Owner & Landlord Frequently Asked Questions
Why do I need a property manager?
As owners grow their real estate holdings, they often find that most of their free time is consumed with property related issues (banking, repairs, leasing, tenant issues, etc. etc.). If you only have one or two properties, or if you view your property as your “baby”, then hiring a property manager is probably not the right answer. If you have a lot of properties, a lot of partners or have other demands on your time such as running a business, doing real estate transactions or enjoying your life, you probably will want a property manager.
The decision to use a professional property management firm is both an investment management choice as well as a lifestyle choice. For the investment management choice, ask yourself if you are the best person to successfully manage your investment, or you would rather focus on other goals while a professional maanges your real estate investments? Fior the lifestyle choice, whether you want to spend your days dealing with property related issues (banking, repairs, leasing, tenant issues, etc. etc.) or your would focus on other goals or pursuie other interests while your real estate investments work for you.
Below are some typical situations where it makes sense to hire a property manager:
- Active owner/investor wants to hold real estate as part of their long term strategy, and views his or her real estate portfolio as an asset but does not want to be “hands on” because has other goals or demands on his or her time
- Multiple investors/owners seeking neutral 3rd party to handle finances, reporting and distributions
- Shoping Centers, or other properties, involving CAMs
- Out of area owners
- Assets in receivorship
- Managing difficult tenant situations
- Managing the “repositioning” of a property
- Assets in transition — (i.e. owners dispute, pending sale)
How will I receive my statements and financial records?
We generally “close” the prior month on the first business day after the 1st of the next month. Financial reports and distributions (if any) are typically mailed out to owners by the 15th, or the closest business day to the 15th.
How are maintenance and repairs handled?
We have a database of close to 100 vendors who provide services to our properties for jobs large and small. Typically a tenant will email us, submit a form through our website or call our on the ground agent to report an issue. From there, the service request is directed to the best vendor to repond to the request.
How will my tenants be selected?
Tenant selection is the key to successful property ownership and management. Selecting good tenants will make your ownership experience enjoyable, and selecting a bad tenant can result in a miserable experience that wastes tremendous amounts of time and money. We partner with experienced real estate agents and brokers who have proven track records of tenant selection. Our properties enjoy a very low vacancy rate, even at the worst part of the Great Recession. By selecting quality tenants up front our process results in a more continuous rental income stream, fewer legal costs and lower turnover costs.
How will my property be advertised?
We advertise all of our properties using a comprehensive selection of effective websites. If it’s allowed on the property, we also use well-placed yard signs. Depending on the property, we may also choose to utilize a variety of local listing services, newspapers, and print advertising.
How do you determine what rent to charge?
We consider economic conditions, survey data, broker opinions, “market tests” and our own database of information to determine rent. Ultimately, a property’s rental value is what the market says that it is. One area we add value is advising owners on repairs or improvements that can be made which will increase their property’s rental value.
