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More and more people across the United States are choosing to rent their homes as opposed to buying, which means one thing: now has never been a better time to become a property manager.

To illustrate, the Bureau of Labor Statistics has officially projected the property management industry will continue to grow by at least 8% by 2024, a number higher than average compared to other industries.

This following list of guidelines will help you to gauge what exactly you need to do to get the ball rolling towards an opportunity in property management.

1. Legal Requirements

Licensing requirements to become a property manager are going to be different in each state, and there are many complex rules that you must know about managing different types of properties.

So the first thing you need to do is research how to become a property manager where you live or want to work, and a great place to start is here.

2. Start Studying

For the most part, companies who hire property managers are looking for people with at least a Bachelor’s degree in real estate, business administration or finance.

 Other companies look for people who have received real estate training or even have a real estate license. For those who don’t necessarily want to go back to school full-time, you can take a vocational real estate training course in subjects like real estate finance, property management, real estate management, affordable housing administration and real estate development.

You can do these courses online or in-person in just about every city. Completing these courses will undoubtedly give you a leg up on your competition.

Even if these options may not be viable for you, there is always the possibility of accepting an entry-level property management position and learning the business on-the-job, which is always a good option when you first need to get your foot in the door.

3. Getting Certified

Getting the proper certifications might not necessarily be required where you live, but it will always convey professionalism to hiring companies. Many times professional property managers will get a real estate license on top of their specialized certifications so that they are qualified for more lucrative possibilities within other realms of real estate.

All of the major certifications are going to require that you meet some kind of educational requirement and that you pass an exam. Some of the certifications you are going to want to look into obtaining include Certified Property Manager,  Residential Management Professional, Certified Manager of Community Associations and Certified Apartment Manager.

4. Starting Out

Once you’ve gotten your credentials, the next thing you’ll have to do is find the right company that is best for you. This is where you’ll have to put on your networking suit and get out there! Conventions and other events that potential employers will be at are a great start, and of course sending out your resume will further the process.

At Zenith Properties, we are always looking for talented people to come on and help with our real estate and property management. You can read more about our story and services and see if you’d like to join our team!

In short, yes, rental properties are and can always be a very good investment. Saying that, investing in rental properties isn’t for everyone and, no matter what, you’re going to have to do your due diligence in order to get a worthwhile return.

First of all, if you are interested in investing in rental properties you are going to need a considerable amount of money to use as a down payment. On top of a down payment you are also going to need to prove that you have an adequate amount of extra savings as well as enough steady income to be able to make all of the necessary payments.

 You will typically be able to receive a loan on a rental property with four or fewer units if you put down 20% and have solid credit. For the most part, though, all lenders are going to want proof of three months of reserved capital as well as proof that you can afford your current expenses on top of the newly acquired mortgage for the rental property.

So yes, there are many hurdles to get through when starting with an investment in rental properties. But, more important than those initial hurdles is your intuition in knowing whether or not a specific rental property is going to give you a positive cash flow, especially after expenses like home repairs, vacancies and maintenance costs are taken into account.

Here are some tips you need to consider:

• You’re going to want to make sure you do your research. By talking to other real estate agents and mortgage brokers you can get some more perspective on a specific property.
• Next it comes down to making your decision on becoming a landlord. You will see that, very early on, it becomes all-or-nothing.
• Of course any good investment makes real money, so you’ll need to crunch your numbers and figure out how much money you can estimate to make and spend for each potential investment you’re looking into.
• While you’re crunching the numbers on your ROI you also need to take a look in your bank account and make sure you personally have the money for a very sizable down payment, as well as enough reserve capital to be ready for all kinds of repairs and a significant, steady income that will impress the banks.
• Once you’ve gotten through all of these steps, you’ll lastly have to prepare for hands-on management, especially considering 10% of your rents collected will more than likely have to go to day-to-day repair work.

Of course not everyone is interested in this aspect of being a landlord, and that’s because it takes a fair amount of work.

