+14052325800

You Have or Had Previously Hired a Property Management Company

The Basics

What you need to know before You Sign with a new Property Management Company

How do we define property management?  For us, it’s a turn-key process.  Here’s what we take care of so you can relax:

  • Making the property ready to rent,
  • Getting great photos to make a nice advertisement,
  • Showing the property to prospective tenants,
  • Taking applications and screen them,
  • getting them on a 12-month lease,
  • Taking care of all collections and other tenant issues,
  • Providing and accurate accounting of the rents and expenses, and
  • Taking care of any evictions if required.

It’s absolutely critical that you get all the facts about property management company and the services they promise to provide before you sign the property management agreement.

Do they provide a true turn-key service?  You’ve got find out for sure.

What’s Your Goal?

Deciding if it makes sense or not to move your to another property managed company depends on these two questions: 1) Will you be significantly better by moving to a different provider, and 2) How can you be certain that you will be significantly better by moving to a particular company (How do you know that you can trust them)?

Here are some questions you should be asking yourself if you are considering transferring management to another company:

How much does property management cost?

The differences in management costs are marginal.  Our company is competitive, but your decision SHOULD NOT BE BASED EXCLUSIVELY ON THE PROPERTY MANAGEMENT FEES.  Why?  Because vacancy costs and maintenance and make ready costs are much more significant.  In addition, the amount of rent that the property management company can obtain is also a factor, in some cases is not trivial.

What is the strategy of the property management company to maximize the amount that the property will lease for?

It’s not good enough anymore to just post the property on-line and wait for the tenants to come streaming in with application.  Particular property management companies will be better or worse depending upon the type of property, and the specific location.  No company is great when it comes to all properties.

How long does it take us to lease the property?

Our organizing principal is that properties must be 100% ready to rent before we start showing it.

That means it must be clean and ready, inside and out.

The precise amount of time that it takes for us to lease a property depends on a number of factors.

On average, it takes us 22 days to lease a property once it is completely ready to go.

For more information on what we do to lease properties quickly, click here.

How do we keep maintenance costs down?

Our maintenance technicians have a wide array of skills.  For example, they can do all of these and more:

Unclog plumbing with one of our many snakes, including a yard line,

Replace plumbing throughout a unit,

Maintenance and replace heat and air systems,

Any type of electrical work that might be required.

We bill maintenance by the hour.

The charges depend upon  exactly what the task is.

We also hire contractors for big jobs, in that case we’ll obtain multiple bids.

How long does it take to complete make readies?

We take an average of 13 days.

You can read about our 5-step process for completing make readies by clicking here.  

What about monthly statements?

We send out our monthly statements between the 10th and 13th of the month.

The statements are itemized, and show the income and expenses from the last 30 days.

We also include copies of the supporting invoices.

You can read more about our monthly statements (click here).  

What else?

We answer the phone during office hours.  It’s funny how so many companies do not.

 

In addition, there are a few other important differences.  Click here now to read about those.

Shares