As an investor with rental apartments in Adams Morgan, you have to ensure that the apartments are well serviced, in order to guarantee the comfort of the tenants in them and hence reduce tenant turnover rates.
One strategy for ensuring that your Adams Morgan apartments are well serviced would be that in which you employ your own staff to take care of them.
Another strategy for ensuring that your Adams Morgan apartments are well serviced would be that in which you engage your rent collections agent to be also in charge of servicing the apartments.
Whichever strategy you use, you need to have a mechanism for ensuring that the apartments are actually being well serviced. To that end, you can take as simple a step as that of going ahead to create a Gmail account and then publicize it to the tenants (as the email where they can lodge complaints, in case their apartments are not well serviced). Then you can ensure that daily, you go to the gmail.com sign in page, to check for any emails from disgruntled tenants. If there are none, the presumption is that the apartments are being well serviced. But if you find any complaints, you can immediately get in touch with the people you assigned to service the apartments, to find out what is not working.
It is necessary for you as a landlord with apartments in Adams Morgan to set up a system through which the tenants in those apartments can lodge complaints.
The system for the tenants in your Adams Morgan apartments to lodge complaints can be based on a phone number.
The system for the tenants in your Adams Morgan apartments to lodge complaints can be based on email. To get this working, and assuming you know how to create Gmail account, you can go to the Gmail sign up page, and create an account and then give out the address to the tenants, telling them to be sending any grievances to that address.
Further, you can have a web-based system (embedded into a website) for the tenants in your Adams Morgan apartments to lodge complaints. This would be a form application, where a tenant with a complaint can enter details like his or her apartment number, and the nature of the complaint, and then proceed to send the same to you.
Finally, you can have an arrangement where you’d be visiting the apartments every once in a while, and availing yourself for any tenants who may have any complaints to file the same. You can use such visits as opportunities to inspect the properties as well.
Several options are open to you, in terms of how you can handle the revenue from your Adams Morgan apartments.
Having obtained the revenue from your Adams Morgan apartments, you can opt to devote part of that revenue to the maintenance of the apartments. In fact, this is something you need to be doing – otherwise, a point will soon come when the condition of your apartment will deteriorate to a level where they won’t be attractive to tenants (due to disrepair).
If you partnered with an agent to collect the revenue from the apartments, chances are that you will have devote part of the revenue to the agent’s commission. In fact, these folks tend to cut their deductions before handing the rest of the money to you.
Another aspect of handling the revenue from your Adams Morgan apartments is that of saving, with the intention of developing other apartments (so as to get even bigger revenues in the future).
It also makes sense to spend part of the revenue from your apartments: otherwise it won’t make sense for you to have them. If, for instance, you realize that your General car insurance policy that you procured at the company described in this post is nearing expiry, you can opt to spend the money to renew it.
Receiving rent revenue payments for your Adams Morgan apartments shouldn’t be too huge a challenge, so long as you can get tenants for the apartments.
You can, in the first instance, simply have a system where the tenants write checks in your favor, and then post them to you (those being checks of amounts that make up their rents).
You can, in the second instance, have a system where you appoint agents to be collecting the rent in cash from the tenants in your apartments, and then transferring the funds to you. The agents are likely to demand to be paid commissions for the service they render to you in this regard, and that is something you should make due provision for (especially if you built the apartments using credit, meaning that you have to keep up with loan repayments as well).
You can, in the third instance, have a system where you create a website, through which your tenants can be paying you rent using debit or credit cards. Just as it should be easy for you to apply for a Capital One credit card at application.capitalone.com, it should similarly be possible for you to set up an online capital account through which you can be receiving rent from your Adams Morgan tenants.
Getting work in Adams Morgan should be possible, if you are tenacious enough, and if you use the right strategies.
One way in which you can get work in Adams Morgan is by networking with folks who can inform you about opportunities as they come up. Suppose, for instance, you studied counseling psychology. Then you will be glad (at the point when you happen to be looking for work) to know that, at precisely that point in time, some of Adams Morgan schools happen to be pilot testing virtual counselor programs, in a system akin to the one commonly known as the Broward schools virtual counselor system. And if you talk to the right people, they may be in a position to get you work within the whole system.
Another way in which you can get work in Adams Morgan is by sending your resume and application letters to local businesses that happen to have openings. You can browse through local newspapers and through the websites where Adams Morgan job openings are normally advertised, to see if there is something you can realistically apply for – depending on your qualifications and on your personal interests.
Yet another way in which you can get work in Adams Morgan is by advertising your services (that is, telling Adams Morgan residents what you can do, so that they can consider hiring you).
