Landlords Rent Philosophies

Have you ever wondered, why certain storefronts, and apartments, etc, appear to remain vacant, longer, than other similar ones, which can be owned by different owners/ landlords? Different owners often have differing philosophies, perspectives, and points of views, on the subject of key components, including: pricing; tenant quality; occupancy rates; and overall profit requirements, and priorities. Although, there isn’t a such thing, just as one iron – clad, way, to handle any particular property, this information will attempt to briefly, consider, examine, review, and discuss, several of the options/ approaches, including benefits and drawbacks, as well as other considerations.

1. Pricing: Whenever a property, either residential, or commercial, becomes available/ vacant, the precise owner, must make many decisions, around the best way to proceed. Perhaps, among key considerations, is around pricing it. It seems, many owners, particularly those owning commercial buildings/ storefronts, choose to ask as high a value, when they believe, they could. Because of this, we very often witness, larger turnovers in most locations, as opposed to others. What is often confusing, is, why they don’t really realize, or appear to care, that, monthly, it remains vacant, means it will take, almost a year, or longer, to generate up, that lack of rental income. Some believe, you will need to proceed in this way, because, it is going to set how much future rents, and although, this can, perhaps, be true, it only will, if they just don’t constantly experience turnover, and prolonged periods of vacancy! This is all the more true, on the subject of residential properties. My wife and I own several residential units, and, are satisfied, we now have amongst, the best turnover and vacancy rates. We would rather price these units, more conservatively, and minimize, and look after high quality, dependable tenants!
2. Occupancy: Those who maximize their occupancy rates, often enjoy less stress and hassle. Carefully with the two factors, above, is often a significant factor, as part of your best interests!
3. Cash flow: Owning income property, produces the very least amount of stress, tension and hassle, and, usually best results, if you have the best possible concentrate on maintaining the necessary income, to hide monthly expenses, etc.

Being a landlord, might, either be extremely profitable, or maybe a nightmare. Focus on the dilemna, avoid getting greedy, cherish quality tenants, etc, and you will probably maximize your possibilities, inside the longer – term.