commercial property insurance

What Is a Commercial Property Insurance?

When running a business, there are many different factors to think about and responsibilities to cover, from hiring a top team to marketing your products and services effectively. You also need to think about protecting your business property from potential accidents, crimes, and disasters, and this is where commercial property insurance comes into play.

Also commonly known as business property insurance or commercial real estate insurance, this type of insurance is available for business owners who want to protect their properties in case of things like fires, thefts, storm damages, and so on. Not only can it protect your physical workspace, but also your business equipment and assets too, so it’s a very valuable and highly recommended form of insurance.

What Does Property Insurance Cover?

In order to fully understand what is commercial insurance, we have to know what a typical policy will actually cover. If you choose to take out some commercial property insurance, you can expect the average policy to offer the following areas of coverage:

  • Building – Commercial property insurance coverage should cover the actual physical building in which you carry out your work, such as an office building or retail store location, protecting against the likes of fire damage, storm damage, and so on.
  • Equipment and Tools – The vast majority of businesses rely on certain tools and pieces of equipment in order to function and carry out their day-to-day processes. Examples may include computers, machines, and so on. Commercial insurance will cover these items too.
  • Inventory – If you’re running some sort of retail business, you may have a lot of stock or inventory in your business location. A clothing store, for example, will have many items of clothing stored at the location. Business property insurance covers your inventory in case of damage or theft.
  • Furniture – Items of furniture are also included in commercial property insurance coverage too. So if you have an office space with desks, tables, lamps, chairs, and so on, you can get these items insured.

All of the above items will be covered in a wide range of situations, including criminal situations in which items are stolen or damaged intentionally, storm situations where lightning strikes and weather conditions cause damage or fires where flames and heat damage property and possessions. It can cover the necessary costs to have damaged, destroyed, or stolen items repaired or replaced, including items that aren’t actually yours but are under your care.

How Do I Buy Property Insurance?

It’s clear to see that commercial property insurance can be very important for any business, but how do you go about buying it? Well, this is quite simple. You can conduct research to find trusted business insurance companies online, reading reviews, and comparing options to find a policy that works for you, and then you can contact the company and make arrangements to buy a policy.

A lot of the purchasing process for this kind of insurance can be carried out online or over the phone. You’ll need to select and customize your plan according to your own personal needs and budget, as well as providing the necessary information to calculate your monthly or annual premium. If you have any doubts or confusion, you can speak with an insurance agent directly for more details.

What If I Don’t Own the Building?

There are many situations in which business owners run their businesses out of properties that are leased, rather than owned. In this case, you might wonder whether or not the commercial property insurance coverage will actually protect you in case something happens to the building in which you’re working, or if you’re even able to take out a policy at all.

Well, it is still possible to get business property insurance, even if you don’t own the building you’re working in, but it isn’t always necessary. It’s important to check the details of your lease to find out more. In some cases, the building owner will be the one to handle building insurance, and you can simply take out insurance for your business equipment, inventory, and possessions. In other cases, the tenant may be responsible for getting business property insurance.

What Determines My Insurance Cost?

When it comes to calculating the cost of your business property insurance, there are several factors that come into play, and it’s important to focus on calculating commercial property value and considering the specifics of your plan too. Here are a few factors that may affect the cost: 

  • The total value of the property that needs to be covered, including equipment, furniture, and all other assets. If you want coverage for higher values of property and possessions, you’ll usually need to pay a higher premium.
  • The location of the business in question, as some areas are more prone to crime or storms than others, so may have higher monthly or annual premiums to pay as the risks of claims are higher.
  • Coverage limits and deductibles are chosen by the policy owner. Choosing higher deductibles and lower limits will reduce the price you have to pay each year, but could also increase the costs you pay if and when accidents or incidents happen.

Does Property Insurance Cover All Legal Risks?

It’s important to note that business property insurance will not cover every single legal threat to your business. There are various other components and assets you might use as part of the business that could require additional or separate insurance policies, like vehicles, securities, land, outdoor structures, and so on. 

Your policy might also not protect you in cases of flood or certain types of crime, and you may need to expand your plan with add-ons for extra coverage if you want protection against these kinds of risks. This is why it’s wise and strongly recommended to speak with your insurance agent in detail and ask questions about your plan so you’re fully aware of exactly what is and isn’t covered.

