Full Service Property Management Team

Interested in an investment property? Not sure what  management option is best for you?

Join us on a four part series while we discover the pros and cons of DIY management, flexible management solutions, and brick and mortar management options

 

Here’s a word from our friends at Homes Not Alone:

Like the idea of a vacation home for your personal use or as an overnight rental investment property? Making the decision to rent your property overnight or keep it for your own use can be challenging at times.

Using a local Full Service Property Management Team such as Smoky Mountain Homes Not Alone might be just the answer for you!  A company such as this caters to an owner’s needs and special requests for the management of their vacation home.  Offering local full service with flexibility eliminates many worries when the owner is away. The property inspections are scheduled with owner’s desires and finances in mind. In addition, they accommodate the overnight rental market by managing everything from taking reservations and payments, to handling cleaning, maintenance, and guest issues. This allows an owner to be as free from commitment as they choose. Some of the pros and cons of using a Full Service Property Management Team for overnight rentals are listed below.

Pros: 

• Full Service:  A Full Service Property Management Team takes all reservations, communicates with guests before, during, and after their visit to the property. They schedule and manage trusted cleaners and handle any maintenance issues with trusted local contractors. They advertise and market your property on trusted websites and handle all payments.

• Flexible:  Owner can be involved with the property maintenance or the Full Service Property Management Team can handle everything and let the owner enjoy their property when they come for a visit. The purpose of the Full Service Property Management Team is to keep the property up to the owner’s standards and for the Management Team to receive all 5 star ratings and great reviews which enhances the owner’s bottom line- profit!!

• Location:  Homes Not Alone is located in Sevier County. We know trustworthy local contractors that will look out for the owner’s best interest. Being local also helps to answer any guest questions about local activities and allows them to plan the perfect vacation.

Cons:

• Management Fees: There is a management fee percentage that is based on the nightly rental amount. This fee is very competitive with the market; the personal care that goes into the property is very much worth it. The Full Service Property Management Team includes in their fees a cleaning inspector that makes sure the property is professionally cleaned to their standards, checks on the property between guests to be sure all maintenance issues are being addressed, and handles all guests issues promptly so the guests stay is minimally interrupted if at all.

• Hands On:  The Full Service Property Management Team does best when they handle everything so the quality stays consistent for the owner as well as the guests.

Full Service Property Management may not be for everyone. It is for the owner that wants an investment property to enjoy for themselves or strictly as an investment.  Full Service Property Management takes the stress away from owning an investment property or private vacation home.

 

 

Full Service Brick and Mortar Property Management Service

 Interested in an investment property? Not sure what  management option is best for you?

Join us on a four part series while we discover the pros and cons of DIY management, flexible management solutions, and brick and mortar management options. 

 

 

 

Welcome to the third part of our property management series. This week we will discuss a full service brick and mortar property management service. Listed below are many perks and a few obstacles that come with full service brick and mortar property management. 

Pros

  • Full Service Office – In-house customer service, reservation, and maintenance departments all work to facilitate the needs of you and your property. 
  • Local Knowledge – The customer service and reservation departments are staffed with locals who know and love the area.
  • Guidance – Management and maintenance departments provide guidance for making decisions about potential upgrades and remodels to your home. 
  • Assurance –  You have assurance that safety regulations are met and upheld. A full service brick and mortar property management service will routinely check on equipment such as; fire places, fire extinguishers, smoke detectors, deck and hand rails, and steps.
  • Personal Connections – You will come to know and have a connection with the staff that manages your property.

Cons

  • Management Fees – You will pay a higher management fee due to the full service that is provided to you and your property. 
  • Management Discretion – Your property must remain within parameters set by the management company to continue to be on rental program.

Full service brick and mortar property management provides the comfort of knowing your vacation home is being properly maintained and marketed. This is a wonderful option for owners not within reach of their property and who are looking for a less time consuming property management service. This may not be the best option for owners who wish to be involved in assisting their guest while in-house. The magical thing about property management is that there is a solution for everyone!

 

Special shout out to Chalet Village’s wonderful staff for collaborating on this information.

Vacation Rental Management Services

The Pros and Cons of Vacation Rental Management Services

A vacation rental is a great real estate investment, but without the right management solution, you’re going to have a hard time making it profitable.

Self management vs. Full-service managers vs. Flexible management solutions

The previous post discussed the benefits and drawbacks of DIY management, but that’s just one option. You can also use a full-service property manager or opt for a more flexible vacation rental management solution.

