Property Management Profile

Ten Common Landlord Mistakes

2010-06-18T13:04:00.000-07:00

Lead-Safe Certified? It's not just for Contractors

2010-04-19T17:34:00.000-07:00

Lead-based paint was banned in 1978, but houses built before then probably still contain leaded paint. Children, particularly under the age of six, are most at risk from even small amounts of lead, and the damage can be permanent.

Common renovation such as sanding, cutting, and demolition can create hazardous lead dust and chips by disturbing lead-based paint, which can be harmful to both adults and children.

To protect against this risk, in April 2008, EPA issued a rule requiring the use of lead-safe practices and other actions aimed at preventing lead poisoning.

To go a step further, beginning on April 22, 2010 contractors as well as property owners who perform renovation, repair and painting projects that disturb lead-based paint in homes, child care facilities, and schools built before 1978 must now be certified in the new EPA Renovation, Repair & Painting Rule (RRP) and must follow specific work practices to prevent lead contamination.

Also before beginning work, you must provide tenants with a copy of EPA's lead hazard information pamphlet Renovate Right: Important Lead Hazard Information for Families, Child Care Providers, and Schools (PDF)

To find out more go to the EPA website

Types of Property Management

2010-04-10T06:06:00.000-07:00

What type of Property Management do you require?

Residential or Apartment Property Management

A Residential Property Manager will manage single family homes or a 1 unit property whether it be in a neighborhood, community or condominium association. They may also manage duplexes to large multi-unit or apartment buildings.

Vacation Rental Management
If you own a property in a popular vacation destination and want to rent it out on a nightly or short term lease you may consider using a Vacation Property Manager. These management companies specialize in managing vacation rentals and know the in's and out's of this type of business.

Commercial Property Management
A Commercial Property Management company will likely manage all types of retail and office space. This could include shopping and strip malls, warehouses, manufacturing, office building, parking facilities and hotels. If your property use is for anything other than residential housing, chances are it would fall in the commercial management category.

Community Association Management
If you are looking for a management company to oversee all aspects of the management of a community association as a whole, then look no further. You are in need of a Community Association Management company. They will take care of all maintenance, financials, enforcement of community rules etc.. for the whole community.

What to Expect From a Property Manager

2010-03-27T09:58:00.000-07:00

Tenants
The first step to having a successful apartment is having the right tenants. A company does this by having a third party screener. The third party screens for the following: credit, criminal, eviction, sex offenders, employment and rental history. The goal is to put the highest quality tenant in your apartment.

Fair Housing
The Federal Government has set up laws called Fair Housing. The law states that no one can discriminate based on the following: race, color, sex, religion, handicaps, national origin, family status, and more if your state has added them. A property manager knows how important it is to follow these laws, and are working everyday to make sure that you as the owner of the apartments will never get fined from the Fair Housing.

Maintenance
Maintenance is a huge headache for most owners. You may find yourself wondering, is it time to replace the swamp cooler, or the kitchen sick. Is the water bill so high because there is a leak some where? Managers understands how hard maintenance is, that is why they should have trained employees that know what to look for when they are walking through your properties. Property managers know that a small leak can cause huge problem. The manager should send you a report of improvements that can be done to your property. This will allow your property to stay competitive in the market.

We know that good maintenance does the following:
1. Retains tenants.
2. Keeps your property competitive in the market.
3. Will prevent problems for the future.
4. Lowers turnover cost.
5. Will allow for increase in rent.

Make sure that these 5 things are happening for you.

Property Management
Property managers should want to help you keep your property to the highest standards. Some of the keys are; a great marketing plan to get the best value out of your property, walk through each property every 60-90 days, Walk through inspections are an important key not only to see what is happening in the property but it builds a better tenant relationship. The more we are in the properties the better tenants you will have. Another important key is book keeping, providing up to date book keeping, rent collection, automatically deposited to your account. Fast evictions are an essential key, have an attorney who works solely on evictions. Know that each of these keys are vital to keeping your investment successful.

Rent
It is our job as your manager to help your property value increase property value is tied to NOI. Rent increases or decrease done at the right time help to avoid high turnover cost. A good manager will watch the market for you.

Security deposits
Security deposits are moneys that are kept in a trust account by the management company to help pay for repairs done after a tenant moves out. Within fifteen days after the move out date the tenant will receive a deposit disposition form from the management company, this form will state if the tenant receives money back, or if they owe the property management company money for damages.

Move outs
As soon as they have notice that a tenant is moving out they inspect the property with a camera and inform the tenant what needs to be fixed and how much we will charge them if the things are taken care of. After the tenant has moved out they again go to through the property with a camera and record things that were not done. They then make all the necessary repairs before new tenants move in. This is to ensure you have evidence of all repairs, and to ensure that all work gets done.

Turn over expenses
The law says that a landlord may charge the tenants for reasonable items to be replaced when a tenant vacates the property. So, here are some cost the that landlord needs to be prepared to pay; locks changed, painting, carpet cleaning, and general cleaning of the property. Remember, these are general rules and exceptions are made.

About the author:
Dathan Jacobson of Fortress Property Management LLC. serving the Northern Utah area, graduated from Brigham Young University in 1993 with a Bachelor of Science Degree in Construction Management. Since graduation, he has been working as a Project Manager and Estimator for large builders in Utah. His experience has strengthened his knowledge of real estate and property management. His strong estimating, scheduling, and management skills are crucial in managing and maintaining rental properties.Dathan is honest, hardworking and dependable. Raised in Utah, he loves the area and people who live here. Helping and improving the situation of others brings him great satisfaction. He is a dedicated husband and a father of five.

Find out more about Fortress Property Management or other Utah property management companies.

How To Choose The Right Contractor for your Home or Investment Property ---------

2010-02-07T09:00:00.000-08:00

10 Questions To Ask Before Inviting Him Into Your Home or to ask of your Property Manager:

1. Are you (contractor) licensed?

Make sure a contractor is properly licensed. In the State of Arizona, all contractors MUST be licensed. Anyone can say they are licensed. Make the contractor prove it by either showing you the license or giving you a copy of it. Remember to check the expiration date. Being licensed is the Law. If a contractor cannot provide a valid license, DON’T HIRE HIM!
If you live in a townhouse, villa, or high rise condominium building with four or more units, only a Building Contractor or General Contractor is permitted to perform remodeling work. Furthermore, hire a specialty contractor (trim carpentry, drywall, glazing, aluminum, plumbing, electrical, mechanical, roofing, etc.) to do only the type of work the license specifies. If you have any questions or doubts, call the Arizona State License Board.

2. Do you (they) carry general liability insurance?
Make sure your contractor carries general liability insurance. This type of insurance protects your property in case of damage caused by the contractor and/or his employees. The insurance company will pay for the cost of replacing and/or repairing any damage that occurs. Anyone can say they are insured. Make the contractor prove it by having their insurance company FAX or mail to you a certificate of insurance with you named as the certificate holder.

3. Do you (they) carry workers compensation insurance?

Make sure your contractor carries workers compensation insurance. It protects you from liability if a worker is injured while on your property. Be aware that if the contractor doesn’t carry workers’ compensation coverage, you may be liable for any injuries suffered by the contractor or any of his employees on your property. If the contractor is a one-man operation, he can be exempt from having to carry workers’ compensation insurance. If he is doing so legally, he can provide you with a copy of his construction industry certificate of exemption from workers’ compensation. This is very risky for you though. If he shows up with a helper and the helper gets hurt, with no workers’ compensation insurance, you may have to pay the medical bills. If the uninsured contractor is sloppy about verifying his sub-contractors workers compensation insurance and the subcontractor gets hurt, again you may have to pay the medical bills. In short it is much safer to deal with a fully insured contractor.

4. Will you provide me with a written lien waiver?
Your contractor should provide you with a written lien waiver at the end of the job. This is a legal document which say’s you the homeowner have paid the contractor in full for the services rendered and the contractor waives his right to place a mechanics lien on your property. If during the course of construction you receive any notice to owner documents from material suppliers or sub-contractors, it would be prudent to ask the contractor for a final release of lien from each one prior to paying the contractor his final draw. This protects you in case the contractor doesn’t pay his material suppliers or sub-contractors after you have paid him in full.

5. Are you a member of NARI or NAHB?
NARI stands for the national association of the remodeling industry and NAHB stands for the national association of homebuilders. It’s always a good idea to consider hiring a NARI or NAHB contractor. In most cases, both organizations only attract conscientious contractors interested in bettering the industry and in weeding out unprofessional contractors. In order to become a member, the contractor’s background and references are thoroughly investigated.

6. Will you pay all the required building permits?

Make sure your contractor pulls all required permits. This is very important. When a contractor pulls the required building permits, you know things will be done to “code”. Also, many homeowners’ insurance policies require pulling a permit on any major remodeling to keep your home property covered. Not all contractors will do this. Many prefer not to pull permits because of the time involved and the “hassle: with the inspectors. Some contractors may ask you to get the permits. This could be a warning sign that they are not able to pull the permit because they are unlicensed, or the work is outside of their license. A reputable contractor will permit every job where a permit is required.

7. Do you guarantee your work?
Your contractor should guarantee his work for at least one year from the date of completion. Some contractors guarantee their work for two or even three years.

8. Who will be in charge of the job?
Make sure the contractor or his foreman is on the job daily whenever work is being performed – especially if sub-contractors will be used. The responsible party must be intimately familiar with every aspect of your project. If you won’t be home during the construction and must leave the house unlocked, or leave a key with the contractor, you must feel comfortable. You can’t be worried about what is going on when you are not there.

9. Will you provide me with written references?

A good contractor will be happy to provide you with references. You should look for a well-established contractor who can give you several customer references from the last 6 months to one year. Ask for the name of the contractor’s accountant or banker. You want to ensure that the contractor is financially sound and won’t be declaring bankruptcy in the middle of your project.

10. How do you handle “dirty work”?

Construction is dusty and dirty! It gets everywhere, especially if any sanding is being done. Make sure the contractor will make an honest effort to keep the dust contained, or notify you when the heavy dust generating operations will take place or refuse container at the end of every day.

As Property Managers for the Phoenix area-we only work with highly qualified contractors or reputable handymen who work only for us and are held accountable to our high standards of quality and inexpensive repairs or rehab.

Hope this helps in holding your Property Manager accountable or to interview a contractor that you are looking at hiring now or in the near future.

Author:
Cecil Duarte- Designated Broker/Owner
Serving ValleyWide Realty and Management

Chandler Az 85286

Featured Property Manager of the Week-Colorado Realty & Property Management, Inc.

2010-01-22T12:45:00.000-08:00

At Colorado Realty & Property Management, Inc., our focus is on exceptional, full service management and leasing of rental propety, single family houses, condominiums, and townhomes in the North Denver Metro area and cities.

This includes the cities and towns of: Arvada CO, Boulder CO, Broomfield CO, North Denver CO, Eire CO, Firestone CO, Frederick CO, Louisville CO, Lafayette CO, Longmont CO, Northglenn CO, Superior CO, Thornton CO, and Westminster CO.

If you have decided to rent your home, already have rental property or just getting started with investment property and you want full service, professional property management, look no further! We provide comprehensive management services, including marketing, tenant screening, leasing, maintenance, and accounting. Our reputation is the best in the area – just ask our current clients.

Learn more about Colorado Realty & Property Management, Inc.

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Featured Property Manager of the Week-Tradewind Properties

2010-01-15T12:33:00.000-08:00

Tradewind Properties is a locally owned full service residential sales and property management company. Our goal is to provide unparalleled levels of service and integrity to quality sales, management and investment clients.

Don't settle for anything less than great customer service. You deserve a responsive, professional and well-trained staff with owners who are available and care about you and your property. Tradewind Properties will handle all aspects of caring for your property 7 days a week and 24 hours a day.

Learn more about TradeWind Properties

Find Property Management companies in Minnesota

Make Finding a Property Management Co. Easier on Yourself by Asking the Right Questions, Part 4 of 4

2010-01-11T10:29:00.000-08:00

This is Part 4 of a 4 Part Series where we have outlined important questions to ask a property management company before hiring them.

Part 1 Companies Credentials
Part 2 Property Management Services
Part 3 Property Management Fees
Part 4 Tenant Screening Process

Property management companies come in all sizes, capabilities and expertise. Just because one works for one investor does not necessarily mean they will work for you. Below we have outlined some important questions to ask a company during your initial interview process regarding their tenant screening process. Their answers to these questions will give insight into their business capabilities and can provide you with an understanding of the type of services they offer which are important to you.

Part 4 - Tenant Screening Process

Your new tenants moved into your vacant apartment last month and everything seems okay so far. She works and he has his own business, a consultant of some sort so he works out of the apartment. You like the fact of having an adult around your premises because you have had some issues with neighbor kids being rowdy and figure the kids will be less of a problem with an adult being around during the day. On their application they showed ample income to afford the rent and they seem like a really nice couple so you decided there was no need verifying credit history, previous rental history or if any evictions were recorded against them.

Now read below the different types of background checks that you should have performed and using the scenario above you will quickly understand what unfavorable consequences could occur if this is not done.

Credit check
A thorough credit check report will show past to present payment history of applicant. This will give you good insight into an applicants ability to manage money and debt. All credit score reports come with what is called a "FICO" rating. The "FICO" rating or score runs between 305 and 850, with 850 being the best. A general rule of thumb is 650 and up is good, 550 to 649 is open for review, and 549 or less may not be a suitable applicant. Evictions, bankruptcies, mortgage defaults and judgements may also show up on a thorough credit check report.
Note, Individual landlords may no longer receive copies of credit reports, or actual credit scores, of an applicant. The Tenant Credit Check report will simply inform you when an applicant passes your minimum credit grade that you have chosen for your property. A good alternative is to use a property management company or real estate agent to perform this for you.

Employment verification
Never assume an applicant will tell you the truth whether it be verbal or written down on an application form. It's your responsibility to verify this information with the proper source. In this case it would need to be verified through the companies human resource department or other employment authority. Also you may verify employment income by requesting to see their last few months pay stubs. This can confirm income is from legitimate sources and not illegal activities.

Criminal background check
Criminal Report includes felonies, misdemeanors, traffic violations, and incarcerations. The information in a Criminal Report comes from State records, Court records, and Departments of Correction records. Searches are made using first name, last name, and date of birth. A sex offender or drug trafficking could jeopardized a whole community especially in a multi-family atmosphere where you must make your property safe and habitable for all.

Eviction check
This report is run by using the applicants SS# and name. It pulls the past addresses associated to him/her and searches the housing courts database for any filings or evictions matching the name of your applicant. Evictions Report can include all court-reported evictions for all 50 states.

Rental history
It's always good practice to contact any previous landlord. Sometimes if the landlord is trying to get a tenant to leave their apartment they may say favorable things about the tenant only so that you will take them. But, you can at least verify the accuracy of the information such as lease terms, rent amount, occupants living there etc. Also drive by previous living quarters for further verification.

Karen McDaniel
President/CEO
Property Management Profile, LLC

Featured Property Manager Of The Week - Real Property Management Sacramento

2010-01-08T08:32:00.000-08:00

Real Property Management is a customer service oriented company specializing in the management of single family homes, small rental properties, and homeowner’s associations.
Our company has managed thousands of rental properties for over 20 years with a professional, well-trained staff of property managers, maintenance personnel, and accountants.

As a full-service management firm, we offer:

-Tenant placement

-Credit and criminal screening

-Regular property inspections

-Accounting

-Monthly financial reporting

-Maintenance services

-Collections and evictions

Learn more about Real Property Management in Sacramento.

Find property management companies in California

Make Finding a Property Management Co. Easier on Yourself by Asking the Right Questions, Part 3 of 4

2010-01-03T07:00:00.000-08:00

This is Part 3 of a 4 Part Series where we have outlined important questions to ask a property management company before hiring them.

Part 1 Company Credentials
Part 2 Property Management Services

Part 3 Property Management Fees

Part 4 Tenant Screening Process

Rental management companies come in all sizes, capabilities and expertise. Just because one works for one investor does not necessarily mean they will work for you. You need to know some important questions to ask a company during your initial interview process regarding fees they charge for their services. The answers to these questions will give you a good grasp of the total management costs you will incur in exchange for the managing of your rental property. By knowing the answer to these questions before hiring them could prevent future misunderstandings and unforeseen expenses.

Part 3 - Property Management Fees

Unlike a real estate sales commission, there is no standard commission that is charged for rental management services. Usually you will see commissions ranging from 4-15% of the gross monthly rental income. In addition to a commission fee you could be looking at any or all of the following fees:

-Lease-up or set-up fee

-Lease renewal fee

-Advertising fees

-Mark up charges on repair work

-Early cancellation fee

-Service call fees..etc

Do yourself a favor and get familiar with asking the questions below when interviewing a property management company. After you are under contract with a management company is not the time too find out how much your expenses will be. And some of these fees can be negotiated to meet your needs.