 

Las Vegas

Best Neighborhoods in Las Vegas To Buy a Home

Las Vegas is one of the most welcoming cities in the world, offering real estate options in a wide variety of price ranges. Often cited as the “Entertainment Capital of The World,” Las Vegas can be a surprisingly beautiful and peaceful location despite the common stereotypes you might hear. And let’s not forget the very low crime rates!

 

That’s right, peace and quiet. Las Vegas is actually mostly like living in the suburbs of any other city, apart from when you take a stroll down the strip, which is where you will find the quint-essential, neon-soaked Las Vegas experience. 

 

But, other than that, all the best neighborhoods in Las Vegas are the very definition of the suburbs. On top of this, the vast majority of neighborhoods are safe and boast relatively low crime rates compared to other areas in the nation. 

 

As for the weather, It tends to get pretty hot in the summer (as you might expect), with temperatures sometimes going over 100°F (38°C), while the winter months get as low as 38°F (3°C). However, most commercial property management Las Vegas agents will recommend that you get a house with a pool, so you can kick back, relax, and enjoy the scenery. 

 

The thing is, the best Las Vegas neighborhoods are not necessarily the most expensive (depending on your taste and budget). The median house price tends to fluctuate around $300,000, which is pretty reasonable considering you’d be living near stars such as Nicolas Cage, Celine Dion, Floyd Mayweather, and Mike Tyson. With that said, let’s go over the six neighborhoods we deemed as the best places to live in Las Vegas.

 

Our list of 6 best neighborhoods in Las Vegas:

 

  • Centennial Hills
  • Green Valley South
  • Rancho Charleston
  • Summerlin
  • Whitney Ranch
  • The City of Henderson

 

Centennial Hills

The Centennial Hills is located in the north-western part of the city and is considered to be one of the best Las Vegas neighborhoods for various reasons. Firstly, the real estate prices here start as low as around $120K for a two-bedroom house, but they go up to nearly $2M. Currently, the neighborhood has several schools; it boasts well-kept yards, is pet friendly, has easy parking, and has a chilled vibe.

 

According to the residents, there are a lot of respectful families living there, it’s not overly crowded with shopping centers, and there is some nightlife for those who want to seek it. However, it’s more renowned for having an easy-going spirit. It is great for walking or running since there isn’t too much traffic, which is great for families with young children too. 

 

Additionally, there are also gyms, arts & entertainment venues, cafés, and restaurants to try out.

According to the latest FBI released data, the crime rate for 2019 was 93% higher than the national average. Translated to daily life, a single Centennial Hills resident has a 1 in 21 chance of being a crime victim in a year, so that’s once every 21 years on average, which is quite low.

 

Green Valley South

Green Valley South is located in the south-eastern corner of Las Vegas, diametrically opposite Centennial Hills, in Henderson. And, it also has a dense suburban vibe, with most homes owned by their residents. It has a population of around 30k, and a median home is valued at around $300K here.

 

The public schools here are considered above average, and the neighborhood also has shops, restaurants, cafés, and parks. The crime rate here is 29% under the national average, with violent crimes being 68% lower and decreasing!

 

A Green Valley South resident has a 1 in 57 chance to be a crime victim in a year, meaning once every 57 years on average. This neighborhood is one of the safest places in Nevada, and many sources confirm property management laws are of the highest standard.

 

Rancho Charleston

Rancho Charleston has some of the lowest real estate prices in the entire area. Prices for houses go as low as $90K, but they also go up to over $3,5M. The rent can also be quite reasonable, as low as $300 but ranging to up to $7K. As far as diversity goes, this is the place to be.

 

This neighborhood is located at the very center of Las Vegas, but it also keeps much of the suburban feel. Because it is close to everything, it is a popular choice for professionals. Here you can do anything Las Vegas offers, like shopping, gambling, going on a tour of the late Michael Jackson’s house (the Thriller Villa), and much more.

 

However, with the area being more centrally located, it also has a slightly higher crime rate, with Rancho Charleston’s rates being almost 500% over the national average. Here, a single person has a 1 in 7 chance to become a crime victim yearly. The neighborhood has around 36k residents, over 13K homes, and it is still one of the best places to live in Las Vegas.

Summerlin

As far as community goes, Summerlin is the best there is. It is an area positioned perfectly on the western edge of the city, partially within the city limits and partially within Clark County. It spans more than 22,500 acres of land, most of it parks (230 parks currently), and also a population of around 46k.

