Rental Property Management: Is It Really Worth It To Hire This Service?

Why should I hire the services of the rental property management organization to look after my property given on rent? It would be the first question from every landlord who has given his property on rent, if you ask them to use the services of any such group existing in your city. You will agree that when a person lets his house or any part of his house for rent, his main goal is to earn profits from it to enjoy a better life and make payment of his various bills.

Giving a house on rent is one of the oldest practices carried across the world. If there are any used parts at home, people give it on rent to earn extra income from that part. To a certain extent, this practice seems possible to earn more income in short span of time without investing a single penny from the pocket. But, when a person has a huge amount of properties under his possession and he has given all of them on rent, then looking after all those properties at the same time could be complicated for him, until unless he has enough time to look after them or has someone to take the care of those properties in his absence. However, for that it is imperative that either you or the other person taking care of your property should have proper knowledge of handling the property given on rent.

This is mainly because of lots of legal formalities associated with it, moreover, there are certain conditions where being a landlord you have to sort out any issue arising from your property to your tenant. Let us, for instance, say, while giving your house on rent you told your tenant that the house is equipped with an electrical converter to lighten the house during the power cut. But, during power cuts if that electrical converter did not work, then at that time it is obvious that your tenant will call you and complain about that issue. In such situation if he is residing in your house then it will be easier for you to rectify his problem, but if your rented house is quite away from your residence, at that time going out of home to solve the issue of an electrical converter will be laborious and irritating for you. Therefore, to cope with all these issues it will be better for you to acquire the service, property management group to look after all such complicated issues.

The above mentioned illustration of an electrical converter is just an example to understand the relevance of the services offered by a property management group. There is a plethora of services offered by the expert working in these groups. These experts are well-versed with all legal activities which are expected to be performed by the landlord. Do you know, that before allowing someone to live in your house as a tenant it is imperatively expected from the landlord to cross check the background of your prospective tenant? May be your answer is yes, but do you know what to do if your tenant makes excuses in paying the rent on time, or starts making improper use of your prospective tenant. Hiring the services of experts working in property groups will help in overcoming all these problems.

These experts will properly advertise about the availability of your property to rent, conduct their interviews and cross check their credit from the local police station. Will collect rent from them on time. Make regular inspection of your property that it is not being damaged or improperly used by the tenants. Look after their phone calls during odd hours and reach at the site to solve those issues. These experts will also help you in getting your house vacated from the tenants before the expiry of the agreement, in case if you wish to use the house for some personal work. Not only this, if at the end of tenancy agreement your tenants wish to continue the agreement, in that scenario, these experts will get all the paper work done strictly according to the rules and regulations, prescribing the new terms and conditions related to the rent and use of the house.

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Property Management Made Simple

A fast, simple and effective way for landlords to manage their property portfolio with minimum hassle.

Being a landlord or a property manager can be an arduous task. There is usually an endless list of jobs that need to be taken care of, whether you’re managing a single property or a vast portfolio. There are several landlord property care apps offered by property management groups to help property owners in managing their property and keep everything running smoothly, taking the stress out of daily tasks.

WHY DO I NEED AN APP FOR THIS?

Downloading the app provides a simple and efficient way for you to manage your properties. It’s intelligently designed, easy to use features have been developed by the experts in app development to cater for your specific requirements. With its key features you can digitally take control of all tasks with a swipe of your finger.

KEY FEATURES:

Managing Tenants
Monthly rental payments
Utility management
Rent review
Property inspection reports
Annual safety tests
Lease management
Print yearly/ monthly taxable finances.

MANAGING TENANTS AND RENT

When it comes to managing rent owed and tenants the app couldn’t make it simpler if it tried! You go to the sub section you need, click the icon and straight away you can add new tenants, storing their personal information i.e. phone number and address, as well as their moving date and contract end. As for rent you merely need to select the property in your portfolio, specify the date, rental fee and Estate agents commission and you’re sorted. This saves a lot of time and productivity in the long run, meaning you’re not chasing any overdue payments or tenant details.