Commission
How much do you charge as a monthly commission? Do you charge this if my property is vacant or only when occupied?

Lease-Up or Setup Fee
Do you charge an initial set-up fee, and when do I need to pay this? If I cancel prior to you placing a tenant in my property is this fee refundable?

Lease Renewal Fee
Do you charge me a fee when you renew a tenants annual lease that is soon to expire?

Advertising Costs
Who pays for advertising costs? If the property manager does, ask where they will advertise. If it means placing your listing on their own web site and other free online classified sites you may not be getting your monies worth. There are many good online rental or tenant resources that will bring in qualified tenants for a reasonable fee and you will want to consider these. Nothing is worst than having your property vacant, bringing in no money only because you or your property manager skimped on advertising.

Maintenance Mark-up Charges
Do you charge a "mark-up" or percentage over the actual costs of any repair work, service calls etc?
Just one of those things to be aware of, as these all eat into your profits.

Early Cancellation Fee
Is there a cancellation fee if I decide to cancel my contract with your company if after 3 months no tenant?
Note: If the management company has invested advertising dollars and lots of time and effort in searching for a tenant, they may well deserve to be reimbursed for their out-of-pocket expense.

All of the above are the most common fees to be charged for property management services. Asking these questions will make your job a lot easier when it comes down to hiring a company to manage your rental property.

For a detailed explanation of all of the above fee terms go to Property Management Fees - Explained.

Karen McDaniel
President/CEO
Property Management Profile, LLC

Featured Property Manager of the Week-Wilson West Agency

2010-01-01T12:23:00.000-08:00

Wilson West Agency Realty & Management is the premier property management company servicing Raleigh and all of Wake County NC. Our goal is to provide superior service far exceding our clients expectations. We provide lease up, management, tenant placement and marketing only options for landlords.

Thank you for your interest in Wilson West Agency Realty & Management! Our organization has over 48 combined years of experience; we are very familiar with market trends, tenant services, and laws regarding management of property. Our policies reflect our commitment to insuring the best possible return on your investment.

Our market surveys provide our owners with a working knowledge of market trends. We research rental homes in the surrounding areas in order to establish a price point for marketing your home. All written offers received by our organization during marketing will be presented to you.

At Wilson West Agency Realty and Management, we feel our owners benefit not only from our experience in the industry, but from information regarding prospective tenants as well. We investigate credit, criminal, employment and mortgage/rental history on each candidate and report back to you with information to enable you to make the right decision.

Our Tenant Services Coordinator is available Monday through Friday during office hours to handle requests for maintenance or issues regarding lease violations. After hour emergencies are handled by our on-call staff. The Property Management Department at Wilson West Agency uses state of the art, North Carolina Real Estate Commission approved software to document all tenant and maintenance concerns. You will be provided with monthly itemized statements. Our Property Managers use only licensed, insured, and reputable vendors to service our properties. These vendors have been retained at discounted rates so as to minimize repair costs to you.

Learn more about Wilson West Agency

Find property management companies in North Carolina

Survey Results from Software Advice

2009-12-24T10:31:00.000-08:00

Here's a link to the results of the Dec.6th Survey survey we posted from Software Advice. Some of you participated in Software Advice's property management technology survey . Their goal with the survey is to create a 2009 snapshot of how property managers are using the vast amount of technology available to them.

They discovered some interesting things, including how many more units per employee a company can manage using property management software versus other systems.

To view the survey results Click here.

The cost of rehabbing your investments - Expect it

2009-12-16T09:50:00.000-08:00

Author: Joe Lavid of Property Management Inc. of SW Florida

I have a client "venting" his frustrations about the expense of upgrading his newly purchased duplex - a "foreclosure” that he rehabbing to get ready for tenants.

Does he have the right to vent?

The duplex purchased was for $55,000, and to get it ready for tenants he will need to spend about $3,500. The property 2 years ago sold for $240,000, overpriced maybe - but the revenue he will be receiving on the 2 units will be in excess $1300 a month.

People, who invest in these types of properties (foreclosures), do so in hopes of making good returns from them. Trying to set aside funds and budgeting is very important when dealing with a investment property. These costs include the cost of repairs, taxes, and advertising. The repair costs and taxes depend upon the age of the building and a proper provision for them has to be kept while determining the return from the realty.

Does he need a property manager? Well he resides in Europe, so definitely! For others, well the thought of dealing with tenants, preparing leases, taxes, maintenance, credit screening, annual reports, and eviction to name a few would be something to consider when taking a investment property.

Learn more about Property Management Inc. of SW Florida

Survey: How are Property Managers Using Technology?

2009-12-06T11:23:00.000-08:00

Since Software Advice launched their property management software buyer’s guide in early 2009, they have talked with over one thousand people during their search for property management software.
This week, they are moving from the anecdotal to the empirical with our Property Management Technology Survey.

The survey is a short one – only 15 questions – and will only take you a couple of minutes to complete. Their goal with the survey is to create a 2009 snapshot of how property managers are using the vast amount of technology available to them.

Help them out by participating in their survey

Go to Survey Now

Featured Property Manager of the Week - Home Property Management II, Inc.

2009-11-23T08:57:00.000-08:00

Home Property Management II, Inc. - Palm Beach Gardens, Florida

When you hire us to manage your property, you can expect this:

We advertise on almost50 websites
We list your property for rent in the Multiple Listing Service
We show to prospective tenants 7 days per week.
Your property can have a custom marketing video online.
We screen applications for credit and eviction history.
We negotiate an attorney prepared lease that protects you.
We collect your rents and security deposits. Tenants can pay rent online and we accept credit cards for rent. No one collects your rent faster.
If you're here because your tenant has stopped paying? You get discount evictions AND with our Eviction Protection Program, you won't have to pay to ever file another eviction again!
We deposit your rent electronically into your bank account in two days, or send you a check by snail mail. No one pays you faster.
We post your financial transactions online every day to our website with your username and password, you can log into your account. See when your money will arrive in your bank account. Keep an eye on your costs.
We inspect your property frequently every year, and offer you online video inspections
We repair and maintain your property using reputable vendors
We prepare your property for the market so you don't have to.
We prepare your security deposit refunds or claims per the Florida Legal Statutes. This is vitally important!
We represent you in insurance claims. After 3 hurricanes in 2 years, we're experts!
We coordinate utility accounts, cleaning, appraisers, adjusters, repairmen, etc... our hurricane response program is incredible, and has saved our clients thousands of dollars.
We constantly communicate with you via email, toll free lines, emergency repair lines and webmarketing reports.

Learn more about Home Property Management II, Inc.

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Featured Property Manager of the Week - T-Square Real Estate Services

2009-11-16T08:32:00.000-08:00

T-Square Real Estate Services Inc. - Woodinville, Washington

is a licensed real estate brokerage company that specializes in managing residential homes, multi-plexes, apartments, and commercial properties.

T-Square offers a superior level of service for those property owners that value expertise and understand the importance of a truly professional management company. At T-Square we pride ourselves on our ability to deliver value to our clients by building uncompromising and long-lasting relationships with our property owner clients.

T-Square maintains active membership in the following professional organizations:

National Association of Residential Property Managers
Institute of Real Estate Management
Northwest Multiple Listing Service
Residential Housing Association
Commercial Brokers Association

Learn more about T-Square Real Estate Services

Find property management companies in Washington

Featured Property Manager of the Week - DuBose Realty Group

2009-11-09T08:10:00.000-08:00

DuBose Realty Group - Southfield, Michigan

DuBose Realty Group is a full-service Property Management company servicing Detroit and its surrounding suburbs. We manage single family homes, flats, apartment buildings, condominiums, and cooperative associations. We are affordable and reliable, and our goal is to get the highest return on your investment while making your experience as a landlord easy and worry free!

Our services include, but are not limited to:

Aggressively Marketing Your Vacant Properties

-On our Saturday Morning FM Radio Show
-On our billboard signage and in the Malls
-With Several Section 8 Offices
-On the MLS System
-With Insurance Relocation Services
-Email Blasts
-With Corporate Relocation Services
-On the internet

Frequent Open Houses
Tenant Screening and Placement
Rent Collection
Full Maintenance and Rehab Services
Home Inspections
Eviction Services...and more!

DuBose Realty Group is a licensed full service real estate agency as well, therefore should you want to sell your portfolio of rental homes, or purchase new ones, we can help! We are proud members of the National Association of Realtors and the Detroit Association of Realtors with complete MLS access. We want to be your Make-It-Happen team!!

Learn more about DuBose Realty Group

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Featured Property Manager fo the Week - Oz Accommodations, Inc

2009-11-02T18:49:00.000-08:00

Oz Accommodation, Inc. - Lenexa, Kansas

The company was founded April 15th, 1993, to be the premier provider of Corporate Housing in the Kansas City Market. The company expanded services to include Property Management, Real Estate Brokerage Referral Services, Real Estate Investment Consulting Services, Property Rental Services, and Property Maintenance Services. Oz has enjoyed substantial growth while earning a reputation for excellence, making Oz Accommodations the preferred provided of reality rental services for real estate investors with rental property.

Oz Accommodations Inc., offers property owners peace of mind with services and experience to make your property investment, yield maximum returns. Our mission is to protect and enhance your investment performance while providing you trouble free, high quality, property management, with INTEGRITY. We are well connected with Kansas City's Best Corporations looking for quality properties, for transferees and executives. We can offer property owners a broader market of potential high quality renters. We work directly with other leading Real Estate Firms in attracting potential renters. Oz Accommodations can customize the best possible plan to achieve your property investment objectives. The following represents summary of our services.

Oz Accommodations has invested heavily in technology enabling our owners to access data regarding their respective properties via the web, to get real time information of accounts receivables of tenants, collection effort activities, rent rolls, information of transactions such as money received, money disbursed, and maintenance activity.

Learn more about Oz Accommodation, Inc.

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Featured Property Manager of The Week - Allied Property Management Group, Inc.

2009-10-26T18:40:00.000-07:00

Allied Property Management Group, Inc. - Fort Lauderdale, Florida

In Palm Beach, Broward, Miami-Dade, St. Lucie, and Martin Counties, Allied Property Manangement Group, Inc. Rental Management Division offers leasing and management to rental and investment property owners as well as apartment and multi family buildings.

Allied Property Management Group Inc.'s committment to service excellence and industry leading use of technology offers our clients unparrelleled service & value, and has made us a top choice in the markets we serve.

Our Capabilities

Tenants can pay rent online with an e-check, debit from their bank account and also with a credit card. This feature increases tenant satisfaction and speeds the process of collecting and submitting rent to you
We provide you a monthly online statement of income and expenses
We have established relationships with many vendors to help ensure the best pricing and honest work
We use one of the best, industry specific software packages to run our management database and accounting functions – No QuickBooks!
We pay you by direct deposit so you get your money faster, no matter where in the world you are
Tenants can submit maintenance requests online
Our thorough screening process that also allows tenants to submit their application online
Ongoing education and certifications

Learn more about Allied Property Management Group, Inc.

Find more property management companies in Florida

Landlord and Property Managers must changed with the Times

2009-10-25T10:57:00.000-07:00

This economy has been tough on the real estate market to say the least. And many real estate companies have had to change the way they do business, especially when it comes time to finding new clients.

What about the rental management industry? We would think the rental market would be doing well, since so many homeowners are now being forced to become tenants, that the landlords or property management companies phone would be ringing off the hook. New would-be tenants would be flocking to their offices looking for a place to live. Maybe some are getting extra business, but the climate and type of clients are quite different from the pre-economic woes.

In todays environment the prospective tenant has more options than ever could be imagined. The inventory of available rental properties is enormous, lease with option to buy are becoming the norm as well as the desperate landlord that has no choice but to reduced his rental rate to unrealistic levels so as to bring some type of income in or face foreclosure.

Today rental market is a tenants dream scenerio and a landlords nightmare that unfortunately has few winners.

Even though rental rates are at record lows, tenants are still finding it difficult to qualify for a lease for the following reasons:

1- Many new tenants are previous homeowners that have poor credit due to a recent foreclosure which makes it difficult to qualify

2- Many new tenants recently lost a job and can not show steady employment

3- Many new tenants are looking for short term leases due to unstable jobs

4- Many new tenants household incomes have been cut in half making it impossible to qualify

5- Many new tenants can not come up with the required security deposit or other monies to

secure a property

For the Landlord or property manager many new challenges have become apparent:

1- You are competing amongst not only the current pool of rental properties, but now all the homeowners who can not sell so will rent their property instead.

2- It's very difficult to find a qualified tenant and if you do chances are you better give them a offer they can't refuse, cause the next landlord will.

3- You may have to loosen the reigns when it comes time to your screening

4- You may have to loosen the reigns when it comes time to asking for full security deposits upfront

5- You may have to change your per policy and start accepting pets if you didn't before

If you have a property management company helping you to secure a tenant, they should be doing things different. They can not wait in the office for the phone to ring anymore. They must be more aggressive in they advertising, showing properties even if this means after hours, move-in incentives, freebies...you get the picture.

Times are tough and this means making tough decisions. There no winners, but hopefully by making some changes we'll be the one that are still standing after its all said and done.

Karen McDaniel

Principal/CEO

Property Management Profile, LLC

Property Management Software - Your Property Manager Shouldn't be Without It

2009-10-21T13:40:00.000-07:00

Nowadays to stay competitive and run your property management office like a lean machine, you should consider using some sort of property management software. There are many different products out there but Chris Thorman of Software Advice does a nice job of pointing out some cool features these software programs can offer you to make your life easier as a property manager. Check out his software reviews below.
Reposted by: Property Management Profile

Six Things Property Management Software Makes Easy
Author: Chris Thorman of Software Advice

If you’re like most property managers, your work day is stuck in the 20th century. Rent checks are collected through a metal drop box. Brochures sit idly by outside of your office. Your web site consists of one page with a phone number, e-mail address and a few photos. Enough paperwork is collecting in your office to create a fire hazard.

I want to point out six things that property managers can really master in the 21st century, thanks to the latest property management software systems.

Managing Leads to New Tenants

According to Apartment Internet Marketing, 46% of apartment prospects inquire about a property after normal 9 AM to 5 PM office hours.

How are you currently tracking these? Through e-mail? Scrolling through your Caller ID to check missed calls? Do you even know how effective your current advertising methods are?

Fortunately, many property management software applications will collect and organize your leads from all sources, even after you’re out of the office. Rent Manager is one company that is integrating marketing with it’s property management software.

A modern property management application can:

Collect call information from prospects inquiring after hours
Respond automatically via e-mail to internet prospects
Track e-mail open rates so you can follow up with those who haven’t seen your response
Broadcast e-mails to the leads you’ve collected but haven’t converted
Log the source of leads to your web site (Craigslist.org, Apartments.com, etc)
Track leads from offline sources through the use of specific phone numbers
Integrate with your online advertising methods (pay-per-click, banners ads, etc.)

In our opinion, this is the wave of the future in property management software. With more and more people every day going to the internet to look for properties, integration of web services with your property management software will be the difference between surviving and thriving.

Connecting with Your Tenants

Don’t be that property manager on ApartmentRatings.com whose tenants claim is never around.

Running your office on one of the leading property management software applications will allow you to:

Generate e-mail blasts to your tenants and rental owners
Create community forums to discuss important topics and feedback
Manage online calendars of events and important dates

In short, your property management software becomes your communication hub between you, your tenants and your rental owners. There’s no need to combine three of four different, separate services that don’t talk to each other. Moreover, you’ll be present without having to knock on every door.

Automation of Regular Tasks

If the rent deadline has passed and a tenant has not paid their rent yet, what do you do?

Typically, you either call them on the phone or drop off a notice at their door. That’s too much manual effort. Your property management system should email them an alert or late rent notice immediately. No need for you to type, print, mail or deliver.

Property management software can even ease the pain during one of the most stressful times of the year – tax season. Buildium’s property management software will automatically generate 1099 tax forms for vendors and rental owners and even file them electronically to the IRS. All of this is done from within the software itself.

The advantages of automation are clear: more time to focus on more important tasks (like finding leads), fewer mistakes and an overall higher level of efficiency.

Others tasks that have been automated by property management software are:

Rent increases
CAM charges
Preventative maintenance scheduling
Lease expiration notices
Tenant log in to view account details

Many of your automated notices to tenants can be emailed directly from the property management software or even sent to mobile phones.

Advertising with Popular Web Sites

Put yourself in the shoes of a prospective tenant. Where are you going to look first for a new apartment or home? More than likely, you’re going to start your search at Craigslist or another website.