 

However, living in such a premium location has its cost. The average price for a median home is just shy of $400k, while they go up to $19.5M! It has public and private schools, resort hotels, recreational facilities, shops, entertainment centers, and everything one might need for nice city life.

 

The Money magazine counted Summerlin in their “Best Places to Live in America” list in 2014, and the National Geographic Adventure proclaimed it the “#1 best place to live and play” in 2007. Crime rates are also some of the lowest we’ve seen, at 51% lower than the average rate nationwide and a 1 in 83 chance for a resident to be a crime victim yearly.

 

Whitney Ranch

Whitney Ranch is one of the best neighborhoods in Las Vegas to settle down in. It is located in the Henderson area, in the south-east, and has a population of around 39k currently. Home prices range from $200K to over $600K, which is in the affordable spectrum, and average rent is a little over $1.2K.

 

Compared to the national average, this is has a 300% higher crime rate, where a citizen has a 1 in 11 chance to become a crime victim per year, but the rate is decreasing. There are several schools, shopping centers, restaurants, and things to do with your family, while there is still some nightlife to be enjoyed there too. 

 

The City of Henderson

The City of Henderson includes the aforementioned Green Valley South and North, and Whitney Ranch neighborhoods, but also several others like the Macdonald Ranch, Seven Hills, Gibson Springs, and more. It is located 26km (16miles) south-east of Las Vegas Valley and has a population of around 320,000, according to the latest census info.

 

The city includes Lake Las Vegas to the north-east, which is home to cool country clubs, and there are 62 parks and many trails to enjoy all around Henderson. Most areas of the city are well connected, and people claim you can get to anywhere in the city in 45 minutes max.

 

It still keeps the suburban feel, and it is safer than any safe neighborhoods in Las Vegas. It was the safest city in America ranked by Forbes in 2018 and 2019, and it has a separate police force from Las Vegas. There are plenty of opportunities for a vibrant social life in the City of Hendeson, from community events to entertainment and culture. It would certainly be a great place for you to call home. 

 

questions to ask real estate agent

Questions To Ask Your Real Estate Agent

Getting a new house or apartment to live in can be an exciting experience. You’re moving into a new living space that you’ll be living in for months or years to come. But for a first-timer, it can also be daunting, as you are doing something you haven’t done before. This is especially true when working with a real estate agent who knows the ins and outs of their trade.

That’s where we come in. We’ve listed below some of the most important questions to ask when selling a house (or buying one) so you don’t have to. These questions to ask the real estate agent cover both the buying and selling of property. So instead of worrying about what to say next, you can pull this article up for these questions to ask when choosing a realtor to buy a home.

Before working with the agent

 1. “May I see your real estate license?”

The first question is an obvious but essential question. If they’ve proved their authenticity beforehand, you don’t really need to ask this, but if you haven’t yet, this is one of the most vital questions to ask a realtor when buying a house. There are many real estate scammers out there, and you don’t want to fall victim to one of them right off the bat.

 2.“How many clients are you working with at the moment?”

This may seem too personal of a question, but don’t be afraid to ask this. Real estate agents that don’t have clients at all may be a bad sign, whereas those with too many may not be able to dedicate their services to you as well as others. It’s one of those questions to ask when choosing a realtor to buy a home beforehand.

 3. “May I ask about the specifics regarding your commission?”

This is one of the most important questions to ask a realtor when buying a house. The last thing you’d want to worry about is your real estate agent’s compensation. As with other industries, real estate agencies vary in terms of their compensation, so be sure to ask before doing business with them. 

 4.“Have you sold homes in this area before?”

Experience is a vital trait in real estate agents. You don’t want to have your property sold by someone who undervalues it, for example. If possible, try finding an agent who’s worked with properties in the area, so you know they have the knowledge to better work with you.

When buying properties

1.“Could you explain the entire process behind buying a house?”

Here’s one of those questions to ask the real estate agent right away. Real estate agents know the home buying process like the back of their hands. However, you probably don’t. You ask this question not only to see whether or not the agent is legitimate but to also be better informed on what you should expect. Don’t be afraid to go into the specifics of home buying, such as offers. They’re more than willing to help. 

2.“When are you available?”

