Managing your property might be a challenge, but at the same time rewarding. It is important to remember that a significant amount of investment was put into that real estate so it's imperative that you put measures to make sure you get more from what you invested. There are a few details that you should look out for that will eventually make or break your real estate.
So here are a few tips to help you dot your I's and cross your T's:
1. Tenant Management
A good property manager should conduct a thorough screening for your potential new tenants. This covers their history of work, financial standing, references, current earnings. And do a background check to make sure that the person who is living in your property is legit. Also, if you do this correctly, you never have to go through an eviction process.
2. Insurance and Rainy Day Reserves
Having insurance for your property also provides coverage for the building facilities you own and lease to others, as well as a limited amount of general liability protection. Depending on your real estate, there are different types of commercial property insurance that you can use for your property. This will help you protect yourself from unforeseen events and will help you recover faster if such events do occur.
You have to put aside emergency money as this is one of the most important tips. Before you rent the property, talk with the property manager and ensure that there should be a maintenance plan so that the property is well kept for the next few years or during the time you are renting the place this will allow you to carefully control your money, and hopefully prevent any unexpected surprises.
You will have to make sure that the tenant will play right on time and full monthly. If you are not there to collect the payment, you can ask other people that you trust to collect or switch to digital payment. This will provide you and your tenants a flexible way to transact and avoid a lot of the hassle of meeting or going to the bank.
4. Accounting and Finances
You can choose to hire a management firm to handle the invoices and collections. This will take off a lot of burden from you. Having a centralized operation for your accounting helps in making an easy tax reconciliation. You will then be provided a detailed statement at the end of the fiscal year detailing income, expenditures, GST on expenditures and balance
5. Lease Renewal
If you are well prepared then you'll have a shorter vacancy period. At the start of the renewal process at least 3 months before the tenant leaves or vacates the property, it helps to make sure that you can release your property as fast as possible.
Managing a property entails a lot of responsibilities and all of your tenants and occupants will look to you for answers. You will also be responsible for keeping the business running by looking after the welfare of the people and making sure the maintenance is up to date. You will also have to take care of your finances and keeping a healthy cash flow by keeping vacancy short and far in between.
It is one thing to read and another thing to understand what you are reading. Not only do you want to understand, but also remember what you've read. Otherwise, we can safely say that if we're not gaining anything from what we read, then it's a big waste of time.
Whatever you read, there are ways to do so in a more effective manner to help you understand better. Whether you are reading by choice, for an upcoming test, or work-related material, here are a few ways to help you improve your reading skills and retain that information.
Read with a Purpose
Never has there been a shortage of great books. So, someone recommended a great cookbook for you. You start going through it, but your mind is wandering. This doesn't mean the cookbook was an awful recommendation, but it does mean it doesn't suit nor fulfill your current needs or curiosity.
Maybe your purpose is more about launching a business. Maybe you're a busy mom and can't keep office hours, but there's something you can do from home to help bring in more money, so you want information about that. At that point, you won't benefit from a cookbook, but you could gain a lot of insight and find details here on how-to books about working from home. During this unprecedented year, millions have had to make the transition to work from home, and millions more are deciding to do that. Either way, it's not a transition that comes automatically or easily, but reading about it will inform you about what working from home entails.
When you pre-read it primes your brain when it's time to go over the full text. We pre-read by going over the subheadings, for instance, the table of contents, and skimming through some pages. This is especially useful when you have formal types of academic books. Pre-reading is a sort of warm-up exercise for your brain. It prepares your brain for the rest of the information that will come about and allows your brain to be better able to pick the most essential pieces of information you need from your chosen text.
Highlighting essential sentences or paragraphs is extremely helpful for retaining information. The problem, however, with highlighting is that we wind up highlighting way too much. This happens because we tend to highlight before we begin to understand. Before your pages become a neon of colored highlights, make sure that you only highlight what is essential to improve your understanding and not highlight the whole page.
You might think there have been no new ways to read, but even the ancient skill of reading comes up with innovative ways; enter speed reading. The standard slow process shouldn't affect your understanding, but it does kill your enthusiasm. The average adult goes through around 200 to 250 words per minute. A college student can read around 450 words, while a professor averages about 650 words per minute, to mention a few examples. The average speed reader can manage 1,500 words; quite a difference! Of course, the argument arises between quality and quantity. For avid readers, they want both quantity and quality, which leads us to the next point.
Life is too short to expect to gain knowledge from just one type of genre. Some basic outcomes of reading are to expand your mind, perceive situations and events differently, expose yourself to other viewpoints, and more. If you only stick to one author and one type of material, you are missing out on a great opportunity to learn new things.
Having said that, if there's a book you are simply not enjoying, remember that life is also too short to continue reading it. Simply, close it, put it away and maybe give it another go later on, or give it away. There is no shame or guilt in not liking a book; even if it's from a favorite author. It's pretty much clear that you won't gain anything from a book that you don't even enjoy, let alone expect to learn something from it.
If you're able to summarize what you have read, then you have understood. When you summarize, you are bringing up all the major points that enhance your understanding. You can easily do so chapter by chapter.
Take a good look at your life and what's going on in it. Accordingly, you'll choose the material that is much more suitable for your situation and circumstances. When you read a piece of information that you find beneficial, look for a way to apply it to your life. Knowledge for the sake of knowledge isn't all that beneficial. But the application of knowledge from a helpful book is what will help you and make your life more interesting and more meaningful.