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Why Hire a Property Manager

Category: Property Management  |  Permalink

Published: Friday, March 05, 2010

Unfortunately the realities of managing and maintaining a rental property can hastily become rather overwhelming to even the savviest of investors. Day to day tasks may begin to feel daunting which is why many people look into hiring a property manager. In order to help you understand the benefits of hiring a property manager, we've listed 10 reasons that could help to influence your decision.

10 Reasons to Hire

1. Collecting and Depositing. Securing payments from your clients/tenants can sometimes be difficult and at times even awkward. Property managers typically have an effective system in place in order to obtain rent and sustain on-time payments. Not being able to maintain steady payments of rent could significantly affect your cash flow.
2. Rental Rates. Property managers not only want to help you secure tenants, they want to help you keep them. They know the rental market and can ensure that your rental rates stay and are competitive.
3. Property Law and Housing Regulations. Due to a multitude of relevant local, state, federal, and housing laws and regulations, it may prove difficult to maintain your rental property. With the help of a property manager, you can avoid any potential lawsuits by keeping you up to date and in compliance.
4. Marketing and Advertising. Online and offline marketing are vital to your rental property. You should always have and maintain and even increase exposure to your properties. In empty property can prove to be very expensive in the long run.
5. Inspections. Maintenance is another vital factor to your rental property. Staying on top of your property through routine inspections, a property manager can help to identify and mend any problems before they turn into a bigger and possibly more costly dilemma. Inspections should be performed prior, during and after your tenants lease.
6. Tenants. Finding tenants may prove to be difficult and time consuming. Depending on your tenant requirements, a property manager will handle all background and security checks, run credit reports, verify employment, and look into previous landlord references. Additionally, property managers will handle and resolve any disputes, conflict or emergency maintenance.
7. Access to Professional Network. A good property manager will have an extensive network of reliable relationships with trusted maintenance workers, tradesmen, vendors, supplies, and contractors. This can not only save you time, but save you money on quality work.
8. Time Management. Property manager helps to free up your time to focus on other investments and/or your own career by handling all of your rental property's daily tasks.
9. Out of Area Locations. It can be rather difficult to oversee and maintain any investment properties you may have that are either in another city or state. Property managers can be where you cannot.
10. Money. The majority of property managers only charge a percentage of the monthly rental rate, often times ranging anywhere from 6 to 10%. When compared to the number services and stress they relieve, the cost can actually attest to be rather nominal.

Reliable Realty specializes in the management of single family homes, townhomes and condominiums in the following areas: Temecula, Murrieta, Winchester, Menifee, Perris, Wildomar, Romoland, Homeland, San Jacinto, Canyon Lake, French Valley, Sun City, Lake Elsinore, Hemet, Norco and Corona. For more information on how a Reliable Realty Property Manager can help you, be sure to contact us today!

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Guest Speaker Larry Ward visits Reliable Realty

Category: Real Estate News  |  Permalink

Published: Monday, February 22, 2010

The Reliable Realty office was fortunate enough to have Riverside County’s Assessor-County Clerk-Recorder, Larry W. Ward as a guest speaker last month. Larry Ward has been with the office for over 30 years. Originally starting off as an appraiser trainee in the Indio District Office, he has had the opportunity to experience and grow in supervisory, appraisal, and other management positions.

The primary responsibilities of the Assessor is locating, identifying and valuing all taxable property within Riverside County. Services like issuing marriage licenses, performing marriage ceremonies and filing Fictitious Business Names are the responsibility of the County Clerk. Finally, the Recorder is held accountable for creating and maintaining custody of all permanent records for documents that have been either filed or recorded within Riverside County, as well as providing the public with constructive notice of all private acts.

Larry Ward was able to provide us with valuable information regarding property taxes, real estate documents, recording requirements, the homeowners’ property tax exemption, a parent-child exclusion, the list could go on and on. Thanks to his visit and the time he had given us, we can now provide you with even more valuable information than ever before. Contact us today at Reliable Realty for more information on property taxes and any of the other areas listed above.

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Temecula and Murrieta Short Sales; sellers find out the facts

Category: Real Estate News  |  Permalink

Published: Tuesday, February 09, 2010

n Murrieta and Temecula today, in regards to real estate, the buzzword going around is "short sale." But what does the term short sale mean to the seller? It means you could avoid foreclosure, get relieved from your mortgage debt and prevent a consequential foreclosure flag on your credit. In order for a short sale to occur, the lender has to agree to accept less than the total amount due on the home. In the seller's world, there are both pros and cons of what a short sale can do for your finances and credit.

According to MDA DataQuick, in Temecula, home sales are down 19.38% from December of 2008 to December of 2009. In Murrieta, home sales decreased nearly 18% for that same time period. Foreclosure sales may be down but short sales are on the rise. Temecula and Murrieta located short sale sellers are avoiding foreclosure; saving their credit report from having a foreclosure ding. The down side is that a short sale can affect what taxes you owe at the end of the year. According to the Mortgage Forgiveness Debt Relief Act of 2007, the I.R.S. could consider debt forgiveness as income, and there isn't a guarantee that a lender who accepts a short sale will not legally pursue a borrower for the difference between the amount owned and the amount paid. However, overall, most underwriters agree that a short sale looks better than a foreclosure on a credit report.

When you're doing a short sale , it shows that you've actually done something about the foreclosure, versus letting it go to foreclosure. Some of the keys to getting a short sale approved by your lender is to turn in the right paperwork and talk to the right people. You can submit a letter of authorization to allow the lender to speak directly with your real estate agent or broker on your behalf. This person acts as a negotiator on your behalf to get the short sale approved. This is where the right agent who is the best negotiator really earns their commission. According to Reliable Realty, an experienced agent should be working under the director of the broker to work on a short sale . A negotiator will know the corrrect departments to call, the right officials to speak to and the correct language to use when trying to get your short sale approved.

"Getting approved for a short sale in Temecula and Murrieta is not easy to obtain," said Kellee Spillman, Broker for Reliable Realty, Inc., "Lenders across the nation have the task of approving short sales for thousands of financially strapped homeowners trying to avoid foreclosure. They are getting calls every minute, every day from homeowners seeking a short sale approval. With all the departments and red tape a lender has, the key is to get the right person up to bat for you to get the short sale approved."
Reliable Realty, Inc. can help get your home or property approved for a short sale . To learn more about short sales, call today to talk to a real estate expert at 1-800-435-8013.

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How Short Selling Your Home can Help You

Category: Real Estate News  |  Permalink

Published: Friday, February 05, 2010

oday's tough economic times has put everyone in a bind financially. Now more than ever, homeowners are struggling with imminent foreclosure. What the majority of people do not realize is that they have options! They don't have to let their Murrieta home or Temecula home go to foreclosure. A very popular option is to sell your home as a Short Sale. Buy selling your home as a Short Sale, you give yourself an opportunity to walk away from your home without the worry of going into foreclosure or seriously damaging your credit!