Finding a good Property Management Company can be very tricky. You have to search high and low to see which company will be able to cater to your needs. While there is absolutely no perfect company, there are a few major things that you really have to consider when choosing one. Whether it is your first time to get a property manager or you currently have one but are considering your options, these are factors that you have to consider:
1. Messy Accounting Practices
Your rental property is an investment and it should yield a profit. However, it can be frustrating to determine your actual profit if you are dealing with a Property Management Company with messy accounting practices. If you are dealing with this kind of a Property Management Company right now, then it is prudent to jump off the boat and look for a new property management company.
WHAT YOU SHOULD LOOK FOR: Look for a Property Management Company with a clear and concise, easy-to-understand Cash Flow/Income Statement.
2. "Slow" to "No" Response from your Property Manager
As the owner of the property, you ought to know everything that's happening to your property. While some management contracts give leeway for the Property Manager to perform actions without the owner's consent (minor repairs, replacement, etc), it is imperative that the PM Company involves the owner in every and all things happening in the property. This is hardly achievable when your Property Manager is slow to respond. Much harder if the Property Manager does not respond at all! If for some reason you are experiencing this from your current Property Manager, then perhaps it is the right time to look for a new one!
What you should look for: Look for a Property Management Company that cares enough to respond to your inquiries or to at least give you updates even without you asking. It doesn't have to be a 24-hour turn around time but at least some update on what's happening to your property. Everyone wants an update from time to time, right?
3. Slow Rental Turn Over
The success of a rental property investment is measured on its profitability, and your property will only be profitable if it stays rented most of the time. While having a long term tenant is always a good thing, there will be instances where the property needs to be marketed and new applicants will be screened. This is where your property manager's ability to re-rent your property in a short period will be crucial. If your property's rental turn over is taking forever, then you might need to consider looking for a new property manager.
What you should look for: Find a property manager with a good record of renting properties. It doesn't have to be overnight as there are some things to consider before re-renting, however, it should be the quickest time possible.
Do you currently find yourself stuck in any of the scenarios mentioned above? Looking for a good property management company can be tough, but it doesn't have to be! Why do you need to endure those struggles when you can switch to Home Holders LLC?
At Home Holders LLC, we pride ourselves on our quick, reliable and successful rental success rate (click here to learn more). We exhaust not only traditional marketing strategies, but we also dive into applicable digital marketing strategies to make sure that your property gets rented in a very profitable time frame. We also use efficient property management tools to make sure that the accounting side of your business doesn't get messy and that all of your concerns are resolved and addressed promptly.
Click HERE right now to set up an appointment for a FREE rent/sales value estimate!
One of the biggest questions that rental property owners have is this: Should I hire a property manager? While managing your own property can be very rewarding, it can be very exhausting as it will require you to devote a lot of time and effort. If your goal is to expand the business and to acquire more properties, your best option is to hire a property manager. In this article, we've gathered 4 practical reasons why you should get a property manager.
1. Hiring the right Property Manager generates more profit.
Your property is a prized possession and a hard-earned investment that should yield the highest return possible. Because hiring a property manager may cost a few bucks, most property owners resort to self-managing to keep the expenses down. On the contrary, hiring a property manager will save you a lot! Licensed Property Managers are knowledgeable not just in selecting the right tenants who will take good care of your property, but they're also skillful in making sure that the right repairs and maintenance are done to keep your property in great shape at all times.
2. It takes away the hassle of dealing with tenants.
Managing your own property means doing all the work on your own. From finding the right tenant for your property to imposing the agreement, you have to do it all. Not to mention that you have to collect rent payments, charge late fees, and deal with complaints from your tenants from time to time. In the long run, this can be a heavy source of stress, especially if you have a 9-5 job or another business that you also have to look after. Hiring a Property Manager will take these hassle away from you as your property manager will act as a buffer between you and all the stress of property management business while allowing you to enjoy the benefits of your investment, no sweat!
3. Your Property Manager will take care of the advertising and marketing of your property.
Finding the right tenants for your property is a total headache, especially if you don't know how to market and advertise your property. While there are many self-help tips available on the internet, sometimes it just gets confusing. This is where Property Managers come in handy. Your property manager knows the nitty-gritty of the business. They are experts in knowing when and where to market your property for prospective tenants and they are also skillful in creating ads and campaigns that will get your property rented in no time.
4. Your Property Manager ensures you comply with Property Laws and Regulations.
No one wants any entanglement with the law, right? However, if you need to keep track of your property rental on top of your 9-5 job or a business, we sometimes mess up without knowing! Property managers are experts in housing laws and local state regulations. This keeps us away from any trouble with legalities, from marketing your property until the tenant moves out.
Getting the right property manager can be the best decision you'll ever make. Get in touch with Home Holders LLC today for a free rent/sales value estimate!