As an investor who has set up a set of apartments in Adams Morgan, one of the biggest challenges you will have is in getting good and truly trustworthy tenants for the apartments. You have two options in terms of how you can go about this whole business of looking for good tenants to occupy your Adams Morgan apartments.
You can, in the first instance, decide to engage one of the real estate agencies operating in the Adams Morgan neighborhood, to be looking for the tenants and vetting the tenants on your behalf.
You can, alternatively, decide to be undertaking the search and vetting of tenants by yourself. To get started in that regard, you can sign up for a Ymail account at Yahoomail.com. Then you can put up adverts, with that email as the one people interested in renting your apartments can be contacting you. Once you have people expressing interest, you can request them for things like referrals from former landlords and credit reports, and then use the information therein to do the vetting. If you decide to do things this way, you will avoid having to pay the fees you’d have been forced to fork out had you opted to have the work of searching for and vetting prospective tenants done on your behalf by a realtor.
If you have invested in Adams Morgan real estate, and thus ended up with some nice rental apartments there, you will face several challenges in managing the apartments. One of those is the challenge of selecting a perfect agent to collect rent for the apartments. We now venture to look at some of the pertinent issues for you to consider in that selection process.
The most important consideration, when selecting a perfect agent to collect rent for your Adams Morgan apartments, is trustworthiness.
Another important consideration, when selecting a perfect agent to collect rent for your Adams Morgan apartments, is experience. You need a person who understands the technicalities of debt collection.
Yet another important consideration, when selecting a perfect agent to collect rent for your Adams Morgan apartments, is efficiency.
Finally, you need to ensure that you select an agent who is pleasant to work with. This should, for instance, be an agent who responds to your emails promptly (and is generally courteous, both in face to face interactions and in correspondence). You need to avoid a situation where you take the trouble to sign in to Gmail and proceed to send an email through the steps described in this blog, only for the agent to go for weeks without responding to the email.
It is possible, by observing several things, to figure out whether (or not) a given person has a real interest in the Adams Morgan real estate industry.
One way in which you can do so is by observing how regularly the person in question makes visits to the area.
Another way in which you can do so is by observing how often the person in question talks about the area.
Yet another way is by observing the lengths to which the person in question is willing to go, in his or her search for information pertaining to the Adams Morgan real estate industry. You may, for instance, be looking at a person who is willing to sign in to Gmail at the Gmail.com login page on a regular basis, in a bid to see whether there are new editions of the Adams Morgan real estate industry newsletter he or she happens to have signed up for. Clearly, such a person would tend to be an investor with a real interest in the Adams Morgan real estate industry. Alternatively, the person in question could be a highly engaged resident of Adams Morgan, or one of the people behind the Adams Morgan real estate industry magazines in question.
As a person with some sort of an interest in the Adams Morgan real estate market, you may be inclined to keep tabs on happenings within that market.
One way in which you can keep tabs on the happenings in the Adams Morgan real estate market would be by making tours of the neighborhood regularly, to see what sorts of real estate developments are coming up, what sorts of properties are being renovated, what the rental rates are… and so on.
Another way in which you can keep tabs on the happenings in the Adams Morgan real estate market would be by networking with realtors and other people who work in the Adams Morgan real estate industry.
Yet another way in which you can keep tabs on the happenings in the Adams Morgan real estate market would be by making a habit of visiting websites that deal in properties from this market. You can go a step further, to get RSS feeds from these sites. The feeds can be delivered to your email, such that you subsequently only need to go past , say, your Gmail account login page, to access your Gmail (www.gmail.com) account and then read through the RSS feeds to see what is happening in the Adams Morgan real estate market.
There are several target markets that you need to think of, when setting up rental apartments in Adams Morgan neighborhood.
The first target market you can think of is that of people who work locally within the neighborhood.
The second target market you can think of is that of people who work is downtown Washington. Some of these are affluent folks who can afford expensive accommodation, whereas others are people of modest means.
The third target market you can think of is that of students. You realize that most of the educational institutions in Washington only guarantee accommodation to the first year students. The students in other years of study have to seek off-campus accommodation. This is a market you can tap into. But you need to remember that, in their personal capacities, most of these students are not very affluent. They are, for the most part, folks who depend on my ed loans and who are well aware of the fact that having enjoyed such loans, a point in time will come for them to go to myedaccount.com and make payments. So they can’t afford expensive accommodation. As a matter of fact, they tend to prefer shared accommodation, and that is something you need to think of when setting up apartments for them.