Consider the Maintenance

One of the first considerations you need to make when you buy real estate and decide to become a landlord is the cost of maintenance and upkeep. Remember, you still own the property and, as the landlord, you are responsible for maintaining it. If you are not a handy person or if you simply do not have the time it takes to complete repairs and perform maintenance on the real estate you buy, you will need to hire someone to do this for you. This might mean hiring a property manager, which will cost you about 5% of the gross income you earn from your rentals.

Learn the Law

The laws affecting real estate and rentals will vary from state to state. Therefore, you need to make sure you are aware of the laws affecting you in your state. Although there are some variances in these laws, the basics are essentially the same - your tenant has all of the same rights of ownership except for the right to sell the property. In addition, as long as the tenant pays rent, he or she has the right to live on the property. At the same time, they do not have the right to damage the property in any way.

The law requires that you keep the real estate in a "habitable condition." Although there is a bit of gray where this is concerned, the law is understood to mean that the property must have working locks on its doors and windows, the heat must work, and the roof cannot leak.

Know How to Find Tenants

Before you sink your money into a piece of real estate that you plan to rent out, make sure you have a good idea as to how you will get tenants. In addition, be sure you are clear on the laws when it comes to interviewing and screening tenants. There are several discrimination laws in place that limit the types of questions you can ask a potential renter.

Before you purchase that real estate, set your standards so you know what you will and will not accept from a tenant - and make sure your standards are all legal. Some areas to consider include:

- The price of rent
- Whether or not you will accept pets
- The number of allowable occupants
- The amount of your security deposit
- Whether or not utilities are included in the rent
- Any minimum income requirements you expect from your tenants
- Whether or not you will accept HUD Section 9 participants

Make sure your standards are clear to all potential tenants before you even begin the interview process.

By carefully considering each of these factors before you make a purchase, you will be better able to determine whether or not being a landlord is the right step for you.

Consider Your Purpose

When selecting the agent for you, it is important to consider the type of property you intend to purchase. For example, if you are interested in purchasing an apartment complex as an investment purchase, it is generally better to work with an agent that specializes in selling these types of properties. Of course, you can use a real estate agent that deals mostly with selling homes, but one that specializes in the type of property you are looking for is more likely to have the types of connections you need to purchase the type of property you are looking for.

Consider Qualifications

While it is fine to work with a real estate agent, you should look for someone that is a real estate broker or a licensed Realtor. An agent that is a member of the National Association of Realtors will have a displayed REALTOR logo that will let you know that he or she is a member. It is important to look for someone that is certified by the National Association of Realtors because this means the agent has pledged to follow a Code of Ethics that holds them to a higher standard than what is required by law.

Consider Referrals

Of course, it doesn’t matter how many great qualifications the real estate agent has if he or she does not work hard for clients. Therefore, it is always a good idea to listen to referrals from other people. If someone you know had a good experience with a particular real estate agent, the chances are pretty good that you will have a good experience with that agent as well. Remember, good real estate agents stay in business because they have satisfied clients - give your business to someone with a proven track record.

Do Your Research

If you don’t know someone that can refer a great agent to you, you are going to have to do a bit of research. A good place to start your research is on the Internet. Visit the web sites of various agents and get an idea of the types of services they provide. Look up the profiles of the real estate agents in order to get a better idea of their qualifications and experience. A site that contains customer testimonials is a good start as well - read the testimonials in order to get an idea of what other people are saying about the agent before making your final decision.

Keeping it Legal

Before you start showing people your apartment, you first need to check with your lease to make sure you are allowed to sublet the apartment. Some leases strictly forbid subletting and, therefore, you would be in direct violation of your lease if you attempt to sublet your apartment. Violation of your contract can result in legal issues as well as fines, so, if you are unsure, discuss it with your landlord before following through with subletting. Furthermore, you can only sublet for as long as you legally have the apartment. Therefore, if you have a one year lease, you can only sublet the apartment for that one year.

Finding a Suitable Tenant

Subletting an apartment is a relatively simple process once you have approval from your landlord. All you really need to do is post ads in various places, such as newspaper classifieds, message boards, or other places. Be sure to specify in your ad when you will need the person to move in and move out as well as the amount of the rent and a way that you can be reached for more information. More than likely, it won’t take long for you to start receiving phone calls from people that are interested in subletting your apartment.

Drawing Up Your Agreement

After you select a tenant to sublet your apartment to, keep in mind that this person will be entering into an agreement with you. You are still the one that is legally bound to the lease with the landlord and, as such, you are still responsible for the apartment. As such, your written agreement will be between you and the subtenant.

