Listing Courtesy of KELLER WILLIAMS REALTY
Become a landlord!
Be your own boss!
Build equity that someone else pays for!
These may sound like the kind of come-ons that you tune out when you hear them on the radio or TV, but, surprisingly, they’re actually more reality-based than not. Whether you're buying a Ocean View property for its rental potential, or preparing to turn a currently-owned property into an income-producer, the game plan is straightforward. Locate a suitable Ocean View property: one with the rental potential to create cash flow either as income, or to build real estate equity…or both!
So what’s the catch?
In fact, there is one. Becoming a successful landlord has more to it than spotting an appropriate Ocean View property and sitting back, waiting for someone to nail up an ‘Easy Street’ sign. In order to make the most of the opportunity an Ocean View rental property represents, you need to either already have, or develop, a requisite set of skills. Chief among them:
1. The relationship between landlord and tenant, and landlord and the tradespeople he hires, should be purposefully professional. Your tenants may also be fellow Ocean View residents (or even neighbors), yet skillfully establishing and maintaining an amiable yet businesslike relationship takes dexterity and finesse. Substituting an overly personal relationship instead of the more proper businesslike one can result in counterproductive consequences…like tardy rent payments or superfluous demands.
2. As much as any other business, successful landlords are usually ‘people people’: they don’t shy away from interactions on a face-to-face basis. Whether it’s dealing with renters’ concerns, interviewing potential tenants, or handling the personnel who help maintain a Ocean View property, great landlords have great leadership skills. They have the knack of bringing positive energy to everyday dealings. Good landlords exhibit authority without being overbearing, and they allow their tenants to feel the right degree of investment in what is their home, if only temporarily.
3. It may seem as if turning a property into an income-producer is an extremely simple task, but in fact it takes organizational skills to accomplish it efficiently. There are laws that have to be observed, and documentation to be maintained. People who cultivate clarity in such matters are nicely suited to the demands of running a rental property.
4. There are unavoidable time availability demands that mustn’t be ignored. A tenant with a maintenance emergency needs to have it addressed. Now. It’s one thing that even the most people-oriented, organizationally proficient business titan should be prepared to attend to without delay.
But suppose you lack some (or even all) of these traits? Should you just walk away from a Ocean View property—even after you’ve spotted one you know has great potential? Actually, there is a Plan B, which is to hire a property manager—a professional practiced in all the requisite skills. To explore the current crop of Ocean View property listings with serious potential, just give me a call! Call/Text me Russell Stucki at (302) 228-7871, email me at email@example.com, visit more listings at www.beachrealestate.com.
Fa la la la la, la la la la: it’s carol time again!
Not quite? You can’t almost hear those sleigh bells ringing? Well, brace yourself. Halloween is next Tuesday—and nowadays, that means that by Wednesday, holiday advertising will be with us for the duration.
Whether we admit it or not, the Thanksgiving start of holiday season is a thing of the past. Hallmark has already launched its “Countdown to Christmas;” Delaware mailboxes are filling with gift catalogs; store windows are only weeks away from being transformed into snow-sprayed winter wonderlands.
As far as Delaware real estate is concerned, a couple of the advantages to buying during the holiday season will arrive more or less simultaneously. And there are advantages.
One real estate education company, FortuneBuilders, counts five key reasons why “the holidays are a great time to buy.” In short, they are:
1. Limited inventory. Less activity means fewer competing buyers.
2. Sellers are motivated. Those who have not sold during the peak season are more likely to welcome offers.
3. Taxes. This depends on the particular financial situation of both Delaware buyers and sellers..
4. Lower interest rates. Historically, interest rates tend to be lower during the holidays—probably because mortgage companies need to pep up sleepy demand.
5. Faster closing. Although lenders, brokers, and inspectors may be thinking it’s time to take a vacation, when business does appear, they clear the decks and move!
Those reasons may seem like distant abstractions in the week before Halloween, but they are very much in play starting with the first stirrings of November….and Thanksgiving…and all the rest of the holiday onslaught! For those who will be in the market for a new Delaware home—in reality, they’ll be shopping in a “holiday” market environment! As the educators put it, “some of the best deals you can make during the holidays involve real estate, not 72-inch televisions.”
You don’t even have to wait until Halloween for a comprehensive look at Delaware’s current slate of pre-holiday deals, Call me anytime! Call/Text me Russell Stucki at (302) 228-7871, email me at firstname.lastname@example.org, visit more listings at www.beachrealestatemarket.com.