Property management software company Appfolio integrates the ability to post listings to Craigslist directly into it’s software, making posting vacancies to the hugely popular web site that much easier.

Appfolio uses the information you’ve already entered and are managing about your properties and ports that information directly to Craigslist. No double entry and no time wasted managing your Craigslist account separately.

And it’s not just about making it easy to post to Craigslist. Appfolio allows you to design a custom template (pictured right) that makes your Craigslist posts stand out among the typical, text-only ads.

Building a Web Site that Integrates with Your Software

If you can count the number of pages on your web site on one hand, chances are it’s not doing much to help keep your occupancy rate high. You need more than a digital business card. What you need is a web site that appeals to prospects, tenants and property owners alike.

A good number of property management software systems out there give you the option to build a slick, fully functional web site that integrates directly with their software.

Property Ware and Rentec Direct are a few of the many property management software suites that give you this build-a-web-site option in addition to their other property management software services. They’ll build a fully customizable web site with all of the features you need.

Advantages of customizable property management web sites include:

No coding or site maintenance is need on your part
Installation is quick and painless
They’ll manage your domain name
Web site analytics built into the software
Built in forms increase your lead generation
All of this is integrated directly with the property management software

Instead of having one company handle your web site design and hosting and another handle your property management software needs, why not have one company do both?

Going Green

Eco-conscious tenants are increasingly concerned with the environmental footprint of their home, even if they are a tenant rather than an owner.

Here’s a list of ways that property management software helps property managers save energy and save paper:

Storing documents digitally, resulting in fewer lost documents and less paper
E-mailing renter’s statements at their request instead of printing out paper statements
Scan renter’s checks and upload them electronically
Web-based property management eliminates the in-house server, saving energy

Going green isn’t just about saving energy and trees. It also helps you increase your efficiency:

Digital document storage cuts the time searching for documents dramatically when you can type in a search instead of rummaging through a massive file cabinet
E-mailing out monthly statement’s is quite a bit quicker than printing, stuffing envelopes and making the rounds on your property dropping off statements
Imagine eliminating those weekly, sometimes daily, trips to the bank when you can scan and uploading a renter’s check from your desk
Web-based property management software virtually eliminates IT headaches (and time spent dealing with those headaches) because your software vendor hosts the software on their own servers

If you do take these energy saving measures and advertise them, you’ll attract more customers. And depending on the extent of the “greening” of your properties, you’ll be able to charge more in rent too.

What else does property management software help you do better? What things do you want your property management to take care of that it currently doesn’t?

Featured Property Manager of The Week - PRODIGY INTERNATIONAL REALTY

2009-10-19T18:26:00.000-07:00

Prodigy International Realty - Sunny Isles Beach, Florida

Prodigy International Realty provides all services required for the management of your property. We offer a wide array of property management services, which are very beneficial to the international or out of state homeowner who needs someone to take complete care of their investment property or vacation home in Florida.

Because our property management portfolio is boutique style, we can offer our clients the personalized attention that their assets deserve.

Our Specialty is the rental, management and sales of Condominiums, Townhomes and Single Family Homes, serving the needs of property owners and residential tenants in metropolitan Miami-Dade and Broward areas.

If you currently own or intend to purchase residential property for rental in Miami- Dade and Broward counties, consider using our property management service. You will find it both professional and cost-effective; we know how to manage property for optimum performance, while ensuring smooth running tenancies.

Learn more about Prodigy International Realty

Find more property management companies in Florida

Help for the Rental Property Owner - Is there such a Thing

2009-10-18T09:35:00.000-07:00

We all know how difficult it's been in this economy. The real estate market has taken a huge hit with record foreclosures, a failing mortgage industry and homeowners seeing their home equity disappear. Some homeowners are finding some relief by refinancing through one of the loan modification programs available for struggling homeowners. The current administration is heavily focused on keeping homeowners in their homes.

When the real estate market was good, many people were looking to get into home ownership and take advantage of the favorable lender environment. In another corner, many investors were buying up rental properties at record pace to capture the low interest rates, "zero downs", 100% financing and attractive ARM's not normally available for rental properties. And with so many baby boomers on the horizon, many were buying as second homes for their future, but using them as rentals for the short term. Of course, all assuming the market would continue to go up, equities would continue to rise and they'd have retirement funds in abundance.

Unfortunately this did not happen and many of these investors are now holding onto investment properties that have lost much of their value, have mortgages set to re-adjust at higher rates and are now becoming long term landlords.

Many have tried to apply for the same loan modification or refinance programs that are being offer to homeowners in their primary residence, only to find out that most of these programs do not apply to properties in the catagory of "investment properties", especially if the original financing terms were catogorizes as a "second home" and now the property is used as a rental.

Also if a second mortgage is attached to the rental it can almost be impossible to get the second lienholder to subordinate and allow the 1st mortgage to be modified. Nor would it be easy to get the first lienholder to consolidate 1st and 2nd mortgages together as this would most likely cause an upside down mortgage (over 100% financing).

As a result there are not many options for a property investor other than to try and stay afloat and hope their tenant never moves out. Or lose your property to a quick sell (hoping to break even), a short sale or worse foreclosure.

To me it's interesting this administration hasn't given much thought to the needs of property investors, as this group of people are not only helping the economy by offering affordable housing to many that have lost their homes, but also to the fact that these investors create many jobs in the building industry, supply income to the state and city by way of property tax revenues, banks, tradesmen, carpenters, real estate companies and property management companies.

Karen McDaniel
Principal/CEO
Property Management Profile, LLC

Featured Property Manager of The Week -

2009-10-12T18:17:00.000-07:00

Capitol City Properties, Inc - Washington D.C.

Capitol City Properties, Inc. is a full service property management and Real Estate Brokerage firm. We take pride in the services we provide to our property owners and clients. As property management specialists with unique expertise in managing apartment buildings, condominium associations, strip shopping centers, residential and commercial properties, we provide comprehensive commercial real estate services. Capitol City Properties, Inc. is committed to preserving the value of an investment/rental property while generating income as an agent for its clients. When you engage Capitol City Properties, Inc. to manage and operate your investment property, you are assured to receive top quality professional services and advice.

We build relationships based on trust, proving time and time again, that service reigns as the number one factor in finding a quality real estate company to work for you. We work closely with each client; to make sure that every angle is examined, offering options based on value to your business or your personal investment. Contact us and find out why we emphasize INTEGRITY.

In the Property Management division everything we do is focused on the ultimate goal of maximizing our client’s cash flow and increasing the net value of their investments as if we own it. From marketing to accounting to maintenance issues, we develop a customized business plan for each property. Then, we find the best people to execute it.

Learn more about Capitol City Properties, Inc.

Find more property management companies in D.C.

Featured Property Manager of The Week - Fletcher Property Management, Inc.

2009-10-05T17:58:00.000-07:00

Fletcher Property Management, Inc. - Little Rock, Arkansas

A leader in the property management industry, Betty received her broker’s license in 1999 and opened Fletcher Property Management, Inc., CRMC^® for business on January 1, 2000. After joining the National Association of Residential Property Managers (NARPM^®) in 1999, she served in varying capacities on both a local and national level. Locally she is the founding president of the Central Arkansas Chapter of NARPM^® where she is still an active member. Her service on the national level includes chairing the Membership Committee, the Editorial committee, 6 years on Board of Directors. She is proud to have utilized the Endless Possibilities of NARPM^®by serving as the 2008 National President.

After completing extensive coursework and industry service work, Betty achieved the elite Master Property Manager (MPM^®) designation in September 2002. Betty is a frequent speaker at local, regional and national property management meetings and conferences as well as having numerous articles published in management specific national publications.

Learn more about Fletcher Property Management

Find more property management companies in Arkansas

Featured Property Manager of the Week - Real Estate Investor Service

2009-09-30T07:31:00.000-07:00

Real Estate Investor Service - Elmhurst, Illinois

Real Estate Investor Service is dedicated to understanding our clients' individual needs and providing them with exceptional real estate experiences. We put each unique client at the center of the process, delivering superior service with insight, innovation, and integrity. We strive to develop life-long relationships with each and every client. Our clients' trust is at the forefront of everything we do.

Real Estate Investor Service represents only the finest of properties in Chicagoland. We conduct all forms of residential and commercial real estate property management, brokerage, project management, and consulting.

Learn more about Real Estate Investor Service

Find more property management companies in Illinois

Make Finding a Property Management Co. Easier on Yourself by Asking the Right Questions, Part 2 of 4

2009-09-28T05:52:00.000-07:00

This is Part 2 of a 4 Part Series where we have outlined important questions to ask a property management company before hiring them.

Part 1 Companies Credentials
Part 2 Property Management Services
Part 3 Property Management Fees
Part 4 Tenant Screening Process

Property management companies come in all sizes, capabilities and expertise. Just because one works for one investor does not necessarily mean they will work for you. Below we have outlined some important questions to ask a company during your initial interview process regarding services they provide. Their answers to these questions will give insight into their business capabilities and can provide you with an understanding of the type of services they offer which are important to you.

Part 2 - Property Management Services

Properties they manage - Property management companies are as different as car dealerships are to each other. For example, a Mercedes dealership will have the best inventory and the most knowledge of the latest selection of new Mercedes. You could visit the Toyota dealership in your neighborhood, but chances are you will not find what you are looking for. Of course, they would love your business and will try and talk you into why a Toyota is a better fit for you than a Mercedes.

Same with a property manager, they are not created equal when it comes down to their property portfolios. You need to ask what types of property they manage and make sure your type of property is one they manage. If you own a single family home, a company that manages mostly large apartment buildings or commercial property would not be a good match. In this case, your best match would be a company that has a minimum 50% or greater of single family homes in their rental pool.
Some companies manage all types of investment properties...single family homes, apartments, commercial and community associations, but chances are they hold a specialty in one or two areas.

Inspections - A thorough property inspection should never be overlooked by a property management company. A property inspection needs to be conducted upon tenant move-in and at move-out. A property inspection can range from drive-bys, a walk-through or a video inspection. If disagreements arise between tenant and manager as to items missing or damaged, actual documentation from the move-in inspection and pictures of before and after hold validity versus a verbal agreement.
A video inspection of the interior as well as the exterior of property is the best option. Still pictures are good, but sometimes do not capture all areas of property. The video will not only capture all areas, but is easily interpreted and validated as the subject property. A signed checklist at move-in from tenant validates that tenant concurs with the inspection findings.

Maintenance - When it comes time to performing maintenance or repair work to their rental properties some property management companies have their own in-house maintenance personnel. These are usually employees of the company and are paid a salary through the company. The costs or hourly rate of any maintenance or repair work that is required will be dictated by the management company itself.
On the other hand, the management company may decide to outsource all or some maintenance work to outside vendors. These vendors could range from a handyman, specialized tradesman such as a plumber or a large facility that performs all types of maintenance work.
There are pros and cons to both and I do not advocate one over the other but will outline a few points of interest:
In-house Maintenance
Pros:
- More readily available, since they work within the management company
- Direct communication with management company and their policies
- More intimate with property...they are the "one" contact and know the history of your property

Cons:
- May be more of a "jack of all trades" versus being specialized in a certain field and having the appropriate licenses
- May not be as determined to perform or finish maintenance work in a timely manner as he/she is not being paid based on the job. Whether he/she finishes in 2 hours or 8 hours, its all the same.
- If in-house maintenance crew is not available, either the repair work waits or the company will need to search for a outside vendor on short notice

Outsourcing Maintenance
Pros:
- This allows the property management company the luxury of competitive bidding among vendors, which could equate to lower costs
- Vendors will be eager to sign contracts with a property management company that can bring stable business to them, and as a result will most likely perform quality work in a timely manner
- Most vendors will be specialized tradesman carrying all required licenses, insurance and being bonded

Cons:
- Some property management companies will add a surcharge or mark-up above the actual cost of any repair work to cover their time in acquiring these bids.
- If work was not completed properly, it may be difficult to get the vendor back on the job.

Another option is coordinating all maintenance work yourself. This may work for you if you have reliable contractors you have work with and are dependable. You can probably save yourself some money but this will involve a bit of your time on your part.

Accounting - Most full service property management company will offer as a customary service some type of accounting procedure. This usually comes in the form of a monthly paper statement itemizing all income and expenses funneled through the management company on your property for that particular month. It will show rental income and any expenses such as management fees, repair costs, lawn care service, advertising charges, lease renewal fees and possibly utility charges. The monies owed the owner also referred to as the net amount should be clearly spelled out on this statement. The monthly statements are usually mailed every month to the owner along with a deposit check for the net amount. You should also be provided with a end year statement along with a 1099 for tax purposes.
With the advancement of online technology many management companies are now offering their owners the ability to view and print their monthly statements via the companys' website or online portal. These portals have the ability to store other documents such as the management contract, vendor invoices, pictures of property, inspection reports etc...all at your fingertips.
Another great advantage of working with a savvy property management company is their ability to setup automatic deposit of your monthly checks. No more waiting for the postal service, your deposit checks can be deposited directly into your bank account. Chances are they will also have the ability to setup automatic debit of tenants rent from either a checking account or credit card.

Coming soon: Part 3 of 4 "Make finding a property management company easier on yourself by asking the right questions - Property Management Fees"

Karen McDaniel
President/CEO
Property Management Profile, LLC

Featured Property Manager of the Week - SouthCoast Properties

2009-09-23T07:23:00.000-07:00

SouthCoast Properties - Savannah, Georgia

Your Home is our Business. SouthCoast Properties is a family owned and operated company serving the Savannah and surrounding areas property owners. We manage single homes and multi-family property throughout the region. Our clients include homeowners living in Georgia and throughout the globe.

All property managers are licensed real estate agents and have over 80 years of combined real estate experience. Each of our property managers is knowledgeable, professional, prompt and courteous, which is one reason our clients stay with us for so long.

Our team of professionals realize your property is a valuable investment and manage your property as if it were our own.

At SouthCoast Properties, our primary goals are to:

Maximize Your Cash Flow: We are committed to obtaining the maximum amount of rent for your home that market conditions will bear, thereby maximizing your income. We also work hard to minimize the cost of repairs and maintenance using our extensive network of contractors.

Minimize the Vacancy Period: We are committed to designing and executing a targeted marketing plan to rent your property as quickly as possible, thereby minimizing the time that your rental is not generating income.

Protect Your Investment: We thoroughly screen prospective tenants and manage your property in a discreet, professional and competent manner.

Do the Work for You: We handle everything so you can spend your time on more important things!

In addition to providing professional property management services, we also provide extended services such as purchase and sales representation.

Please contact us today and order your free management package. Let SouthCoast Properties take care of all of your property management needs.

Learn more about SouthCoast Properties

Find more property management companies in Georgia

Free rental ads - More Harm then Good?

2009-09-08T14:29:00.000-07:00

I recently had a vacancy in my house in Myrtle Beach, SC and decided to post a "Free" rental ad promoting my property in one of the largest "Free online classifieds" website. I've posted here before and have had good luck and bad. The good being I got lots of leads...the Bad being someone duplicated my ad and posted it for less rent and was trying to get people who responded to his ad to send him money to secure my property. From this lesson I learned never to display your name, nor the full property address on your ad. This way you don't have angry people coming to your property asking for you by name and saying they sent you money but have no keys to the property.

But my recent posting for my Myrtle Beach property really took me for a loop. No name displayed on ad and I only put the street name...no house number. Close enough so they could get a feel for the neighborhood if any prospects did a drive-by. And of course attached lots of pictures to the ad...cause prospect like to see pictures.

Then one day I got an email from a prospect. I called her and we talked and I told her the rent was $995 as stated on the ad and tenant pays all utilities. She followed up with an angry tone stating my ad was being advertised for $700 and all utilities are paid by owner.

I told her this must be a different ad, but sure enough there was an ad just like mine, same title, same pictures, same content except the rent was like she said.

But, what was really wierd was the full house address was on this ad.
How could this be? I never put the full address on my ad.....who could possibly have known this?
I contemplated for awhile, got angry at why this was happening to me and wondering if this happens to everybody else?

Then I took a closer look at the fake ad and something caught my eye. There was an email address given if you wished to reply to the ad. Something looked familiar...I recognized that name...where have I seen that name before......

O My God...That's my previous tenant! What on earth is he thinking? He moved out a month ago due to job relocation. Was a fine tenant while he was there, paid on time. I didn't throw him out. What was his problem?

Okay so I had to deduct part of his security deposit for some damages. That's normally what you do...tenant does the damage...tenant pays for damages.

I'd thought I'd seen it all, but that one, I wasn't ready for. My own tenant, trying to get even, would go out of his way to find my ad, duplicate it and steer potential tenants away. Unfortunately it's easy to do, cost him no money because it's Free and he can be anonymous (as long as you don't use your full name in your email address).

