Real estate investments provide a sense of accomplishment and security that is difficult to achieve in the stock market. However, hidden risks can ruin a good real estate investment. Professional real estate asset managers protect your investment, reduce your risk, and optimize the tax benefits of your investments.
Tenant Management -
We will take care of everything regarding the tenants.
Assuming you don’t already have a tenant, Our first task is to find a few potentials. we do this by marketing the property on rental sites like Zillow or Apartments.com. We also put ads on Craigslist or a local newspaper.
Once tenants start applying, we screen them. Run Background checks, income verification, walk them through the property- everything. This process is kind of like dating- the PM is seeing if the potential tenant is a good fit, while the tenant is doing the same.
If both parties are happy, We will draft up the rental agreement. This will include the property address, monthly rent, pet policies, security deposit, etc. It’s the most important document in the whole process, as it outlines what each party is responsible for.
As tenants have issues and eventually leave, the property manager will deal with those situations as well. Their job is to take the monkey off the landlord’s back so you can focus on other things!
Maintenance Coordination -
Keeping the property safe and well-maintained is another responsibility.
But when things do break, it’s up to the us to get it worked out. From a small leak to a tree falling on the house and destroying half the roof, We will be on it.
Yard maintenance falls in this category as well. Even if the tenant takes care of it, We will verify the work is being done. If a contractor is used, We will take care of the payments and verify the work is done right.
A great property manager probably doesn’t have a law degree, but should at least know the basics of local real estate law. This allows them to give some low-level advice on what can and can’t be done with the property. A good example is a tenant’s rights, which vary slightly from state to state.
Pets are a tricky part of the tenant/landlord/property manager relationship. Some landlords swear that having a pet friendly property is the way to go. Others say that pets just aren’t worth the hassle. Even if the pets don’t damage the home, the home may smell like the pet until the carpets are cleaned and walls are painted.
It never hurts to have a few questions to ask a property manager before hiring them. We’ll be glad to see that you’re doing your due diligence, as that means you’re a landlord that actually cares about the property and business.