If you have a property, you definitely will want to select a professional that you can trust to keep care of it properly. When you buy a rental home that is in a different state, it may be quiet tough to properly handle this by yourself. This is where a responsible and trustworthy property manager is needed. If you hire some crook, they could simply cheat you out in different ways.
To find experienced property managers, continue reading on to know some tips on how to do this.
1. Have Some Referrals
It is a good idea to look for a reputable property manager by referral. You can consider the person who sold the home to you. Ask your real estate agent if they know of any good property managers. Those who have friends who have investments within the same area can even ask them for referrals.
It is important that the property manager is also licensed. They should have no complaints present against them as well. These may be checked online or from your state’s Real Estate Commission. For instance, you can check Denver and Colorado Springs areas ones if you stay here.
When a short list of individuals are present that you are considering, you can interview them by yourself to see how they are.
2. What Is Your First Impression of the Manager?
Try and meet every candidate in person. When you do this, you can try and see whether the manager tends to be put together moreover is well-spoken. Allow yourself to be in a future tenant’s place and consider whether you wish to rent some home from the person.
You should ask whatever is in your mind. Ask them what services they will provide, whether they will pursue full service property management or not.
If you are considering a property management company, look to see whether the company is professional and if they have compatible property managers.
3. How Do They Handle Advertising and Vacancies?
You can ask the property manager some questions.
· Find out where do they advertise vacant homes.
· What type of signs are put in the property?
· See if they advertise inside newspapers, websites, and at close colleges.
· Check the number of vacancies every property manager has.
· Find out the average amount of time that it takes to place some tenant.
If they have a website then go through this carefully.
· Do you find this website impressive?
· If you are a prospective tenant, can you easily look for the rentals list?
· Being an owner, is it possible to log in online to see your account as well as statements?
If it is a team, you can check the realty team management work.
You can keep the above points in mind when you are looking for a property manager. This is not an easy task because you are putting your precious investment in their hands. Take time and do your research carefully
Have a look at Empower Realty Team, a company dealing with properties and the best at it servicing the Colorado Springs and Denver areas.
When you own a rental property and you are considering property management, chances are you have many questions. What do property management companies do? What are the responsibilities of a property manager?
The Empower Realty Team makes it easy to get the information you need. View our list of frequently asked income property owner questions below to find the answers to your inquiries. You can also contact us for more information and even get a free rental estimate.
What Does Your Property Management Company Do?
The Empower Realty Team is a full-service property management and leasing company that ensures your property is successful and well-maintained.
What are the Responsibilities of a Property Manager?
We effectively manage your rental property through:
What Types of Properties Do You Manage?
We specialize in Single-Family homes, Condos, Townhomes, Duplexes, Triplexes and Fourplexes as well as Student Properties.
Are Property Managers required to be licensed and are you licensed?
Yes, we are licensed real estate agents and REALTORS®.
What Do You Do To Get My Property Leased?
Renting homes is highly dependent on marketing. We acquire tenants through internet web searches, sign placement, walk-in business, and referrals from satisfied clients.
Normally, there are several factors that can make a property difficult to rent – undesirable neighborhood, the property doesn’t show well, pets are not allowed or the rent is not competitive. If one of the last two problems appears to be a factor in marketing your property, we will make suggestions to correct them. We do our utmost to keep all properties rented, not only for your benefit but also because our income is based on a percentage of the rental income.
What are your Application Requirements?
What is the Duration of the Lease Term?
All leases are in writing and normally cover a period of one year. Longer or shorter leases are approved after discussion with the property owner. During slower rental periods, we accept leases for less than one year in order to have the lease expire during a more active rental period. On occasion we may elect to place a tenant on a month to month to accommodate a sale of the property by the owner or moving the property into a more active rental period like the summer months.
Do You Inspect The Property?
During the lease term, we may have occasions to enter the property for repair or maintenance reasons and will use that opportunity to examine the property.
In addition, we will generally schedule a property survey walk-through to see how the tenants are maintaining the property. We make sure the air filter is being changed, that the smoke and CO alarms have batteries and that there are no unreported problems at the property.
We will also schedule a renewal survey prior to offering a renewal on a lease. This protects both you and your property. The right for us to make routine inspections of the property is part of the tenants lease agreement.
What Happens If the Tenant Does Not Pay the Rent?
If payment has not been made by the 3rd day of the month, we send the tenant an email letting them know that we haven’t received the rent. If we get no response from the tenant then we post a three day demand for rent or possession of the property.
How Do You Handle Maintenance Requests?
Tenants may submit requests through their tenant portal. For emergencies, they may call our emergency line. Once we have determined whether or not the issue is considered an emergency and needs to be handled after hours, we will dispatch the appropriate vendor to control and handle the emergency. Tenant safety is absolutely the top priority.
After receiving a routine repair request, we will contact the tenant and ask them questions in order to help us determine the exact nature of the problem before sending a service technician. We make sure it is not something the tenant can fix themselves (ex: reset button on the disposal, tripped breaker etc.) before your money is spent on a service call. After determining that it is a legitimate problem, we will send the appropriate service vendor to make the repair. We tell our tenants that we are able to handle most repair requests within 1 to 3 working days. Comfort items such as air conditioning, no hot water or heat, receive highest priority and are usually attended to the same or next business day.
Do You Hold Some Of My Money For Repairs?
Yes, we require a $300 reserve per property in your account so that there are always funds to pay the vendors for minor repairs.
How Do I know You Won't Authorize Large Repairs Without My Approval?
This is the greatest fear of most new owners. We promise in writing not to do that. Ordinary maintenance and repairs of less than $300 are paid out of your account, and you will see this in your monthly statement.
If we think a repair might exceed $300 and if we are unable to reach you, we may initiate repair work even if it is higher than $300 as stated in the management agreement; for the following cases:
When Do You Process The Rent Payments, Owner Statements, and Owner Proceeds?
We guarantee your statement and rent proceeds no later than the 15th providing the property is occupied and the rent has been paid on time. Rent proceeds disbursements are made by ACH direct deposit into the owners’ accounts and statements are available the same day. We email owners the same day that they receive their deposit that their statement is available through their Owner Portal.
Can You Direct Deposit My Monthly Proceeds?
Absolutely! We can deposit your rent proceeds directly into your bank account by ACH direct deposit.
Can The Empower Realty Team Help Me Sell My Property or Assist in Adding To My Portfolio?
Yes, we are a full service brokerage, and licensed by the Colorado Real Estate Commission to sell as well as manage properties. We sell lots of properties every year! Our agents are well trained in property management procedures and in the sale or purchase of residential investment property. They would be happy to assist you in either the purchase or sale of residential or investment properties. Our property owners receive a discount if they use our agents to represent them in the sale of their properties.
Who holds the tenant’s security deposit?
All security deposits are held in our deposit trust account until the end of the tenancy.
How much security deposit do you charge the tenant?
Normally we require an amount equal to one month’s rent. There are situations when we require more.
How Soon Can You Start Managing My Property?
We can start the process immediately. Contact us so we can find out more about you and your property and see if we would be a good match for your wants and expectations.
Please contact us if you have other questions or wish to discuss letting us handle your property.