Remember, real estate agents are just as human as you are. Other than working with other clients, they need personal time for themselves. Be sure to ask beforehand when they’re best available for an appointment or house tour. This will also allow you to change your own schedule accordingly.

3.“Why is the previous homeowner selling their house?” (if applicable)

There are plenty of stories where someone buys a house, only to find it infested with rats, ridden with termites, or have a serious ventilation problem. These things aren’t always noticed in a house tour, so you want to ask why the homeowner decided to sell their property. Professional real estate agents will tell you upfront the pros and cons of the property, so this is one of those questions to ask the real estate agent that you don’t want to forget to ask.

4.“Can my (insert equipment here) fit here?”

Depending on your hobbies or professions, you may have specialized equipment that can take up quite a bit of space. Be sure to ask beforehand whether or not the property will be able to fit your equipment in it. This may not be an issue for larger properties, but if you’re on a budget, you’ll need to confirm beforehand.

5.“What are the landlord’s policies/rules?”

Depending on where you live, you may have to abide by certain rules or policies set by the apartment and its landlord. These can range from issues regarding noise, pets, or even garbage disposal. Ask your real estate agent or the landlord themselves to confirm whether or not a certain thing is allowed.

6.How much of an offer would guarantee the property?

Just like with most products, real estate properties have varying demands. This is especially true for properties that are found in key locations, such as prestigious neighborhoods or convenient places in the city. There’s a good chance that you’re not the only one looking to purchase the property you’re currently interested in.

If that’s the case, don’t be afraid to ask your agent which offer guarantees the property. They won’t just spout out some exorbitant amount – they’ll give you a high, but a safe, estimate, which will allow you to figure out how much you’re willing to pay for it. If the property’s really worth every penny, you may want to sink in some extra cash to guarantee the property for yourself.

When selling properties

1. At what price would this property sell?

Even without having your property appraised, your real estate agent may have the capability of estimating the price beforehand. They’ll be able to give you a rough estimate based on their knowledge of properties in the area as well as their own intuition. Of course, this varies from agent to agent, but you’ll get a better guess from agents with experience, especially with those who have worked in the area or have sold properties of a similar price range. Knowing beforehand will allow you to plan accordingly, so if you can trust your real estate agent’s intuition, feel free and ask away. 

 2. How much would properties in this neighborhood typically sell for?

Sometimes, your property may sell for more or less than the average property in the area. Ask your real estate agent the typical price a property would go for in the area and compare it with the estimated price of your own property. If needed, ask what makes your property sell for more.

3. Have you sold homes that cost as much as this property?

This is one of the most important questions to ask when selling a house, especially if you’re selling an expensive property. You want to know if you can trust your real estate agent in handling your property. Now, don’t get me wrong – even if they say they don’t have the experience, that doesn’t mean you shouldn’t work with them. It’s just good to know if your property’s in the right hands, especially if the property is worth a lot.

4. How should I prepare my property for future showings?

Ask your real estate agent what you need to make your property as presentable as possible. You may have already decided on cleaning it, but the agent may know a few extra tips that will make your property even more appealing during showings.

Conclusion

Whether you’re purchasing your first apartment or selling your old house, a real estate agent can really streamline the process for you. By asking the right questions before and after deciding to work with an agent, you’ll be well on your way to either making some good money or settling in your next home. As long as you aren’t afraid to ask your real estate agent, you’re already halfway there.

 

property manager skills

Top 7 Property Manager Skills

Property management is a stable and challenging job that requires a certain skill set. Some people are not cut out for this sort of job. However, if you have the right property manager skills then the job can be rewarding and enjoyable.

 

In this guide, we’ve explained the top 7 property manager skills. Whether you are going into commercial property management or residential.

Innovative and Flexible Mindset 

The world of real estate and property management is changing all the time. You need to be willing to innovate and take a flexible approach to the industry. There may be new applications and software that can make your life easier, but only if you are willing to embrace them.

 

In a world where technology is changing all the time then being flexible enough to embrace it is one of the key skills for real property management. On top of this, you should be flexible regarding what clients and property owners want. Some owners will take a very different approach to others, and want you to understand their needs.

Detail-Oriented

As a property manager, you will have to manage a lot of different aspects of a lot of different properties. Deadlines, upkeep, and even making appointments and meeting people to show them houses or properties they may want to rent. You need to be the sort of person who is happy to take all of this on, and not let any details pass you by, from ensuring rent is paid to booking the maintenance services for the right time.