Flexible management options, like Evolve Vacation Rental Network, handle your marketing, answer guest inquiries, confirm bookings, process payments, and provide flexible options for onsite services like cleaning and guest support.

Benefits of flexible vacation rental management solutions

  • Marketing and Booking Expertise – You have access to a dedicated team of industry pros who build your listing, market your home on top websites, respond to traveler inquiries, confirm bookings, optimize your performance based on industry trends, and support you along the way.
  • Increased Flexibility – You have the freedom to choose how to handle the cleaning and maintenance. If you live close to the property, you can do it yourself. If you live far away, you can hire the cleaning company of your choice to handle it. And if you don’t know where to start, Evolve can make a recommendation from its network of trusted partners.
  • Lower Fees – Evolve’s booking fee of 10% is significantly lower than than you would pay to a traditional manager, so you get to keep more of your income.

Drawbacks of flexible vacation rental management solutions

  • Selecting onsite service providers – Rather than having a full-service property manager take care of everything for you, you will need to hire and maintain relationships with housekeepers, guest contacts, and maintenance providers. Companies like Evolve will typically notify these service providers of upcoming reservations to help minimize your involvement. 
  • Proximity – Flexible management solutions might not have a local presence in your area. In place of that, they may have partnerships with local service providers that act as their boots on the ground to help you and your guests. 

Flexible vacation rental management companies offer innovative solutions to some of the most pervasive issues in the industry. However, they may not be right for dedicated DIY owners or those who prefer the full-service approach of local property managers. Ultimately, there’s no ‘right answer.’ It comes down to each individual owner and what kind of solution and services they’re looking for!

 

Author: Lauren Kaye, Evolve Vacation Rental Network – April 27, 2018

DIY Property Management

 

Interested in an investment property? Not sure what  management option is best for you?

Join us on a four part series while we discover the pros and cons of DIY management, flexible management solutions, and brick and mortar management options. 

 

The first part of our series will discuss managing your own rental.  Below are common benefits and obstacles that come with self-management. 

Pros

  • Income – You have the potential to keep more of the money that your property produces if you are not paying management fees.
  • Customer Service – You have the ability to provide the level of customer service that you expect your guest to receive and to make vacations truly memorable with personalization. 
  • Online Services – There are many online options that make booking your own rental property easier and involve no middle man.
  •        Control – You have complete control of who rents your property and all subcontractors you use. 

Cons

  • Proximity – You must be close enough to your property to handle all guest requests, cleaning, and maintenance or find a reliable source to handle those request.
  • Availability – You must be available to handle all guest requests or complaints twenty-four hours a day seven days a week or ensure the reliable source you hire is available.
  • Implementing a Marketing Strategy – You will have to implement and maintain your own marketing strategy. This includes listing your property for booking, building a website should you choose that option, and managing your own promotional cost.        
  • Collection of Rent and Entry into Property – You will be responsible for collecting rent and deposits. You will also be responsible for your guest accessing the property quickly and efficiently upon their arrival.

 

DIY property management presents many obstacles to overcome. However if helping others experience their vacation dreams is a passion of yours DIY management presents an exciting opportunity!

Why now is the time to sell and buy vacation homes in the Smokies

Why sell now and why buy now?  

Many of our clients are investors or have second homes in our area.  Is now the time to sell your rental cabin or buy one?

The market is strong for cabins and currently under-supplied.

January and February are strong sales months.  We tend to get serious investors in those months because they know cabins are easier to show with less occupancy.  They understand buying earlier in the year means they’ll receive spring break, summer, fall and holiday income.  That type of educated buyer is of the highest quality and they are more prevalent in the first quarter.

If you’ve been thinking about selling let us know.  We’ll be happy to evaluate your property free of charge.  Together we can determine if now if the right time for you.

 

Featured Properties:

Fantastic Cabins, Amazing Views

3 BD/3.5 BA 2434 sq.ft log cabin with a terrific mountain view,  $70,000 in rental income last year, making it one of those rare finds. Sure to sell quickly.   More Info
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$349,90  ID#: 213840
4 BD/2 BA, nearly 1,900 sq ft, log cabin, located off Ski View Drive, complete w/amazing views of Mt. LeConte, the Smokies, & Ober Gatlinburg.  Ideal as a permanent or 2nd home, or as an overnight rental.  More info

Happy Thanksgiving from the Jason White Team

We wish you a Happy Thanksgiving day full of joy and happiness with your families and friends.  Today we just want to say thank you in appreciation of your business, trust, and loyalty with us.

