Southern Maine Real Estate

Are you struggling to manage your rental properties profitably? Many first-time investors attempt DIY property management to maximize profit margins. However, this strategy tends to cost more than it saves. Starting and managing a successful residential rental business requires attention to customer service, communication, marketing, and more. As a busy investor, you don’t have time to attend to all of these needs and grow your portfolio. That’s especially true when you’re running a vacation rental business, but even traditional rentals require active management. If you want to run your investment properties as an income-generating enterprise, you should enlist in services and tools that will help you along the way. Cottage & Co Real Estate recommends the following resources for tips and guidance. Who (and how) to hire for your property management business You need help running your business, but where do you find it? Here’s what to know about finding quality hires for your company. ● Bad hires are costly for small businesses. The Realty Medics notes that’s why many investors opt to work with property management companies. ● Vacation rental companies, in particular, need a reliable cleaning crew. Outsourcing to a third-party cleaning service avoids coverage problems related to personnel turnover. However, larger businesses may opt for in-house cleaning staff. ●You should keep some professionals on a steady schedule, including those who can provide pest control, HVAC tune up, and lawn service, as well as those who need to be on standby (repairmen, plumber, electrician, roofer, etc.). ● Work with a trusted real estate agency like Cottage & Co Real Estate , who specializes in vacation cottages as well as traditional real estate, to help you find your ideal property. ●Take the necessary steps before hiring employees. Employers are required to register with their state, apply for an Employer Identification Number , and establish a payroll system for withholding taxes, among other legal requirements. Check with the state of Maine to see wh at’s required for forming your business. ● Some companies hire independent contractors to circumvent payroll processing; just be sure to but avoid misclassifying employees as independent contractors if you don’t want trouble with the IRS. The best tools for managing rental property Payroll software is something every business needs. However, there are some tools that are specific to managing rental properties. Here’s where to invest your tech dollars to build an efficient rental business. ● The leading property management systems let landlords manage all aspects of a rental property, including tenant screening, maintenance and inspections, and financial tracking. ● Avail notes that evaluating prospective tenants is critical to the success of traditional residential rentals. RentPrep and TransUnion SmartMove are among the leading screening services today. ● In order to remain profitable, it's wise to invest in software that lets you monitor your cash flow. Specifically, you can look at cash flow forces and trends, make trend comparisons based on different reporting time periods, and quickly spot changes to your cash flow. ● Vacation rental hosts have no shortage of choices when it comes to software. These tools make it easy to manage listings across multiple channels, process bookings and payments, and automate routine tasks like guest communication and housekeeping. Building a strong rental business reputation  Reputation matters in real estate. Whether they’re staying for a year or staying for a week, tenants want to know that a property manager is looking out for their best interests and not just the bottom line. ● Start by setting the right rate for your rentals. Looking at comparable properties is a reliable way to estimate a long-term rental’s market rate, but pricing vacation properties is trickier. Understand what makes your rental unique, and Evolve suggests using dynamic pricing to maximize revenue throughout the year. ● Building a strong business requires more than getting customers in the door. You also need exceptional customer service to keep your best tenants coming back. That includes attending to maintenance requests in a timely manner and asking for (and responding to) feedback. Managing rental properties requires more than an eye for good investments. Like other businesses, the success of your rental investments depends on your ability to streamline business operations, surprise and delight customers, and preserve your business’s reputation. Cottage & Co Real Estate has built a reputation for quietly, confidently guiding our clients through every real estate transaction, whether they’re buying or selling, and whether the properties are residential, investment, multi-family, retirement or vacation homes. Team up with Cottage & Co today! 207-544-3317

For our second team spotlight we wanted to introduce to the incredibly talented Katie Morency. Katie has been an agent in the area for a while now and truly values helping her clients navigate the incredibly complicated world of real estate, but we wanted to know what makes her tick. What made you want to become a realtor? I decided I wanted to become a Realtor after I graduated college. My interest in real estate came to me much younger in life, by boating around Lake Winnipesaukee and gushing over the beautiful lake homes as well as the mountainside homes at Sunday River and Sugarloaf. I loved home's that contributed to one's lifestyle. As I grew older, I came to realize that I wanted a job with a certain amount of flexibility that was meaningful. Real Estate called to me and I haven't looked back since! What do you enjoy most about being an agent? My clients. I have truly lucked out with the wonderful people I work with. They have made my job an absolute joy. What are one or two interesting facts about yourself? After I graduated college, I spent the summer working on a tomato farm in Sweden! It was an incredible experience and taught me a lot about myself, and what I wanted out of life. What is your favorite thing about Maine? My favorite thing about Maine is how calm it makes me feel. I'd say this is due to a combination of it's beautiful landscape, and truly great people that have chosen to call Maine home! What is your favorite place to go in Maine? There are so many unique places to visit in Maine, but I would say Mt. Katahdin is my favorite. If you have yet to hike it, or even camp at Chimney Pond, I would put it on your to-do list right away!

At Cottage & Co Real Estate we value our relationships with our clients above all else and we can’t serve you without learning more about you. So we thought it would be great for you to get to know us better as well with spotlights of all of our agents! First up is our founder and all around incredible person, Jason Bisson. Jason has been working in real estate in the southern Maine area for over a decade now and knows what it takes to serve his clients, community, and team. Read on below to learn more about our fearless leader! What made you want to become a realtor? I love real estate and I love people. I've been lucky to fall into a career where I get to work with both on a daily basis. The market ebbs and flows but the general process remains the same. I get to meet interesting people all the time and help them through the sometimes emotional/exciting/scary process of selling and buying their place to live or invest. What do you enjoy most about being an agent? Meeting people and trying to help them achieve a goal. What are one or two interesting facts about yourself? In my free time I enjoy being in the mountains or on the water. I am drawn to both to relax and rejuvenate. What is your favorite thing about Maine? The people, landscapes and the seasons (although winter could be one month shorter). What is your place to spend time at in Maine? Floating on a Little Sebago sandbar on a sunny August afternoon sounds pretty good right now! Interested in learning more? Check out our work and agents , and follow our work on Facebook and Instagram .