A proper foundation does more than just hold a house together. When built properly, a strong foundation strengthens the structure of your home and protects it from the outside elements. You cannot predict the storms and accidents that will strike your home, but you do have control over your foundation and depending on how well it is built, you will be able to withstand many unforeseen issues.
The same goes with property management. When owning a rental property, there are many steps that need to be taken in order to have a solid foundation which will eliminate future issues. Understand that owning a rental is not the perfect investment, but with the right tools and proper preparation (building that foundation) it can be nearly perfect. With any investment, the #1 goal is to make money and with the right knowledge, you as a real estate investor can limit the stress and issues that may arise with tenants and your home.
In 1853, the Mormon Pioneers broke ground on their grand temple in Salt Lake. For seven long years, the people of Salt Lake dug and prepared to lay the foundation, 8 feet deep, all made of sandstone. The workers who were investing their own time and money into the building suddenly discovered a major crack in the sandstone blocks of the foundation. They were faced with a dilemma, do the best they could to patch the cracks, which may cause issues in the near future when continuing to build, or rip out seven emotional years of hard work and replace the blocks with a more solid foundation to support their dream. The pioneers chose the second option, and now the beautiful Salt Lake temple sits in the core of the city. Overlooking one default in your rental property can cause major issues down the road to both you and your tenant. Addressing a default with your rental can also make you a lot more money in the long run as well. Even if it may seem impossible to repair, trust in your property manager to take care of both your investments; your home AND your tenant.
When trusting a property management company to build your foundation, integrity is an important trait. MyHome Property Management takes pride in our client-first approach as well as the relationships we build with our tenants, which in return affects how your home is taken care of. Every action we take is backed by our promise to our clients: eliminate unnecessary costs, treat your home like our home, and treat your tenant fairly and professionally. After all your tenant will be our business partner for the next year or two.
Contractors use a special tactic when building the foundation of your home. Pouring the concrete requires a patient technique to make sure it dries properly. Rushing the cure can cause cracks down the road and may eventually be the cause of your home collapsing. Understand that placing a proper tenant may take time, and when rushing the process, you may place a wrong tenant in your home. Unfortunately this happens way too much. Arm yourself with the proper management company that hold the tools to rent your home quickly to the RIGHT tenants. Properly screen your tenants while checking credit, income and rental history. If a tenant is unqualified and wants to rent quickly, take into consideration the issues that could arise down the road.
Real Estate investing has established a reputation to be the smartest way to direct your investing attention for a reason. The returns are great, the possibilities are endless and you have the ability to control your risks. There are many tools for you as the investor to use, so take advantage of them. Have the peace of mind that your foundation is solid and can withstand any obstacles. MyHome Property Management is here to assist you in your rental needs. We offer proper tenant screening, the care a tenant deserves and the tools for all parties to succeed. Let us help you build your foundation for a peaceful rental property experience.