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Decision Time: Are You a Landlord or Investor?

Decision Time: Are You a Landlord or Investor?

All property owners are investors, but not all of them are landlords. What’s the difference? The amount of time and control is gained or lost, depending on the role(s) you embrace. The property investment market and rental industries are changing. The role you choose will be affected. Here is some helpful information to help you decide if you are debating if you want to be a landlord or investor. 

First, an investor

Every investment property owner is an investor first. Investors are entrepreneurs looking to expand an income portfolio by purchasing properties in which others will live or work. They risk financial losses and reap the benefits of tax breaks for small businesses.

If an investor chooses to remain an investor, they leave the mundane details of everyday property ownership to professional property managers. The alternative requires much more investment of self, time, and patience.

Then, a landlord

Those who manage their investment properties take on the title of a landlord, and that’s an entirely different proposition. Strict investors give up some control of their properties but also benefit from a symbiotic relationship with professional property managers whose wealth of knowledge and resources make things easier for the investor.

Those property management fees may seem hefty at first glance, but choosing to forgo hiring a property manager leaves you to deal with the daily headaches of marketing, leasing, property repairs and maintenance, rent collection, the legal considerations for evictions, and more. It’s a distinction worth researching before investing in a property because every property manager, whether professional or the investor who chooses to manage his investment property,  knows that being a landlord is very different from the hands-on responsibilities of property management.

Landlord or investor: Class A Management is here to help

If you’d prefer to remain an investor and reap the benefits without the headaches, contact Class A Management today and let us handle the day-to-day operations and maintenance details. We know what it takes for properties to succeed so investors maximize their returns. Call us today at 817-295-5959 or e-mail info@classamgmt.com

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The Top 3 Landlords Mistakes: How to Avoid Being a Nightmare Landlord

Top 3 Landlords Mistakes

The nightmare landlord. It’s that time-defeating persona many of us grew up with like Mr. Roper from Three’s Company and the infamous Mr. Heckles from Friends. They are impatient, demanding, and just a bit (if not a lot) intrusive. And, while these characters are just that: someone created from another’s imagination, they are based on reality. Because landlords like this truly do exist. Here are three landlord mistakes to avoid, so you don’t join their ranks.

1. Ignore tenants.

Especially after some time passes and landlords get set in their ways or think they’ve come to know when a tenant is a complainer or asks for too much, they begin to ignore or put off responding. Ignoring a tenant, however, could be your greatest landlord mistake. No matter what your personal feelings about a tenant are, they are the source of your income and success. Treat them as such. When not an emergency, ensure every tenant gets the same attention, with no more than 24 hours of waiting from the time of work order submission to the time of response.

2. Fail to communicate.

While the property is your business, it is the tenant’s home. They deserve to know what happens concerning the property with plenty of notice. So, don’t surprise them with construction or utility work; and definitely don’t surprise them with increases in fees or rent. Give notice often and consistently, and give it in different ways (email, phone, signs, etc.) to ensure everyone receives it and understands.

3. Invade privacy.

Just like Mr. Roper, there are those owners and managers who feel it’s their right to snoop, given tenants live on their property, they simply want to keep things orderly. But as previously mentioned, your property is also a tenant’s home. As such, you must give them the privacy and respect you would demand. Only when it’s reasonable to expect something suspicious from a tenant, such as illegal activity or an act that would place tenants and/or the property in danger, is it okay to pry. Even then, it’s best to let the police take over.

Avoiding landlord mistakes

These three common mistakes to avoid are just the beginning. Many investment property owners in Texas make other common mistakes. The best way to identify and avoid common landlord mistakes is to partner with an experienced property management company like Class A Management. With more than four decades of successful property management experience, our team knows all the landlord dos and don’ts. Whether you are a new owner or a seasoned property investor, we will work with you to avoid common mistakes and help guide your decisions to maximize your investment return. 

Make your tenant relationships positive. Contact the professionals at Class A Management. We are ready to be the face, eyes, and ears of your investment property.