We hope you’ve enjoyed this short-term series on capturing the business of the out-of-town owners in your area. Depending on your area, this could be a profitable income source for you in various ways. Good luck to you in using the series!
Date
Name
Address
City, ST ZIP
Name:
In my quest to improve the returns on your investment property here in Long Beach, I have found that having top dollar rents creates many benefits to ownership. The greatest benefit is a higher return on your investment, but did you know that many tenants resent last minute efforts to increase rents to market value?
Let me explain: if you go every quarter without looking at current market rents and do not adjust rents to current market, your tenants will grow to expect that type of behavior from you.
It’s a much better idea to periodically review rents with your tenants and, based upon current market comparables, to provide small increases. This will mitigate any blows by trying to catch up with large rent increases that result from not paying attention to market rents. It’s a lot easier to raise rents $25 or $50 a year than to raise rents $200 at the end of the third year.
Another benefit of keeping rent at market value is that should rent control ever be implemented in this area, the rents will be frozen at a market level rather than a level below market.
Yet another benefit of current market rents is that it requires that you to maintain the property in top market condition. First of all, many repairs can be expensed against your income, therefore providing you a tax deduction, but also it maintains the high market value of the property should you consider selling or exchanging it for a more valuable property.
Keeping a property well maintained is always less expensive than letting a property accrue deferred maintenance. Deferred maintenance can lead to larger problems that can cost you more money in the future. Keeping rents at market will help you to be held to the standard of keeping your property at market condition.
Above market condition will reap higher than market rents and values. If you need any help in regards to contractors, handymen, or advice on repairs to be made, please give me a call. Not only do I know what top market rents are but I also can show you what it takes for your property to achieve them.
It’s my goal to become an asset and a resource to your ownership, even if you are far away from your property. Please call upon my services anytime. A free phone consultation is as simple as calling my office at 815.929.9258 and scheduling a time that is convenient for you. The same investment analysis is available at www.waltersanford.com/invest.
I have many other free services available for the out of town owner clients including a free twenty-four hour phone value analysis or I can even E-mail you a photograph of your property from time to time. Just let me know how I can help you. I have an entire staff ready to help you with your needs.
Once again, thank you for being a great client!
Sincerely,
Walter Sanford
Sanford Systems
P.S. We are currently specializing in short sale opportunities.
Lead generation is what builds your business and keeps your pipeline full, no matter what the market says! Grow Your Leads: Just Add Wa(l)ter is a hefty book full of detailed and complete prospecting systems, and it includes the data CD (digital copy). This is also a great manual for an assistant.
Call 815.929.9258 and ask for the $50 blog special on Grow Your Leads: Just Add Wa(l)ter. Check out the content details here: http://www.waltersanford.com/shop/grow-your-leads-just-ask-walter/.
