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Hiring the Right Property Manager for Your Rental / Income Property

What are the qualities of a great property manager? Its a great question, and I’ll try to cover a few important points. Although they can sometimes be expensive, they can also save you from many headaches that go along with being a landlord. I’m going to ask more questions then I’ll answer, but these are questions you’ll want to keep in mind when interviewing managers.

1 – Cost: Managers generally charge a monthly fee to watch and maintain your property. Those fees can range from as low as 5% or so, to upwards of 20%. Obviously, you should look for a company that charges less and provides more services.

2 – Communication: For me, communication with a manager is of the utmost importance. I need someone who uses email, and is responsive to both the telephone and email. If I don’t get a response back in a timely manner, it is time to walk. In addition, you need someone who can deal with you and your idiosyncrasies. Some of us are needier then others. You want to let companies know up front where you stand, and make sure they’re willing to be flexible for you.

3 – Termination of your Agreement: In the event that your relationship does not work out, you want to know up front what exactly it will take to terminate your agreement. Is there a charge for breaking your contract? Penalties?

4 – Repairs and Maintenance: Does the company have their own maintenance crew, or do they contract out to a handyman? How much do they bill out at? Can they handle all kinds of repairs? What happens if they can’t do something? Do they have other contractors that they work with?

In addition, you probably want to have a maximum that the company can spend without contacting you. Generally, I will allow my managers to do what they need to as long as it is for something under $100. I must confirm any expenses over that.

If you are a bit more of a control person, you can also request invoices/receipts for expenses.

5 – Monthly Statements: Does the company send out monthly or quarterly statements. I wouldn’t deal with anyone that does not provide monthly income/expense statements.

6 – Evictions: How does the company handle evictions? What are the costs to evict?

7 – Yard Work: How much do they bill yard work out at? Landscaping? Do they handle snow removal? Mow lawns? How much does each cost?

8 – Reserves: What kind of reserve does the company require? The reserves are used in case anything comes up. Most managers will require a certain amount.

9 – Accounting: When will the manager mail your check to you? Beginning of the month? State laws usually dictate accounting rules for managers, but you would want to know all of this up front. Tenant Deposits: How do they handle deposits? Are they co-mingled, or simply put together with all other income for your account?

10 – Vacancies: I’ve actually interviewed companies that will charge you 1/2 a month’s rent to fill vacancies in your property. I quickly ended my interview with these people. There is no reason to pay this fee, since many managers don’t need to charge it. You will need to fill your vacancies, so you will need some advertising done . . .

11 – Advertising: Where do they advertise properties? Are for rent signs put on the property’s lawn? Do they advertise in the paper? Online? There are quite a few effective places to advertise properties for free, online. Do they use these? In addition, you want your property advertised effectively. Do they have the basic HTML skills to add images to their for rent ads online? This makes a huge difference, trust me.

12 – Section 8: Do they have experience dealing with section 8 properties / tenants? Do they know what is entailed with such properties?

I also like to know how many properties they manage, how many managers work at the company, what specific areas they focus on, how long they have been in the business, and other questions about their experience. This should be a good start to get you going.

If there is anything else you want to know about finding a property manager, visit the Rental Property Questions & Landlording Issues Discussion Thread at BiggerPockets.com Real Estate Investing Communityhttp://www.biggerpockets.com

INFOGRAPHIC: AMERICA ON THE MOVE

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INFOGRAPHIC: LIVING FOR THE CITY IN 2080!

Check out this very cool infographic from our friends at AppFolio!
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INFOGRAPHIC: TIME TO HIRE A NEW PROPERTY MANAGER!

Check out this very cool infographic from our friends at AppFolio!
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Confused Tenant Syndrome

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As a landlord or property owner, there are two things that can be your worst nightmare:

1. An apathetic, destructive tenant

OR

2. A tenant who is simply confused by who is running the show

Let’s skip the first reason (I think we all know why that is obvious) and let’s talk about reason #2. The job of the property manager is to manage and oversee the affairs of the property owner’s investment (see our list of services). What is the value of this kind of service? The value is huge. As a property owner, you want to reap the benefits of investing in real estate, not deal with the headaches that may be caused by people for whom that is not the top priority. Property Management companies like ourselves are the middle-men (and women) whose responsibility is to ensure things run smoothly for you on an on-going basis. Your role as the owner and our role as the manager is clearly defined.