So now I ponder the pros and cons of free rental ad sites and wonder am I doing more harm than good. I haven't come to a conclusion yet. I do like Free, but I believe it may come with a price.

Karen McDaniel
President/CEO
Property Management Profile LLC

Featured Property Manager of the Week - Lamoureux Property Management Co.

2009-09-02T07:26:00.000-07:00

Lamoureux Property Management Co. - Everett, Washington

You've worked hard to get to where you are. It's time to start reaping the benefits of your efforts and cut the leash of worry that binds you to your investment properties.
Managing a rental home can be a daunting task. Washington State laws are very "tenant-friendly" and can often leave you at the mercy of your tenants' every beck and call. You need peace of mind. You deserve to have the freedom to leave town without wondering who will answer that emergency call in the middle of the night.

Lamoureux Property Management will answer that call!

As a full service property management company we provide the professional knowledge and expertise to actively market your property using quality, proven, marketing techniques in order to find you a suitable tenant.

Our contracts are easy to understand and are specifically written to protect you, the owner, to the fullest extent of the law. We have active and attentive property managers and an emergency maintenance and rental hotline available at all times.

So stop worrying and let us manage it!

Learn more about Lamoureux Property Management

Find more property management companies in Washington

Selling Occupied Rentals

2009-08-26T18:30:00.000-07:00

Author: Lambert Munz

Our leases, and many others, address the showing of units to prospective buyers. The agreement language refers to this as "exhibiting the premises to prospective or actual purchasers".
When a tenant is given notice to allow agents to show units as well as being reminded that their lease requires them to do so, guess how they feel. They are upset because a) strangers are going to disturb their daily routine and work schedules. b) They are going to be kicked out as soon as it sells. At this point they do not give a tinker's damn about the owner's need to sell. They are going to be hard to reach and are not going to cooperate by taking off work to show units. Also, the tenants are probably in no mood to clean the unit every time an agent calls.
What about putting a lockbox on door allowing agents to enter when the tenant is gone? At our company, we reserve the right to cancel our contract if a lockbox is put on a door without the tenant's permission. It is a liability we don't wish to share. If a tenant does agree to the lockbox, then we will ask in writing that we be excused from liability as we have no control over who is entering the home. The listing agent doesn't even know who the parties are and agents will enter without calling. Anyone could walk in the middle of something private/personal.
THE SOLUTION TO THE PROBLEM IS SO SIMPLE - It is called compensation, AKA money. Money does wonder to gain cooperation. Resentment seems to vanish.
This reminds me of a story about my wife. Years ago, she was managing a large community of over 400 units. The owner decided to sell. Of course, my wife became concerned about whether or not the new owner would retain her or that the company she worked for would transfer her to another job.
This was a large transaction and the seller was a sophisticated investor. He told my wife's boss that he wanted to give my wife a $4,000 bonus for help with the sale with the new buyer. The boss told the owner that this was not necessary. The owner insisted that my wife be given this bonus as he wanted the transaction to go smoothly. He knew my wife had other concerns besides his successful sale. However, with the added bonus, my wife was enthusiastic to help the sale be consummated. With a $4000 bonus, she could worry about another job later.
The magic of cooperation is so simple and is often overlooked or purposely ignored.
The tenant is being inconvenienced and their privacy disturbed. It only makes sense that they should be given the courtesy of compensation for their cooperation.
An addendum can be prepared that will give them a free month's rent or a move out bonus. A condition of receiving the bonus will be a tidy house for showing and agreed upon showing times. No knocks on the door without proper notice.
Agents should use this same strategy regarding property managers when needing their cooperation with the sale of an owner's property. The property manager at this point is thinking that they will no longer manage the home and the enthusiasm for helping is disappearing. Think about cutting them a bonus if the sale goes through. The result will help in spades -- simply because nobody else does it.
I had an agent one time ask me if I would show the units for her. Guess what my answer was.

My name is Lambert Munz and I have been licensed as a Real Estate Broker for 44 years with the CA Dept of Real Estate. I currently am President of Arbour Real Estate Management, Inc. Background was as a Buyer's Broker for Investment properties. Currently a property manager and have been for 27 years. We offer residential and commercial management services. I hold two designations: RMP Residential Management Professional and MPM Master Property Manager. Awarded by NARPM National Association of Residential Managers. Past President of NARPM Sacramento chapter. My services are available in Sacramento CA. Visit my web site at Arbour Real Estate Management, Inc.

Featured Property Manager of the Week - LB Property Management

2009-08-24T11:02:00.000-07:00

LB Property Management - Sherman Oaks, California

Apartment Management has been the cornerstone of our company since it's inception in 1988. LB is the recognized leader in successful apartment management. LB Property Management has an extensive background in all aspects of apartment management including taking projects from the ground up successfully. We have specialized departments that work together in meeting all of your property's needs. Once the contract is secured you will be assigned a supervisor who will be your main contact. There will of course be a team of people assigned to and working on the project however the property supervisor will be your liaison to the other team members. You will have access to all those working on your project. All of our supervisors carry blackberry phones so they can receive e-mails in the field and so that clients can reach them when needed.

Learn more about LB Property Management

Find other California Property Management Companies

Featured Property Manager of the Week - MySmartlease

2009-08-17T10:53:00.000-07:00

MySmartLease - San Bernardino, California

Our People Make the Difference - We believe that the key to our success is in the personal relationships that we have developed with our customers over the years. MySmartLease Management has assembled some of the most talented residential property managers in Southern California. Our experience and knowledge in managing single-family homes means savings for you. Our entire staff is well-compensated employees of our company with ongoing training surpassed by few in the industry. Leasing Consultants - Because we average dozens of prospective renter calls each week to our office, we dispatch our leasing consultants who show rental homes 7 days a week. Our leasing consultants are specially trained in the art of assisting prospective renters and leasing properties. This increase in showing efficiency, coupled with specialized training means results for our property owners, not to mention a tremendous benefit in time and savings to our qualified renters seeking quality homes. Video Taped Property Inspections - If you believe that a picture is worth a thousand words, then Video Taped Property Inspections are just one more reason why you should hire MySmartLease as the property manager of your single family home, condo, town house, etc… There will be little question as to "What the property looked like prior to move in". Adding this enhancement provides peace of mind property management for property owners who want to protect their property AND their residents who want to ensure the return of their security deposit. We Show Rental Properties 7 Days a Week - MySmartLease is open for your convenience 6 days a week, (excluding national holidays). We realize that often time’s renters seeking quality rental homes must have after hour or weekend appointments. We also realize that the management of rental properties doesn't stop on Friday's at 5:00PM.. We have property managers on call 24 hours a day to handle any situation for our customers.

Learn More About MySmartlease

Find other California Property Management Companies

Featured Property Manager of the Week - Bluebonnet Properties Inc.

2009-08-11T10:48:00.000-07:00

Bluebonnet Properties - Waco, Texas

Our business background is founded on the principles expressed by James Cash Penney, founder of The Golden Rule Store, in 1902. When you first contact us, you will receive a Welcome to Bluebonnet Properties to read. It will lead you to the story, How to Love Your Landlord, a story detailing the plight of a person who needs to rent a home. In the story, you will find who we are and how we feel about what we do. Realtors don't like being property managers. Owners don't like being property managers. Property managers don't usually like being property managers. We all like it and that's why people hire us. If you would like to see a list of referrals, I can send you emails and phone numbers of people who have hired us and are satisfied with our work. Most of our clients have never met us in person but stay with us over long periods of time. We hardly ever have a client leave us for reasons other than our completing our mission, selling the house after it's value as a rental is expired. I can always be reached. Call me. Mickey

To learn more about Bluebonnet Properties Inc. click here

Texas Property Management Companies

Adversity For Some Brings Opportunities For Others

2009-08-05T07:00:00.000-07:00

Author: Lambert Munz

This economic crisis has caused a great deal of hardship for many. Losing a home and losing a job is devastating. For others, this may be an opportunity to buy affordable homes that were unreachable before. If people have a job and feel comfortable with the future, now is the time to take advantage of the low prices and interest rates.

For investors, now is the time to buy investment property if they are able and ride on up the increased values that will happen again.

I knew the market would eventually crash, and when a realtor friend asked me if I was planning to "move up" using all of the equity I had acquired with my present home, my response was, "my home is overpriced and so are the others". I remember Alan Greenspan, the former fed chairman, stating that real estate would experience a soft landing. I thought, well, he is an expert he should know.

I secretly felt that the market would crash, but didn't want to appear negative to my real estate buddies. Anything that increases in value that quickly will come down hard later, especially when the values are higher than the median income of the community.

What then, was driving the market?
Speculation along with fraudulent loans made to unqualified people. Speculators sell to other speculators until the last one gets the one before the crash.

I feel very lucky because I bought my home nine years ago and the value went way up but later dropped about $200,000. Yet, I still bought $55,000 less than the current value today. Some financial planners will tell you to not pay off your home quickly, but rather to invest in more lucrative investments that will return more than what your current interest rate is along with the tax deduction. I wonder what they are saying today.

I am not a financial planner, but my advice is to pay your home off as soon as you can. Some will say I will lose my tax deduction. Think about this scenario. You are paying $1.00 and depending on which bracket you are in, for example 30%, you are saving 30 cents. I have a plan for you - pay off your home and pay me the amount of your former house payment for real estate services and deduct 30 cents for each dollar you pay me. You will have a free and clear house and still have your tax deduction.

My best to you and good luck in the future. Good times will return again.

My name is Lambert Munz and I have been licensed as a Real Estate Broker for 44 years with the CA Dept of Real Estate. I currently am President of Arbour Real Estate Management, Inc. Background was as a Buyer's Broker for Investment properties. Currently a property manager and have been for 27 years. We offer residential and commercial management services. I hold two designations: RMP Residential Management Professional and MPM Master Property Manager. Awarded by NARPM National Association of Residential Managers. Past President of NARPM Sacramento chapter. My services are available in Sacramento CA. Visit my web site at Arbour Real Estate Management, Inc.

Make Finding a Property Management Company easier on yourself by asking the Right Questions, Part 1 of 4

2009-07-29T08:42:00.000-07:00

This is Part 1 of a 4 Part Series where we have outlined important questions to ask a property management company before hiring them.

Part 1: Company Credentials
Part 2: Property Management Services
Part 3: Property Management Fees
Part 4: Tenant Screening Process

Property management companies come in all sizes, capabilities and expertise. Just because one works for one investor doesn't necessarily mean they will work for you. Below we have outlined some important questions to ask a company during your initial interview process. Their answers to these questions will provide insight into their business capabilities, credentials and areas of expertise, and can provide you with an understanding of the type of services they offer which are important to you.

Part 1-Credentials

Years in the business - Years in the business can equate to experience and stability within a company. Of course things such as changes in key personnel or senior management can jeopardize this. But generally this is a good indicator of a company with a solid foundation. Chances are they have solid processes and procedures in place to streamline the management of possibly hundreds of properties all at the same time. Make sure these "years in the business" are related to property management and not sales only. Just because they have 30 years running a real estate sale department does not make them an expert in property management or tenant relations.

Done business under another name - You should do your due diligence and contact the Better Business Bureau or other reliable service such as Dun & Bradstreet to see if the company your interested in has a good track record or any consumer complaints filed against them. The Better Business Bureau assigns grades from A to F with pluses and minuses. A+ is the highest grade and F is the lowest. The grade represents BBB's degree of confidence that the business is operating in a trustworthy manner and will make a good faith effort to resolve any customer concerns. If the company your interested in has done business under another name you will want to check the track record of this business entity also.

Property Management Only or Sales also - Some investors will only hire companies that deal strictly in property management when it comes time to managing their rentals. These companies are focused on every aspect of property management since this is all they do, and they will not be influenced in trying to get you to sell and making a sales commission. Other investors may find security in knowing they have a management company that is well verse in sales. A company that offers both sales and property management can be very useful if you plan on buying multiple properties and want to work exclusively with one company for buying and managing all these properties. These companies typically will have a good grasp of the overall market condition whether buying, selling for owner occupied or investment.

Real Estate or Brokers License - In order to practice business as a property manager some states require they process a Real estate or Broker's license. To receive a license requires extensive education as well as passing the state's licensing exam. In order to keep their license current they must also participate in ongoing courses. These courses and license designations cost money and show they have a commitment to their trade. Other states may only require a certificate, which consists of basic classes and passing a class exam.

Staff personnel - Some management company may employ hundreds of employees, while others may be run by a sole proprietor. What you want to find out here is the ratio between their portfolio of rental properties and managers they employ. In other words, if they manage several hundred properties yet only have two staff managers, they may be overworked and unable to give you the service you expect.

Type of properties you manage - Some property management companies manage all types of properties while others specialize in one type, such as residential. If you have a single-family house that needs managing, a company with 90% of its properties being commercial property may not be a good fit. Typically commercial and community association management is the most profitable for a property management company. And some residential property management company may prefer to manage only multi-unit apartment buildings of a certain size and not manage single family houses at all.

Associations/Affiliates - They are many local and national associations that are tailored for the property management community. These associations are full of valuable information, and are a great way to network amongst others in their industry. Once a member of these associations you have numerous channels of educational classes and seminars all geared toward enhancing their skills as property managers. Upon completing class requirements many are given professional designations to promote them as a professional in their field. Some popular associations are "National Association of Realtors®" (NAR), "National Association of Residential Property Managers®" (NARPM®), "Institute of Real Estate Management®" (IREM®), "Community Associations Institute" (CAI), "Building Owners and Managers Association" (BOMA) and the "National Apartment Association" (NAA).

Karen McDaniel
Principal/CEO
Property Management Profile LLC

Featured Property Manager of the Week - Real Property Management

2009-07-27T09:11:00.000-07:00

Real Property Management - Phoenix, Arizona

Real Property Management, located in the Phoenix Metro area is a full-service property management company which specializes in:

Filling Vacancies

Finding Tenants

Ad Coordination

Tenant Screening

Rent Collection

Facilities Maintenance

Facilities Inspections

To learn more about Real Property Management click here.

Property managers in Phoenix, Arizona.

So you want to be a Landlord

2009-07-24T12:43:00.000-07:00

So you've purchased your first rental property and are now ready to dive into the world of being a landlord. You got a pretty good deal on that house, have run the numbers and have decided in order to cut costs, to manage the property yourself instead of hiring a full service property management company. How hard can it be; you know how to fix a leaky toilet and paint. Plus it would be fun taken on a more hands-on approach with your investment.

You've already got a pretty good idea of what type of tenant you want, right? And you're going to tailor your ads to target this type. And of course you've got a rental rate already in mind that will not leave you with a negative every month. You also went to the local office supply store and picked up one of those ready made "one-size-fits-all" lease agreements. Cool…
You'll feeling like that weekend super seminar you went to on how to become a landlord in 3 easy steps is paying off.
Just do a few more of these deals and you'll be out of the rat race in no time. Sounds great, right? Yes that sounds great, but now comes the realty.

Being a landlord does not happen over night. It takes lots of experience, knowledge and lessons learned.
-It can become a full time job if handled properly.
-It can become a nightmare if not handled properly.
-It can be fun and stressful at the same time.
-It can become overwhelming
-It can make you laugh
-It can make you cry
-It can make you rich
-It can make you poor
-It can make you the hero
-It can make you the villain

I would never discourage anyone from not giving it a try. The best way to learn something is by hands-on experience. Just keep in mind, being a landlord is the same as running a business and there are legalities you must follow and adhered too.

Here are just a few things to consider before deciding if landlording is right for you:

-On a federal level, tenants can not be discriminated against based on race, color, religion, sex, national origin or disability.
-On a state or local level, it can go further by not allowing discrimination based on marital status, sexual orientation, presence of children, age, occupation, source of income (government assistance, section 8), educational status or medical status.
-Market condition, location and amenities or lack of will dictate how much you can set your rent at. It has nothing to do with making sure you cover any negative scenarios.
-You better know more than how to fix a leaky toilet and paint.
-Never schedule a vacation around the 1st of the month. Actually no time is good.
-Have the yellow pages handy, or just rip out the pages listed under "handyman", "plumber", "electrician", "carpet", "carpet cleaning", "painter", "hardware stores" and just cause in case "Lawyer" for quick reference.
-You'll need a cell phone at all times
-Always keep money set aside for the "just in case", because the "just in case" will happen.
-Once you've run the numbers and have come up with the monthly expenses of running your property, go ahead and add at least 10% more; because you'll need it.
-Attend as many of your local hardware stores "How-To" home repair demos. Being a jack-of-all-trades comes with the territory.
-Locate the nearest marshal office or district court from your rental property. You may need them in case you need to start the eviction process.