The lease that you create with the subtenant must include a provision that the subtenant will follow the same rules of the lease while he or she lives in your apartment. If the subtenant fails to follow the written agreement and your lease is violated in any way, you will be responsible to the landlord and the subtenant is responsible to you. In other words, if a violation occurs that results in a fee or a fine, you will need to pay the landlord and then you will need to pursue the subtenant in order to regain the money that you lost.

Remember that you are the one that is still responsible to the landlord. Therefore, the subtenant will send you the rent for the apartment and you will be responsible for sending rent to the landlord. If the subtenant fails to pay the rent to you, you are still responsible for making the payment.

When you hire a Realtor, you gain access to a wealth of knowledge that will help keep you out of trouble and will help provide for a smooth transaction. Here are just a few things that your real estate agent knows that you probably do not.

The Federal Fair Housing Act

According to the Federal Fair Housing Act, you cannot discriminate against someone when selling a home. The act defines seven different classes that are protected against discrimination, these include:

- Race
- Color
- National origin
- Sex
- Religion
- Handicap
- Familial status

If you do not enlist in the help of a real estate agent, you put yourself at risk of violating this act if you refuse to sell your home to an interested buyer. In addition, you might even accidentally violate these laws without realizing it. For example, there are certain words that cannot be included in your advertisements for your home because they are in violation of the Fair Housing Laws. Some of these words include:

- Bachelor apartment
- Children welcome
- Couples
- Gentleman’s Farm
- Golden Agers
- Handicapped
- Integrated
- Married
- Mature
- Mother-in-Law quarters
- Professional
- Seniors
- Singles only
- Sports-minded

As you can see, some of these terms seem perfectly innocent. Therefore, it is a good idea to get the help of a real estate agent so you can tap into his or her knowledge and experience in order to stay out of trouble.

State Real Estate Laws

Although there are similarities in real estate laws from one state to the next, each state has its own set of rules that must be followed. If you do not understand these laws or are unaware of these laws, you can inadvertently break the law when selling your home. In addition, by not being fully aware of your seller’s rights, you might actually lose out on money during the transaction.

Taking Advantage of Connections

Aside from legal matters, a real estate agent simply has a vast number of connections that makes it possible to sell a home more quickly and for a higher asking price. Similarly, since people come to real estate agents when searching for homes, you are able to tap into a much larger market of interested buyers when you get the help of a real estate agent.

Since a Realtor has experience with selling homes, he or she can also provide you with tips to help increase the market value of your home and to make the process go by more quickly. For example, small things such as painting a room a different color can go a long way when it comes to increasing the appeal of the home. By taking advantage of the realtor’s expertise, you just might have a much more profitable selling experience.

Reason #1: Condos Do Not Require Upkeep

One of the biggest reasons that so many people are looking to buy a condo is the fact that they do not require the same type of upkeep as owning a house. For those that hate mowing the lawn, pulling weeds, repainting the house, or doing other chores associated with homeownership, it simply makes more sense to buy a condo. In addition, many people simply do not have the time to maintain a home because of their careers. Therefore, a condo provides a practical solution.

Reason #2: A Condo is an Investment

Of course, those that don’t want the upkeep headaches associated with a house could always rent an apartment. The problem with an apartment is that it often feels like money is being "thrown away" as you pay your rent and effectively help your landlord buy a piece of real estate. With a condo, you can still buy the place in which you live while still enjoying the same conveniences offered by an apartment.

Reason #3: You Can Take Advantage of the Amenities

When you buy a condo, you also buy rights to a number of amenities. Since all of the money put into the condo is shared by those living in the building, it is possible to afford many of lives little luxuries that are difficult to afford on your own. For example, when you buy a condo, you might gain instant access to a pool, an on-grounds gym, and more. Even better, you don’t have to worry about the upkeep for these little perks either.

Reason #4: You Can Get More Space

Often, buying a condo is a good alternative for those looking for a large piece of real estate but that do not have the funds. If you want to buy a 3,000 square foot home, you may not have the funds for it. On the other hand, it might be within your budget to buy a condo that provides 3,000 square feet of space. In fact, there are some pretty good deals going on in the condo aspect of the real estate market right now that some savvy shoppers are happily taking advantage of.

Reason #5: You Want to Socialize

If you do not have a large circle of friends and you are looking to socialize more, a condo can help make this happen. When you buy a condo, you also buy into a community. Therefore, purchasing a condo can easily and quickly provide you with a whole new group of friends that you can get to know and enjoy.

There are many reasons to buy a condo rather than other forms of real estate or rather than renting an apartment. At the same time, a condo is not the right answer for everyone. Therefore, you should weigh the pros and cons of all of your options in order to find the right place for you.

