Listing Courtesy of RE/MAX REALTY GROUP REHOBOTH
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 Rehoboth Beach 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 Rehoboth Beach 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 Rehoboth Beach property and sitting back, waiting for someone to nail up an ‘Easy Street’ sign. In order to make the most of the opportunity an Rehoboth Beach 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 Rehoboth Beach 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 Rehoboth Beach 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 Rehoboth Beach 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 Rehoboth Beach 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.
“Location, location, location!” is one of the few proclamations which needs no verb, no adjective, no preposition to fully communicate its message. Everyone in Rehoboth Beachunderstands—and usually agrees with—its meaning: The location [of something] is all-important.
In the commercial context, it used to mean “your store better be situated somewhere that gets a lot of the right kind of traffic.” Today, in the same context, that “traffic” can be clicks on the web rather than auto or foot traffic. Either way, location, location, location! stands for a truism that’s inarguably valid.
What’s interesting about the Rehoboth Beachlocation, location, location! axiom when it’s invoked in a residential real estate context is how true it remains—though for different reasons. When it comes to buying or selling an Rehoboth Beachhome, location isn’t vitally important because of its being visible or easy for prospective buyers to find. This meaning of “location” points to a property being more or less desirable for a variety of reasons:
Needless to say, another facet of location, location, location! in Rehoboth Beachis how important it can be in dollars and cents. It isn’t just that houses are listed for different prices depending greatly on their neighborhoods and even locations within the same neighborhoods, but the ease of buying and selling can also be location-dependent. The “comps”—estimated values assigned by reports of sales of similar properties—are assembled taking into account how near or far they are, as well as the characteristics of their neighborhoods.
For the most part, people tend to agree on the value of those location, location, location! characteristics—but in case you aren’t one of the crowd, the financial repercussions can be noteworthy. If, for instance, your ideal degree of privacy makes you value a home that’s considered to be too far out of town for most people, the asking price could be at a considerable discount from the same house closer in. If you prefer cool, shady backyards over more open and sunny ones, your offer might be accepted by an eager owner who’s not had many other takers.
Location, location, location! may be a cliché, but it’s been around forever for a reason. When you are house hunting—especially if you are new to Rehoboth Beach—it’s important to give special attention to local neighborhood characteristics that may not be obvious at first glance. In Rehoboth Beach, it’s another good reason to count on a knowledgeable local real estate specialist…like yours truly! Call/Text me Russell Stucki at (302) 228-7871, email me at firstname.lastname@example.org, visit more listings at www.beachrealestatemarket.com.