When I hear people talk about all their horror stories, how they lost their shirt investing in real estate and how you can't make money owning rentals, you can bet it's because they didn't know how to play the game. They didn’t even know the rules. I've had my share of horror stories, but I've learned from them and have moved on and will make better choices in the future.

Understand the rules of the game, play by the rules and you just might succeed.
Happy investing.

Karen McDaniel
Principal/CEO
Property Management Profile LLC

Featured Property Manager of the Week - Blackbrook Associates

2009-07-21T16:59:00.000-07:00

Blackbrook Associates - Ben Lomond, California

Blackbrook Associates specializes in the management of residential, multi-family, apartments and commercial properties. They service both property owners and residents. With over 40 years of providing solid real estate service to Santa Cruz County, Blackbrook Associates knows how to fit their management expertise to fill your individual property needs.

To learn more about Blackbrook Associates click here.

Find more property managers in California

Featured Property Manager of the Week - Real Estate Management Services

2009-07-16T13:40:00.000-07:00

REMS INC aka Real Estate Management Services - Lawndale, California

Real Estate Management Services has been in business for over 50 years. This third-generation family owned and operated business specializes in the management of income and resident occupied properties. Property size ranges from single family dwellings, to apartment & condominium communities numbering in the hundreds of units. REMS also manages retail and office properties.

To learn more about REMS INC click here.

Find more property managers in California.

Featured Property Manager of the Week - Triumph Property Management

2009-06-20T08:19:00.000-07:00

Triumph Property Management - Las Vegas, Nevada

Triumph Property Management offers expert asset and property management services. It is our goal to our offer clients a complete spectrum of services. Our management services includes basic functions such as, tenant screening and retention, random property inspections, property maintenance, collection of rents, maintenance contracting, and supervision.

To learn more about Triumph Property Management click here.

Find more property managers in Las Vegas, Nevada

Featured Property Manager of the Week - Azure Group Property Management

2009-06-15T10:28:00.000-07:00

Signature Real Estate - Azure Group Property Management - Scottsdale, Arizona

Azure Group of Signature Real Estate Services has built a rock-solid reputation as the most effective and energetic group of real estate agents you can find. Our core competency is the finest property management services available. That core competency gives the group superior leverage in helping our investor network acquire new properties, and also provides our network a ready-made buyer pool for investors looking to divest their properties.

Learn more about Signature Real Estate - Azure Group Property Management

Find more property managers in Scottsdale, Arizona

Featured Property Manager of the Week - Real Property Management Rincon

2009-06-10T10:45:00.000-07:00

Real Property Management Rincon - Tucson, Arizona

Real Property Management is a customer service oriented company specializing in the management of single family homes and small rental properties.

Our office and operations are built from a successful property management platform that has been in business for over 20 years managing thousands of properties nation wide.

Having been in business for over 20 years, we manage thousands of properties. We know the Arizona rental market. As a full-service management firm, we offer tenant placement, credit screening, maintenance, property inspections, collections, evictions and monthly financial reporting.

Learn more about Real Property Management Rincon

Find more property managers in Tucson, Arizona

Featured Property Manager of the Week - HomePointe Property Management

2009-06-03T09:21:00.001-07:00

HomePointe Property Management - Sacramento, CA

HomePointe offers property management and lease options to sell/buy for Houses, Homes, Duplexes, Condominium, Apartments, Retail and Office Space.

HomePointe features quality residential rentals and property managers that are experts in locating and screening the best residents. They also specialize in maintaining your quality home, duplex, condominium, and apartment building, retail, and office space.

Homepointe can arrange to lease option your property to sell and assist you in the purchase of a property under a lease option to buy.

Many companies claim to be close to your rental property. HomePointe has offices in Sacramento, Orangevale and Roseville. These three offices are strategically located to be close to ALL of the communities served.

HomePointe has information for renters including lists of residential property, information on renting, our application to rent and more. We also have information for owners of income property including detail on leasing services, rent surveys, our newsletter and more.

Learn more about HomePointe Property Management

Property managers in Sacramento, California

Expert Tenant Cons - How Do They Operate?

2009-06-01T08:47:00.000-07:00

Author: Lambert Munz

Eviction is a slow process that gives tenants anywhere from thirty days to four months of free living while the courts walk through the legal steps. Most of the time, the tenant leaves in the middle of the night, right before the final hearing. Even though the landlord gets a judgment, it becomes a useless piece of paper. In order to collect the landlord must track the suddenly invisible tenant, find any assets or locate the place of employment.

New right to privacy laws make tracking difficult. After all, where does the tenant go, now that they no longer live under the evicting landlord's roof free, like an adopted wayward adult child?
There are two types of evicted tenants. The first is seriously down on their luck, maybe the tenant lost a job, had a family crisis or severe illness. Regardless of the reason, they have no experience living life without an income. This type of person pays as much as they can, but it never is enough to make a full month's rent. When eviction time comes, they move in with a friend or family, live in their car or find a location in a vagrant village or homeless shelter.

The second class of evicted tenants is the professional deadbeat. They not only know the system, they perfect their use of it like a fine art form. This group has a job when they move into the rental, they have plenty of cash in their hand and they pay on the spot. Their last landlord sounded sincere when you called, gave them rave revues and had a sound reason that the two parted ways. They had adequate experience on the job, working for a small company for several years. Sometimes this might not be the real income source. These may not be legitimate people or real jobs. They are friends and family that pose and give false information.

The second class of evicted tenants never leave the previous landlord on the application, because they were evicted for past due payments. They make it their profession to move every seven months. The pattern is clear, two months payment in advance as a deposit and the first month's payment. The second month comes a little slow and into the third month a partial payment is made. Eventually the well dries up and the landlord dips into the deposit. The tenant lived at the rental long enough to use the deposit and remain four months in arrears. They move right before the enforced eviction. In the mean time, they saved enough cash to move to the next unsuspecting landlord that doesn't have access to their history and begin the scenario again.

How does this happen? Most landlords are individuals, not companies or corporations with access to all the background information and credit reporting. These are "mom and pop landlords" that want to believe the person that so convincingly tells the tale. They have no weaponry against the professional deadbeat that hones the story to perfection.

The wayward tenants usually find that the individual managing their own property is an easy mark and they know what to say to make the situation appealing.
Without a thorough background check by a professional, the landlord loses valuable time and money with these professional cons. They have the cash and the hungry landlord can't resist the temptation to move them in now. Especially, if they have been suffering a long term vacancy.
These pros don't call property manager ads, but purposely look for ads without agent identification. The law requires that an agent Identify themselves in an ad If not by a company logo than with the word - Agent.
My eviction attorney informs me that he evicts the majority of the people are the same ones over and over again
Be careful out there.

My name is Lambert Munz and I have been licensed as a Real Estate Broker for 44 years with the CA Department of Real Estate. I currently am President of Arbour Real Estate Management,Inc. Background was as a commercial broker. Currently a property manager and have been for 27 years. We offer residential and commercial management services.I hold two designations - RMP Residential Management Professional and MPM Master Property Manager. Awarded by NARPM National Association of Residential Managers.Past President of NARPM Sacramento chapter.My services are available in Sacramento, California. Visit us at Arbour Real Estate Management, Inc.

Learn more about Arbour Real Estate Management, Inc.

Why pricing a rental property correctly is so critical

2009-05-29T07:03:00.000-07:00

Author: Jay Myers

One of the most critical aspects of leasing a rental property is pricing it correctly. Too low, then you revenue is not what it could be. But an overpriced rental property can cause far worse situations.

How much does a simple air conditioning service cost? Say $75. How much does a 45 day vacancy cost an owner of a property that should lease at $1400/mo? $2100! A vacancy is normally the biggest expense a landlord faces. Keep the vacancy rate down by advertising at the correct market rate. This is a better way to increase revenue and keep your rental property in good condition.

1. Every week that a property sits vacant, you could have adjusted the price 2% down and made the same amount of money. Over a 5 week period you could have adjusted the price by 10%. Example
*Landlord A lists a rental home on May 1st for $1500 per month. Landlord A leases the rental home on July 1st at $1500 per month.
*Landlord B lists a rental home across the street from Landlord A on May 1st for $1400 per month. Landlord B leases the home on June 1st at $1400 per month.

Which Landlord made more money on his rental home? If you said Landlord B, you were correct. While Landlord B collected $1400 during June, Landlord A sat vacant.

2. Vacant properties can at times, not be safe. 1. Vandalism. 2. A potential water leak in the property could go unattended for a few days and could be disastrous.

3. Example: A rental home sits vacant. Who pays for the utilities? The owner. Who pays for the lawn or pool to be maintained? The owner. Not only are you not having revenue coming in, but you must keep the property in proper rental ready condition. If the property had been leased, the tenant would be responsible for the utilities, lawn and pool care.

4. Most importantly, the "bad tenant" will rent an overpriced property. A well qualified tenant will take the cheaper property because they can. Any owner would rather have the well qualified tenant, right? Example: Both types of tenants view 2 different homes, 1 home at $1500/mo, the other at $1400/mo. For the sake of the example, both tenants want the home listed at $1400/mo. Which one will the landlord choose? Of course, the well qualified tenant. Now the overpriced property's landlord is stuck with a "bad tenant" because all of the good tenants go to the cheaper properties.

5. If you get stuck with a "bad tenant" now..what will it be like a year from now when you want to show the property with this tenant living in the property? It will not show as well because of the condition of the carpet or paint and you will be forced to drop the price. Or even worse, wait til this "bad tenant" moves out and then start advertising, guaranteeing a vacancy. In other words, over pricing your property now, will overall make you less money and could affect how much you get for the property in the future.

About Jay Myers.
I bought my first investment property in 1999 and have enjoyed real estate as a job and a hobby ever since. I now own many investment properties, and through owning these units has helped me understand the shoes that many of our owners are in.
Most agents never sold anything before they became an agent. In sales since 1997, I have really worked hard to develop skills to negotiate the best possible deal for both my clients. I believe this set of skills along with listening to our customers has and will greatly assist in our client's needs.
I enjoy being the Director of Property Management and the manager of our team because of the daily challenges this position entails, each day is definitely different. I think we put together a great team, we all atleast a few things in common.....work hard, get the job done right and listen to our clients and customers in order to improve our services.
Thanks again for choosing Orlando Realty & Property Management by Keller Williams Realty at the Parks as your Central Florida real estate source, and we look forward to working hard for you and with you..........We appreciate your business!

Learn more about Orlando Realty & Property Management

Featured Property Manager Of The Week - New Bedford Management Corp.

2009-05-27T18:04:00.000-07:00

New Bedford Management Corp. - New York, NY

In business since 1985, New Bedford Management is based in New York city and has a proven track record of providing hands-on boutique style management services supported by a staff of in-house professionals. Specializing in cooperatives and condominiums, New Bedford recognizes the unique concerns of the homeowner community and its elected representatives, the board of directors. We are therefore able to provide you with a custom tailored service plan to meet your needs at a reasonable cost.

New Bedford Management has an aggressive, pre-emptive management style to fix small problems before they become large and expensive ones. We take great pride in our work. The board and owners will know that New Bedford will always be there when you need us.All phone calls are responded to same day and our emergency response is immediate.

Services INCLUDED in monthly fee
Collect and deposit rent.
Complete computerization of deposits and disbursements to produce balance sheets at any time and year-end account summary.
Bookkeeping. (Regular bill payments and checking account maintenance)
Advertise for, screen and place new tenants.
Handle apartment registrations, lease renewals, rent increase and all tenant related issues.
Coordinate repairs and maintenance.
Provide detailed monthly summary of all the above.
Available for 24 hours/7day emergency service.

New Bedford Management Corp will remind you why you invested in real estate in the first place. We'll help you reduce your involvement and increase your return leaving you to enjoy your investment.

To learn more about New Bedford Management Corp

Find more New York community association Management Companies

Trading Services For Rent

2009-05-21T12:30:00.000-07:00

Author: Lambert Munz

Asking a tenant or allowing them to perform maintenance for reduced rent is big trouble.

Suppose a tenant falls off a ladder cleaning gutters. The landlord and property manager are subject to possible liability for injury suffered by the tenant. Especially, if you have indicated that gutter cleaning is a tenant responsibility.

There was a case of a tenant trying to repair a window air conditioner and suffered an electrical shock that it knocked him to the ground and tore two fingers off his hand. The window air conditioner was installed by a former tenant.

The result was a law suit and the court found that:
1) The former tenant was not qualified to install the unit
2) no inspection was made to insure proper installation
3) The unit was improperly installed electrically
4) the improper installation caused the unit to malfunction.

The result was the tenant prevailed over the landlord.

In California, the tenant would have been considered to be the employee of the owner, since the owner had hired the tenant to do the work and paid him through reduced rent. Because the owner does not have worker's compensation insurance on this employee, the owner is subject to legal sanctions from the state.

Cutting the lawn and maintaining of the landscaping for the unit occupied is not considered employment as they are keeping the property maintained similar to vacuuming the carpet and keeping the house clean. If it is a duplex and they are maintain the yard of the neighbor this could be interpreted as being an employee of the owner.

Bottom line is don't allow your tenants to do maintenance work other than some minor items like changing washers in a faucet. First there is a liability problem and second they may not have the proper skills to do the work. The result being in work that was improperly done and has to be redone by an experienced professional or allows someone to get injured.

My name is Lambert Munz and I have been licensed as a Real Estate Broker for 44 years with the CA Department of Real Estate. I currently am President of Arbour Real Estate Management, Inc. Background was as a commercial broker. Currently a property manager and have been for 27 years. We offer residential and commercial management services. I hold two designations - RMP Residential Management Professional and MPM Master Property Manager. Awarded by NARPM National Association of Residential Managers. Past President of NARPM Sacramento chapter. My services are available in Sacramento, California. Visit us at Arbour Real Estate Management, Inc.

Learn more about Arbour Real Estate Management, Inc.

Featured Property Manager of the Week - Coxe Property Management & Leasing

2009-05-20T15:44:00.000-07:00

Coxe Property Management & Leasing - New Orleans, Louisiana

Coxe Property Management & Leasing is a full service Real Estate Management firm that specializes in residential property management in the New Orleans area. Since my primary focus is Management and leasing of your rental property I am 100% dedicated to your property. The services that I provide are as follows:

Real Estate Management
Collection of rents on a monthly basis
Providing all maintenance and leasing services to you.

When major expenses to occur, I consult with the owner first before I spend any monies, unless it is an emergency. If you wish for me to use your contractors or carpenters, I will do so acting as your eyes and ears. If all you wish is for me to lease the units I do provide that service as well.

Unlike the large property management companies, Broker/Owner David Coxe manages and leases every apartment himself - not just looking for that one time commission. Coxe looks for a long-term business relationships with you and your tenants. Coxe promises to do his best to find only the best qualified people who can afford to live in your apartments but also those who will take of it.

Learn more about Coxe Property Management & Leasing

Find more Louisiana property management companies

Featured Property Manager of the Week - RE/MAX Elite HomeInvest Time

2009-05-13T17:46:00.000-07:00

RE/MAX Elite-HomeInvest Time - Phoenix, Arizona

At RE/MAX Elite, Homeinvest Time, our focus is making your Arizona Investment Property profitable for you. We specialize in the buying and selling, leasing and managing of your single family home. We offer over 25 years of combined experience and knowledge. Our Property Management services include the following and so much more!

Effective Advertising & Internet Marketing
- Multiple Listing Service

Complete Tenant Screening
- Credit History & Criminal Background Checks
- Rental & Employment Histories
- Banking & Personal References

Property Inspections
- Move-In
- Move-Out
- Periodic Interior & Exterior

Monthly Rent Collection
- Aggressive Approach to Delinquencies
- Prompt Evictions When Needed

Tenant Communication
- Lease Renewals
- Maintenance Requests
- Warranty Repairs

Owner Communication
- Promptly Returned Emails & Phone Messages
- Easy to Read Monthly Online Accounting Statements
- Annual 1099’s

Competitive Fees
- No Hidden Costs
- FREE Advertising

Residential property management in Phoenix, Arizona

Learn more about Re/Max Elite-HomeInvest Time

Find more Phoenix, Arizona property management companies

Featured Property Manager of the Week - Ashoka Lion consulting

2009-05-06T13:09:00.000-07:00

Ashoka Lion Consulting - Houston, Texas

Ashoka Lion was formed in 2006 by Jay Raman and Sachin Nair to capitalize on a real estate market that was global. Real estate is a global asset that powered by the Internet has become a world wide market. By capitalizing on their experience as investors and business education, they saw a market that demanded a high level of transparency and honesty.