TAX MADE SIMPLE

Everyone knows that trying to keep on top of yearly tax returns can be a nightmare, but this is just another reason why this app is extremely beneficial. It allows you to do your own book-keeping on the move, by logging all of your income and expenses, when and where you necessary, to keep on top of your accounts. In the long run this will be more beneficial for your accountant or even for yourself if you organise your own accounting. Moving forward, this means you can review monthly and yearly reports with the tap of one finger, as well as track your taxes making your End of Year returns report easy to access, and print off for your benefits.

The same format is used when logging Expenses, again these are all kept in one place, and you can easily input property expenses through their individual property details and log important expenses such as Interest only mortgage, Capital Mortgage, Repairs, Insurance, Cleaning, agents involved etc.

ADDITIONAL SUPPORT

An additional benefit is that you will have a dedicated support team which promises to assist you with any technical and non-technical help that you may require. This gives you reassurance and trust that your portfolio details are in the right hands, and that all information is deemed confidential, to which you will only have access to, and none of which will be shared to other Property Managers.

In conclusion the Landlord Property Care app is truly a sensational digitally advanced way to manage all your business related requirements from your phone, and is considered to be the way forward in Property Management advancement.

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How to Choose a Reputable Property Management Company

Whether you plan to let a house, studio flat, or a room, a property management agent is a worthwhile and valuable resource to simplify the entire process. But, finding the right person or company to manage the property is a major decision, so it is essential to put in the time to conduct the necessary research. Useful qualities include actual experience, honesty and organization.

Here a few things to consider in the process of choosing a property management agent:

Time in business

The best property management agent has been in business for a number of years and has built up a solid reputation. Those with decades of industry expertise will have the knowledge and contacts to easily solve issues related to maintenance, emergency response, accounting and legal issues. They will have the expertise to take control of virtually any issue and make sure the property and tenants are well cared for at all times.

Property portfolio

The company with a low volume of properties to manage may have the ability to devote more time to provide a reliable service. Even thought the small, family run business can give the more dedicated service, there is no need to discount the larger companies. They may have greater depth of resources and experience. It may be worth getting in contact with both types to see who it able to match the specific needs.

Contact with the management team

The ability to easily get in contact with the management team is certain to be an appealing quality. This means any decisions or issues can be handled that much quicker. The most established teams will provide a variety of solutions for getting in touch. It may also benefit to use one that uses the latest property management software for the convenient and direct communication.

Check references

Any long-establish company will have the ability to easily provide past customer testimonials, reviews, or references. Try to look for reviews that relate directly to the specific type of service you are interested in.

Terms of contract

The length of the contract can vary with a typical full-service contract lasting in the region of one or two years. It is useful to not only check the length of the contract, but also fees or penalties that may come from terminating the contract early.

Services included

The services offered can vary quite significantly between the different companies. It is worth checking to see if services like fund collection, preventative maintenance, or strategic planning are included. Also, if there are specific needs, it is worth checking that they can be met.

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Objectives of Property Management

Managing a property should have the goals and objectives. There are two types of organizational objectives which are the short time objective and the long term objective. The short time objectives is considered to be within one year and the long term objectives is more than one year.

The short term objective is also called as operational objectives as it will continue to be daily operation. Property management activities which are daily are such as garbage disposal, housekeeping or gardening. The manpower who been appointed to carry out the work such as repairing pipes should be someone who have the skills and knowledge. The manpower should be the qualified person. Besides, the management structure should have been organised and always updated. Necessary information for example contract or service needs to check to ensure that the service is always available for the owner or need to be terminated. Property information such as taxes needs to be paid and financial information such as rental payment should be recorded. The daily monitoring on work of the employee is required to make sure the performance measurement is good and have the quality. All the things that have been mentioned above are under the short time objective.

The long term objective is also called as strategic management. It is more on the policy making and interpretation. It is also about programmed formulation, implementation and activation. The owner seeks for the outcomes. For example, the mission of a hotel owner is to upgrade a 3 star hotel to 5 star hotels in 5 years time. Hence, the property manager will ensure and monitors all the essential works to make sure the mission will be achieved within the time.

The organizational objective is applicable for the life of the organization. It is included in the strategic plan, long term of five year plan and tactical plan. The organization should have the annual objectives. The short term objective in the operational plans should have the specific time horizon.

