Partnering with a property management company can make a big impact in terms of your investment of time and energy in your rental homes. Repairs in the middle of the night? A tenant not paying? The need to evict? Finding new renters, vetting applicants … the list continues.
Who Should Consider Property Management?
Many of our clients started out renting homes on their own in order to cut costs. Experience taught them that, over time, a good property management company makes all the difference in terms of financial success and peace of mind. This is true whether you have one home or ten.
And how many people desire to be real estate investors but don’t take that step because there is no one to show them the way? A good management company has the knowledge to help you move forward to achieve your goals.
Finding a Good Company
Just as a good company can make things better, a company that cannot fulfill your needs can add stress and problems. Choosing a property management company requires thought and deliberation. Here are some items to consider:
Availability. Will the property manager be available to handle unexpected repairs or situations? This could include a large water leak, an extended electric outage, or an angry tenant. You want your management company to be able to handle the issue.
Resources. Does the company have the human and other resources to provide for your needs? Ask about the people you would work with and their respective jobs. Beyond everyday management, are there contractors and marketing and real estate agent connections?
Value. In addition to reasonable fees, is the company able to help keep your overall cost down? This can include leveraging your home for higher rental rates or using in-house contractors to save money on updates and repairs. Are the costs reasonable investments in the peace of mind you receive? We believe a good property management company is well worth the financial investment.
Good process. Your experience will only be as good as the process. Ask how the ins and outs of management will work, including items such as billing, payments, escrows, repairs, and updates. And good communication at regular intervals is so important.
Knowledge of the community. Being able to understand how your rental home fits into its larger community is crucial to overall success. Only choose managers who can provide you with this firsthand knowledge and who will be able to see your house in person.
Compatibility. It’s important you are able to trust your property management company and also to know they will be responsive. You’ll also appreciate having a cordial relationship with the employees.
Proven record. Ask for references to find out if current clients are happy with the services they are receiving. Also, look at current listings and rentals.
Support beyond the rental. Is the management company able to help you when it is time to sell? This is an often overlooked part of the equation, but having the same company sell your property when you are ready can smooth the transition.
Texas Urban Property Management
We serve all of our clients to the best of our ability and work to create your big-picture success. Whether you have zero rental properties or dozens, reach out today to let us show you how we can improve your experience and results.
Commenti