The company has grown by leaps and bounds over the past 3 years, and we have passed these improvements to our investors. Over past three years, we have increased our effort to utilize technological innovation to provide investors and associations various tools to meet those goals. In addition to the improvements in technology, we have hired strong team members to help us deliver our property management mission to our clients. Ashoka Lion consulting manages residential properties as well as community associations in the Houston, Texas area.

Learn more about Ashoka Lion Consulting

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Licensing and Expertise Are Not the Same

2009-05-03T18:11:00.000-07:00

Author: Lambert Munz

Frankly, the real estate licensing system in California is outdated. Sales agents, property managers, mortgage brokers, and business brokers all have the same license. There are two licenses, 1) Agent Licenses and 2) Broker's Licenses. Other than that, all of the above-mentioned categories have the same license, whether an agent or broker.

The license indicates only one thing and that is these individuals are legal to practice real estate in different categories, but does not indicate their expertise. The license is weighted toward residential sales because that is the group holding the majority of licenses.
I strongly feel (with many others in the business) that each practice should be licensed separately. This way, a licensee would receive some education regarding each type of business category they have chosen.

The Department of Real Estate even states in its real estate reference book that "a licensee should not offer services to the public unless they have received training in that category"
Before hiring anyone to serve you, ask to see their license. I have been asked twice in 44 years for evidence of my license.

Secondly, you should check the agent/broker's evidence of expertise. Do they hold a designation in the field they are practicing? For example, NARPM (National Association of Residential Property Managers) offers two individual designations: RMP (Residential Management Professional) and MPM (Master Property Manager).

Generally, the public doesn't know what these designations mean and that is the purpose of this article. They are indicators that the person earning a designation has disciplined him/herself to commit to advanced training in their industry. It costs a lot of money and time. Besides the cost of the courses, most courses are held in another town (time away, travel, hotel, meals, etc). It means contributing to the industry by serving as an officer of a chapter or a committee - and attending local or national conventions.
Shouldn't these be the people you want handling your business?

Don't shop only by the fees charged, but more importantly the person's training and experience. Those that have the lowest fees usually have to ask for the lowest fees because they have nothing else to offer.

My name is Lambert Munz and I have been licensed as a Real Estate Broker for 44 years with the CA Department of Real Estate. I currently am President of Arbour Real Estate Management, Inc.. Background was as a commercial broker. Currently a property manager and have been for 27 years. We offer residential and commercial management services.

I hold two designations - RMP Residential Management Professional and MPM Master Property Manager. Awarded by NARPM National Association of Residential Managers.
Past President of NARPM Sacramento chapter.

Learn more about Arbour Real Estate Management, Inc.

Correctly Pricing Your Rental

2009-05-01T05:49:00.000-07:00

Author: Service Specialties, Inc.

One of the first things an owner must determine when renting his property is the lease price of the rental. Often, owners base this amount on their costs plus profit rather than an analysis of the market. As a result, they typically price it incorrectly. While the costs associated with the property are a factor, they are not what ultimately determines the rental amount. Rather, the market determines what the property is worth at any given time. In this current economic environment, this is especially true. A common statement from owners usually goes something like this: “My mortgage, taxes, and insurance on the property total $1,000 a month. I need to get at least $1,100 to cover my expenses plus a little extra for a rainy day fund or profit.” Well, that is great if the market is willing to pay that amount for the property, but it isn’t normally the case. Worse yet, what if the market is willing to pay $1,500 a month for the property that the owner just priced at $1,100?

An owner can cut himself short by calculating the lease price based on cost alone in 2 different ways.
First, he could sit on a vacancy for a long time before finally reducing the property to the market rate and getting it leased. For example, if he priced the property at $1,100 and it sat vacant for 4 months before he determined it should be priced at $1,000 per month, he has just spent $4,400 of his own money to find out that he can only get $1,000 a month maximum for the property. Even if he found someone who was willing to pay $1,100 a month for the property, it will take him 44 months to recover the cost of the money he paid out waiting for that tenant willing to pay the “over market” rate.
Second, if the same property is worth $1,500 a month in the market and the owner has decided to price it at $1,100 a month because of his cost plus formula of pricing, he will probably rent it right away but will also give up $4,800 difference on a year’s lease that he could have had in his pocket.
The correct strategy to price a rental property comes from analyzing the market to determine what similar or identical properties within the area have closed at in the last 3-6 months. Anything longer than 6 months back does not reflect the current market. Additionally, you should not use other properties that are available for lease to determine a rental price. While you do want to be aware of what is currently on the market, the prices for available properties varies wildly and do not reflect what tenants are willing to pay for a rental property. Rather, these prices only reflect what owners want to get for their properties and may or may not be realistic. Frequently, I hear owners say they get on the Internet and check out Criagslist or other advertising venues and determine their pricing based on what they find. This doesn’t work because it doesn’t tell them what actually leased. It only tells them what a variety of owners want for their rentals based on whatever correct or incorrect formula they came up with. It also will not tell them if these advertised properties ever lease or at what price they finally went for.

The best avenue to determine your rental price will always come from the closed property market.
When I have a property that is new to our company, or one that is coming up for lease after a tenant move-out, I first determine the important features of the property including number of bedrooms and bathrooms, square footage, presence of a garage and/or basement (finished or unfinished), recent updates, lot size, property type (ranch, bungalow, colonial, house or condo, etc.), and overall curb appeal. I take those features and plug them into my various searches to see what very similar or identical properties in the same area as mine have closed at in the last 3 to 6 months. I also use a variety of sources to search including the MLS and our extensive in-house database. Once I have all of the similar or identical closed properties narrowed down, I plug my property into the mix and see where it falls. I will adjust slightly up or down depending on any extraordinary features of my property or the comparisons and determine what the property should rent for. Typically, many owners do not have the time or access to the sources a professional property manager has to do the comps and thus find themselves either “winging it” or relying on the review of websites used to advertise vacancies when determining a rental price. The bottom line is, tenants don’t care what an owner’s costs are, whether or not he owes too much for the property, or whatever his problems may or may not be. They are looking for a nice place to lease that they can call home at what is a reasonable price for the area. And they will pay what the market rate is, every time.

Service Specialties, Inc.. located in Mt. Clemens, Michigan was founded in 1981 and is owned and operated by Catherine Bott (President). Service Specialties, Inc. has managed thousands of properties over the years. Our services currently cover single-family homes, multi-units of varying sizes, apartment communities, office, retail, and industrial buildings as part of our portfolio of properties.With over 25 years of experience and expertise in the management and real estate business, we are able to provide our clients with programs that exceed their expectations, maximize the value of their investment, and present information that gives them a thorough understanding of their financial position in their properties. Our Mission Statement Provide first class property management services to our Owners and Tenants so that our clients' property values are safeguarded and enhanced.

Learn more about Service Specialties II, Inc.

Featured Property Manager Of The Week - CitiMark Properties

2009-04-28T09:00:00.000-07:00

CitiMark Properties - Kettering, Ohio

CitiMark Companies has provided quality real estate advisory and investment related services, since our founding in 1994.

CitiMark Properties' objective is to provide property management for our holdings; property management for investors; investment brokerage and consulting; and capital for our acquisition group. This is best achieved by rapidly responding to our client and customer's needs in a cost-effective manner.

Citimark Properties is based in Kettering, Ohio and manages multi-unit residential properties as well as commercial and community associations. They also service the Dayton Ohio area.

Learn More About CitiMark Properties

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Community association management

2009-04-22T03:59:00.000-07:00

Author: Karen McDaniel

Community association management companies manage the common property and services of condominiums, cooperatives, and planned communities under the direction of the board of director of a homeowner or community association. They manage the community as a whole and do not typically manage individual units within the community. But they do take on the responsibility of enforcing the rules and regulations governing the association on any owner or renter within the community. These planned communities can be small to as large as hundreds to thousands of homes with many amenities.

Some duties of a Community Association Management team

Usually hired by a volunteer board of directors of the association, they administer the daily affairs, and oversee the maintenance of property and facilities that the homeowners own and use jointly through the association. A community association management team will prepare financial statements and budgets for the community as a whole. They interact with homeowners and tenants on a daily basis, and can help resolve complaints amongst resident. Collecting association dues or assessment payment from property owners is a common duty of a community association management company. They will also assist the board of directors in making sure everyone within the community is in compliance with association and government rules and regulations.
In addition to administering the associations’ financial records and budget, community association property management companies may be responsible for hiring and coordination of contractors for any major renovation or repair to exterior buildings and common structures. This could include maintenance of community pools, golf courses, community centers, and for the maintenance of landscaping, street lighting, snow removal and parking areas. Community association property management companies also may meet with the elected boards of directors to discuss and resolve legal issues or disputes that may affect the owners, as well as to review any proposed changes or improvements by homeowners to their properties, making sure that they comply with community guidelines.

Things to look for in a community association management company:

1) Proven track record of managing planned community properties
2) Years in the business could show reliability and a proven track record.
3) This is a very specialize facet of property management and requires specific qualifications and training.
4) Is their current portfolio’s within budget and running smoothly, or are there major issues such as financial problems or rundown communities under their management.
5) Accurate bookkeeping and records.
6) Timely response in dealing with issues that may arise.
7) Enforcement of Covenant, condition and restrictions (CC & R’s) for the community they manage.
8) Enforcement of HOA dues and assessment collections.

These are just a few important criteria’s to gage the success of a community association management company. A thriving planned community will be in harmony, beautifully aesthetic and an asset to all that live there as well as for the surrounding neighborhoods.

Karen McDaniel

Principal/CEO

Property Management Profile LLC

Click Here to find a community association management company for your community.

Featured Property Manager Of The Week - Classic Property Management of Santa Clarita

2009-04-21T08:58:00.000-07:00

Classic Property Management of Santa Clarita - Valencia, California

Here is a quick snapshot of the property management services we offer:

Intense tenant-screening process
World-class lease contracts and addendums
Flexible property showing schedule (to quickly get a renter into your property)
Top-notch team of vendors (providing quick, affordable maintenance)

Our services our broken into two areas:

Rental Services-Helping you find, screen, and place renter
Management Services-Handling the day-to-day tasks of managing your property

Classic Property Management manages residential properties in the Santa Clarita Valley, California area.

Learn More About Classic Property Management of Santa Clarita

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What Will Help My Property Rent Faster?

2009-04-16T17:02:00.000-07:00

Author: Service Specialties, Inc.

We know you are anxious to get your property rented and we are often asked what you can do to put your property in the most favorable light with prospective tenants. Here is what 25 years of experience showing properties has taught us!

1) Colors- The color of paint and wallpaper are a big issue with most tenants. Anything other than neutral colors is much harder to lease. Very bright and/or dark colors only appeal to a small percentage of the population. This is especially important in the major living areas of the dwelling such as the living room, family room and kitchen. Tenants have to match furniture to their new home and the odds of them picking your colors are relatively reduced unless their items will reasonably match the current color scheme.

2) Cleanliness- If a property is not clean inside and out, it is almost impossible to get rented. Please note the following when preparing your property:
a. Items should be removed from the basement, attic, and garage areas. Tenants will want to use those areas to store their own items.
b. Cupboards, countertops, appliances (inside and out) and flooring should be wiped down and clean.
c. Carpeting should be vacuumed and free of stains, holes, and marks. Severely worn carpet must be replaced. There are many properties available with new carpet.
d. Walls should be free of fingerprints, marks, dirt and holes.
e. Front and rear yards should be free of debris and not overgrown.

3) Working Order- Your property and appliances should be in good working order. Not only is this imperative to tenants, but it is required by city codes and rental standards. Locks should work, doors should open and close and be free of holes, windows must be able to be opened and closed as well as lock, screens should not be missing and steps should be usable. The stove and refrigerator must be in working condition.

We are in the most competitive rental market we have ever experienced. Due to the housing crisis and the local economy, there are more rental properties available to interested tenants. Properties that don’t show very well usually get passed over because there are too many available that will show well.

Remember, if your property doesn’t show well, you are probably
going to attract the wrong type of tenant.

We aren’t suggesting your repaint your entire house or go overboard remodeling. A few small improvements can go a long way in putting your property ahead of everyone else in the rental market.

Service Specialties, Inc.. located in Mt. Clemens, Michigan was founded in 1981 and is owned and operated by Catherine Bott (President). Service Specialties, Inc. has managed thousands of properties over the years. Our services currently cover single-family homes, multi-units of varying sizes, apartment communities, office, retail, and industrial buildings as part of our portfolio of properties.With over 25 years of experience and expertise in the management and real estate business, we are able to provide our clients with programs that exceed their expectations, maximize the value of their investment, and present information that gives them a thorough understanding of their financial position in their properties.

Our Mission Statement
Provide first class property management services to our Owners and Tenants so that our clients' property values are safeguarded and enhanced.

Learn more about Service Specialties II, Inc.

Maintenance of Home Rentals

2009-04-15T10:31:00.000-07:00

Author: Lambert Munz

A Major Headache For Owner And Property Manager

This is a manager" biggest problem. Tenants want service as they are paying 1/3 or more of their budget for housing and they want things fixed. The owner complains when they get a bill because no one likes bills. The fact is maintenance is here to stay and must be addressed if you want a successful rental business. With that said, let me discuss in-house maintenance vs. outsourced contract services (handyman, contractor, supplier). Experience has taught me that contract services are recommended over employee services/in-house maintenance. Advantages include locking in costs and avoiding over billing.

Employees must be kept busy and what I have found as I have used in-house services. The staff are usually not as competent and usually are salaried. A independent contractor can't afford to take coffee breaks or engage in water cooler talk. Their time has to produce income as overhead is on-going. Another advantage is some items need to go to bid. A contractor is working for a profit and concerned with efficiency. An employee just doesn't have these same concerns. It is a balancing act for the manager deciding what to maintain and what not. Some owners don't want to spend any money; others insists that we keep their property in top shape. Emergencies must be responded to in a timely manner to keep damages to a minimum.

If it is a habitability item, we and the owner have a responsibility to attend to correcting the problem.
The definition of habitability is:
1) Effective waterproofing and weather protection of roof and exterior walls, including unbroken windows and doors.
2) Plumbing or gas facilities which conform to applicable law in effect at the time of installation and maintained in good working order.
3) Water supply approved under applicable law, capable of producing hot and cold running water and connected to a sewage disposal system.
4) Heating facilities which conformed to applicable law at the time of installation, maintained in good working order.
5) Building grounds in clean, sanitary, and free from all accumulations of debris, filth, rubbish, garbage, rodents and vermin, and all areas under control of the landlord to be kept clean, sanitary and free from all accumulations of debris, filth, rubbish, garbage, rodents, and vermin.
6) An adequate number of receptacles for garbage and rubbish.
7) Floors, stairways, and railings maintained in good repair.
8) One working phone outlet is required per unit.

The law states that a landlord must maintain habitability at all times. Cooling is not required. Excluded are damages causes by tenants. It seems property managers receive their biggest maintenance requests on the first of the month. This is when the rent is being paid and it is human nature to ask "What have you done for me lately?" A big job for the property manager includes sorting out legitimate requests regarding who is responsible then arguing with everyone about it. However, the toughest job of all is listening to the tenants complain about lack of service and later to the owners after they received the bill. It goes with the territory. The bottom line is that no matter who is responsibility, houses require maintenance.

New investors and their advisors never allow enough for maintenance of their rental.
What is enough? It depends on the age of the rental. A study done by others, state to allow about an annual average of $1300 annually for a single family home.
1. Stuff happens and stuff wears out. You can delay some maintenance, but you can't avoid it and eventually it will affect income.
2. It's cheaper to maintain a building than it is to repair it.

A big help in the operation of the home is operating manuals. Not all appliances operate in the same way. Very few people have been educated about home operation. Especially young people. We cannot expect people to operate a strange home, without some basic instructions. If they are coming from an apartment, most things were taken care of for them. We have to point out that on-site maintenance is no longer available. What are priorities? FLOOD, BLOOD, FIRE, AND HABITABILITY ITEMS, everything else is secondary.
If a request is of a secondary nature., everyone should be patient with their manager as with everything else in life, priorities come first. Another area that needs attention. IT IS CALLED THE BROKEN WINDOW THEORY. This means that ignored small disorders such as broken window, graffiti, abandoned cars, and unkempt yards, lead to larger disorders. We encourage that these items are handled ASAP.

Home Maintenance Warranty Programs
There are home maintenance warranty programs available offered by several companies. Service varies between companies, but it can be good insurance for a major repair. Other information needed regarding how old is the home? Builders have a 1 year warranty if a new home and a 10 year structural warranty. There is usually a roof warranty. If you use anyone other than the original contractor, the warranty may be voided. We need to know the builder and date of installation then we can usually arrange for warranty service. I hope this has enlightened you regarding home real estate investments.

