How would you like to earn an entire second salary? Seems a little too good to be true, we know, but it’s possible if you consider the possibilities of the housing market in your area.
The “housing market” has been a daunting and nebulous topic for many, and the success stories always seem to have that delicate and unattainable mix of good luck, timing, location, and accurate research. Many also find after some research that managing their own properties will save money, but the investments that come with it determine the fly or flop of their property business over time. We’re here to tell you that we understand, and we’re here to help with the biggest hurdle… getting you started!
Property Management Pros will show you how to be successful with property management.
We understand how Property Management integrates with the current economy. Our Co-founders will design your business model as a direct replica of what they used to successfully propel PropertyManagementPros.com into one of the fastest growing residential property management companies in the nation. Our systems, knowledge, experience, customer support, and ongoing training will allow you to quickly jump-start your business!
By choosing Property Management Pros, you will discover that you will be equipped with all the information, training, and support you need to have a successful property management business in the market of your choice. If you like this opportunity, we will be happy to provide you our PMP Ownership Kit. All you have to do is fill the questions below!
Those who own property in or around a college town should consider the investment opportunity of renting to college students. All colleges and universities have a yearly and a consistent flow of students looking for off-campus housing, and there are pros and cons to renting in this kind of community. For those who are interested, they should consider these pros and cons to see if renting out their property in a college town is the right.
Consistent flow of tenants:
In a college town, every year is a new year and a fresh batch of students looking for off campus housing. A high supply and high demand for your property at a competitive price ensures your property has a very good chance of a tenant.
Renting a property in a college town is not exactly the same as renting in a major city or town. Depending on your property’s location from campus and how large the college or university is, pricing for rentals can vary and are typically lower than average rental properties. Essentially, you’re collecting money from students piling up school debt and live off of ramen noodles, so check out renters around your area. Set a price that you’d be happy with and that fits within the limited budget of your demographic and it will get you tenants lining up at your door.
Saving on Advertising
The next best thing about renting in a college town is the minimal need for advertising. Word of mouth spreads fast in college towns so its not hard for a student to pass along their place to the next person without much effort on the property owner. With the constant percentage of students looking for housing every year, if advertising is required it’ll be for a short amount of time. Properties in college towns practically sell themselves.
Culture and Entertainment:
Renting your property close to campus is always good. But property that is close to popular college spots off of campus sell just as well. College towns can not only appeal to college students, but also other tenants that are looking for a spot with plenty of things to do.
Obviously, with some pros there are some cons to college town rental that all property owners should consider.
Short term relationships:
Renting your property to a college student can sometimes mean having to adapt to shorter term lease agreements. Student squabbles, money limitations, drop-outs, drugs, and reckless partying are just a few of the issues that can break a lease prematurely, which makes tenant turnover a regular thing. Property managers should be cautious of which tenants to accepts and It’s best to find a tenant who knows exactly what they intend on doing for the year and come to a concrete agreement in a lease.
Since many students do move back and forth between home and college, it’s likely a renter could struggle to find tenants during the summer months. Most property managers require 12 month leases to ensure the off season months are paid for whether or not the tenant chooses to live there.
Wear and Tear:
Keep in mind that college tenants are notorious for being irresponsible and have no respect for the property with excessive drinking and parties. Theres a good chance your property will become damaged over time and lack of responsibility. If you’re the handy type of landlord you’re likely to be fixing broken doors and cabinets, holes in walls, and perhaps a window replacement or two.
Overall, renting property in a college town is for the active landlord. Property and tenants will require regular attention, so it is certainly not the task for the landlord to sit back and not think about their rental. If you’re the kind of landlord who likes the college town community, are good with handy jobs, and are looking for a quick fix to put a property to helpful use and make come money along the way renting property in a college town is just for you.
To all of those who attended this year’s Annual Owners Retreat, we would like to say thank you for your participation! The 2014 Annual Owner’s Retreat in St. Augustine, Florida was a great success! We had a great turnout of property managers from the Property Management Pro community from all over the country, and it was a fantastic opportunity to reconnect and work together to better our business. The three day retreat was filled with beneficial presentations, tutorials, brainstorming sessions, and networking opportunities within our business community. Some topics discussed this year included tips on how to fine tune your management company, a professional photography lesson to take better real estate photographs and videos, brainstorming on new ways to generate revenue for your business, and much more!
Brett Stone, Sean Hinely, Mona Mitter, and Irv Scott enjoyed delicious meals and crafted cocktails at The Ice Plant Bar. The Ice Plant Bar is hands down the coolest place in the town of St. Augustine, with ice as its cornerstone. Their mission is to return to the craft of ice harvesting by freezing purified water in large blocks. Bartenders can make drinks colder and with precisely the desired amount of dilution providing a drink experience you never knew about!
Co-Founder Greg Babbitt kicked off the retreat with our Year in Review Presentation. What we did, what we achieved, and a glimpse at what is coming. Some other presentations included the PMP Six Step Closing Process, Fine Tuning Your Rent Value Calculator, and Implementing New Guerilla Marketing techniques.
For those who missed out this year do not worry! If you’re interested, be sure to register for next year’s Annual Owners Retreat, we will keep you updated with email reminders! Thanks again to all of those who made it this year.