But, what about when the roles are clearly defined, but not clearly performed? Your property may have just been diagnosed with what we call Confused Tenant Syndrome (CTS). Confused Tenant Syndrome can be triggered by several things, including the below:

1. Lack of communication between Property Manager and Tenant
2. Break in communication between Property Manager and Property Owner
3. Missed opportunities by the Property Manager to perform excellent service to the Property Owner and Tenant
4. Micro-management by property owner

Would you ever imagine that an otherwise good tenant can become dissatisfied with the performance of a property manager and become an apathetic, destructive tenant? Is is absolutely possible!

However, I have some good news. There are ways to deal with these types of scenarios. Here are some pointers to successfully prevent or treat CTS.

1. Allow the property management agreement to be the standard. This should clearly define the services that the PM should perform.

2. Ensure the communication channels are completely open. Transparency and honesty are key even when it creates potentially uncomfortable conversations. It is worth it in the long run. Everyone should be on the same page.

3. Solve problems efficiently and effectively. If a tenant has an issue that needs to be addressed, it is the responsibility of the PM to see it through to resolution. The tenant should never feel like they must reach out to the owner for something to be done.

4. “Ghost” Landlords. Technically, the tenant never needs to know who the landlord is. It is the PM that is ultimately providing the service whether it was getting the unit leased, collecting the rent, or coordinating maintenance. An effective PM makes the landlord look good.

We understand that your property may very well be your most expensive investment. A great PM like ourselves can ensure that your investment does not become your headache.

Design is not just what it looks like and feels like.

HELP! I Need a Property Manager!

HELP! I Need a Property Manager!

Are you looking to invest in real estate? Confused about where to go? Well it is indeed a difficult situation to come out. In a place where numerous companies offer property management services, selecting the right one is always difficult. But not any longer, there is a one stop solution for all your property management issues, Realty Mogul Property Management. The specialty of our organization is that we are dedicated to serve you. The conventional trading business gives you a headache to buy or sell or rent, but not with us. The challenge of investing into real estate is now much easier with the perfect property manager. We are the only place that cares for your needs.

The Goal:  Real estate is one of the most popular fields for investment as it assures you a heavy margin in future. But choosing a property manager needs a brainstorm, as you would like to have one with ample of experience and attitude to understand your needs. Realty Mogul is the property manger you are looking for. The basic idea of Realty Mogul is to help your investment property to grow and fetch you what it deserves. The goal is to support you and be with you in all challenging aspects of the market. From real estate to rental property your property management services is in the safe and capable hands of Realty Mogul Property Management.

Difference with others: Realty Mogul stands different from others when it comes to investment. Realty Mogul is never looking to make money from you instead we are at every step extending our hand to share your burden of investment and make hassle free property management available to you. The consultation and advices provided are for you to make the best out of the market, so that you never miss out on any opportunity.

Silent Features:

  • Arrange the property management service according to your need and budget.
  • Reliability and excellence delivered by the experienced property manager.
  • Does not associate with you to make money, your priority is our priority.
  • Ensures you grab all the hot deals in market and keeps you informing you about them.
  • Makes sure your investment property gains in large.
  • Exceeds your expectations every time.
  • Engage with you to know the feedback and other details and update your property management service with the change of time, circumstances and needs.

Realty Mogul making inroads for a better, easier and transparent property management services and ensuring that your investment property is in the hands of a reliable and capable property manager.

ABOUT US

Realty Mogul Property Management is your premiere choice for a full service property management company. Our expertise is managing residential, multifamily and commercial buildings which includes single family homes, condominiums, townhomes and all sizes of apartment buildings and homeowners associations. We are committed to maximizing each and every clients investment and/or portfolio to its full potential.

CONTACT US

Realty Mogul Property Management, LLC
Phone: 201-492-6499
Fax: 201-492-6499
Email: info@realtymogulproperties.com