My name is Lambert Munz and I have been licensed as a Real Estate Broker for 44 years with the CA Department of Real Estate. I currently am President of Arbour Real Estate Management, Inc.. Background was as a commercial broker. Currently a property manager and have been for 27 years. We offer residential and commercial management services.
I hold two designations - RMP Residential Management Professional and MPM Master Property Manager. Awarded by NARPM National Association of Residential Managers.
Past President of NARPM Sacramento chapter.

Learn more about Arbour Real Estate Management, Inc.

Featured Property Manager Of The Week - Sunray Vacations

2009-04-14T08:54:00.000-07:00

Sunray Vacations - Kissimmee, Florida

Short Term Vacation Rentals and Property Management Services

Established in 1991, Sunray Vacations has large selection of homes for short term rental, conveniently located to local attractions. They specialize in managing vacation rentals in the Kissimmee, Florida area.

Do you own, or are you planning to buy a vacation home in the Kissimmee area? We can manage and maintain your property as well as place bookings in your home to offset your expenses. Our Property Maintenance Services Include:

Pool Maintenance and Cleaning
Lawn and Landscape Maintenance
Pest Control
Exterior Pressure Washing
General Repairs

Learn more about Sunray Vacations property management

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10 Top Reasons to Hire a Residential Property Management Company

2009-04-09T08:53:00.000-07:00

Author: Mike Lautensack

Once you have invested in a rental property, the responsibility of maintaining and running the property can quickly become overwhelming. For many Owners, the logical solution is to hire a Residential Property Management company to oversee their rental property. But is this the right decision for you? Here are the top 10 reasons to consider why you should hire a residential property management company and how the benefits far outweigh the costs.

1) Rent Collection: A professional residential property management company ("PM's") have systems and strategies to improve rent collection and on-time rent payments. This allows you to ensure swift and consistent rent collection. Quick and consistent rent collection is absolutely critical in this real estate market where good cash flow can mean the difference between success and failure as a real estate investor.

2) Local Knowledge of Rental Rates: PM's have extensive local knowledge of rents and the ability to determine the highest rental rate possible for your property. With the internet and the ability to do large scale searches for rental properties, potential tenants know if your property is overpriced, even by $25. Overpriced properties sit empty while other properties get rented. Knowledge of rental rates is a key factor to fast rentals and quick cash flow.

3) Tenant Screening: A PM requires a detailed written application from each adult with photo identification. Additionally, PM's will run criminal, social security and public notice (bankruptcy or judgments) searches to determine if the application is accurate. PM's will also call past and present employers, landlords and other references. PM's have set requirements and standards for accepting or declining an applicant and thereby ensuring you comply with fair housing rules and other local and state regulations.

4) Marketing Expertise: PM's have years of experience in how to best market your properties so they are rented in the quickest time possible. PM's use both offline and online marketing to maximize your properties' exposure and find qualified tenants quicker. Most PM's utilizes 10, 20 or even 30 different techniques to rent a property quickly which reduces your carrying cost of a vacant property.

5) Property Law and Regulations: PM's have extensive and up-to-date knowledge of property laws and regulations and will assist you in making sure you are in compliance with your local, state and federal rules and regulations. These rules and regulations include complying with fair housing regulations, the Americans with Disabilities Act and other applicable local, state and federal laws. Avoiding one law suit will more than pay for any PM's fees many times over.

6) Tested and Reliable Professionals: residential property management company's will already have vetted numerous vendors, suppliers and contractors to make sure they provided good quality work at reasonable prices. Failure to properly vet these professionals can be a costly mistake. Many Owners overlook this function because they do not know how to do it or because it is a time consuming and laborious process.

7) Inspection Reports: PM's perform property inspections before, during and after a tenancy. Additionally, most PM's will perform routine property inspections at least every 180 days. Your PM should be responsible for preparing frequent written inspection reports for each of your properties. Faults in your property that are found quickly can be resolved before they become expensive items of disrepair.

8) Financial Records and Security Deposit Escrows: PM's will provide detailed income and expenses reports as well as cash statements every month saving you the bookkeeping headache. Additionally, PM's will also manage your security deposit escrow funds and make sure you are in compliance with local and state regulations. PM's will provide end-of-year tax reports for your accountant or financial advisor.

9) Emergency Calls and Shield You From Tenants: A residential property management company will shield you from emergency maintenance calls and tenant headaches. Imagine never having to deal with late night "my toilet is overflowing" call.

10) Low Costs: A PM should only be charging around 6% to 10% of the monthly rent collected. Assuming a monthly rental rate of $1200 per month that is a fee of $72 to $120 per month. This is less than $4 per day! Can you possible do all these things for less than $4 per day?

11) Bonus Reason! FREE TIME: A good residential property management company will free up your time for doing deals that make money. I mean serious money as opposed to dealing with non-money producing activities like tenant and property management.

Mike Lautensack is the owner of Del Val Property Management, LLC a FULL service residential property management company located in Philadelphia, Pennsylvania. Mike advises real estate investors how to build wealth and financial security through hassle-free ownership of investment real estate with their "Total Property Management Program." This proven management system allows owners to enjoy the financial benefits of cash flow, tax savings, and wealth creation while it GUARANTEES you will never receive a late night emergency call, deal with a lengthy eviction proceeding or ever have to interact with an irate tenant. For a FREE estimate or for more details how he may be able to help you please go to Del Val Property Management, LLC

Learn more about Del Val Property Management

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Featured Property Manager of the Week - Professional Property Management Group

2009-04-07T12:51:00.000-07:00

Professional Property Management Group - Redding, California

The Professional Property Management Group provides property management services for residential, commercial and community associations, including - but not limited to - the following:

Enhance the value of the property, by preservation of the existing income stream or minimizing its loss.
Evaluate and provide recommendations as to the improvement of the properties functional and visual esthetics.
Evaluate the property site monthly and provide a written report of the finding to the owners.
Provide for an annual evaluation of the property's income and expense situation as comparable to other like properties within the area.
Provide 24-Hour emergency contact persons, in the event of an emergency affecting the property, and implementation of any emergency plan for the property.
Prepare and provide, subject to the Owners approval, an annual operating budget, with explanations and recommendations for the property.
Provide accurate records of all income received, and expense disbursement as provided for under the terms of the Management Agreement to the Owners on a monthly basis. Collection and deposit of all rents due under provisions as provided for in the Lease or Rental Agreement in place.
Monthly payment of expenses attributed to the operation of the property as provided for under the terms of the Management Agreement for the property, i.e., property taxes, mortgage, insurance, utilities, maintenance items, and/or related vendor contracts for specific services.

The Professional Property Management Group is based in Redding, California.
Learn more about Professional Property Management Group

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Featured Property Manager Of The Week - Sun Cove Realty

2009-03-23T16:02:00.000-07:00

Sun Cove Realty - Tampa, Florida

Sun Cove Realty, Inc. is moving toward a higher level of automation to provide cutting edge property management and leasing services. With over 200 properties currently managed, Sun Cove Realty has a solid base of recurring Tenant leads and can provide you with the support you require to manage your residential property. Our property management services page can provide you with detailed information regarding what services we provide. Many problems can occur renting a residential property. As an owner and potential customer, give us an opportunity to explain "why you need a property manager". We can provide you with answers on issues you may encounter without a property manager's guidance and insight. Sun Cove Realty, Inc. is a member of the NARPM (National Association of Residential Property Managers).

Sun Cove Realty Inc. manages residential properties in the Tampa Florida area.

Learn More About Sun Cove Realty

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Property Management Fees Explained

2009-03-17T16:49:00.000-07:00

When you hire a property management company to serve as the liaison between yourself and your tenants, you want to be sure you're getting the best possible property management services for the money. The services a property management company provides can range from a la carte to an all-in-one inclusive package. Along with that comes an array of fees for each. There is no set in stone fee structure we can provide you. But we can educate you on what common fees to expect and what each is commonly for. In the end it will be up to you to compare company fee structures and choose the best one that fits within your budget. Below are some of the most common fees and what service they provide.

Commission
This is an ongoing monthly fee charged to the property owner to compensate the property manager for the responsibilities of overseeing the management of the property. This fee can vary from as little as 3% to over 15% of the monthly gross rent. In place of a percentage some managers may charge a flat monthly amount which again can vary from $50 to over $200 per month. All property management companies generally charge this fee.

Lease-Up or Setup Fee
This fee is charged to the property owner to compensate the property manager for their initial time invested and resources used in setting up an owner’s account; showing property and/or other activities resulting in tenant placement. I guess you could look at it as a “finder’s fee” for placing a tenant in your property. Once a tenant has been placed and first rent income comes in, the property manager will deduct this fee from the rent proceeds. Some property managers have been known to require this fee upfront prior to tenant procurement. Usually this fee is non-refundable once the property manager has started the process of tenant procurement or any legwork has been initiated with the property. This fee can vary from none to as much as the first months rent, and usually is a one-time fee per tenant.

Lease Renewal Fee
This fee is charged to the property owner when a property manager renews a current tenant’s lease and covers the costs of initiating paperwork or communication involved in implementing the new lease document. A property manager may also justify this fee if they perform a year end inspection of property. This fee can vary from none to $200 or higher, and may be charged every time a lease renewal is implemented.

Advertising Costs
Depending upon the property management company’s contract, either they will pay the advertising costs or the property owner or they could split the costs. If the manager is willing to cover this cost, most likely they will charge the lease-up or setup fee as outline above. If the management company covers this cost make sure to find out what type advertising or marketing of your property is included. If it’s placing your listing on their own web site and other free online classified sites you may not be getting your monies worth. They are many good rental or tenant resource online web sites that bring in qualified tenants for a reasonable fee and you will want to consider these. And don’t forget about print media, yard signs, listing on the MLS or even an open house. Nothing is worst than having your property vacant, bringing in no money only because you or your property manager skimped on advertising.

Maintenance Mark-up Charges
This is one of those costs you may never really of known about or had it disclosed to you. A "Mark-up" is a charge over and beyond the final bill on maintenance and/or repair work done to your property initiated by your property management company when using their vendors or in-house maintenance staff. This should be disclosed in your Manager/Owner contract which usually will state the markup as a percentage above the final invoice from vendor. For example, your manager had to call a plumber to replace the dishwasher in your rental property. Total charges for completing the job: $400. If your property manager contract states you will incur a 10% markup on all maintenance work the actual cost to you will be $440. Just one of those things to be aware of as these all eat into your profits.

Early Cancellation Fee
The dreaded "3 months and no tenant". Your property manager insist he or she's doing everything they can to find you a tenant. But here it is 3 months and still no tenant; what do you do. Well, look at your Manager/Owner contract and that might be your deciding factor. I am not a fan of this fee, and believe it to be an unnecessary fee and for you manager out there this could be the deal breaker. I'll tell you why; if a property manager is doing their due diligence and keeping the owners in the loop as far as decision making, market conditions and communication lines open an owner will not be second guessing his property managers abilities. The odds of this scenario happening is unlikely but you must be prepared for it. A cancellation fee can range from none to over $500. To be fair, some managers legitimately deserve this fee especially if they have pocketed advertising costs, incurred lots of legwork and time invested in your property.

"You've Got To Be Kidding Me" Fees
These are one's I have personally had the pleasure of running into.
Your property is vacant, but we still will charge our monthly commission or a small flat fee.
"A For-Rent Yard Sign Fee". I believe this was $25/mo.
"Preventive Maintenance Fee". This was to cover the "just in case" and changing out A/C filters. If "just in case" never happens they still pocket the money. I believe this was $20/mo and I still was charged for filters.

In Summary
Read your Manager/Owner contract, understand what you are signing, ask lots of questions and know what the fees will buy you in services. A good real estate lawyer can help in negotiating the terms in a contract that suit both parties. These contracts are not set in stone. If your property manager will not negotiate, there are other property management companies that are eager to earn your business.

Karen McDaniel

Principal/CEO

Property Management Profile LLC

Featured Property Manager Of The Week - Michael Brady Realty

2009-03-16T15:57:00.000-07:00

Michael Brady Realty - Colleyville, Texas

Providing a superior level of informed, professional real estate services to buyers and sellers in the Dallas/Ft. Worth area and all the surrounding cities. We also provide unsurpassed Leasing and Property management services.

One of the most important financial transactions you'll ever make is buying and selling a home. As an expert in the industry, I can help you achieve your real estate goals. I can offer you proven marketing strategies and over 25 years worth of sales and marketing experience. I've been a proud member of the Dallas/Ft. Worth community for over 20 years and know the area and real estate market well. We manage both residential and commercial properties.

Learn More About Michael Brady Realty

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Property Management For Your Vacation Rental

2009-03-12T07:25:00.000-07:00

Do you own vacation property and need to find a solution to booking more weeks in your property? Have you decided to rent your vacation property year round? Are you looking for a vacation property management company that understands the intricacies of successfully renting and managing vacation rentals in your location?
Vacation Property Management is a niche business. Usually Vacation Property Management companies will be located in popular tourist destination. They specialize in managing vacation rentals which could be as small as a single family house to as large as a beach resort. Vacation rentals are typically fully furnished and equipped for full functionality. These properties are occupied for short term stays but could rent for longer periods of 3-6 months.
Vacation rentals are very different than your typical residential long-term annual rentals. Vacation rental management's an extremely fast pace labor-intensive environment. As a result it takes a special type of management company to oversee the challenges involved with this type of property. Rentals terms are typical for nightly, weekly, monthly and possibly longer stays. Properties are typically furnished and equipped with everything a vacationer would need while away from home. Due to the continual turnover of patrons using the property; maintenance issues; cleaning service as well as daily accounting, it is typical to incur higher costs/commission fee for such services. On the flip side, income generated typically is much greater than residential long-term rentals. Finding a qualified vacation property management company can be a laborious task.
Things to look for is a company with experience handling these types of properties. You want one with a well equipped staff including office personnel, maintenance staff as well as a cleaning crew. How do they market your property? Do they have their own website? Do they market on other websites to attract business. How do they handle income and expense reporting? Are they available by phone 7 days/week or only during business hours? What fees do they charge for their services?
Once you have many of these questions answered your decision of which company to choose will become easier and less stressful.

Karen McDaniel

Principal/CEO

Property Management Profile LLC

Find Property Management Companies That Specialize in Vacation Rentals

Featured Property Manager Of The Week - Di's Mountain Get-A-Way

2009-03-09T15:49:00.000-07:00

Di's Mountain Get-A-Way - Blue Ridge, Georgia

Hi, I would like to introduce myself. I am Dianne J. Mallernee, Owner and Property Manager/Cabin Consultant of “Di’s Mountain Get-A-Way”. I have over 11 years experience in managing, renting and decorating cabins in the North Georgia Mountains of Blue Ridge. I have been married to Dwight (Tuse) Mallernee for over 30 years, we moved here over 13 years ago. It actually started out to be a second home for us, like it is for a lot of you. It just never made it to the second home stage; we started out here full time. Tuse is a self taught wood carver, cabinet maker, builds beautiful custom furniture and he also designed and maintains my website. We have two great daughters (Carla and Missi) who have given us four wonderful grandsons (Josh, Jack, Jace and Blaine); they are the highlight of our lives.

If I can help you in any way from planning a week-end get-a-way to planning a family vacation, or if you are coming up to buy and would like to earn a little extra income while you’re not enjoying your cabin yourself…please give me a call or e-mail…I would love to discuss our Property Management Program with you. If you already have a cabin and need a little help with decorating or up-dating I’d love to talk with you also. The curb appeal and the décor of your mountain home are just as important as the décor and the cub appeal of your permanent home. And I would love to help you.

Di’s Mountain Get-A-Way property management can manage your vacation rental in the Blue Ridge Georgia area.

Learn More About Di's Mountain Get-A-Way

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Featured Property Manager Of The Week - Bell Property Management LLC

2009-03-02T15:44:00.000-08:00

Bell Property Management LLC - Somerset, Kentucky

Bell Property Management LLC was established in 1998 and has provided exceptional property management services for over ten years. A wide array of property care and maintenance services are provided by Bell Property Management. Satisfied customers include real estate developers, individual property owners, commercial real estate owners, investors, and vacation property owners.

Bell Property Management is a member managed LLC, managed by Calvin Bell. Mr. Bell is a well known and respected manager, business owner, and college educator. Graduating from the University of Kentucky with a Management degree, Mr. Bell has recruited, hired, and trained over one hundred successful professionals and has an impeccable reputation among his peers.

We are your Lake Cumberland Property Management and Development experts in Somerset, KY. We are a full time professional property manager and consultant for home owners associations, REO management, foreclosure management, lake development, lake lots and land. We know Lake Cumberland and have a fully staffed office on Highway 27 in Somerset. We can help find tenants, collect rents, maintain your local property, and repair or remodel your home.