Considering Licensing

From a technical standpoint, the difference between an agent and a real estate broker is the fact that they hold different licenses. In order to obtain the different licensing, a broker must actually complete additional coursework beyond what an agent must complete.

Although many people use the terms real estate agent and broker interchangeably, a broker actually has more schooling and bears more responsibilities throughout the transaction.

Since a broker has more education and experience, real estate agents work beneath the broker. Therefore, a person that works as an independent Realtor must be a broker as well. A real estate agency with multiple agents, however, may have only one licensed broker and several agents (and associate brokers.) While the agents will perform many of the same functions as the broker, the broker is the one that is ultimately responsible for ensuring the transaction is completed properly. In exchange for taking on this added responsibility, the broker receives a percentage of the commission the agent earns when selling a home.

The Personal Touch

When it comes to working with a real estate broker versus a real estate agent, you will probably notice little difference if you notice a difference at all. This is because agents are licensed and capable of performing the basic tasks that most buyers and sellers are interested in having completed for them. For example, if you are looking for a home, an agent can easily take you to see a variety of homes and can help you reach a deal with the seller. Similarly, if you are selling a home, a real estate agent will have access to all of the same connections as the broker he or she works for.

If you are working with an agent rather than directly with the broker, you should expect to receive the same level of service you would receive from the broker. If you are unhappy with the agent’s service, however, you can contact the broker and request that another agent be assigned to you. Similarly, if you have any questions or concerns that your agent cannot seem to address, you should contact the broker in order to make sure you are on the right track with the selling or purchase of your home.

The fact that every real estate agent is backed up by a broker is somewhat of a safety net for you as a consumer. In fact, if a crisis situation arises, the success of your transaction may come down to the abilities of the broker. Therefore, when hiring an agent, be sure you are comfortable with both the agent and the broker if they are not the same person. That way, you will be guaranteed the best experience possible.

In order to make sure you are on the same page as your Realtor, communication is key. After all, you cannot expect your agent to simply know what type of home you are looking for or to understand your needs. Therefore, before you enter into any agreements or begin the house hunting process, there are several things you should tell your Realtor.

Consider Your Long Term Plans

When making your home purchase, you should have some kind of idea of your long term plans. Of course, life doesn’t always happen the way we expect and these plans might change, but you still want to make a real estate purchase that is in line with your current goals. For example, if you will only be living in the home for five years and are hoping to sell it for a substantial profit when you are ready to move, you might want to look at different real estate than what you would look at if you are planning to live in the home until after your young children have graduated from high school.

Express Your Needs

When discussing your ideal home with your real estate agent, you need to take care to thoroughly express your needs. For example, if you currently have kids or are planning to have children in the near future, you will likely want to purchase a home that is in a good school district. On the other hand, if you are a retired couple that enjoys taking walks in the park, you should communicate this to your real estate agent so he or she can look for homes that are near to community parks.

The more you communicate about your family, your lifestyle, and your hobbies, the better your Realtor will be capable of finding a home that is well suited to you. Although your real estate agent is not a mind reader, many are quite good at understanding the needs of their clients based on this type of information. In fact, your real estate agent may be able to make some suggestions that you hadn’t even considered while dreaming of your future home.

The more you communicate to your gent, the better he or she will be able to pick out properties that will be suited to your needs. At the same time, if you notice that your agent is selecting homes that are nothing like what you are looking for, be sure to communicate this to your agent as well. Similarly, as you walk through homes with the agent, be certain to point out the features that you like and do not like. These little hints will help the agent get better in tune with what you are looking for in your dream home.

Creating New Rooms In Your Apartment

One way to personalize an apartment and to alter its appearance is to find ways to divide larger rooms into smaller ones. This can be easily accomplished with folding screens, which are available in a wide variety of colors and designs. Not only can you create more rooms when you buy these dividers, you can also choose one that suits your personal style. If you are feeling creative, you can even buy old doors at a flea market and then decorate them yourself with wallpaper, fabric, or paint.

If doors aren’t your thing, you can separate a large room with a sofa as well. With this trick, you can create a dining area and a sitting area all within one room while still making them appear separate from one another.

Having Fun with Cabinets

You can also add a personal touch to your apartment by turning your attention to your cabinets. The cabinets in your apartment will likely have plain and basic knobs, but you can easily change these out with something a bit more decorative and suiting to your personal style. Just make sure to hang onto the original knobs so you can replace them when you move to a new apartment.

You can even remove the cabinet doors and buy something more suiting to your style. Again, these can be easily replaced when you move out of the apartment. So, even if your landlord is a bit strict when it comes to redecorating, this little trick should still be perfectly acceptable.

