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8 June 2024 | 1 reply
These are some of the ways the clients could be affected by property managers who are not prepared: Extended VacanciesInadequate marketing strategies and tenant screening processes can result in prolonged vacancy periods, translating into substantial lost rental income.High tenant turnover due to poor resident relations further exacerbates vacancy losses.Inadequate Maintenance and RepairsNeglecting preventive maintenance and delaying necessary repairs can lead to accelerated property deterioration and higher long-term repair costs.This can also negatively impact tenant satisfaction, contributing to higher turnover rates.Legal and Compliance IssuesLack of knowledge or disregard for landlord-tenant laws and regulations can expose investors to costly legal disputes and penalties.Failure to properly handle security deposits, evictions, or fair housing practices can result in significant financial liabilities.Ineffective Financial ManagementInaccurate budgeting, expense tracking, and financial reporting can lead to uninformed decision-making and missed opportunities for cost savings.Failure to optimize tax strategies and leverage available deductions can further reduce net returns.Diminished Property ValueInadequate maintenance, high vacancy rates, and poor tenant screening can negatively impact a property’s perceived value and appreciation potential.This can significantly affect the long-term return on investment when it comes time to sell the asset.While a 10% management fee may seem reasonable for a well-performing property manager, the cumulative impact of mismanagement can quickly escalate the effective cost to investors, potentially outweighing any perceived savings on the management fee itself.
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10 June 2024 | 19 replies
There are cheap options but they take more time and effort and are probably only worth it if something else is extending the timeline.
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7 June 2024 | 2 replies
It easier for tenants to feign attempts at assistance, thereby extending the timeline for any necessary evictions which does ultimately impact my cash flow.
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6 June 2024 | 7 replies
You two could probably extend the closing until the repairs are complete which would be great for you since you would not have to go back on the market.
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6 June 2024 | 12 replies
We either make sure the booking extends over the holiday, or just block a night out and then the cleaner comes the next day.
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9 June 2024 | 223 replies
Ideally, I’d like to extend the property line to the house I live in over 2 feet (where the other house is currently standing).
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6 June 2024 | 7 replies
It will show up when a word you search for is in the listing description either in the Public and/or Extended remarks.
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6 June 2024 | 4 replies
Can I ask her to leave the property since I don't have an intention to extend the lease with her?
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5 June 2024 | 5 replies
You can walk away for any reason for five days and this period may be extended.
5 June 2024 | 20 replies
.), when you end the coverage, you need to purchase extended reporting coverage (aka Tail coverage).