After many personal experiences – good and bad –hiring property management companies and managing properties on our own, we’ve figured out some key elements to keep in mind when choosing a property management company. Here are four that we think lead to a successful business partnership.
It may seem like a cliché to put integrity on the top of the list; however, a property manager’s decisions and actions have an effect on the property owner’s profit. Tracing the actions and decisions that result in a lower return on investment after the fact is difficult.Therefore, integrity is the most important component to look for from the onset. The best way to find out whether the property manager in question is reputable to use the following tools:
• Have a face to face meeting to get a sense of the person or team and their attitude.
• Check references from current property owners who entrust their property to the property...
Contrary to popular opinion, a landlord’s roles and responsibilities comprise of much more than just collecting rent. On an ongoing basis, landlords need to stay on top of the current landlord-tenant laws - every municipality, state, and country has different laws regarding the landlord/tenant relationship. Additionally, landlords are often sales people, mediators, handymen/women, and negotiators.
Being a landlord can be a complicated and requires relationship management above all else. The following is a list of some of a landlord’s general duties and tasks. Of course, this is a simplified list, but should give a wholistic view of the entrepreneurial nature of the position.
Here are the main steps in getting a quality tenant into your investment property.
a. Get the property rent ready – this could include making sure the property is up to the local building codes, paint touch ups, etc.
b. Market the property – nowadays online...