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How Property Management Firms Are Making Affordable Housing Desirable

According to the Economic Times, “affordable housing” refers to housing options within the budget of those whose income is below the median household income of a particular area. While some may assume that affordable housing automatically means giving up certain amenities that are common in society today, property management companies all over the country are working to ensure that this is not the case. Indeed, in 2016, low income doesn’t have to mean low quality. From the very basic needs of safety and shelter to the most deluxe offerings like on-site laundry facilities and fully equipped community areas, property management companies are providing rentals that get the most out of every dollar. Whether you are looking for a cozy apartment or a large, master-planned community with organized activities, you don’t have to sacrifice access for affordability.

The need for affordable housing spans every demographic and age group, and property management companies take note. For instance, some rentals provide amenities geared toward older residents, such as retirement facilities with mobility-accessible features, while others are more geared toward families, offering two bedroom units with balconies and lots of storage space. Because families typically include children of school age, some communities will be established in areas with access to great schools and within proximity to local restaurants and entertainment. Many rental communities also include extras like off-street parking and built-in alarm systems, as well as access to on-site recreational activities.

Regardless of your specific needs, a property management company can assist you with locating properties available in your price range and working through the application process. Not all managers are created equal, so to ensure you’re getting the best representation and amenities available, look for certifications or designations from organizations like the Institute of Real Estate Management or the National Association of Realtors. Ideally, you want to work with a company that has a long history in the industry, with many years of expertise and a clear passion for providing tenants with wonderful homes. The company should also have a cooperative relationship with HUD, the government’s Housing and Urban Development agency, whose mission is to create strong, sustainable communities and quality affordable homes for all.

In addition to providing leasing services to tenants and management services to property owners, many property management companies also act as development consultants or work to obtain federal funding for affordable housing projects in their communities. This commitment to providing a platform for individuals and families to gain access to a place to live and work benefits everyone involved, from saving taxpayers money by reducing demand for government services, to improving education for students who would otherwise be moving around when their parents are unable to afford a stable home.

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Advantages of Hiring a Property Management Company

Property managers provide a plethora of services for landlords, including helping them keep up with the daily essentials of building management that encourages a profit turnover. Renting out space for businesses or residency is a huge task and requires a lot of day-to-day upkeep and supervision.

Some of the services offered by property management companies include:

• Marketing / advertising empty spaces for rent
• Turnover duties
• Seeing to it that maintenance and repair measures are arranged
• Screening potential applicants
• Collecting monthly rent monies and deposits
• Issuing deposit refunds in accordance with city / country laws
• Delivering official notices to renters
• Assisting during the eviction process

This is a small list of the duties that a property manager performs. There are actually many more aspects that go into the job and a lot of landlords would rather hire a company to take on the burden versus doing it themselves.

Benefits of Hiring a Property Management Company

Professional property managers can help landlords in a variety of ways, including:

• Saving property owners stress
• Time
• Money

Unless a landlord is fluent in the ways of property ownership or is willing to educate themselves on how a tenant/landlord relationship should be, hiring a managerial company is a wise investment. In addition to the many duties that come with being a landlord, there are also legalities that must be adhered to in order to forgo problems.

Property managers play a proactive role in the tenant screening process, which is very important. Did you know that the only way you can make money (and not lose it) is by occupying your buildings with reliable tenants? If you place tenants into your buildings that are not known to pay their rent on time, you risk losing time and money.

You might be wondering how you would lose time, and the answer is simple. Instead of having great tenants in place who pay their rent, you are stuck dealing with renters who aren’t providing you with any sort of profit. With the proper management team in place, you can forgo all of this hassle.

Property managers will also screen applicants for any prior evictions on their records, if they are known to damage rental spaces, and a variety of other red flags that landlords should be privy to.

Did you know that when a property is left vacant for any amount of time it becomes a financial drain on the owner? When it comes to turnover, this process can take a lot of time and put quite a bit of strain on a busy landlord. Manager will ensure that the space stays inhabited by great renters and will also get the unit ready after old tenants move out. These are valuable assets for any space owner.

As a landlord, it is your duty to ensure that all renters have the appropriate lease contract in place prior to occupying the space. If you have a property manager working for you, the confrontation of lease enforcement can be taken off your shoulders as the company will handle this. Making sure tenants comply to their leases is a big and important job.

