Connecting You To Better Living®
As a general rule of thumb, you get what you reward for. As billionaire investor Charlie Munger puts it, “if you want ants to come, you put sugar on the floor”. So the idea of giving money to an uncooperative tenant to get them to vacate your property seemingly rewards their recalcitrance.
Real estate investment differs from other types of investment because you, the property owner, can have a greater impact on how your asset performs. If you put money into crypto, you just have to sit there and wait to see what happens. If you put your money into a favorite stock, say Amazon, you’re ordering a bunch of boxes to be shipped to your home the next day is not going to move that price. You are powerless once you’ve decided where to put your money. But real estate is different.
Drawing up a professional lease that will cover as many likely situations you and your tenant will face is just one of the many advantages of working with a property manager. Nexus Property Management® also offers a free tool to help you create your own lease if you prefer to go it alone. The fact of the matter is that you need to ensure that this initial contract is without errors or gaps.
There’s no denying that current conditions make it challenging to be a small business owner. Interest rates are up, the stock market is down (or flat at best), unemployment is super low and no one wants to work, so where can you trim some expenses to better protect your cash flow? Maybe you’ve entertained the idea of sharing an office space for the sake of decreasing your overhead. If you have, it’s a creative idea…but don’t do it.
It's strange to think about how much important and transcendent history has occurred in the last 20 years or so but it’s also really important to do so. Whether you dig into the changes we experienced after 9/11, the 2007-2008 Financial Crisis, or Covid, the fact of the matter is that the days when so much in real estate seemed easy are squarely in the rearview.
Trust is at the heart of all relationships and when you hire a professional to help with your real estate investment, trust is essential. But what experiences are you looking for to build and solidify that trust?
You received a bright pink (or orange, or green, …depending on where you are) violation notice on your property or in your mail. It’s alarming, it can be intimidating, but…it happens. Usually, you get it for some kind of maintenance issue at your rental property: high grass, debris in the yard, electrical issues, or maybe gas leaks.
Locks are a critical, yet often overlooked, component of ensuring your tenants are safe and feel safe. It’s important that you, as a landlord, have an efficient system so you don’t cut corners at some point and endanger anyone’s lives or property. With over a decade in the property management business and over 1000 units under management, Nexus highly recommends that our clients switch their key locks over to Kwikset’s Smartkeys.
As a residential and commercial property management company with over a decade of experience, we’ve heard countless stories from tenants about their experiences. Finding a quality place to live is not always easy and the inattention and poor quality of some landlords out there make it even harder.
There are lots of different approaches you can take to managing property but being the landlord who neglects fire safety just can’t be one of them. Local fire departments will let you know what is necessary for the safety of your tenants and property and despite the potential costs and headaches, it is essential that you cooperate and meet those requirements. More often than not, the issues are relatively simple and not that expensive.
Nexus Property Management
National Franchise Headquarters
49 North Union St
Pawtucket RI 02860