 

The state of the property might also be your responsibility. Real estate and property management involve keeping records, and you might need to keep a very close eye on the state the property is actually in before and after tenants.

 

Vendor Relationships

Real property management involves a lot of spinning plates. You need to be able to keep track of a lot of different people as well as properties. This includes keeping positive relationships with vendors. You will probably work very closely with vendors such as electricians, cleaners, plumbers, and more.

 

Ask any property manager and they will tell you that it is not a job you can do without a lot of reliable people to help you, and this includes tradespeople. To ensure that you always have someone to call in an emergency, you should keep strong relationships with vendors. This can be even more difficult if you manage properties across multiple destinations. You can see how it helps to pay close attention to detail.

Transparency

Sadly, a lot of people don’t trust property managers and landlords. Historically, a lot of people have taken advantage of those that need to rent homes rather than buy. There are property managers out there whose ethics are lacking.

 

In the modern day, this is not something that you can get away with. There are plenty of industry organizations that promote the ethics of landlords and property managers and ensure that the rules aren’t being broken. Each state has its own rules and regulations on properties, and some control rent rates, and the state the house must be in legally, to provide an adequate dwelling.

 

For all of these reasons, it is a good idea to be transparent with everyone. Only tell the truth and keep everyone in the loop about all aspects of the home. It is far better to tell a potential tenant about issues they may come across and to inform them of all the costs involved with the property, rather than let them run into any surprises and end up being upset or angry.

Proven Operational Procedures

Knowing how to go about things from an operational point of view is vital. A property manager might end up having to do a lot of remote work, and constantly be on the road visiting houses and making appointments with people. That means that you can’t rely on anyone else for the operational procedures.

 

You need to be able to work independently, and for that, proven procedures regarding property letting, maintenance, and all of the legal procedures around real estate and property management.

 

If you work within a property management agency then it can be easier to build up these skills, working with someone who is experienced. There are also a number of courses and qualifications in property management which can help you to implement the right procedures.

 

Having a certain method of doing things can make things a lot simpler for you. If you know the protocol then you will be able to follow it for each property you manage.

Communication Skills

You may have deduced this already from the five property management skills we’ve mentioned.

 

Think of it this way, if something goes wrong in a property, you might have to speak to a lot of people. The tenants may contact you to tell you about it, then you may need to relay this information to the owner of the property. Next, calling a vendor, making an appointment to fix the issue, and then telling the tenant about it to ensure they can be there. This is all assuming no more issues crop up. 

 

All of this means that you need communication skills as part of your real property management skills. As well as keeping everyone informed of what’s going on in all of the properties you manage, communication skills also relate to how you deal with people. You should be able to stay calm, and not get flustered, and speak to everyone in a respectful and generally upbeat way. You are representing a property management company and the owners of the property, so this means that you need to be professional at all times.

Organizational Skills

It is very easy to fall behind if you are not organized. On top of this, being disorganized when it comes to bills, invoices, and appointments can even cost money. Forgetting to renew an insurance policy or failing to pay an invoice on time can be very costly errors.

 

If we were to pick out one single skill that is the most important for property managers then the organization may well be that skill. A lot of solo and independent work means that you can’t rely on others to keep everything in order.

 

As a property manager, you have responsibilities to the owners of the property, as well as the tenants, and you shouldn’t let things go wrong because of simply being disorganized. Managing your diary and your email and telephone communication can be one of the most important things to ensure that you don’t let things slip you by.

 

Conclusion

Property management is a career that isn’t going anywhere in a hurry. Property owners are always looking for people to help with their needs, managing tenants, or even commercial property.

 

If you are the kind of person who has a close attention to detail and can stay organized and calm, even in stressful or overwhelming situations, property management might be the ideal career choice for you. You can work on most of the other skills required, such as learning about the industry, but if you aren’t naturally organized and communicative then this is probably not the job for you.

Real Estate Asset Management

The Ins and Outs of Real Estate Asset Management: What You Need to Know

Many of us are familiar with real estate property management i.e. the management of the daily activities of a property’s operation. But, when the conversation turns to real estate asset management, things can get a little murky.