Should you face any legal issues; the management company will take care of them for you and even go to court on your behalf. Hiring a property management company is probably one of the bet things any landlord can do for his or her business and sanity.

BCN Advisors planted their real estate agency roots in 2005. With over 10 years of experience in the industry, the company has shaped and moulded their skills and talents by turning themselves in to one of the areas most trusted real estate agencies. The BCN team had humble beginnings but quickly grew to have a solid reputation amongst property buyers and sellers alike.

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Advantages of Real Estate Investing

Investing in real estate is as advantageous and as attractive as investing in the stock market. I would say it has three times more prospects of making money than any other business. But, But, But… since, it is equally guided by the market forces; you cannot undermine the constant risks involved in the real estate. Let me begin discussing with you the advantages of real estate investments. I found the advantages as most suited and really practical.

Advantages

Real Estate Investments are Less Risky

As compared to other investments, less of misadventure is involved in a real estate property. I will not get away from the fact that just like any investment you make; you have the risk of losing it. Real estate investments are traditionally considered a stable and rich gainer, provided if one takes it seriously and with full sagacity. The reasons for the real estate investments becoming less risky adventure primarily relate to various socio-economic factors, location, market behavior, the population density of an area; mortgage interest rate stability; good history of land appreciation, less of inflation and many more. As a rule of thumb, if you have a geographical area where there are plenty of resources available and low stable mortgage rates, you have good reason for investing in the real estate market of such a region. On the contrary, if you have the condo in a place, which is burgeoning under the high inflation, it is far-fetched to even think of investing in its real estate market.

No Need for Huge Starting Capital

A real estate property in Canada can be procured for an initial amount as low as $8,000 to $ 15,000, and the remaining amount can be taken on holding the property as security. This is what you call High Ratio Financing. If you don’t have the idea as to how it works, then let me explain you with the help of an example. Remember that saying… Examples are better than percepts!

Supposing, you buy a condo worth $200,000, then you have to just pay the initial capital amount say 10% of $200,000. The remaining amount (which is 90%) can be financed, against your condo. It means that in a High Ratio financing, the ratio between the debt (here in the example it is 90% Mortgage) and the equity (here in the example it is 10% down payment) is very high. It is also important to calculate high ratio mortgage insurance with the help of Canada Mortgage and Housing Corporation (CMHC). If needed, you can also purchase the condo on 100% mortgage price.

Honing Investment Skills

A real estate investment, especially when you buy a condo for yourself, will be a pleasurable learning experience. It gives you the opportunity to learn and when I went ahead with my first real estate property, I was totally a dump man. Ask me now, and I can tell you everything, from A to Z. Necessity is the mother of all inventions. I had the necessity to buy the property and so I tried with it, and I was successful. I acquired all the knowledge and skills through experience of selling and purchasing the residential property. Thanks to my job. It gave me the experience to become an investor.

Not a time taking Adventure

Real estate investment will not take out all your energies, until you are prepared and foresighted to take the adventure in full swing. You can save hell lot of time, if you are vigilant enough to know the techniques of making a judicious investment in the right time and when there are good market conditions prevailing at that point of time.

You should be prepared to time yourself. Take some time out, and do market research. Initiate small adventures that involve negotiating real estate deals, buying a property, managing it and then selling it off. Calculate the time invested in your real estate negotiation. If the time was less than the optimum time, you have done it right. And if you end up investing more time, then you need to work it out again, and make some real correction for consummating next deals. You have various ways and methodologies, called the Real Estate Strategies that can make it happen for you in the right manner.

Leverage is the Right Way

The concept of leverage in real estate is not a new one. It implies investing a part of your money and borrowing the rest from other sources, like banks, investment companies, finance companies, or other people’s money (OPM). There have been many instances where people have become rich by practically applying OPM Leverage Principal. As I had discussed under the sub head – No Need for Huge Starting Capital, the high ratio financing scheme gives an opportunity of no risk to the lenders, as the property becomes the security. Moreover, in case the lender is interested in selling the property, the net proceeds resulting from the sale of the property should comfortably cover the mortgage amount.

