Knowing Where to Buy Your Metro Phoenix Rental Property

The old adage of “location, location, location” still stands today when it comes to Phoenix rental properties. There are a lot of ways you can go wrong with the location, even in ways that you can’t imagine. When selecting a good rental property, Real Property Management WV Phoenix in Phoenix, Arizona advises sizing up a few key aspects of the area to determine whether the property is a worthwhile investment.
Get to Know the Locals
Take some time with the people in the area. Real Property Management WV Phoenix in Phoenix, Arizona will evaluate the quality of surrounding neighborhoods, check for significant numbers of vacancies, and have a pretty good idea of the demographics of future tenants to assist you before moving forward with a property purchase. If you’re near a university, your tenants may consist mostly of students who might make a mess and leave fairly regularly. Knowing this can help you evaluate whether or not you would like to manage a property with consistent turnover such as student housing. Real Property Management WV Phoenix in Phoenix, Arizona will also use government and other resources to look up crime statistics and any other available information on registered offenders and crime history in the area that could help avoid making a poor purchase decision.
Think Like a Renter
After meeting with people from the neighborhood, you should have a better idea about the demographic of your future tenants and what some of their goals might be. The experts at Real Property Management WV Phoenix know that schools, public  transportation, shopping and job opportunities are important to these tenants. Doing a little research on education and employment options in the area will not only help you know if the location is a worthy investment, it will also help you in future marketing if you choose to purchase the property. Real Property Management WV Phoenix knows stable companies and quality schools will ensure the area does not lose its property value over time.
Go in with Your Eyes Wide Open
In the end, a property is never an investment if it does not turn the necessary profits. Real Property Management WV Phoenix in Phoenix, Arizona knows your long-term tax costs to better evaluate your somewhat predictable cost-profit ratios. Taxes can bleed you dry if you are not careful in understanding up front what is expected of your building type in that city. Each city can also have individual limitations on building permits or future development permits, so make sure you do your research. Doing this before you purchase the property will ensure you don’t find yourself stuck with a headache later.

RPMWV Phoenix offers real estate transaction and property management services.  For more information on our services contact us at 602-281-2884 or visit our full website at rpmwvphx.com

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The New Look of Tenant Screening for your Phoenix Rental Property


According to Real Property Management West Valley Phoenix, tenant screening for Phoenix is about to take on a whole new look. Whether you think of screening as a tool to protect yourself and your investment or as a dreaded part of being a property manager, it is absolutely critical for your success and safety.

Since background checks are performed for protection, there are several key factors your screening should include:
      Income (after taxes) is 3X the monthly rent
      Credit is clear of collections and evictions
      Positive references from past landlords
      Verifiable employment history
      Criminal history is checked

Even as a Do-it-yourself landlord, it is important to establish clear rules for who you will and will not accept and stick to them. Tenants with a rough past often avoid renting from property management companies because of the stricter guidelines for qualification, however, if you are going to be completely fair (and lawful) in your requirements and avoid complaints, you must treat everyone equally by asking the same questions and not bending the rules for one person and not others. Phoenix investment property owners need to remember: it’s not personal, it’s business.

The next time you screen a tenant and are wondering about the screening process, remember that you are allowed to reject tenants with: bad credit history, insufficient income to meet the rent demands, previous damage to other units, consistent late rent payments,  poor job history. You cannot, however, reject an application for discriminatory reasons including: race, religion, nationality, gender, age, disability status, and/or familial status. Acting as a businessman instead of an emotional one will leave you with a better reputation as a Phoenix investment property owner.

The key to successful property management is consistency. Consistency in who you rent to, what questions you ask, and the screening process you put each tenant through will allow you to avoid possible lawsuits and Fair Housing Act laws.

RPMWV Phx offers full service Phoenix property management.  For additional information please contact us at 602-218-2884 or visit rpmwvphx.com
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Phoenix Property Management Does come with an Instruction Manual

 

Throughout our 25 years of Phoenix property management, we have witnessed far too many hardworking families fail at the real estate investing game. We have watched as they consider investing as part of their retirement plans, find the perfect homes at the perfect times and perfect prices, make the offers, and never even stop to consider the fact that real estate investing is a JOB. And it’s not an easy one. They do not factor in the time they will spend at their properties, preparing them for tenants, showing,  leasing, responding to maintenance calls at all hours of the day (or night), dealing with tenants who don’t care for their properties, inspecting the land and homes to be proactive about maintenance, and possibly even dealing with evictions. When you factor all of those aspects into the purchase, it may seem like a daunting task to be an investor, and may cause you to question why people even do it in the first place.


Enter the Instruction Manual
With the right team and council behind you, Phoenix property management does not need to be an overwhelming burden. As the leading property management company in Phoenix we know what it takes to be successful. We have witnessed, far too many times, when people bite off more than they can chew in this industry, but we have also been present for success stories. In fact, we wrote the book on successful property management…literally.
If you are considering taking the leap into the world of rental property investment, don’t.  At least not right away, Instead, make sure that you are properly educated and have thought everything through – that’s the best way to be successful.

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