Q: I just bought my first rental property. Do you have any advice for me on renting it? Any recommendations on books I should read?

A: The most important thing you can do to make your investment successful is to find high-quality tenants. You can do this in a lot of ways, but offering a great property at a great price will yield tremendous results.

For example, when a real-estate friend places an ad to rent her Oakland, Calif., property, she picks a competitive rate — or even one slightly below the going market price. She typically will get dozens of potential renters knocking at her door from a single ad. The last renter even offered to repaint the unit for her if she would let him sign the lease.

In addition to offering your unit at a competitive price, be sure to follow any local rules or regulations regarding tenants. You don’t want to run afoul of the law.

As for books, I like anything by Robert Irwin. I also enjoy Robert Shemin’s books such as Secrets of a Millionaire Landlord (Kaplan, $18.95). For tax information, try Every Landlord’s Legal Guide (Nolo, $44.99).

Q: I’m a new real-estate agent and was disappointed to read your suggestion that home buyers work with someone with at least 10 years’ experience.

I might be new, but at age 47 with more than 25 years of successful business experience, I am qualified and capable of giving my clients superior service. Not to mention that I don’t have old or bad habits and am on top of the latest technology, techniques, news and rules on real estate.

Please consider mentioning that a new real-estate agent can be a great resource if properly interviewed and researched.

A: You’ve made a great case that some agents new to the business can provide superior service to buyers and sellers. But I think that you — and others like you — are the exception rather than the rule.

Most new agents don’t have your experience in sales and marketing, don’t understand customer service and don’t know much about their real-estate market.

So I don’t think a real-estate agent with a handful of sales is as good a choice as an agent who has been in the business for five or 10 years and has seen the housing stock turn over several times.

While you have plenty of resources to offer buyers and sellers, this is a tough market. While you might offer great service, most beginning agents have never seen a down market and have no idea how to help buyers and sellers compete.

But with your can-do attitude, I’m sure you’ll be successful in the business.

Source:

http://www.dispatch.com/homegarden/homegarden.php?story=dispatch/2006/11/19/20061119-I4-02.html