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Real Estate Leads For Realtors

Because real estate prices have dropped quite a bit, the potential commissions that real estate agents and brokers could earn have also dropped. But the drop in commissions can be more than offset by the amount of properties that can be sold. And getting quality real estate leads is one of the keys to making this a reality for real estate professionals. This is because there are so many more properties on the market now than there were before the bubble burst.

The rise in the number of homeowners who are underwater on their mortgages has increased so much that a very large number of them have decided that they cannot afford to stay in their homes. They would rather sell their home and buy a comparable home for a much lower price, and take the loss so that they can improve their cash flow situation by having a lower mortgage payment each month. And since there is no shortage of properties to buy, these people had no problem finding a suitable home for a good price.

And another result of the rise in available properties is that more and more people are becoming first-time homeowners. Since prices on homes are falling, more and more people are able to afford a home for the same amount they are currently paying in rent. So the logical choice for these people is to buy a house rather than continuing to rent.

These factors all lead to one thing – a higher need for real estate agents to help the buying and selling of all of these properties. Therefore, even though prices have fallen, the quantity of available properties, buyers, and sellers has raised which more than makes up for the lower prices in terms of how much a given real estate agent could make in the current real estate market. And as we all know, the more clients a real estate agent has, the more properties they’ll sell and the more money they’ll make.

The problem comes in when a real estate agent has already gone through their current client list. The best way for them to get more clients is to somehow obtain more real estate leads. Not only do they need more leads, they need high quality leads if they are going to be successful in converting a high number of them into clients who actually follow through on buying and/or selling one or more properties.

So how can you get more real estate leads? There are of course many different ways. These include buying them from an agency that offers them, advertising, subscribing to lead generation websites, developing and keeping current your own real estate website that draws potential

clients to it, and best of all by getting them through your own network. There are undoubtedly other ways of generating real estate leads as well, but these are the most common methods – all of which have proven to work to a certain degree.

One of the easiest ways to get real estate leads is by purchasing them. There are companies whose sole purpose is to find people who want to buy or sell a property. They then sell this information to people who are willing to pay for it. So if you are a real estate agent looking for real estate leads and either don’t have the time to find your own, or simply don’t want to, then this may be a good option for you.

There are two different major ways to do this. You can purchase the real estate leads from a company as a set of data that you will get in the form of a list or spreadsheet. Then you will need to start sifting through them and using the data available to qualify and categorize them yourself. And after that, it’s time to start making calls to find out they are valid leads or not.

The other way of purchasing real estate leads is by subscribing to a real estate lead generator website that will send you much smaller lists of leads on a regular basis. This can be nice because the information is likely to be much more current than buying a single very large list of leads. But this also means that there are fewer to work with so it doesn’t give you as much freedom in terms of choosing who to contact first.

Purchasing real estate leads or subscribing to a lead generation website can also be expensive. This can be a very bad thing since the whole intent of buying leads is to find clients, sell properties, and make commissions, if the leads that you buy don’t turn into commissions. In that case, not only did you not sell any properties (or many properties), but you wasted money on worthless information, and you wasted time contacting worthless leads when you could have been working on finding good real estate leads instead.

Another way to generate real estate leads is by advertising. If you are a real estate agent, broker, or business person, advertising your services may be a good way to generate real estate leads. This type of lead generation is great because rather than you doing the work to find people who want to buy or sell a property, the tables are turned and they come looking for you instead.

In addition to having people try to find you instead of you trying to find them, there is another benefit to advertising to generate real estate leads. The people who are trying to find you are already definitely interested in buying or selling a property. This means that you don’t have to worry about whether they are going to turn out to be qualified leads or not, because they definitely will be.

A similar way to generate real estate leads by advertising which can be even more effective than simply advertising on a billboard or in the paper is by setting up your own real estate website. Websites are surprisingly inexpensive to have hosted, and having one developed for you doesn’t have to be expensive either. And if you learn the basics of website development, you’ll be able to maintain it by yourself after it’s been set up so that you can always keep it current.

The reasons to keep your website current cannot be understated. First, you have to keep it updated with the properties you are trying to sell so that the people who visit your website will have something to look at – and since this list of properties will be changing frequently as your client list grows and changes, you’ll need to change your website often to incorporate the new properties and eliminate the ones that are no longer available.