That's where good property management comes in, and it’s something that can save many headaches for rental property investors without jeopardizing the investment’s returns.

So if you are considering a rental property investment and you feel like you’re qualified and up for the task, then you are in a great position to make a lot of money.

It’s the combination of your investment in a worthwhile property and a good property management team that puts you in an extremely easy and lucrative position. Let us at Zenith Properties be your partner as you chart your way to success. Start the conversation now!

The privilege of being a property manager comes with a number of serious responsibilities. The amount of time it takes to do a good job is not always commensurate with the pay or recognition, so finding ways to make your duties easier is worthwhile. Contrary to popular belief, though, huge changes are not always necessary to make that happen.

Get Everything in Writing

It does not matter how friendly or forthcoming your tenants are, nor does it matter how long they have been there; a wise and happy property manager will always keep updated and accurate ledgers of everything, including maintenance records, complaints, payments, residential inspection renderings, conversations (email, phone, or in person), etc. If you have every correspondence recorded on paper or tape, it’s very difficult for disgruntled tenants to abuse their rights or take advantage of you.

Know the Most Common Issues Before They Happen

Understanding the common challenges that befall today’s most successful property managers is the key to preventative maintenance. To make your life easier as a property manager, be sure you set out clear rules for certain behaviors in the rental lease. For example, a tenant who is habitually late on rent should know from the beginning that certain penalties will result in their irresponsible behavior. That way, when the procrastinating tenant complains about you filing an eviction, they will have no feasible argument in court.

Use Technology to Make Things Simpler for Everybody

 These days, it’s not exactly safe to take cash payments, nor is it ideal to physically travel to each location to receive rent from the hands on the tenants. This kink in the system has, for a long time, prevented the timely payment of rent. Now, there are numerous online payment options available that allow for the immediate transfer of funds without the need for unnecessary interaction – a modern amenity that is usually pleasing to both tenants and property managers.

Get Organized Ahead of Time

Whether you need to sort out your paperwork, make repairs, or set up your hours of operation, it’s important to do so before trying to manage the property. At some point, you will wish that you had your affairs in order. Furthermore, if you want tidy and respectful tenants you must lead by example.

Keep Friends, Family, and Business Separated

It has been a well-known fact for a long time that combining the affairs of your personal life and professional life usually ends poorly. In other words, never rent to people you know. Kindly refer them to another place and remain a happy property manager (and friend) for longer.

At Zenith, property management is at the heart of what we do. We excel in this industry just as we do in helping others succeed. For more tips or any questions, send us a note and we’ll get back to you shortly.

Once upon a time, property management was simple. You owned a single property for rent, and keeping track of it required much less effort than it does today. You didn't need property management software back then – you could probably keep most of it in your head! It was great – so great in fact, that you've started to acquire more and more properties over time, enough that keeping on top of it all became a job in its own right.

So now you're starting to wonder if it's time to make the leap and get your business some professional tools. But how do you know if you if you need property management software?

Question One: Do You Have Too Many Vacancies?

Professional property management software can automate placement for your vacancy ads, using sites like  Zillow and Craigslist. Customizing options let you filter applicants by factors like employment history, or income level, and can even request credit and background checks.

Question Two: Do You Have Delinquent Rent?

As you know, renters aren't always reliable. With multiple properties, simply depositing rent checks can become a huge time sink – and that's before you get into payments coming in sporadically. With property management software, you can handle online payments and automate reminders for missed dates, saving massive amounts of time.

Question Three: Has Activity in Accounts Payable Fallen by the Wayside?

Managing properties involves a lot of different moving pieces. Landscaping, maintenance… just when you think you've got everything covered, another vendor who slipped your mind arrives on the scene.

With property management software, you can avoid all this unpleasantness, by utilizing a central payment platform, giving you one or realistically dozens fewer things to worry about.

