So, you own property and want to maximize your investment and profits. The best way to do that is to select a property management company that will take the pressure off you, so you simply collect income. Finding the most appropriate property management company for you and your investment requires work, research, time, and effort. This article aims to assist you finding the property management company best suited for you.…
First, assess your needs…
Do you have one rental property or multiples? Are you currently the manager or do you already have a management company? Are you satisfied with the way your property is managed? No matter the situation, keep reading to learn how to discover the way to the best property management company for you!
You may ask, why do I need a property manager? There are numerous reasons for having a property manager. You invested resources in real estate, and you want to protect that investment, right? Of course, you do! Relying on a reputable company to manage your investment relieves you of the headaches and time consuming tasks related to protecting that investment.
Everyone loves to save money, and a good manager will do that for you because waste is eliminated, and time is saved. Letting professionals exercise their expertise benefits you the owner.
Safety is an utmost concern for all property owners who rent their properties because no one wants lawsuits or insurance claims. A property manager has regular contact and oversight of the property and will be proactive regarding safety concerns rather than reactive. Holding safety as a primary objective keeps insurance claims down, thereby keeping your investment insurable at the best rate. This savings can cover the cost of the manager within months!
Finally, having good tenants is every landlord’s dream. Employing a property manager will increase your chances of tenants who respect your property as their own, pay rent on time, and renew on a regular basis. Dreamy!
Second, assess what is to be done…
From the day you made an offer on your property, you have understood that owning property is a time-consuming matter. No matter how long you have owned your property, you are familiar with the amount of work involved with ownership. Tasks include everything from regular maintenance on the exterior, yard, driveway, walkway, interior, appliances, plumbing, electric, HVAC, etc. It is enough to want to pull your hair out!
Knowing what needs to be done is a long from getting it done. Deciding whether you want to responsibly do all the work that needs to be done on a daily/weekly/monthly/annul basis or are you better suited to hire a property manager is a big task itself. Since you are reading this article, I assume you are leaning to employing someone to do it for you.
Consider that all the items you need to care for have various timetables for such care. Efficiency here is your ally, and efficiency results from having good records. When your records are organized, clear, and precise, you know when items need attention and provide that attention when needed. Regular schedules ensure easy record keeping.
Remember we said earlier that making money is the goal here? Regular maintenance and good records achieve that goal by reducing the chance for unknown and expensive repairs. Further, the records give you the ability to plan for obsolescence and proper depreciation of appliances and other items.
Third, assess the company…
Ok, you are now firmly in the camp of needing professional help. Great decision, now what do you do? There are tons of property management firms out there with their own specialties and niches. Let’s address how do you weed through them to find the one that will cater to the needs of YOUR investment properties.
Let’s say you have a list of possible businesses to hire you found on Google, Yelp, or sites that match owners with property managers. Here is what you need to know about them.
- What types of properties do they manage? You want to make sure the company can address and deliver your specific needs based on the kind of service your properties need. If they run large apartment complexes, but you own a single family home, you may need to keep searching.
- Are they properly licensed for your city and state? For instance, sometimes a real estate license is required; other times a local rental permit is required.
- Are they affiliated with any associations? Organizations such as the National Association of Residential Property Managers (NARPM), the Institute of Real Estate Management (IREM), and the National Apartment Association (NAA), offer training, certification, and professional development courses for members. This can assure you of the company maintaining best practices. Local affiliations and memberships such as the Chamber of Commerce or other local business groups shows their presence in the community.
- What procedures do they employ to reach compliance with regulations, rules, and ordinances?The management company must have thorough knowledge of the laws that govern rental properties in your area.
From your list of possible candidates, reach out to the ones who demonstrate satisfactory replies to these questions as they relate to your properties. Ask them for references and communicate with those references to verify the responses to the questions above are accurate.
Time to decide…
Now that you know what you are looking for in a property management company, inquire as to whether the companies you found meet your criteria. Remember to keep in mind your goals for the property. Do you want to
- Increase your property value to sell…
- Enhance your property to attract better tenants…
- Continue to rent to same tenant… or
- Find new tenants every term…
No matter what, you want a company that takes care of every detail. After all, the whole point is to hire a company to take work off your plate, knows how to handle the day-to-day tasks of property management, and has the expertise to manage and grow your investment portfolio.
Jaris Realty, Inc. is the answer…
We are here to serve you! At Jaris Realty, Inc., we have over 25 years’ experience as property managers in Castle Rock. Let our experience relieve your day – to – day stress related to your investment property. We are a one-stop shop with your needs in mind. Let us help you understand what JRI can do for you as your property manager.
At JRI, our dedicated and experienced staff treat your property as if it was ours. We understand your investment is important to you and that you expect quality treatment and proper protection of your investment.
JRI is the answer…. make the best selection and check out Jaris Realty, Inc. TODAY at