A good property manager will save you more than money, however they still need to do that too!!
Maybe you have a single property that you rent out, or you have numerous. Either way you are considering hiring a property management company to handle all aspects of management. There are many reasons why someone would want to hire a property manager, ranging from housing and dealing with the tenant from hell to simply not wanting to be involved with the day to day work that is involved. We currently work with clients who have many different reasons to begin looking for a property management company, however it is important to find a property manager who presents value for you and your property.
How Much Is Your Time Worth?
There is a saying that you can always make more money, but the time you spend on something you will never get back. I have read some people’s opinions that there isn’t too much time that needs to be spent on each property annually. That may be true, until it isn’t. Dream tenants are out there but they aren’t guaranteed, and many different things go into ensuring the success of a well-run rental. Starting from the beginning, you will need to spend time taking quality photos and listing them online to draw prospective tenants. Once you have some showings that you will need to spend time coordinating and actually doing, you will need to put together an application process. I have seen time and time again homeowners who rented their properties out and accepted a credit report run and turned over to the homeowner. I’d recommend against that! After you place the tenant, there are still numerous things that need to be addressed:
- Signed Lease Agreement
- Security Deposit
- Rent Collection Established
- Move In Inspection conducted and properly documented
Once the tenants are in the property, there are still many day to day tasks that can and will come up. Some of these tasks can be extremely time consuming, including coordinating maintenance issues, obtaining quotes in a timely fashion, HOA issues, parking violations, and the list goes on and on.
This is probably one of the biggest hot ticket items for both homeowners and tenants. Homeowners are worried about their investment being taken care of, while still being cost effective. Tenants simply want the issue resolved, FAST! Durante & Rich Real Estate works diligently to ensure the tenants maintenance requests are addressed in a timely fashion. When the maintenance issue is reported, we will spend the necessary time with the tenant to determine the severity of the issue, as well as to possibly trouble shoot the ticket. We already have a solid list of third party contractors, who all require your approval to start working. Their pricing is more than in-line, and we don’t up-charge the invoices at all. If you receive an estimate that you aren’t comfortable with or simply don’t like, don’t worry, we will obtain additional quotes to compare for you. If you have your own contractors, they’re more than welcome to work on the properties as well.
Regular, Day to Day Activities
There are a number of reasons we would regularly work with the tenant, ranging from calling about rent payments, lease questions, questions regarding the property, cable company restrictions, HOA information, and the list can continue as I’m sure you can and do understand. We have a full office staff who are well versed and trained to handle all property management situations. We will keep all documentation for your property organized and readily available to you. We utilize technology, including electronic payments, online tenant portals, online document execution, and property management software built to enhance the experience for homeowners and tenants alike.
Placing Qualified Tenants
Placing a qualified tenant is the most important part of the deal. If you place a problem tenant, your experience will probably be summed up as less than pleasurable. A number of clients who I have signed over time have come to me because they placed a tenant themselves and now were having issues, usually around collecting the rent on time, or at all. Each tenant we place goes through an full credit check, background check, eviction history check, income verification, and residential rental history. We will break down each application received and share it with the homeowner, along with our recommendation to accept or decline, but the homeowner still has the final say. Durante & Rich Real Estate provides a deep marketing skillset, allowing us to locate top tier tenants. Many of our tenants move on to purchase property after their rental. Durante & Rich Real Estate will handle all aspects of move in and move out inspections (Photos, videos, and detailed inspection reports), lease agreements, and other required paperwork.
Ability to Achieve Higher Monthly Rent
We have time and again placed tenants for homeowners at much higher rents than they were achieving themselves, with higher quality tenants. Durante & Rich Real Estate has achieved rents of almost $1,000 higher in some of our more extreme cases, but usually a couple of hundred are left on the table by homeowners who manage their properties themselves. When you do the math, Durante & Rich Real Estate basically pays their client to let them find higher quality tenants, handle all aspects of rental and management (saving hours and hours of time), and achieves a higher rent.
Contact us today to schedule a FREE, no commitment real estate consultation and analysis.