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10 Reasons To Hire A Property Manager
Those who have owned investment property for any length of time know the financial benefits to owning rentals. With that said, they generally have discovered that property management requires a large commitment of time, effort, strategy, patience, industry knowledge, legal know how and a constant demand.
While it may make sense to take the do-it-yourself approach for some, most property owners are ill prepared for the challenges that await them in the rental property world. With today's ever increasing demands of fair housing laws, property upkeep/maintenance and the constant communication with tenant related issues many should rethink the decision to personally manage their investment property. With this in mind, here is a list of 10 reasons to hire a licensed and dedicated professional with Oakwood Realty & Property Management:
1-We know what rental rate to charge: About 70% of the rental properties that we take over management on are at least 10% under market rental rates. That's a lot of lost income over a year's lease. We conduct a thorough market analysis to find what the market rent is for your rental property. Collecting the correct rent for your property is the key to making your investment profitable.
2-Timely collection of rent each month: If you've ever worked in billing or collections, you know that collecting payment from clients is sometimes difficult, awkward and uncomfortable. We have effective, tried-and-true systems in place to efficiently collect rent in order to get it to you in a timely manner each and every month. Many of our tenants utilize our software to pay their rent automatically online through our convenient and easy to use E-pay system.
3-Marketing your vacancy: For most rental owners, vacancy is your biggest expense. A vacant property is any property owners greatest obstacle. Many times do it your self owners, out of desperation, will fill a vacancy with an under qualified applicant just to get the property filled. Do not under estimate the time it takes to show the property day after day, take and return phone calls, getting stood up on showings occasionally and deal with the day in day out process of filling the vacancy. We do the following to fill our vacancies quickly:
a-Make sure the property is show ready and in tip top condition to attract only the best of tenants.
b-Market your upcoming vacancy at least 30 days before the actual vacancy period.
c-We provide a full photo tour of your property to use on all marketing sites.
d-Market the property on a vast list of major rental property advertising sites.
e-Post a rental sign in the yard with our Phone number and web address which has a direct link to your property listing.
f-We respond quickly to all requests for showings and property information.
g-We show your property frequently and utilize proven strategies to fill the vacancy quickly.
4-Finding the right tenants: We are experienced property managers who are experts at finding great tenants. We take care of all the details and provide state of the art screening services on all applicants. We complete the following on all applicants:
a-We screen all applicants through a national criminal background check to see if they have any criminal history.
b-We pull each applicants credit report to see what their history of paying debts in the past has been. We also pull their credit score to see where they rank.
c-We verify their rental or mortgage history to make sure they haven't had any previous issues with prior landlords.
d-We verify their income and ability to pay rent on time each and every month.
e-We verify that each applicant is not on the sex offender registry, terrorist watch list, or that they have never been evicted from prior rental properties.
f-We require all potential occupants of any property who are 18 years of age or older to complete this thorough application process as well as agree to the terms of the rental lease agreement.
5-Manage the day to day: Beyond finding and placing great tenants, we manage all the day to day issues that residents have in your property. We handle all routine maintenance, full accounting and reporting service which we offer you 24/7 access to, frequent interior exterior property inspections and we manage any situations where conflict resolution is required. We are available for all emergency situations and ready to resolve any issues that may arise.
6-Repairs and Maintenance:We are partnered with a maintenance crew that can handle any repair needs that your property will have. Our crew is set up to save you money with efficient repair solutions, wholesale supply accounts and ability to be quick and effective with time and material. With the years of experience we have in this industry we have relationships with tradesmen, contractors, and suppliers that are almost impossible for an independent landlord to duplicate. Not only will we get you the best work for the best price, but we will oversee any necessary maintenance needs that your property may have. We are set up to save you money at every end.
7-Fair Housing Laws. Fair Housing violations are becoming quite a problem for the do it yourself Landlord with the increasing predatory practices of many law firms who prey on the unsuspecting do it your self Landlords who simply do not know the laws. There are 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 fair housing regulations (such as the ADA). We help you avoid lawsuits by keeping your property up-to-date and in compliance with these regulations. Additionally we have one of the states best Landlord/Tenant Law firms on retainer for any and all issues that may come up.
8-Covering the move out process: Having tenants move out of your property can be a stressful time and many do not understand what is required of them legally as part of this process. We cover this process from start to finish and make sure that the move is documented and that all forms are served on time and correctly. It is important to document this process and to get the tenant moving out to cooperate with you showing the property to prospective tenants.
9-Make the most of your time: By having Oakwood Realty & Property Management take care of the day-to-day aspects of running your income property, you will have the time to identifying further investment opportunities or otherwise furthering your career and spend time doing what you like to do. It really takes a specific personality to be in this business. We do not recommend trying to be an over night landlording pro.
10-Creating the best return on your investment: We are dedicated to work full time in your behalf as licensed and insured property management professionals who will take care of your property and do our best to make you a great return on your investment. We truly care about how your property is performing for you and want to make it a good investment for future years. Our staff is dedicated to you and wants to create a lasting, long term relationship.
11- Wait! This is a 10 item list.Yes it is but there is one last item that was missing. The item that makes us the most valuable to you is that every investment property owner needs a good, honest professional who is dedicated to making their investment property a success. We care! We are the kind of people who try to be the best at what we do. We take your business personal and want to impress you with our ability to provide exceptional service and a great return on your rental property. We are who you are looking for. Give us a call today for a no obligation consultation at 801-302-3300. Or click this link to request more information and we will contact you. We look forward to hearing from you and discussing your property management needs.