Making Changes to Floors and Walls

Although you may not be able to tear out the carpet or repaint the walls in your apartment, you can still make some changes to the way these parts of your apartment look. For example, you can attach flat sheets to your wall with Velcro or you can even make wall forms that fit snuggly against your walls. For your floors, area rugs can make a big difference or you can simply make your own rug with carpet samples in order to create a new look.

It’s the Little Things That Make All of the Difference

There are many little things you can do in your apartment to help make it more personalized. Attaching a stylized fabric skirt around your wall-mounted bathroom sink, for example, will add storage space as well as help you create a new look in your bathroom.

Artwork and plants can also go a long way toward personalizing an apartment. You can hang pictures in your apartment without putting holes in the wall by hanging lightweight art from fishing lines that are tacked into crown molding. Or, you can display your art on easels or on shelves and consoles. The same is true of plants, which can add variety to your apartment while also helping to keep the air clean.

With a little imagination and creativity, you can make your apartment more personal while creating a look that is truly unique and special to you and your taste.

Of course, searching for an apartment online is not without its risks. Therefore, there are a few things you should keep in mind when searching for an apartment through the Internet that will help guarantee a pleasant experience resulting in an apartment you love.

Use Many Sources

One of the biggest mistakes that apartment hunters make is using just one resource when searching for an apartment online. Keep in mind that different web sites will have different listings. Therefore, in order to achieve the most comprehensive look at the available apartments, you will need to check with many different sites.

When looking for sites with apartment listings, you should also utilize different search engines. Since each search engine has its on method of bring back search results, using more than one search engine may help bring back some different results. At a minimum, you should use the major search engines, including Yahoo, Google, MSN, and Ask.

Perform Searches

In many cases, you can get feedback from current and former residents of apartments by conducting a search of the apartment name. When doing a search of the name, it might bring up review sites or simply websites that that current or former residents may have set up. Read this feedback in order to give you a better idea of whether or not the apartment complex is a good fit for you. A nice perk to reading this type of feedback is the fact that it can give you an idea of the type of people that live in the apartment as well. On the same note, do some research into the area where the apartment is located in order to determine its level of crime and how close it is to the conveniences you desire, such as the proximity of the apartment to public transportation.

Look Before You Lease

No matter how perfect the apartment might look on the Internet, it is essential that you take a look at it before you enter into any type of leasing agreement. In order to make things easier on you, you should thoroughly research all of the available apartments and then narrow your choices down to less than ten apartments. Then, contact those landlords and arrange to see all of the apartments on the same day or within a couple day time period. This way, you can arrange for a trip to see all of the apartments in order to make your final decision.

If it is impossible for you to arrange a trip to see the apartments, ask someone you trust that lives in the area to look at the apartments for you. If this is not possible, make arrangements with the landlord to sign a lease that allows you to break the lease within a certain number of days without repercussions if the apartment fails to meet your expectations.

If you have hired the agent to help you sell your home or if you have entered into a buyer’s agreement, getting out of your agreement can be a bit trickier. Nonetheless, it is possible.

Signs that You Should Part Ways With Your Real Estate Agent

Sometimes, you simply won’t see eye to eye with your real estate agent. If this is the case, you might need to part ways. Aside from small differences in views, you might find that you and your agent simply cannot get on the same page at all. This can be a very frustrating and time-consuming experience - and it is completely unnecessary. More than likely, there is a real estate agent out there that will understand your needs and that will be more than happy to help you find what you are looking for.

If you find that you are raising your voice when talking to your real estate agent, you are probably in a bad situation. If you find yourself calling your agent bad names when you refer to him or her or if you are experiencing negative thoughts about your agent, it is time to start looking for a new agent. Similarly, if you find yourself avoiding your agent’s calls or if your agent is not calling you back, you likely have a bad relationship and it would be better for both of you to part ways.

Getting Out of Your Agreements

If you have entered into a contract with your real estate agent, you should try to end the contract based on mutual consent. If the agent refuses to bow out gracefully, you might need to request the help of a lawyer. Ideally, before you ever signed the contract, you should have checked on the agent’s policies for canceling the contract. Most reputable real estate agents will allow you to end the contract if you are unhappy with their services.

If you have entered into a listing agreement, you can ask the real estate agent to cancel the listing. If he or she refuses, contact the broker and request a cancellation. If the broker will not cancel the listing, you can at least ask for a different agent. In most cases, however, the broker will allow you to get out of the listing because refusal to do so can scar his or her reputation. If the broker continues to refuse, let him or her know that you will be contacting a real estate lawyer for termination assistance. In many cases, just the threat of a lawyer is enough to get the broker to back down.