What to Look for in a Property Management Company

Single-family homes continue to be a significant investment and the areas surrounding the Phoenix area are especially attractive investment opportunities. Flipping a house is one way to earn income, but moving toward renting is a whole different path, and when you take that route you need to consider how you’ll manage the property or properties seriously. Finding the right property management company can be a daunting task, but with these tips, it should make things easier for you to get a handle on.

1. Make sure the company knows the local market

There’s nothing more frustrating than working with a company that has no clue about your market or location. They don’t cater their decisions toward what the local market and economy look like and do a poor job in using other people’s data in making their decisions. Property management is no different, and it requires knowing the local market to secure the best deals and best contracting opportunities. It also requires that the company know enough about the local market to be able to promote it, not from the 50,000-foot level but the street level and it takes a local to know the best things about the locale.

2. Planning with the property manager

The property management company should have a manager who will set up a meeting and go over all the details with you. This can’t be something done remotely; it needs to be on site and in person. The game plan needs to be discussed and agreed to by all parties. Budgets, goals and long-term vision need to be explained and detailed, and a plan needs to be put in place to achieve these. Going into this without a plan is like wandering through the desert with a blindfold.

3. Make sure your property manager provides excellent customer service

Customer perception is a huge part of any business, so why shouldn’t it be with your property management company? When you select a property management company, you’re counting on someone being there to answer the phone or respond to issues quickly and be able to take care of things 24×7. With all the available communication channels today, there’s entirely no reason why a property management company would not be able to handle 24×7 communication.

4. A property management company is responsible for accounting

Would you trust an accountant who kept loose scraps of paper and notes scattered about his office? How could you possibly trust a property management company who doesn’t show up with reliable accounting and bookkeeping processes and procedures firmly in place? Demand that you see how they manage their expenses and accounting. A walk-through of their process is not asking too much.

5. A property management company should be praised by its tenants

In World War II, the allied POW camps went out of their way to the outside world to appear as if the prisoners were content and well taken care of, going as far as pushing out certain prisoners to provide a grand image. You need to make sure your property management company is honestly taking care of its tenants. You should inquire with tenants and look through the turnover rates. Happy tenants are tenants that will continue to provide you income.

Red Hawk Property Management Gilbert AZ
2451 E Baseline Rd #410, Gilbert, AZ 85234, USA
+1 480-396-9766
http://phoenixpropertymanagementcompany.com/

Five Benefits Of Using A Good Property Management Company

If you are a landlord that would like to avoid dealing with monthly rental income and expense management or would like to eliminate weekend maintenance calls, read on. The right choice for you may be hiring a property management company to handle your real estate investment. Of course, they are going to take a cut of the revenue from your rental, but they are also going to free up your time and much help to streamline your business.

It is essential that you interview several companies and that you take your time making the best decision. The truth is that not every property manager will be the best fit for you, so taking the time to find the right choice is time well invested. The truth is that when you find the correct choice, your days of managing your rentals will indeed be over.

Take A Look Here At Five Benefits That Will Be Provided By The Best Property Management Company For You:

1) Screening Out Problem Tenants

The fact of the matter is that experienced property managers see hundreds of applications, so they are well versed in spotting any potential red flags. Your chances of landing that reliable tenant is vastly improved by their experience and care in these matters.

2) For Tenant Concerns, They Act As The Point Of Contact

When there is any breakdown of your property, it is not always an easy task to rush over and evaluate the situation. This is even truer when the property is not near where you are. A property manager can and will address whatever the problem might be and when necessary, get a service provider to take care of the problem. Still another significant advantage the property manager offers is handling the ever complaining tenant who seems to have some problem that requires attention continually.

3) Decreasing the turnover of tenants

Renters are always kept feeling happy and satisfied by competent property managers. They take care of any problems or issues when they come up and are readily available to address all concerns. When the tenant is happy, they are far less likely to seek another dwelling and are also more accepting of rent increases which are reasonable.

4) Making Certain Rent Is Paid On Time

The property management company is motivated to keep the rents coming in when due since they deduct their fees from the money coming in. The property management company will be there to enforce the terms of the agreement if for any reason the payment isn’t received when it is due. If there is a consistent problem with the rent being collected when due, the property manager has the money to handle the situation properly.