Question Four: Are You Getting Overwhelmed by Maintenance Requests?

You can't control when something's going to go wrong. You can try to predict it, but even that is an exercise in futility. But with property management software, your tenants can submit online maintenance requests at any hour of the day, any day of the week. You can automate notifications for tenants, tie requests to invoices, and otherwise untangle the knot of maintenance into a smooth process.

Question Five: Are Cash Flow Irregularities Hurting Your Business?

Sometimes you have plenty of income, but obstacles arise nonetheless. Property management software can ensure payments get made, even if your tenants aren't always paying on time.

In the end, there's no set size at which you suddenly need property management software to handle your investments – most of these factors will be gradual. But eventually, it becomes too much, and keeping pace with other professionals demands professional tools.

For any questions or tips, contact the professionals at Zenith Properties to keep your property management game ahead of the competition.

As the trend has shown: Portland is for the youngsters, Vancouver is for families.

Going around the city, you may see a bumper sticker that reads, “Keep Vancouver Normal”. That’s because, in contrast to Portland’s “weirdness’, Vancouver prides itself on a more low-key way of life.

When Sunset Magazine listed Vancouver was one of its best “value cities”, it did so with the focus of being a great place for raising a family. The city offers many things for children, both young and old, and is truly an ideal place for them to grow up. Here’s why:

There are Wonderful Parks

When you buy or rent in Vancouver, Washington, you will access 1,600 acres of stunning parkland. The area features a whopping 90 parks, as well as 20 natural areas. There is also a 20-mile network of biking, running and walking trails. You can find an interactive map of these parks and trails online. Exploring them with your child will be so much fun, not to mention great exercise!

There’s a Great School System

A good education is key and you will find that Vancouver offers plenty of options. Currently, the city is home to 21 elementary schools, as well as an arts school, five high schools, a STEM school and six middle schools. There are also a trio of extra programs. The public schools are known for exceptionally-qualified teachers and above-average high school graduation rates.

Many Other Child-friendly Amenities

The Columbia Springs Environmental Education Center also features 100 acres of outdoor trails, as well as a hatchery for fish. Another great option for an educational and fun family outing is the Pearson Air Museum.

Summers are when the real fun begins, though. Esther Short Park, one of the city’s most beautiful parks, hosts summer concerts and events that are accessible for all ages.

The city also offers a variety of sports leagues and community events to keep your children engaged and happy.

These attractions just scratch the surface. When you purchase or rent a home in Vancouver, Washington, the possibilities for child-friendly activities are nearly endless. Also, real estate and rental prices are quite good, so you should have lots of appealing options while you are searching for a home in the area.

Now that you know more about this child-friendly city and how it supports happy, healthy kids, why not explore your home options today?

We’ve all seen the end result: from minor repairs to homes with wood so torn up and frazzled they need to be knocked down altogether.

Continue reading

Barks, odors, paw prints…all the sights and sounds that come with owning a pet don’t paint too pretty a picture.

These are why property owners are loath to accept pets in their buildings. But what if doing so actually made sense?

Pet policies aren’t for everyone, but for certain properties they can be perfect: perhaps you are planning on replacing the carpets soon, or maybe pet deposits and monthly upcharges can help with cash flow issues you may be experiencing. Here are some other things to think about:

Consider where you are

Washington has one of the highest percentages of pet ownership in the United States. An astonishing 72% of renters have pets. That number is also increasing amongst younger renters.

If you are in an area with high pet ownership rates, you have major opportunities for generating more revenue. 

You are offering something that most other buildings aren’t, and will attract many more tenants. This can be especially important if you own a building that’s been hard to fill, like one that’s in a dangerous area.

This is a great way to ensure long-term renters

Considering the scarcity of pet-friendly apartments, as well as reluctance to change their pet’s environment, owners are much more likely to stay with a reliable property. Firepaw Inc. ran a study that found apartment renters with pets average twice the length of stay as opposed to those without pets.