Although there are many facets to this industry, to put it simply – the goal of  real estate asset management is to maximize property value so that it can be sold, rented, and/or leased for a profit. Interested in learning more about the ins and outs of this complex, but intriguing, industry? Keep reading for a concise, but comprehensive, breakdown:

 

Investing in Real Estate

Corporations, private companies, individuals, and even governments buy real estate for investment purposes, usually for one of two reasons:

  • To renovate and resell
  • To renovate and lease or rent

 

Sounds fairly simple right? But, this is where things become a little more complex. You see, there are challenges in this industry that aren’t in the capital markets. For instance, unlike most other commodities, property deteriorates over time, and the buying and selling process of the damaged property can get quite involved.

In order to circumvent these issues, the asset management of investment properties promotes improvements that will increase the property’s value and minimize risks. But, that’s not all – real estate asset management also concerns itself with effectively navigating the sometimes hard to understand tax and legal rules that govern the investment property industry in the US – thus effectively helping real estate investors avoid many of the potential pitfalls that can befall them.

investments
Real Estate Asset Management Goals and Objectives

Just like other types of investments, diversification is key when it comes to building a strong real estate investment portfolio. To this end, a large portion of an asset manager’s responsibilities tends to revolve around three main things:

  • Revenue forecasting
  • Data analysis
  • Market research

Furthermore, they help their clients create well-structured and attractive rental agreements and leases that will:

  • Limit liability exposure
  • Minimize vacancy rates
  • Provide their tenants with much of the flexibility they desire

This responsibility may seem strange when considering the other aspects of this industry, but  you must remember that resources have to be strategically apportioned and managed. The failure to do so will impact the portfolio’s value negatively..

portfolio

The Bottom Line  

In short, the goal of real estate asset management is to help clients increase property value and, as a consequence, their returns. Good managers, like the ones at RAM Real Estate Management in Southern Nevada know how to reduce expenditures whenever possible. In this way, we are able to help our clients find the highest and most consistent revenue sources while simultaneously mitigating risk, liability, and other factors.

Property Management Company

Landlord vs Property Management Company: Which Will You Decide?

When you become a rental property owner, one of the first things you have to decide is whether you want to take on the responsibilities of a landlord or hire a property management firm to do the hard work for you.

To gain a better understanding of these two choices, our comprehensive guide details the pros and cons of each:

 

Landlord

A landlord is essentially a property’s gatekeeper, with responsibilities to both the rental business and the tenants. Some of them include:

  • Finding new tenants
  • Marketing/Advertising
  • Collecting rent
  • Setting rental rates
  • Repair and maintenance

Although, the aforementioned tasks can be challenging, being a landlord has its advantages:

  • Income: You get a monthly check to pay the property’s mortgage and – dependent on current rental rates – make a sizable profit as well.  
  • Tax deductions: You can deduct the costs of replacing water pipes, replacing damaged furniture, professional services, and more.

landlord vs property manager

Cons include:

  • Vacancies: If your property is vacant, it can’t generate an income, making it essentially worthless. It’s up to you to create and implement advertising and marketing campaigns to attract applicants, screen them, and much, much more.  
  • Legal issues: You must remain current on the Nevada’s land and property legislations and laws to know where you stand when it comes to evictions and other legal issues.

property managment

Property Management Firm

Every savvy entrepreneur knows that it’s better to work smarter, not harder. And sometimes it’s just good business to have a professional do something that you don’t want to do. For instance, some of the responsibilities that you can expect your property management company to take over include:  

  • Finding new tenants
  • Advertising/marketing
  • Delegating repair and maintenance duties
  • Collecting rent
  • Setting rental rates

 

Some of the benefits that come with going this route include:  

  • Higher-quality tenants: They use rigorous screening processes to cull the reliable tenants from the bad.
  • Shorter vacancy cycle: Experienced companies, like RAM Real Estate Asset Management, have effective strategies to attract new tenants as well as a time test tenant retention policy to keep existing ones happy.
  • Fewer legal issues: The property managers at RAM are always up-to-date on the latest laws in the real estate industry. This knowledge ensures that your property – and how it’s ran – is legally compliant, shielding you from frivolous lawsuits.
  • Less responsibility: You won’t have to handle as many tasks as before, giving you more time and freedom to invest in other things.  

There aren’t many disadvantages to hiring a property management company, but one of the biggest is cost – you will either be charged a flat annual fee or anywhere from 8 to 10% of the monthly rent.

