PropertyZar

Offering Pet Friendly Amenities 

With so many households owning pets (est. 70%), offering pet friendly amenities will attract a larger pool of potential renters. These pets are ‘children’ to these families and if you are willing to show some ‘love’, property managers might just reduce your vacancy rate.  

Being a pet friendly place can be a go or no-go decision for potential renters. Especially families, who look for property landlords who except pets.  

Here are some ways property managers can make their rental properties more pet-friendly 

Pet Parks  

An excellent way to help renters keep their pets active. Outdoor pet parks provide the opportunity your tenant’s pets to socialize and get to know each other while at the same time, run off some energy which equates to calmer and quieter time in your property. 

Running Paths 

In addition to pet parks, a running path for owners and their pets can also be very beneficial.  

These spaces also provide your tenants with some benefits as well.

Depends on what type of investor you want to be. Profits are made in both scenarios but choosing the right strategy depends on several key factors. Consider your age, need for cash flow, retirement goals and many other factors. 

Holding Properties 

Buying and holding properties usually are for longer term investments for the purpose of cash flow. In addition to cash flow, the buy and hold investor is also building equity as the mortgage decreases and the home appreciates in value.  

Flipping 

On the other hand, flipping properties is a short-term investment (at least that’s the initial intent). It is intended to produce capital gains quickly (in theory). There are many risks associated with flipping homes. From underestimating the repair costs, over estimating the market value after repairs, repairs taking longer to complete, property on the market longer than expected, unexpected issues such as structure and a plethora of other potential issues.  

So What Approach Should You Take? 

For

There is no argument, technology has changed the landscape of nearly every industry in the world. That includes property management. There are many positive outcomes from technology but also some downside. So, should you abandon technology and go back to a more one on one personal relationship with your tenants?

In short, No! However, there is a balance that can be had and to see the best results, you need to know where that balance lies, for today anyway.

All Technology

Is it possible to go completely technical in all aspects of property management? I would say no as of today but that is quickly changing. Look at the storage unit industry. They now have self-serve kiosks for renting units, gaining access, signing leases and everything else. Can this amount of automation work in other markets such as the vacation, commercial and residential?

Vacation Rentals (short term)

If you look at the vacation rental market, their technology is closer to fully automated then the typical commercial and