Sincerely,

The Jason White Team

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Featured Listings:
40K+ Income Cabins

$279,900   ID#: 213277

Private and spacious 3 BD/3 BA Private cabin in scenic Sky Harbor.  3 levels with covered decks.
More info
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$299,900   ID# 208150
4BD/4BA Mountain chalet with incredible views.  Large open rooms, great for large family gatherings.

 More info

Is history repeating itself?

Rapid price increases will not last forever.

The current growth in home prices is echoing the lead-up to the recession.  Is history repeating itself?

 

The answer is likely not, according to a recently released realtor.com® report.  Building is lacking in many markets—one hallmark 10 years ago was over-construction—and credit standards are more stringent, says Danielle Hale, chief economist of realtor.com.

“As we compare today’s market dynamics to those of a decade ago, it’s important to remember rising prices didn’t cause the housing crash,” Hale says.  It was rising prices stoked by subprime and low documentation mortgages, as well as people looking for short-term gains—versus today’s truer market vitality—that created the environment for the crash.”

In 2016, home prices (the national median home sales price) were 2 percent higher than they were in 2006, the report reveals. Pre-recession prices have returned in 31 of the 50 largest metropolitan areas.

In contrast with 2006, however, are today’s credit conditions. Currently, the median FICO score for a mortgage is 734; the median in 2006 was 700.

Builds and flips are also different from 2006—starkly.  The credit environment, among other factors, is keeping a lid on unfettered flipping and over-construction.  In 2006, one household formation generally equaled 1.4 single-family housing starts; in 2016, that number shrank to 0.7 single-family starts.  Flips accounted for 5 percent of sales in 2016; in 2006, they comprised 8.6 percent.

“Lending standards are critical to the health of the market,” says Hale.  “Unlike today, the boom’s under-regulated lending environment allowed borrowing beyond repayable amounts and atypical mortgage products, which pushed up home prices without the backing of income and equity.”

Additionally, economic indicators point elsewhere.  Employment was healthy then and is now, but inventory is limited more today—at a 20-year low.  Presently, the average months supply is 4.2; in 2007, the average months supply was 6.4.

 

Featured Listings:   Price Reductions

Beautiful one level brick 3 BD/2 BA complete w/incredible views of the Smokies & of a beautiful pond adj. to this property.  More info
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$458,800   ID#: 212271
Resting atop 1.49 beautiful acres you’ll discover an architectural gem of 5000+ sq ft, 4 BD / 3 BA.   Views of Mt. LeConte & Clingman’s dome.  More info

Tools for Real Estate Investment 101: Self-Directed IRA’s and Your Real Estate Investment Needs

Real Estate Deals

As home prices continue their gradual trend of rising during 2013, there are various investment tools that can be utilized by potential buyers and/or sellers in considering whether or not to invest in real estate, especially here in the Great Smoky Mountain real estate market. Today, we will focus on one of these investment tools, which has gained popularity in recent years, namely that of the self-directed IRA (Individual Retirement Account).

A Self-directed Individual Retirement Account (IRA) is not your typical IRA since it allows the account owner to invest in a wider set of assets than those offered by custodians and trustees of traditional IRAs. This separates a Self-directed IRA from other types of IRAs since the account holder can decide what permissible investments to put his or her money into without having the custodian or trustee set a limit on what investments to pursue, hence the term “self-directed.” In other words, the account holder is limited only by the rules set by the Internal Revenue Service (IRS) and of course, his or her choice of investments. In addition, the custodian or trustee is also in charge of facilitating all other transactions that involve the Self-directed IRA.

Some potential advantages of using a Self-directed IRA include, but are not excluded to, the following:

1.) Having a Self-directed IRA allows an account holder to purchase properties anywhere that’s allowed by law. Almost every type of real estate is permissible such as residential and commercial property, real estate options, and the like.

2.) Purchasing property can also be done without paying all the required capital. For example, account holders can participate in a limited liability company (LLC) that directly invests in real estate.

3.) Many account holders have already taken advantage of the current buyers’ market where property prices are low and foreclosure rates are high. They can attest to how they’ve benefited from their diversified portfolio within their Self-directed IRA.