A second reason for keeping your website updated on a regular basis your page rank will grow higher. Search engines use a number of factors to determine how relevant they are to certain keywords, and where to display them in a list of search results. And one of the biggest things that moves a website toward the top of the list is it’s page rank, which is greatly affected by how active and how current the website is. So the more often you update your website, the higher its page rank will be, the higher it’ll show up in search results related to real estate keywords, and the more visitors you’ll get to your site.

Once you get visitors to your site, you’ll be getting the exposure you want to potential clients for free. They can stay on your site for as long as they want to and look at as few or as many properties as they want to. And you don’t have to do anything in order to help them. In fact there could be thousands of people all on your website at the same time. That is something that you would not likely ever have the opportunity to do in person. This phenomenon is what is known as leverage, and leverage is what can turn a small business into a fortune 500 business in short order when managed correctly.

The best way to do real estate lead generation also happens to be one of the most difficult – at least in the beginning. The method of finding leads is by building a very large network, and using it. This is one of the best ways to get leads because it is one of the most surprisingly effective ways. But unfortunately, it’s also one of the more difficult ways to start, and takes a while to yield significant results.

The first thing you’ll need to do is to start building your network. And it’s not that you just need to start building it, you need to intentionally focus on building your network each end every day, no matter where you are or who you’re talking to. This is because for most people, networking does not come naturally.

If you are like most people, you are probably somewhat shy and don’t make it a point to intentionally meet and talk to new people on a regular basis. But if you want to build a network, you’ll have to do exactly that. This is something that can come as a challenge to say the least, both emotionally and technically, but it is well worth the effort in the long run.

It can be emotionally difficult because a large part of building a large network is dealing with rejection. And if you want to build a large network quickly, you’ll have to deal with a lot of rejection each and every day. Too many people, being rejected is taken personally and it ends up wearing them down so that they eventually give up before they gain the benefits that building a large network provides. But if you can learn how to not take rejection personally, you’ll succeed where so many others have given up and failed as a result.

And networking to generate real estate leads can be done almost anywhere. When you need to put some gas in your car, park on the other side of the pump from someone who’s already there and try to strike up a conversation where you’ll be able to tell them that you’re in the real estate business and can help them or anyone else they know who may be looking to buy or sell. And if you’re really serious about it, you may want to only get $10 or some other small amount of gas at a time so that you’ll need to go to the gas station more often and have more opportunities to network.

You can also build your network by meeting new people at any other place. You could talk to someone at the grocery store, library, church, waiting in line at the bank, or anywhere you are around other people for more than a few minutes at a time and starting a conversation wouldn’t be too awkward. It can be done anywhere, with just about anyone, at almost any time. And the more dedicated you are to it, the faster you’ll be able to grow your network and the better off you’ll be in the long run.

Some of the best ways to network are by talking to the people you already know. These are people who are already in your network, and you can use them to help you grow your network even larger. The most obvious way is to simply ask them if they are interested in buying or selling a property in the near future, and to keep you in mind if they are.

But another way to help you grow your network is to ask them who they know that may be interested in buying or selling a property. You are basically asking them for real estate leads using different words. You could ask them for the names and numbers of people who they know who may be interested in buying or selling a property, or you could ask them to give your contact information to the people they have in mind when you ask them that question.

It’s a great idea to have business cards with your contact information made up when you’re networking. That way you won’t have to rely on people’s memories which are definitely not the most reliable things when compared to something they can simply read from a card. Cards on the other hand make it so that the person you are giving your contact information to doesn’t have to rely on their memory, and it puts forth a more professional image as well which can only benefit you.

Real estate values have taken a dive and one of the results has led to there being many, many more properties on the market now compared to before the economy took a dive in 2008. This means that even though the prices are lower, the higher quantity of properties on the market make it possible to buy and sell more of them and make more money in commissions as a result which will more than make up for the decreased individual property values.

I order to sell more properties you must have more clients. And to get more clients, you need to have more real estate leads. These real estate leads can be generated in a variety of different ways, all of which can be useful to real estate professionals. Having reliable leads will definitely result in more clients, more sales, and more money made in commissions. Purchasing them, advertising for them, or getting them from your network is all great ways go get leads that all have their own strengths and weaknesses. Pick the one that will work best for you, and you’ll be on your way to making more money through real estate in less time that you think.

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