Does Your Property Management Company Inspect Your Investment Monthly?

We have two key foundations of our business model.  Real Estate Experts’ property managers inspect the outside of the properties we manage monthly and we inspect the inside quarterly.  The driver behind our business is that no properties under our management will get beat up on our watch.

Do you own a rental or investment property?  Do you use a property management company? How many property management companies did you interview before deciding who to hire to protect your investment?

I was with clients the other day looking at their rental property that they are going to put on the market to sell.  This property is managed by a local property management company.  It is not managed by us, Real Estate Experts.

We found this crack in the foundation while doing a visual inspection of the property.  What would you do if you saw something like this and you were paying a property management company to take care of your investment?

Property Management

 

These home owners had a tree go down over a year ago.  The tree was removed but no one told the owners about this crack nor suggested that it be repaired.  If Real Estate Experts was the property management company for this home, this never would have happened.

Why?

Under our business model, we would have caught this problem immediately.  Real Estate Experts’ property managers inspect the outside of the properties we manage monthly and we inspect the inside quarterly.  We also respond immediately to things like trees going down.  We would not just have a tree company remove the tree, we would go to the house and inspect it to make absolutely sure there was no damage done to the home or other trees.

What other property management company inspect the inside and outside of the properties under their management on a regular basis.  None that I know of.  This is just one thing that sets Real Estate Experts apart from the pack.  At Real Estate Experts, we go the distance to protect your investment.  The #1 requirement is that no property under our management will get beat up on our watch and certainly if there is storm damage we are going to find it and have it repaired.  This is why we visit the properties we manage on a monthly and quarterly basis.

We would have seen a crack like this when it happened.  We would have gone to the house to inspect the property.  If by chance it happened later, we still would have caught it at one of our monthly inspections.  We would notify the property owner and the repair would have happened next.

I am glad that we found it now so it will be repaired properly before putting the  house on the market for sale.

ADDENDUM TO THIS POST –  A few days later I returned to the property with a general contractor to evaluate the needed repair.  This is what we saw this time.

property management

Like I said, this problem would NEVER get this far on our watch!

 

Real Estate Experts Property Management Company

It’s important to understand what is involved in renting your home, especially if you haven’t done it before. Don’t let that deter you, or intimidate you!  A great property management company is an important part of the equation, and Real Estate Experts has the knowledge and expertise to help you handle all of the details.

Related Posts: Property Managers Can Make You Money…;Rental Property ManagementAre you thinking of renting out your property?

 

Property Managers Can Make You Money…

property managers

 

If you’re thinking of renting out your house, consider this.  Residential property managers can help make and save you money in these five ways.

Property Managers keep your property occupied

Property managers can help minimize vacancies in your rental property. Decreasing vacancies by finding long-term tenants is a way property managers can help you save and make more money. What’s more, is that property managers can help reduce turnover. Turnovers cost money! Paying for advertisement and the cost of fixing any prior tenant damages certainly strains your wallet.

One of the biggest turnoffs in owning a rental property is that you may not always have tenants. Which is to say, you won’t always have money coming in from your investment.

Property Managers help work through legalities

There are a whole host of laws pertaining to the rental market. If you don’t abide by these laws, it’s possible you can run into legal trouble.  The best property management companies knows these laws, and might even have legal consult on their staff!

property managersProperty Managers screen tenants to rent your property to only the best

Most property management companies will use a screening technique to make sure your investment is rented out only to the best tenants. That way, they can protect you from legal issues like a violation of the Fair Housing Act.

Property Managers market your property

Being a landlord is, essentially, like running a business! Having a property manager means you’ll have a hand in marketing your “business”.  The best property management companies have been through the process many times, meaning they’ll be able to effectively market your property because they’ve got experience and they use the latest technologies to reach a maximum number of tenant prospects.

Property Managers handle all  maintenance issues

Some property management companies’ include maintenance costs in their management fees. Why not take advantage of that?

The best property management companies have a network of contractors who can take care of the maintenance issues for you.  A network of contractors can also be useful in getting discounts, especially as the management company will need a contractor for more than one property.