4.) Usually, real estate investments purchased within a Self-directed IRA are intended as long-term investments. This means that once an account holder buys a property, they will hold onto it until its value appreciates and is ready to be sold. In other words, the “buy-low, sell-high” concept is well suited for this type of IRA.

5.) Selling an IRA-owned home lets the owner avoid paying capital gains tax if the proceeds are rolled back into the IRA. This especially applies to those who rehab properties in rundown condition and flip them for quick profit.

However, there are limitations as to what a Self-directed IRA can do, including, but not excluded to, the following:

1.) The Self-directed IRA cannot purchase real estate from a “disqualified person” either directly or indirectly. It also prohibits a “disqualified person” from using a property purchased within a Self-directed IRA. A “disqualified person” includes, but is not excluded to: Your spouse, your lineal ascendants/descendants and their spouses, plan fiduciaries (including advisors, custodians, and administrators), an entity (i.e., estate, corporation, etc.) where you own at least 50% of the voting stock, directly or indirectly, and anyone providing services to the plan.

2.) The purchased property cannot be used by the account holder – not even for a night. Only qualified people may use it and this does not include one’s relatives. Unless the account holder is 59 and a half years old and retired, then living in the investment property is deemed illegal.

3.) Account holders and family members cannot buy or sell property directly from their IRA. Likewise, it is also forbidden to buy or sell directly from the companies or enterprises that they own.

4.) Borrowing or lending money from the IRA is not allowed, and the IRA cannot be used to lend money to family members or as collateral for any type of loan.

5.) IRA funds and personal accounts cannot be combined or co-mingled.

6.) Those involved in the servicing of the Self-directed IRA account are not allowed to participate in any transaction that involves the account.

With a Self-directed IRA, you will have to find a reliable custodian or trustee to open an account and comply with the IRS requirements, and set up the account with a bank or other financial institution. When an investment property has been selected, the account holder would then authorize the custodian to pay a deposit from the Self-directed IRA by signing an authorization form. After which, the account holder must complete the necessary documents and forward them to the custodian or trustee. The closing agent will then coordinate the remainder of the transaction and release any additional funds required.

Finally, Self-directed IRA’s, like any other investment in real estate, do involve a lot of risk. First, it is recommended that one invests only 25 percent at the most if you are not inclined to be a “risk taker.” With the prices of properties at their current levels, you can probably find one that you may like. Second, keep in mind that the Self-directed IRA is making the investment — not you or anyone else. You can’t simply take the cash flow that you earn from your investment property since the custodian or trustee is in charge of it through your IRA. Third, be sure to leave enough funds in your Self-directed IRA to cover unexpected expenses related to your property, such as tenant turnover, maintenance and repairs. This will put you in a safe position should you incur any “additional” costs. Finally, please always seek the advice of qualified real estate investment professionals that can help you find the properties that would be best suited for your overall retirement goals. Like anything else, always ask questions, and make sure to get as much as information as you can before using this investment tool, or any other investment tool, before deciding to act on it.

With this basic knowledge and understanding of a potentially powerful investment tool for real estate, why not see what the Great Smoky Mountains real market can offer you today? Please feel free to browse our available properties, and let one of our buyer specialists help realize your home ownership dreams today! Come and see what the Great Smoky Mountains can offer you today!

Here Are A Few of My Featured Listings:

Nice Ranch-Style Home in Sevierville! Beautiful, well-maintained, 1,300+ sq ft, 3 BD/2 BA ranch-style home located in Sevierville, is walking distance to the nearby Pigeon River, along with being mins. to Dollywood, Pigeon Forge, and downtown Sevierville! Type: Single Family Home Location: Sevierville,TN Price: $159,900 Get more information >
Beautiful Private Cabin w/City View Beautiful, private 4 Bedroom/3 Bathroom cabin located just below Ober Gatlinburg w/a 20-mile view! Type: Single Family Home Location: Gatlinburg,Tennessee Price: $195,000 Get more information >
Great Views & Privacy This three level cabin has consistently produced right at $30k a year in rental income every year since 2007! Located on a private lot it features a great view and a lot of windows and deck space for enjoying the scenery Type: Single Family Home Location: Pigeon Forge Price: $279,900 Get more information >


The Jason White Team
Century 21 Four Seasons Realty
1441 Wiley Oakley Dr
Gatlinburg, TN 37738
Toll Free: 877-678-2121
Fax: 865-436-7227
Email: jason@jasonwhiteteam.com
Website: www.SmokyMountainLifestyle.com