Perform strict screenings upon meeting

It’s the same reason you screen tenants – you can see early on if the pet will be a problem for your building. You can ask for shot records, how long they’ve had the pet, any past instances; if you are really concerned, you can even call the pet’s veterinarian or even past landlords.

You can also pay attention to how the pet and owner interact. You can see if the owner is neglectful, or even abusive. You’ll also get a good feel for the dog’s personality – is it loving? Is it quiet? If the dog is overly aggressive, or even overprotective of its owner, you’ll have immediate indicators of potential issues down the road.

You don’t have much to lose

You may be thinking, “You make money with deposits and monthly charges, but you lose it all with potential damages.” In some cases, that may be true. Yet many property owners have reported never having seen damages from pets.

What do you think? Like we said, it may not make sense for all property owners to allow pets. We can help you decide if it’s right for you, as well as suggesting best practices for implementing a pet-policy.

If you have any questions, shoot them our way.

Certain cities, it’s obvious why they get populated.

You’ve got the metropolis, prom queen types like San Francisco, Denver, New York, etc. What’s fascinating is that next tier, the up-and-coming towns. The ones that were once stopovers, a place to stretch your legs perhaps, and are now a destination unto themselves.

There are tons of these small, quaint towns in America, though. What makes these so valuable, and what makes one more “livable” than the other?

In short, according to Sunset Magazine’s standards, these are where you can get the most “bang for your buck”: homes are affordable, income is reasonable, job market’s open, and there’s fun stuff to do.

Sunset Magazine listed 20 cities in all as “value towns”. They divided it by region, all of which were in the western US. Of those, Vancouver topped off the list for Northwest. The reason, as the article states, is that Vancouver is where “Portlandia goes to grow up”.

Meaning, Vancouver, WA is one of the best cities around for raising kids. The article cited two reasons: top notch schools and family-friendly neighborhoods. We’ll elaborate.

To start, 72.5% of Vancouver’s district teachers have a Master’s Degree, with an average of 11.2 years of teaching experience.

The elementary schools are known for having high parent and community involvement. There’s also 21 elementary schools in the 58-mile district, so families have a decent amount of options. Several of the high schools are nationally recognized, with especially high graduation percentages, low drop-out rates and high test scores.

The neighborhoods were practically designed for families. Most are “pocket neighborhoods”, with wide, tree-lined streets and limited through traffic. Most houses are within a five minutes’ walk from a neighborhood park, some even less.

The adults have some places to play, as well. Vancouver’s downtown, once thought to be largely unremarkable, has picked up dramatically with the rise in gastropubs, craft beers, art galleries and coffee shops.

Now, for some numbers.

Being so close to Portland, Vancouver naturally draws comparisons with its neighbor across the Columbia River. Vancouver’s always been the more low-key city, but cost of living is gradually increasing, as home prices saw an appreciation of 12.7% over the last year. Granted, prices are still low enough to quality as a “value town”, and there’s also the absence of income tax.

According to Zillow:

• Average median home price: $268,500. (Portland average: $406,200)
• Average median monthly rent: $1,495 (Portland: $1,603)
• Average median income: $50,379

The numbers don’t lie: Vancouver’s rising quickly. We encourage interested buyers and renters to get in sooner rather than later.

Examples like Portland and Vancouver, where big cities are spilling over and its homes are mostly unaffordable, the smaller, suburban cities of America are quietly tugging at your sleeve for some attention.

Let us know what you’re looking for. We’ll help you find everything you need.

Real estate investors are not unicorns. 

They do not possess superhuman traits, or clairvoyant, crystal-ball skills that allow them to make brilliant investments. Rather, they possess two main qualities: an ability to think big picture, and a dedication to thoroughly understanding the market. Part of this knowledge means knowing how to be savvy with your financing. Many different financing methods exist that allow you to turn ‘a little’ into ‘a lot’—spin straw into gold, as they say.

