Can You Handle Managing a Rental Property On Your Own?
Sunday, February 11, 2018
If you're among the 27% of Americans who believe real estate is a great investment idea, you may find yourself owning a property you're looking to rent out. If that's the case, you could be having trouble making an important decision: self-management or working with a property management company. This is a decision all property owners are faced with. With that in mind, this article is going to take a look at a few differences between self-management and a local property management company to help you decide what's best for you.
Working with a Professional Property Manager
Utilizing the help of a professional property management can offer you many benefits if you're not looking to be completely involved with your rental properties.
For starters, working with a local property management company can save you time. Home rental property management takes up a lot of your spare time, especially if you own multiple properties. Additionally, you won't have to manage emergency repairs, perform annual inspections, or spend time trying to find tenants for vacant properties.
When it comes to managing tenants, you'll experience minimal vacancies. The property management company you choose to work with will advertise your rentals in a way that reaches a large tenant pool. With maximum exposure, you'll experience fewer vacancies and be able to fill open spots with the finest tenants.
Fortunately, property management services can offer the skills and knowledge necessary to navigate the business of rental properties. With this knowledge and abundance of skills, the management company will be able to get better prices on necessary materials and services. This will help save you time and money when it comes to replacements or repairs.
Self-Managing a Rental Property
If you decide to manage your rental properties on your own, you should remember that there is a lot of work you'll need to do. However, there are some benefits to managing your own properties.
If you're looking to save on management fees, going the self-managing route is the way to go. However, even though you'll be saving on management fees, it's important to remember you'll be left to handle all of the other related expenses. These expenses may include maintenance, legal matters, advertising, and tenant-screening services.
3 Benefits of Becoming a Property Manager
Sunday, February 11, 2018
Property managing can be a tough job. As a property manager, you have to deal with tenant issues, phone calls at all hours of the day, and problems with your buildings. However, the right person can tackle these challenges with vigor and resilience.
Along with turning the negatives into positives, there are many different benefits of becoming a property manager. Let’s take a look at a few of them.
As a property manager, you have the ability to create your own rules regarding things like when leases are due, when a tenant’s rent is due, property maintenance fees, among other things. This can be extremely helpful as you can create your schedule to fit your lifestyle. For example, if your own rent or mortgage payment is due on a certain day, you can coordinate with tenants to make sure everyone can make their payments on time. Including you!
Another benefit of being a part of rental management services is that some of the things you pay for may be eligible for tax deductions. For instance, if you have to make repairs on a tenants space or to the building itself, the cost of the tools or materials you paid for might be redeemable. Any expenses that come from traveling to and from your property might also qualify for tax deduction.
One of the best parts of being a part of rental management services is meeting people of all kinds. Since home rental property management is a job that requires talking to people, you’ll have the opportunity to converse with many different people on a daily basis. These people will include your tenants, other property managers, and even distributors of things you need for the rental spaces you're managing. It’s the perfect job for anyone who likes to get to know people.
Individuals who own more than one property as real estate investors number just over 10 million, proving that it's a popular field to get into. As a part of a residential property management company, you’re able to make the terms based on your own needs, potentially get some money back, and meet many different people. If this sounds like something you’d be interested in, getting involved with the property management community is definitely for you!
3 of the Most Common Tenant Complaints (And How to Address Them)
Sunday, January 21, 2018When working in local property management, whether using a property management company or managing the property yourself as the owner you have to deal with tenants, as well as any issues they may have. Some of these problems may be easy fixes, while others may be a little bit harder to problem solve.
When it comes to handling rental management tenant problems, there are different ways to handle each individual issue. Let's take a look at a few of the most common tenant complaints and how to handle each one.
Condition Complaints after Move-inIt is very important for you as the landlord to record the condition of the property right before the new qualified tenant moves into the property. It is also important to educate the tenant that their initial report on the property at move in may be maintenance that will be taken care of for them or it may be statement of condition items that will be recorded so as not to charge this tenant at move out. This can lead to tension right at the start of the lease if not handled correctly.
So what can you do about these complaints? Make sure you have good records on the condition of the property, photos and video. Educate the tenant at the lease closing that they are welcome to go through the property and record items they would like for the landlord to have in their records but that all items may not be considered maintenance that needs repair. By letting the tenant know this in advance can help start the landlord/tenant relationship in a positive way.
Maintenance IssuesMaintenance problems are the most common form of a complaint from tenants when they're looking for property for rent. To ensure these complaints are handled in a timely fashion and that work orders are assigned appropriately, it's crucial to create a formal system for submitting maintenance requests. Fortunately, property management tools have improved greatly in recent years, and most tenants will be happy to file complaints online. Once they file the request, it's essential that you respond to the issue as soon as possible. Give your tenants a specific time frame in which the issue should be resolved. If you decide to, follow up with the tenant a few days later to make sure that the issue was resolved to their satisfaction.
Communication IssuesFor successful property management, you need strong communication skills with all of your tenants. You and your team need to be willing to answer any questions your tenants may have and have an answer ready for them, no matter the hour or time of day. You need to make sure someone is at your tenant's disposal in case of a late-night emergency. Of course, no single person can be on call 24/7, so you need a plan for communicating with tenants around the clock.
Dealing with tenant issues in terms of property management can be difficult, but as long as you have an open line of communication, are willing to go out of your way to make adjustments if necessary, and show them you care, your tenants will love living under your roof. About 63% of non-homeowners felt that 2017 was a good year to buy a home, so if they love renting under you, they may love buying under you as well.
3 Things You Can Do to Become a Successful Property Manager
Friday, December 8, 2017
Property management is the perfect position for you if you love real estate, enjoy working directly with clients, and have always wanted to help people find the home of their dreams. It's a great way to meet new people and to become more familiar with different communities in your area. Tenants are always asking people for help in finding a property management company.
While being a property manager can be a fun job, there's also a lot to do to make sure that you're successful in this growing career. Let's take a look at a few ways in which you can become a successful property manager.
Become a "People Person"
As a property manager, you're going to be dealing with a lot of different people from all walks of life. It's important that the tenants you are dealing with like you, respect you, and can trust you. In order to become a "people person," it's important that you learn how to communicate, listen, be sensitive, and treat tenants with respect -- even if they aren't always giving that same respect back to you. By taking these steps, people will want to work with you and share your name with others who need help finding a property management company.
Be Professional, Be Organized
Another way to be a successful property manager is to make sure that you are staying organized at all times. When you have new or existing tenants, you want to make sure that you are friendly. However, it's extremely to important to make sure that you understand the difference between being friendly and being a friend. You don't want to be too buddy-buddy with your tenants, as they may feel like they can walk all over you or get you to do things because of your relationship. You also want to stay highly organized in case a tenant has a question about something in their lease or a problem in their unit. Work requests and outstanding tickets can quickly pile up in this line of work, so it's important to have a system beyond digging around for paperwork.
Have a Great Attitude
No one wants to deal with someone who is grumpy when looking for houses for rent. If you want your tenants to know that you're serious about your relationship and that you really want to do everything you can to make them happy, then the attitude you display is key. About 27% of Americans feel that real estate is an excellent investment, but the relationships you cultivate are extremely important in this industry. While your mood and stress levels may not always be great, your attitude should be.
Having a great attitude, making sure you're organized, and being a people person are all to become a successful property manager. If you have property for rent or are looking to get into home rental property management, you can do so by following the tips listed above. There are always people out there looking for help in finding a property management company, which is why this industry can offer a promising career for those with the right skills.