Renting your property is not a small task, anyone who has dabbled in this investment corner of real estate knows. Especially those who choose to rent more than one property. While a great source for extra income, you know the care and maintenance required for multiple rental properties is time consuming. Hiring a RELIABLE property manager can lessen the load of “to-dos” you have for your rental properties, allowing you to actually enjoy the benefits of your rental investment.
Finding a good property management service is a big decision though. So be sure to address these 5 topics while deciding on a property manager.
1: Hire A LICENSED Property Manager
This means that the property manager you are considering has gone through approved property management courses and passed a state licensing exam. This also means that they will have state-regulated procedures for handling your rental income and security deposits.
2: Ask To See Some Samples
You can tell a lot about the property manager by the physical properties they manage. Ask for a few samples of the current properties they oversee, and think to yourself these things: Would you want to live in these homes/apartments? Does it look like they are maintained well? If not, consider a different property manager. You wouldn’t want to invest in a service you wouldn’t want to use yourself.
3: The Eviction Rate Matters
Ask your property management candidate how often they file for eviction from their current properties. If it’s a relatively high number that means they may not be screening rental applicants thoroughly. All renters should pass a basic credit check and satisfactory references from previous landlords. You don’t want to leave your home in the hands of others who will not take care of it.
4: What Are The Maintenance Procedures
Ask your property management candidate how they handle repairs and maintenance issues. The procedure is not the same for all property managers. Some ask to hold a maintenance reserve from your monthly rental income, and others simply bill you as these issues come along. It’s based on your preference, but be sure you set a limit on how much you allow to be spent on maintenance, and when you wish to be contacted before a repair is made. It’s one thing to fix a light bulb, it’s another thing if they’re replacing a roof without your consultation.
5: Communicate Everything
Lastly, and most importantly, you need to know that clear communication is essential. You need to be clear on the timeframes and procedures for accounting of funds, collect all receipts for previous repairs, and always know exactly why and where your money is being spent. Review details of all documents, especially having a written document that includes a termination clause. If you find yourself unhappy with the property manager, make sure you have an out that is predefined and agreed upon by both parties.
With Property Management Pros, we know and have what it takes to rent and manage your rental properties. We offer services that specifically fit what you’re looking for, and the experience to prove we do it well with satisfied customers. If you are interested in hiring one of our property managers, we would be happy to talk with you and discuss your needs. Call us any time at one of our Locations nearest you!
In many cases, those who plan to move in the future tend to think of ways to increase their home’s value so they can sell it for top dollar. That’s not a bad idea, however there are a whole slew of projects many choose to invest their time, money, and energy that won’t make a significant return on investment when it comes time to sell. Don’t be fooled by the more luxurious projects, here’s a list of construction projects you may want to avoid if you’re trying to increase the value of your home.
Choosing to install a built in pool is what many consider a good idea when getting ready to sell, but it’s actually to the contrary. In-ground pools can cost up to $60,000 but actually don’t do much to the home’s value depending on where you life. Many prospective home buyers find pools to be a hassle and expensive to maintain and to insure.
Adding a garage to provide more storage space isn’t the best idea. Although the average garage addition brings a 60 percent return on investment, the main reason is providing more empty space that isn’t needed. Many potential buyers find they don’t want their garage to take up more space than the house itself.
If your home already comes with a sun room, don’t touch it. If you’re thinking of adding one to your home that’s not the best idea. Yes they are beautiful and picturesque, but with an average return on investment less than 60%, there are much better alternatives to add living space that shows off the sunlight. Not to mention, adding a sunroom creates a potential of higher heating bills.
4. Master Bedrooms
If you choose to remodel any room in your home, do not choose a bedroom unless you plan on living there for many years and intend on using the space yourself. Potential buyers are much more interested in remodeled bathrooms or kitchens.
5. Home Office
Lastly, and probably the worst return on investment project you can make is to add a home office. With less than half of return on investment, because although some like to have their own special space for an activity, many will not opt to bring their work home. Many would prefer another bedroom over an office.
Needless to say, the decision is yours. If you’re looking to improve your own living space for the next few years or you’re just looking for something new, you may consider these projects a little more, because these are your needs. However, if there is the potential you may be selling your home in the future, you’ll also want to consider what a new homebuyer would want so you can get a bigger bang for your buck.
Be sure to check-in with us again soon for some projects with better return on investment.