Real Estate Experts Property Management Division

At Real Estate Experts, we do things to set ourselves apart from other property management companies.  The foundation of our business is that, “no rental property is going to get beat up on our watch.”  To ensure this does not happen, we do something that no other property management companies do; we inspect the outside of the property monthly and we go inside quarterly.  Maintaining your investment is our highest priority.

It’s important to understand what is involved in renting your home, especially if you haven’t done it before. Don’t let that deter you, or intimidate you!  A great property management company is an important part of the equation, and Real Estate Experts has the knowledge and expertise to help you handle all of the details.  Here is a short list of what we do.  Here is a taste of what we do:

  • An in-depth interview with you allows us to modify a lease to accommodate your specific property needs and keep you protected.
  • All advertising, property showings, credit-criminal checks for quality tenants is our mission.
  • We provide you with a monthly income-expense report along with your monthly check.
  • Monthly/Bimonthly inspections of your property
  • Prepare the right lease that will meet your property and financial requirements
  • We answer your tenants’ calls 24-hours a day, 7-days a week.
  • Take care of any and all maintenance issues.

The best news, we do not charge an upfront management fee like other property management companies.  Call us and ask us about our fees and what we do to attract Realtors to show our rental listings.  We do above and beyond to bring our property owners the best service possible.  We look forward to hearing from you!

 

Are you thinking of renting out your property?

Then you’ll need a great property management company…

It’s important to understand what is involved in renting your home, especially if you haven’t done it before. Don’t let that deter you, or intimidate you!  A great property management company is an important part of the equation, and Real Estate Experts has the knowledge and expertise to help you handle all of the details.

But how do you choose a property management company? We’ve got the answers to that, too.

Where to Start When Choosing a Property Management Company

It’s a good idea to start with a list of local property management companies in your area. With that list in hand, you can start your research process online. Check out their reviews, and focus on companies that have lots of five star reviews. When people write rave reviews about the service they’ve received, you can hedge your bets on the company being on point. A few one star reviews shouldn’t freak you out, because some people have negative things to say about everything. As long as the overwhelming majority of reviews are really positive, put them on your “to call” list.

Creating Your “To Call” List of Property Managers

Next up on your to-do list of picking a great property management company is to give two or three of the best reviewed companies a phone call. If you don’t hear back promptly, move on. If they can’t be bothered to serve you well before another company, why should you expect them to once they’ve locked you in? This is a great move to protect your interests.

Once you being talking with a representative, there are three questions you should absolutely ask. There are some property management companies that cut corners in these areas, which makes these questions important to discuss.

  1. Do you respond to tenant inquiries the same day?
  2. Do you regularly physically inspect the property? (A quarterly interior inspection is a minimum. We do this and a monthly exterior check.)
  3. What do you do when a tenant is late on rent? (If you don’t hear the words “immediate phone call” and “notice to vacate,” don’t hire them. If you want someone to be soft and sloppy with your money…ask a friend to manage your property for free. You’re paying a professional to be professional.)

If the prospective company answers these questions affirmatively and confidently, you’ve got a great property management company on your hands. Finally, there’s one more question to ask.

Discussing Fees With a Prospective Property Management Company

The fee you’ll be paying to the property management company is important to discuss. Not only because it’s important to know information up front and figure that into your budget, but it’s also important to know what the prospective company expects. Eight to ten percent of rent collected is a pretty standard fee for property managers. Most companies also charge a “lease-up” fee, frequently half or more of the first month’s rent, to cover all the upfront work of getting a tenant in place.

Real Estate Experts

At Real Estate Experts, you pay zero lease-up fee, which means we don’t get paid until you do. Once your property is leased, we charge at the bottom end of the spectrum, just 8% of the rent. And that’s our only fee, ever. Not only do we provide some of the cheapest rates, but I also feel confident telling you that we provide the best service you can get.

In order to charge the least and give the most, we can only work with excellent clients. Learn what’s required to be a Real Estate Experts client.