with your property manager.

5. Commit yourself to one trustworthy property management company

Good relationship and trust takes time to build. It is therefore important to commit yourself to one trustworthy property management company if you want to keep your relationship. Once you have chosen a good company that you have confidence in, it is important to commit yourself to it. Remember that the longer you commit yourself to one property management company the stronger the relationship. Avoid as much as you can switching roles between you and your property manager because doing so can affect your relationship.

Crash Course on Flipping Houses

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Real estate market in the country is reviving and investors are rushing to acquire more properties before prices become too high to afford. However, the surprising thing is that the majority of real estate investors in the country are looking for rental properties to buy. It is not clear whether people do not know any other type of real estate investment or not. Well, if you do not know, flipping houses is another very profitable real estate business that you can venture into and become a millionaire within a very short period.

The business is the most profitable among all real estate investments, but at the same time the riskiest. However, this does not mean you cannot do it because some people are doing it and the returns are unbelievable. All that you need is adequate skills about the business and enough capital to acquire properties and probably do some renovations. For those who want to venture into this business and do not know where to begin, here is a crash course on flipping houses for beginners.

Step one: Understanding the business

The first step when flipping houses is to make sure you understand how the business works and how to get better deals that will gain you more profits. It is worth noting that flipping homes is the most complex type of real estate business. If you thought you would get a cheap house online, buy it and sell later to make profits, then you are very wrong. You need to make sure you understand how the whole process works even before you start looking for properties to buy. You need to educate yourself on the rules that govern the business in your area and make sure you are conversant with all the do’s and dont’s of the business. It can be very disastrous if you decide to venture into this business without getting answers to all your questions or when you have some doubts.

Step two: Get someone to show you the way

Flipping houses is not a business that you can just think of starting and make money by yourself overnight. It is very important to make sure you have a successful house flipper to mentor you and show you how to do it. Getting a mentor is a very important thing in house flipping business, even if it means paying someone to share with you his or her knowledge about this risky, but very profitable business.

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Step three: Look for listed properties and foreclosures

Once you have adequate skills on how to flip houses for profit, the next thing is to look for listed properties and foreclosures so that you can buy one and try your luck.

You can buy houses in bad condition, renovate them and sell at a profit or buy under priced houses so that you can sell later at a higher price and make more money. However, it is very important to review extensive details of the property you want to buy and do your math to see if it is a good or a bad deal. Any deal that you are sure to get 20 percent and above profits is a good deal and anything below that is a bad deal. You can negotiate to pay less if you must buy a certain profit to avoid making losses.

Step four: Buy the property

Once you are comfortable with a certain property you can proceed and make an offer to buy it before another person takes it. It is very important to respond as quickly as possible before the market changes, especially in areas where competition is very high.

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Step five: Improve the property

It is very important to do some renovations on the property after buying in order to increase its value if you want to get higher gains after selling. Make sure you know what renovations need to be done and have your contractors ready.

Step six: Sell and get your profit

Once you have improved the house and you are sure it will earn you the targeted returns, the next thing is to re-list the house and sell it. You can list your house with a realtor if you want to sell it faster and for a price higher than the listed price. On the other hand, you can sell it yourself if you trust your marketing skills and save on realtor fees. Never be tempted to keep a property for too long, waiting for prices to go up. Sell it as soon as possible as long as you can get your targeted profit.

Outlook on the Indiana Real Estate Market In 2017

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Indianapolis is among the areas in the country that have experienced the highest real estate market growth after the 2008 crisis. Surprisingly, the city was among the places badly hit by the crisis and it was unexpected that the recovery process will be as quick as it has been in the last five years. The city is gradually becoming a real estate hub and many investors are rushing to acquire more properties there before prices become unaffordable.

If you do not know, 2015-2016 is the time when Indiana real estate market performed the best in the last one decade, according to the report given by the National Association of Realtors. The highest number of homes sold was highest during this time and figures are expected to go up in 2017. Some of the factors that were hindering real estate growth in the past such as home prices being higher than wages, high mortgage rates and insecure economic conditions are gradually disappearing. For those planning to invest in Indiana real estate, the following is an insight on how the market is expected to be in 2017.

1. You should expect more homes to be constructed

It was difficult for home builders to sell houses fast in the area before the bubble burst. The situation became even worse after the bubble burst and home buyers vanished completely, forcing the builders to close their businesses in the area. However, the situation has changed after the crisis and real estate market in the area is reviving. Home sales volume has been climbing rapidly and the same trend is expected to continue throughout 2017. More home constructions are expected in 2017 and the number will continue rising if key issues that are still hindering area’s real estate market growth will be resolved. These challenges include land shortage and underwater water borrowers.

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2. Home values will continue climbing in 2017

Indiana is among the areas in the country where home values are expected to keep on rising in the next years to come. Unlike in other parts of the country where experts feel home prices have reached the peak, there is still more room for growth in Indianapolis. The real estate market has reached its post-bubble status in metro areas in the country, but experts say that Indianapolis is yet to reach the peak. Real estate experts believe that this is the right time for those planning to acquire properties in the area to do so because prices are likely to be the highest in the country a few years to come if the current trend is something to go by. While real estate markets in other parts of the country seem to have started to normalize, home prices in Indiana are shooting up year after year.

3. Cases of underwater homeowners and foreclosures expected to decrease

Indianapolis real estate was badly affected by the economic crash in 2008 and cases of underwater borrowers and foreclosures were highest in the area. Many people lost their jobs and it became difficult to pay mortgage resulting in investors losing their homes to lenders. Home values went down, leaving many homeowners underwater with mortgage debts bigger than the value of their homes. However, the situation has recovered considerably in the past years and the number of underwater homeowners and foreclosures are decreasing year after year. Cases of underwater homeowners and foreclosures are expected to reduce by more than 20 percent in 2017.

4. Expect a slight increase in mortgage rates

Mortgage rates rates may increase slightly in 2017 based on the current economic climate and past decisions by the Federal Reserve Bank. Presently mortgage rates in Indiana are going down, but if the predicted U.S. economic growth by the Federal Reserve Bank is something to go by, then mortgage rates in the area may increase slightly in 2017. However, it is still difficult to predict with certainty the trend that mortgage rates are likely to take in the years to come.

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5. Expect higher home prices and fewer homes for sale in 2017

If the current trend is something to go by, real estate investors in the area should expect an increase in home prices in 2017 and fewer homes in the market. Home builders are likely to list fewer homes and this will cause prices to go up. This is probably a strategy by home builders in the area to increase home prices so that more homes can be listed later at higher prices.