At the end of the day, the decision to become a landlord or hire a property management company is up to you. No matter what you decide, you must take the necessary steps and adopt effective strategies that bring about your long term success.

Real Estate Asset Manager

Responsibilities of A Real Estate Asset Manager and How It Can Help You

Most of us are familiar with the role that property managers play i.e.  they manage the financial aspects of owning a property:

  • Collecting rent
  • Taking care of taxes
  • Ensuring insurance, payroll, and maintenance bills

Real estate asset management, on the other hand, is a little different.  In short, asset managers maximize the performance and value of a company’s real estate investment portfolio, whether it consists of offices, retail, and/or multi-family units.  

 

How Does This Benefit Me?

Real estate returns have a lower risk than other asset classes like stocks and bonds i.e. when managed properly, they can net you higher returns. Asset managers not only help you maintain the day-to-day duties of your portfolio they also increase your ability to influence performance.

An effective asset manager – like the ones at RAM Real Estate Asset Management – will have a more hands-on approach when it comes to helping you increase your property’s value. They will help you work out even the tiniest details i.e. replacing leaky roofs, improving the exterior, or populating buildings with higher quality tenants.

effective asset manager

What’s the Catch?

Like with many other things in life, real estate investments come with some risk. For instance, transaction costs are significant when compared to other investment classes. In this way, it is more efficient to purchase larger real estate assets, as this spreads the cost over a larger base.

Following this tactic requires ongoing maintenance on two levels:

  • Property Management: To deal with the day-to-day operations
  • Strategic Management: To help you find long-term investment positions

Handling this type of investment on your own can be tough and time-consuming. So, if you want to build a strong portfolio that will provide you with a decent ROI, consider employing the services of the experts at RAM Real Estate Asset Management – not only will they give you everything you need to stay on top of market trends, they will also help you measure risk to increase your chances of acquiring an investment property that turns a profit.

 

The Bottom Line

When it comes to real estate investing, having an intelligent, savvy, and experienced professional on your team that helps you effectively manage your property is a valuable asset. At RAM Real Estate Asset Management, we have over 125 combined years in the real estate  business and we pride ourselves on professionalism, helping our clients find high-quality properties and – most of all – making sure that their investments generate money. Contact us today to learn how we can help boost your portfolio with lucrative real estate investments.

property management

4 Benefits of Professional Property Management

When we first start investing in properties, we tend to have the best of intentions. But due to a high level of self-awareness or nasty run-ins with tenants, we learn quickly that handling the day to day operations can be a very frustrating and time consuming experience. 

If you don’t have the desire, knowledge, or time to do all the things that are required of a landlord in Nevada, consider employing the services of a professional property management company to take over the day-to-day operations. 

Property Management Companies Explained

A property management company handles everything from applications to evictions. Other services include but are not limited to:

  • Delivering official notices to tenants
  • Collecting rent
  • Making maintenance and repair-related appointments
  • Vacant apartment marketing

Benefits of Professional Property Management

The biggest advantage of professional property manager is the money and time they can help you save. These experts remove much of the hassle of investing by helping you in four key areas:

Screening

Rental properties only make money when they are occupied by tenants who not only pay their rent on time but care about the property i.e. avoid damaging the unit more than the normal wear and tear. A thorough and comprehensive screening process will help you sift the good from the bad, significantly increasing your chances of getting the tenants you want in your units. Cutting the corners here is a surefire way to lessen the monthly revenue potential of your property.

Vacancies

Empty rental properties are a waste of money. If someone isn’t there to pay the rent, the responsibility of paying the mortgage falls on you. Understandably, handling the turnover process, doing the marketing, as well as the other tasks associated with vacancies can take a lot of time but, property managers with expertise and experience can help shorten the vacancy time and get the unit ready for new tenants.

leaseagreements

Lease Agreements and Other Legal Issues

Coming up with and implementing good lease agreements takes a lot of effort and time. Furthermore, they tend to play a major factor in possibly the most frightening aspect of being landlord – the legal issues that inevitably arise. A property manager will make sure that your property and everything associated with it is up to snuff.

The Bottom Line

If you own several properties or have little to no experience in property management, you should consider employing the services of a reputable firm like RAM Real Estate Asset Management. They will ensure that you fully enjoy the benefits of real estate investing without having to put in all the hard work.