Why Hire A Property Manager?
TO MANAGE OR NOT TO MANAGE
You have made the decision years ago to invest in real estate for passive income as well as the tax benefits and hopefully the appreciation of the property, but are fed up tired of the day to day time spent on the yard being mowed and finding a new tenant for your 2 bedroom. Or you would like to invest in real estate in the Austin area (with occupancy up around 98% and interest rates at record lows, it looks like a better place for your money) but don’t want to be tied down to anything except your life the way it is right now. If you want the best of all worlds, consider a property manager to perform the day to day tasks that are so very important to a solid investment.
We are going to go through many of the day to day activities necessary to properly manage an investment property, while bragging on ourselves a little, because if we don’t no one will.
Finding the right tenant
Property managers require prospective tenants to complete a detailed application with photo identification. They also perform tenant screenings which including employment, credit, criminal, and rental background checks. These steps help determine who is going to respect your property and pay their rent on time. The perspective tenants past actions speak volumes as to their future actions as it relates to their home.
Our step further: We specifically include clauses in the lease agreement relating to adherence to society rules, maintaining their home in good condition, the owners right to conduct surprise checks, etc. We also remind the tenant of his contractual duties and the owners’ right to evacuate at a short notice in case of any issues created by the tenant. We personally meet prospective tenants, attempting to understand their background and try to determine their appropriateness/reliability as a trustworthy tenant.
Rental rates
By knowing the rental market in your area, a property manager is able to price your property competitively. Their expertise provides you with the highest rental rate possible without having your property sit empty losing money.
Our step further: In order to determine the highest rental rate for your property we inspect your property. Most properties can demand a higher rental rate and/or rent sooner with just a few cosmetic changes. Looks are everything and a good first impression is key! We look at the areas of your property that will become an advantage from a renovation or replacement. Once we determine possible solutions, we weigh the costs and the return on investment expected. We provide you with a cost estimate for each project and what your potential rental rate would be, thus how fast you will recoup your investment and increase your profit. A clean and maintenance-free property = quality renters, more profit, and a low vacancy rate for years to come.
Marketing your property
Property managers have years of experience to determine the best way to market your property for renting in the shortest amount of time. They use both online and offline marketing techniques.
Our step further: We know that nearly 70% of renters begin their home search online. Therefore, we market your property on our website, Austin MLS, Zillow, Trulia, Rentals.com, Craigslist, Oodle, Vast, RentalHouses, our social media websites , and many more. We also know once they like what they see online, they will drive by the property and get a feel for the neighborhood. We want to make sure your property shows great from the outside to the inside with tidy curb appeal along with well designed brochures of the inside for them to take with them. The prospective tenant can access information about your property through their smart phone, tablet or with printed material.
Managing Tenants
Once a good tenant has been found, the property manager will handle all aspects pertaining to your property. All routine and emergency maintenance issues as well as resolving any conflict that may arise go directly through your property manager.
Our step further: The foundation we lay down is one of well defined rules and responsibilities for both the tenant and property manager thereby opening communication between the two parties. For the tenants we manage, each receives a Tenant Manual including signed copies of their lease along with the Resident’s Rules and Regulations agreement. We provide 24/7 online access through our Tenant Portal allowing the tenant to pay their rent, submit maintenance requests, and view any information about their property and community.
Property Law and Regulations
There is a multitude of applicable laws and regulations to abide by when renting and maintaining your rental property. These include local, state and federal regulations, as well as the federal fair housing regulations (such as the ADA). A property manager can help you avoid lawsuits by keeping your property up-to-date and in compliance with these regulations.
Our step further: Along with knowing all of the laws and regulations pertaining to your property, we will keep you informed of any changes or updates and how you will be affected. And if your property will go through renovations, you can rest assure we know all building codes and obtain all required permits needed before any work is performed.
Property inspections
Property managers perform inspections on your property prior to a tenant move-in and after a tenant has moved out. Yearly inspections are also performed to ensure the tenant is caring for your property correctly and to determine if any maintenance, deferred or regular, needs to be addressed.
Our step further: Our detailed reports include the condition of every aspect of your property, including images of the property and areas of concern, suggested solutions for problems, and an estimated cost for repair or replacement.
Access to reputable professionals
Knowledge of local tradesmen, vendors, and suppliers helps property managers provide your property with quality work at a reasonable price.
Our step further: We have worked with most of our subcontractors for years, some more than 25 years. We stay loyal to them because we all have the same work ethic – doing the job right the first time.
Financial records and security deposits
Property managers provide income and expense statements, cash balance statements to keep your bookkeeping to a minimum, and end-of-year tax reports for your accountant. Additionally, they hold your security deposit to make sure you are in compliant with the local and state regulation.
Our step further: With our online Owner Portal, you have access to all forms, financial and property inspection reports, statements, signed lease agreements, and tenant information available to you in one location 24/7.
Hopefully, this illustrates that our approach to property management is different and more complete than others available in the market place. Please visit our website, to learn more about what we do, you may be glad you did.