Who is Managing Your Residential Property?
If you're a landlord, you know: the pipes will freeze at 3am, rent checks will be late for a variety of creative reasons, and bad tenants can make your life hell. You know this, and many other things that may make you question whether the investment is really worth it. It IS worth it . . . especially if you can offset the headaches.
This is where a property manager can come in. I work with both individual landlords with one apartment to multiple family homes – as well as larger condo complexes with different needs and more complex management responsibilities. For the individual landlord, however, making the move to hire a property manager is based more on past experience with the apartment, changing family needs, and desire to have someone else provide professional property management experience and manage the headaches.
I’ve outlined 5 tips below on why you should consider calling in a professional:
Tenant Showings – Is your apartment(s) in your own multi-family? Is it an in-law apartment? Is the house or apartment close by? Tenant showings can be demanding. Many times they want to look weekends, during lunchtime or after work when you might be busy with your own job or life. Having a property manager to handle the showings alleviates your need to meet potential tenants or “lookers”, bring strangers to your home, and doesn’t create pressure on your personal time making it more convenient.
Application Process – When showing your rental property do you take an application to get their personal information and understand if they are financially qualified? Once you take the application form, what do you do with it? A property manager can pre-screen, to know if someone will be a good fit. Then, after showing the apartment, process and validate the application, and run a credit check, to gain better insight into who you may choose to rent to. It’s more than just convenience, it offers some measure of safety to validate what they wrote down is accurate.
Collecting Rent – "I had a problem this month because of_____ (fill in the blank: job, medical bill, car trouble, waiting for roommate, etc.)" You have responsibilities and you expect others to live by theirs but that doesn’t always happen. A professional will follow up, send the reminders, make the calls. Also, checks arrive, and you are on vacation, traveling for work, or don’t get out as much. Do you want that check to sit there or make sure it gets into your account as soon as possible. Convenience is key.
The Middle-of-the-Night Phone Call – Inevitably something will go wrong at some point. Stove stops working, washer breaks down, pipes freeze, heat goes out. Having a Property Manager that can not only take that call, but has a network of professional service people and contractors to correct the problem quickly and efficiently is a convenience that is worth every penny.
Smooth Transition – When a tenant gives notice it can be a disappointment or a blessing – but no matter which – it still means you need to replace the tenant. A professional property manager offers the convenience of assuring a successful changeover. Between checking the property for any damage before returning security deposit, arranging for cleaners to quickly prepare for the next tenant, presenting recommendations for upgrades such as paint or appliances for better rental rates, getting the work done, and listing the property through website, social media, and, depending on the property, MLS – a property manager can turn a stressful time into a smooth transition.
Plunkett Properties can be your property management firm to help with the 5 points above. We will come out to meet with you, understand your needs, and quote you a monthly management fee. We are here to deliver the professional oversight, knowledge, and convenience for your hard-earned investment. Contact us if you want to learn more.