5) Lessening Your Rental Headaches

You are going to have fewer complications and issues to have to deal with when you have a property manager handling the daily management of your property. This allows you to enjoy a better quality of life and far less stress.

The bottom line is that there are so many definite advantages to securing the services of a competent Phoenix property manager and it is well worth whatever the cost may be!

Red Hawk Property Management

+1 480-396-9766

Suggestions For Locating The Best Property Manager

It is a huge decision, hiring someone to manage your investment and so it is essential you do the necessary research before committing to one. Just some of the vital qualities to look for are honesty, organization, and experience. Take a look now at six suggestions that will be of great help in finding your property’s best fit.

From Different Sources, Get Referrals

Word of mouth is tip number one to find a property manager. You can get some great options by talking to other property owners in your area and also by talking to local real estate agents in the community.

Getting a list of property management companies and property managers that they are currently using or have previously used can be of great help. It is also important to ask about any problems or issues they may have had, as well as just what they have been happy with.

Keep in mind that a referral can be biased. This makes it vital that you seek out various sources of referrals. If you continue to hear multiple times the same thing regarding a property manager, chances are far more likely that it is indeed true.

Conduct An Online Search For A Property Manager

Doing your research online is so important. There are websites like AllPropertyManagement and T-Rex Global that permit you to plug in the location of your property, and it’s size, and they will then generate a listing of property management companies that will be in that area.

You will also want to go over a company’s reviews on sites such as https://www.yelp.com/about and even Facebook, before making any arrangements to interview a property manager.

Still another principal source is the Better Business Bureau where you can see if a company has complaints filed against them and also just what kind of a rating it has.

Very often, conducting this research will allow you to come across some of those companies you may have also received referrals, and this will give you, even more, information about them.

Look At Their Current Work

Take a look at some of the current rental ads being run by the property manager. Are they compelling, professional and free of any statements that are discriminatory? Do they place ads in a variety of different places or just on free sources such as community bulletin boards and perhaps Craigslist?

Look at the actual properties that are managed by them. Are they well-cared for and clean?

Speaking to the tenants that are currently managed by them can be an excellent source of revealing information. The tenant’s opinions are so important because property management is about keeping both you and your tenants happy and satisfied.

Do the tenants feel as if any complaints they might have are being adequately addressed? Just how long does it take for a maintenance issue or a repair to be completed? Is the building overall noisy? Is the tenant considering signing a new lease? If not, just why? All of these inquiries will give a clear indication if the tenants are pleased with the performance of the management team.

You should also ask to see an example of the monthly report furnished to you by the management company.

Several Property Managers Should Be Interviewed

Interviewing several different property managers is tip number four. It is just so important that you take the time to do this so that you can come up with the one that you are the most comfortable and at ease within trusting the management of your property.

You will quickly be able to separate the bad from the good when you interview several different potential managers. You will also quickly see those with a solid plan and real knowledge of just what they are doing. That property manager who is consistently placing tenants and within a short period seeking to evict them is apparently one that is just not good at screening them.

You also want to find the candidate who is not dismissive of your questions, but instead is receptive to them. The truth is that if during the interview, they are not putting their best foot forward, things are only going to go downhill if permitted to manage your property.

You should ask questions about their experience and education, fees charged, services provided and whether or not they have a good understanding of the tenant-landlord law.

Check Out Their Certification And License

The majority of states require a property management license or a real estate broker’s license be held by a property manager/management company to show vacant premises. To see if their brokerage license is active, you should check with the Real Estate Commission of the state in question.

Also, you will want to know if the manager or company is certified with a trade organization like the National Apartment Association(NAA), the Institute of Real Estate Management(IREM), the Community Associations Institute(CAI) and the National Association of Residential Property Managers(NARPM). Certification is offered by these companies after a robust training program has been completed. Their going through this process will indicate to you that they are indeed committed to correctly handling their job.

Of course, your instincts should also be trusted, making it so necessary that you are comfortable with the choice that you ultimately make.

Look Over Their Management Agreement

The responsibilities of both the property manager and the property owner should be defined in the management agreement.

You will want to pay close attention to the sections on provided services, responsibilities of the owner, extra fees charged, hold harmless clause, compliance with fair housing laws and any reason for cancellation.

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Red Hawk Property Management Mesa AZ
2451 E Baseline Rd Ste 410, Gilbert, AZ 85234, USA
+1 480-396-9766