Learn More About Bell Property Management LLC

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Residential Property Management Companies

2009-02-27T07:13:00.000-08:00

In today's economy, real estate owners must be particularly selective of potential tenants. This can be emotionally exhausting, and extremely difficult. However, being a landlord is a business, and should be profitable at that.
So a residential property management company is the best way one can screen potential tenants, professionally and realistically. In the long run this can save you the lost investment of accepting tenants who are unable to pay their rent on time. In the short term, a residential property management company who screens applicants professionally can save you the time of doing so yourself.
When a residential property is vacant, you want it to become occupied as quickly as possible. A property management company helps make this possible by managing your marketing, as well as taking over the maintenance and any needed repairs to the property.
Weatherization is an important issue in home ownership, or rental facilities. When a property is well maintained, this has a strong positive effect on heating and other utilities. By making frequent checks on the status of a property, a professional property management company can help you save money by avoiding the need for any emergency repairs.
One of the greatest things about investing in a residential property management company to work for you is that when tax time comes around, you can avoid any unnecessary headaches. One of the many services offered through a residential property management company include managing your financial statements and any other necessary book keeping.
Keeping up with rental due dates, collection, and enforcement are all hassles that a residential property management company can gladly relieve you of. So when you make this wise investment and free yourself of unnecessary burdens, you can sit back and collect your profits. You can even take a vacation to Hawaii, and still receive your income.
Choosing a Residential Property Management Company
The property management services you choose will be responsible for vital aspects of your business and assets. As you screen your options, the financial investment required should be only one small fraction of the factors which will contribute to your decision.
Since you are trusting so much into a property management company, you should always collect references and check on them. A professional property management company will have a solid history with a number of happy clients who can testify satisfaction with the services provided.

Karen McDaniel

Principal/CEO

Property Management Profile LLC

Featured Property Manager Of The Week - Four Points Property Management, Inc.

2009-02-26T09:37:00.000-08:00

Four Points Property Management, Inc. - Hialeah, Florida

Four Points Property Management, Inc. has been serving community associations in South Florida since early 2006. The Company was founded with the desire to provide the highest quality Community Association management services available. We believe that effective association management is a critical ingredient for successful association operations. A community association manager is responsible for implementing the decisions of the board of directors in running the day-to-day operations of the association and it is our ultimate goal to meet or exceed our clients expectations.

Four Points Property Management is completely dedicated to the management of the properties that we represent. We currently manage and represent communities throughout the South Florida area. By working with the Board of Directors on a daily basis we are able to attend to the daily activities that are required for the proper management of successful community living.Four Points Property Management holds the high distinction of being named one of the fastest growing property management companies in South Florida.

Four Points Property Management is a registered and licensed community association management corporation in Florida. The firm, and it's President are active members of the Community Association Institute (CAI), the West Kendall Business Association (WKBA), Business Network International (BNI), and several local Chambers of Commerce. Four Points Property Management is also a proud sponsor of the Susan G. Komen Breast Cancer Foundation and the Camillus House Organization.

The President of the firm has had the distinct honor of being nationally recognized by the Cambridge 'Who's Who Among Executives and Professionals' throughout the United States.Our team members are highly trained in all aspects of community association management and customer service, we take pride in Delivering Property Management Services That Work!

Learn More About 4 Points Property Management

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Featured Property Manager Of The Week - Seaside Paradise Rentals

2009-02-19T09:32:00.000-08:00

Seaside Paradise Rentals - Sarasota, Florida

Seaside Paradise Rentals are your professional vacation rental property management company, located in the beautiful Gulf Coast of Florida. We manage vacation rentals in Sarasota, Siesta Key, Casey Key, & surrounding communities. Currently, we have several Sarasota Florida Beachfront vacation rentals listed on our website and if you don't find what your looking for online give us a call, we have several more Sarasota Florida vacation rentals that aren't currently online.

Learn More About Seaside Paradise Rentals

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Featured Property Manager Of The Week - Aligned Real Estate Services

2009-02-12T09:19:00.000-08:00

Aligned Real Estate Services - Boise, Idaho

Aligned Real Estate Services provides comprehensive support for Boise’s commercial real estate community. Combining practical experience with the latest technology and financial analysis skills, Aligned offers expert property management, asset management, and investment analysis for brokers, developers, and investors.

As a small company, we can service your business with the kind of personal attention and responsiveness that often gets neglected at larger operations. Our background in development and investment means that we understand the importance of transparency and accessibility. Also, since we are not brokers, and do not stand to benefit from a sale, we can provide you with an unbiased analysis of your current or potential investments.

At Aligned Real Estate Services, we understand that every real estate project, and every investor, is unique. That’s why we consider it our goal to provide tailored business and technical solutions specific to you, your company and your investments.

Learn more about Aligned Real Estate Services

Find more Idaho property management companies

What A Commercial Property Manager Can Do For You

2009-02-10T07:05:00.000-08:00

Professional property management is an essential aspect of real estate, and a commercial property manager will help both property and business owners to increase profitability.
A commercial landlord may own several properties. Owning property involves more than just collecting rent and calling it a day. One must maintain positive relationships with tenants. Concerning commercial property, location and maintenance are two very important factors that a business owner will consider before renting commercial property.
Maintaining Commercial Properties
The maintenance of commercial properties includes frequent inspection to make sure all regulations are being met and that there are no problems and taking the steps necessary to fix any problems that may arise. With the assistance of a commercial property manager, you don't have to worry about a thing!
Business owners will suffer profit loss in a commercial residence that is not as well maintained as a professional management company can assure. In the long run, a failing business can also affect the rental capabilities, so it is important to give the best you can for your tenants.
Maintaining Financial Records and Other Book Keeping Tasks
Not only does a commercial property manager take care of maintenance and repair of property, but they will also relieve the financial burden of being a commercial property owner. From writing and enforcing lease arrangements or changes in rental agreements to the book keeping and other financial aspects, a commercial property manager will help make sure your rent is paid on time, your expenses are recorded appropriately, and you'll be prepared for tax season without any headaches.
Giving You Total Freedom
One of the greatest things about hiring a commercial property manager is that it gives you total freedom. You can purchase more properties, and geographic location is no issue. With a commercial property manager on your side, it's a small investment with a big pay off. You can sit back and relax and collect your income without any hassles.
In fact, you can even take a vacation to the Bahamas!
Choosing a Commercial Property Manager
Naturally, you will want a commercial property manager who works for you as well as for your clients. When you choose a commercial property manager, you will trust that individual with your reputation. The cost of a commercial property manager should only be a small fraction of the contributing factors to your decision.
You will also want to look at the experience of that commercial property manager. How long have they been in business? How many referrals can they provide? Don't be shy about speaking to those referrals as well.
The commercial property manager you choose will be managing your book keeping, maintaining and repairing your property, and will be responsible for rent collection and enforcement. Choose a commercial property manager that you can count on.

Karen McDaniel

Principal/CEO

Property Management Profile LLC

Featured Property Manager Of The Week - Turn-Key Properties LLC

2009-02-05T16:12:00.000-08:00

Turn-Key Properties LLC - Kansas City, Missouri

Property Management is the means by which you turn investment real estate into money. Property management is not just leasing a property to a renter and walking away. It is not just collecting a rent check every month.

Management is the daily maintenance of the tenant-landlord relationship. This includes communication, property maintenance, periodic inspections, repairs and even improvements. Rental property requires diligent care.

What we do is time-consuming, exhausting and potentially litigious. We have developed management techniques and systems that help our clients and ourselves to avoid needless liabilities and hassles.

Our staff handles volleys of phone calls, leasing and sales appointments, and tenant requests for information, late night emergency calls, rent collection, evictions, work orders, maintenance, contractors, city, county and other government entities. licensing, inspections, fire marshals, advertising, trash collection, housing authority, lawyers, peddlers, agents, cable guys, phone companies, gas and other utilities, insurance claims, the EPA, storm damage, etc. etc. etc. So you don't have to.

All the while, so you can do what you do to make a living. Don't try this at home, we're professionals.

We manage residential and commercial properties in Kansas and Missouri.

Learn more about Turn-Key Properties LLC

Find more Kansas City Missouri property management companies

Important Note: Being informed as to what a Property Management company provides as customary services is a very important step in your due diligence. We have tried to enlighten the investor as to what common questions to ask before hiring. View our Property Management company profiles by going to our webiste.

Investment Property Management

2009-01-22T06:57:00.000-08:00

When you purchase a home, apartment, commercial property for investment or even subdivisions that need to be maintained, then you need to find the investment property management services that will allow you to run your investment like a professional and be able to take advantage of all the great benefits to owning investment property. You will find that investment property management services will take care of everything from getting your properties rented to handling maintenance repairs, so you can rest at ease.
Purchasing Rental Properties
When you want to purchase new investment properties, then you may consider using investment property management companies to help you find a property that is a great investment.
The professionals of investment property management can help you look for potential flaws in properties, and make sure that you are paying the right price for the properties that you are interested in.
Renting Your Investment Properties
When your investment properties are ready to be rented, you will find investment property management services are an invaluable resource. Your investment property management company can help you establish a reasonable rent for the area, screen potential tenants, and maintain rental records.
The investment property management company will also help to recover rent that is past due, or even begin the legal process of eviction in the case of rent non-payment.
The renting process is guaranteed to be smooth when you have a qualified investment property management team on your side!
Maintaining You Investment Properties
Every rental property will eventually need repairs, and there is no need to be on call twenty-four hours a day when you can find investment property management services that will maintain your property for you. Any inspections, problems or routine maintenance can be part of your contract with the investment property management company you choose.
Finding an Investment Property Management Company
Finding an investment property management company is not as hard as it might seem. Investment property management companies are located throughout the nation, and do not even need to be in your hometown to work for you.
The best investment property management companies are located near your rental properties, so that they can be maintained and inspected according to your instructions. The right investment property management company will work with you to meet your personal needs, so you can let the company handle all of your rental property business.
Fees and Research
Some investment property management companies will ask that you pay upfront listing fees, while others may only take a percentage of the income after the property has been rented. You will want to find an investment property management company that offers the fees schedule that you are most comfortable with before you sign a contract with that company. We always recommend before signing any contract that you retain legal advice from a qualified real estate lawyer.
Once you have found a company that meets your personal needs, then you are ready to begin your business relationship. You will find that the services offered by an investment property management company are invaluable in every aspect of managing your rental properties, from maintenance to renting.
You should always research the investment property management companies that you are interested in using before you settle for one that does not meet you needs, especially if you live a long distance from your rental properties.

Karen McDaniel

Principal/CEO

Property Management Profile LLC

What To Expect From A Professional property Management Company

2009-01-15T06:50:00.000-08:00

As you screen property management companies, you are looking for somebody who you can trust with not only your invested assets but also your reputation. So the first thing you want to look for in a property management company is their experience.
Experience and References
A professional property management company does not necessarily have to have a long history in business, but it does help. The more experience a property management company has, the more references will be available. Your job is to find out about any prior clients and then to go right to the source.
If a property management company is fairly new to business, they may still have other clients who you can speak to for a reference. However the longer a company has been in business, the better because then you can learn more through loyal clients that have used that company for a long time.
Even if you have been referred to a particular property management company, it is always a smart idea to speak to at least two of that company's current or former clients to learn about any possible problems they may have encountered with this company.
A professional property management company is a smart investment for any real estate owner, so you will need to choose the option that is best for your individual needs. For example, if you own only residential properties, and a company offers residential property management services yet seems to "push" their commercial property management services, they might not be the best fit for you. The best way to find out, again, is always to speak to others who have used the services of that company.
Cost of Investment
Before you even begin to think about how much a professional property management company is going to cost you as an investment, you should sit down and figure out how much you are spending, including time invested into: legal documentation including leases and other agreements, rental collection (including fuel and other expenses), rental enforcement for overdue payments (including any fees), property maintenance and repairs, etc.
In other words, write down every thing you do which can be considered a business related expense. Once you add those figures up, keep that number written down in front of you.
Now as you find out about the cost of the professional property management services you will be receiving, you might be surprised to see that this investment will actually be saving you money!
Professional property management includes regular maintenance of your property, saving lots of money on emergency repairs that could be avoided. When repairs are needed, a professional property management will take care of this for you as well.
In many ways, you will be saving money simply by investing into professional property management.

Karen McDaniel

Principal/CEO

Property Management Profile LLC

Real Estate Management Companies

2009-01-08T06:39:00.000-08:00

Real estate management companies can offer you the skills and services you need to maximize your investment properties. Real estate management companies are professionals who can market your properties, screen potential tenants, conduct all maintenance repairs and keep your properties running smoothly.
Real Estate Management Companies are not all alike
Some property management companies specialize in certain types of properties. You will want to make sure you hire one that specializes in your type of property. Types of properties include single-family houses, condos, apartment complexes, commercial and Community association properties. Some companies manage all types of properties while other may manage single-family houses up to small apartment complexes only.
Onsite and Offsite Property Management
Most of the time, you will use one of the offsite property management companies to help you maintain the rental of your properties. The offsite real estate management companies can help you determine reasonable rents for the area, as well as screen any potential tenants.
If you own apartment buildings, then you might prefer an onsite real estate manager take care of the rental process for you. An on site manager hired through real estate management companies in your local area can help you maintain your apartment buildings, and keep them occupied to their full limit.
Benefits of Using Real Estate Management Companies
The main benefit of using real estate management companies is that you can save time. Time is especially valuable if you own several properties in a different state, and cannot easily oversee those properties.
Real estate management companies are found throughout the nation, and can often oversee properties that are quite some distance from your local area. Also, using real estate management companies to monitor your properties is useful when you do not have the expertise or the desire to perform these tasks yourself.
You always want to screen your applicants carefully, but without professional knowledge you may have a hard time choosing the right tenants. You know that the wrong tenants can cause a lot of problems, and you may take longer and longer periods of time to find a tenant to fill your vacancy.
This is when you need real estate management companies to step in. Professional real estate management companies know what you need to look for in a tenant, and can fill your vacancies quickly.
Another Perspective
Real estate management companies can also offer their professional opinion when you are considering making a new investment. Bringing a true professional with you to inspect your potential properties can help you by giving you another, more objective and professional opinion.
Real estate management companies are trained to spot any potential problems with new properties, such as when a property needs intensive repairs. Being prepared with your own real estate management professional can help you with all your real estate management needs.
Business Aspects
In addition to knowing which properties make the best investments, real estate management companies also know all of the laws pertaining to real estate in your state. While the law may not seem important when you are just beginning to invest in real estate, all you need is one troublesome tenant to know the law is a vital aspect of renting property.
Real estate management companies are dedicated to helping you receive the cash flow you need from your properties. All of real estate management needs can be met by one of the real estate management companies in your area, from buying real estate to renting your properties.

Karen McDaniel

Principal/CEO

Property Management Profile LLC

Choosing Between Property Management Companies

2009-01-01T06:26:00.000-08:00

If you are considering taking the leap from homeowner to landlord, you should first consider the option of using one of the many property management companies that exist to make your life easier. Property management companies serve as the middle man between landlords and tenants and alleviate much of the stress that inevitably comes from renting property. There are many important things to consider when choosing between property management companies, to ensure you're getting the best service available.
Customer Service
When you call up property management companies, pay close attention to their customer service. Not only will you be dealing with the company on the regular basis, so too will your tenants. You don't want to choose a management company that you don't feel you can communicate with. When you consider customer service, include the promptness with which they reply to your inquiries as well as the friendliness of the employees.
Company History
How long a management company has been in business can say a lot about how reliable they are, though you shouldn't base your decision solely on this aspect. For the most part, a company that has been around for a number of years, and has been known to provide excellent service for that amount of time, is a good company to choose.
When interviewing property management companies, ask about the types of properties that they have managed in the past, and how long they have been managing the type of property that you are leasing. In addition to the history of the company, consider the amount of experience possessed by the company's employees. This is another important factor in determining how your experience with the management company will be.
References
Talking to others who have had experience with a particular company is an excellent way to get a feel for how your experience will be. Ask around to friends, family, and coworkers and get their recommendation for property management companies to consider. When you talk to the companies individually, request a list of a few references to call.
Involvement in the Rental
Different management companies offer different levels of commitment to the property. Find out if the company will provide full maintenance as necessary, if they will take care of the accounting and tax information, how they handle insurance claims on the property, and other pertinent information. Getting a grasp on these important issues will be essential to choosing the company that best suits your needs.
Finding a management company that suits your needs may seem like a daunting task, but it need not be. Simply ask the right questions and put in a little research; and you will be sure to find the company that is a perfect fit.

Karen McDaniel

Principal/CEO

Property Management Profile LLC