Investing in today’s market can be a wise decision, given the historically low rates, you just need to do some extensive planning. We listed some different financing methods below, so you can best put together the funds for your real estate investment.

Option #1: All cash.

One thing to debunk – an ‘all cash’ payment does not mean actual cash is used, but rather a check (like a cashier’s check).

If you have the means to purchase a property without any loan, this can be a great way to invest. Many investors choose this option because they can close quickly on a deal without having to wait for the banks approval on a loan. If you don’t have the funds to pay right away, then this doesn’t make much sense for you.

Option #2: Conventional mortgage.

This is the most common type of loan as it provides the lowest interest rates.

Here, you provide a cash down payment and then finance the rest with a traditional mortgage. It traditionally yields a bigger return on investment then purchasing in all cash. Instead of that large initial payment, you can break it up into two or three smaller portions for that cash down.

A traditional mortgage usually requires a 20% down payment, but it could go up to 30% for an investment property, depending on what lender is used.

Option #3: FHA loan.

FHA loans are used only for homeowners that will be living in the property, so this type of loan cannot be used in a home that you’re wanting to just rent out. There is an exception, though, if you want to invest in a duplex or triplex: you can live in one part of the home and rent out the other units. FHA loans require only 3.5% for a down payment, but with that, you will need to pay private mortgage insurance. This will slightly increase your monthly payment.

Option #4: Portfolio lending.

Some banks and credit unions have the option of lending property funds entirely on their own, which makes loan terms more flexible. Many times, investors will be see that there are less restrictions than conventional lenders, which makes it a desirable investment option.

Real estate investing is a lucrative yet demanding endeavor. Early legwork and financial savviness can yield huge profits for you. Start planning your investment now, and see where the road takes you!

Are you looking to move to Vancouver, Washington (or as the locals call it, “the ‘Couve”)? One thing is certain: you are going to love it!

From the artistic culture to the world class farmers market, you will find yourself with plenty to do. The moderate climate and natural beauty of your surroundings make every day a pleasure to be outdoors. The friendly vibe makes for a smooth fit into the community and easy to feel like a local.

If you are relocating to the area, it’s important to choose the right neighborhood to rent or buy your home. Let’s look into some of the nicest areas in Vancouver.

East Side Neighborhoods

One of the fastest growing and most popular areas to move into is the eastern parts of Vancouver. It’s home to many amazing neighborhoods ranked highest in the city in terms of livability, education, weather, low crime, and more. Residents have great access to shops and services, and walkability in some areas is high.

Some of these neighborhoods include:

Arnada:

A neighborhood with diverse architecture and a traditional feel. Arnada Neighborhood Park is great for gatherings. It’s also quite close to downtown, and easy to get there on foot or by bike.

Fishers Creek:

A quiet neighborhood that’s great for children and families, especially given the 1.90-acre Fisher’s Creek Neighborhood Park.

Officers Row:

The homes in this neighborhood date back to the 1850s, as they housed soldiers and officers stationed at the Vancouver Barracks. They are now protected by the Historic Reserve, with 34 units for residential living and others that are open for tours.

The area public schools have been given high marks. The demographics are primarily Caucasian, small African American percentages, and about nine percent Asian American population. The median price of homes is a bit higher here, but that comes with the territory – you are paying to live in arguably the nicest area of the city.

Centered on the River

There are three top neighborhoods central in Vancouver, Washington. Riverview runs right by the Columbia River and is ranked top 5 in Vancouver. It has low crime rates, stable housing rates, high income per capita, and lots of local amenities. Plus, you can’t beat the beautiful view of the Columbia River, the largest river in the Pacific Northwest.

Dubois Park and South Cliff neighborhoods sit just north of Riverview. Both neighborhoods have nearby access to Blandfold Canyon Nature Trail.

You can’t really go wrong with any of these neighborhoods. You just need to find the one that best matches your lifestyle and budget. Let us help you make that match.