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When Should a Landlord Hire a Property Management Company?

You have a lot of property.

Managing a vast property can sometimes be very tiresome since it involves a lot of movements and thinking. Again, managing a lot of records is a lot of work for one person hence the need to have a dynamic and a good experience property management company running your rental duties for a cost. Having too many tenants means a lot of complaints to be handled by one person. Having property management services will help to ensure your tenants are happy when the complaints are responded to promptly. You are committed to corporate employment.

You are committed to corporate duties.

Running Office works parallel to the rental investments can sometimes leave you with headaches. Corporate duties require a lot of attention and commitment, and so are tenants’ demands and other rental business activities. Managing these two duties will call for you to quit one duty. You don’t have to leave your job to manage your property; you can employ the services of Premier Business Investments to help you kill two birds simultaneously.

When you live away from your properties

facility managementIf you live away from your property, it can be a good idea to have your property managed by a property management company. Being a landlord has many responsibilities that you cannot handle when you live away from your properties. Some needs of tenants are too urgent and can be expensive when not attended to promptly. Imagine a gas leak in the middle of the night? Managing such urgent needs can be easy if you live at the premises since you can quickly get to the gas room and shut the gas channels. Living away from your premises could result from a fire outbreak.

Ease of handling repairs and maintenance

Fixing house damages can be very tiresome and require specialized expertise that a landlord may not possess. Handling the damages can also require someone interested in taking up challenges of fixing specific issues. Hiring handymen to correct such damages will require expenses that’s could otherwise be eliminated by hiring a property management company. Property management companies have all the staff with relevant expertise and experience to handle any house damages, and the cost will be covered by the company.

Handling rent collections and dealing with evictions

Tenants sometimes require coercion and reminders for them to submit their rent. Sending reminders and messages to all your tenants can be tiresome and can only be handled by a property management company. In case the tenants refused to pay their rents continuously, eviction is necessary. As a landlord, evicting a client is a long process that could be shortened and made easier if you hire a property management company.

You can afford the cost of hiring a property Management Company.

property management costReal Estate Management companies charge a percentage ranging between five and ten of the total rent revenues. Supposed your property is generating much and you don’t have loans and other obligations to settle, then you can seek the services of property management companies at an agreed cost. The rental costs can also be determined by other factors, such as economic recessions. Suppose you still have enough funds to foot the property management bills; you can continue with the services; otherwise, it’s empirical you terminate the services.

You have limited time.

Managing rental properties requires you to devote a lot of time to the management. You may also have other duties to attend to, such as young kids and office duties. Management Company will be helpful on such occasions since they will oversee all the management services such as renovations and repairs.

Your property is part of an affordable housing program

Being part of an affordable housing program requires a landlord to comply with certain regulations and laws. These laws require expert management who have experiences in tax, interest rates, and tax credit management. To ensure full compliance with some requirements, you can hire a property management company to ensure you receive grants, loans, and tax credits from the government.

Why hire Premier Business Investments

hire property management companyPremier Business Investments has been in the business of property management for a long time now. Hiring us will introduce first-class expertise and long term property management to your business. We have all the relevant experts committed to ensuring your tenants are happy to stay in your property and are willing to further extend their house contracts. We charge affordable costs and are ready to negotiate the terms when the house rental markets are faced with turbulence such as economic crises and other pandemics. Our services are rated five stars, and we guarantee first-class services at an affordable cost when you hire us.
You can contact us through our company website or send us an email, and we will be available to help you manage your property.

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Property Management vs. Self-Management: What’s the Difference?

Real estate is a beneficial investment opportunity; once one has rental properties and is selling in the market, the next thing an investor needs to figure out is how to manage the property profitably.

In the market, there are two ways to manage property in today’s world; we either manage them as self, or we engage the services of a property manager. Property management entails many aspects on a daily:

  • Fielding complaints
  • Enforcing the lease
  • Finding new tenants when vacancies occur
  • Tenant screening
  • Making repairs when needed
  • Moderating issues between tenants
  • Determining rental rates
  • Evicting a tenant when need be
  • Advertising your property

Given the many responsibilities involved in property management, it is easy for the owner to decide on who takes care of the property. Property management saves one time and effort while at it; things are taken care of professionally and speedily, whereas self-management saves money.

Self-management

In self-management, the landlord is also the owner of the property. Tenants come to the landlord who is the owner when paying rent and when needing repairs for their household.

Property Management

In property management, someone else manages the property on your behalf but at a fee. The manager handles the day to day tasks and ensures that your property is profitable and maintained to avoid spoilage of one’s investment.

Differences in Self and Property Management

property management

  • In self-management, we have more financial savings since the landlord the one managing the property and collecting all the rent. In property management, the owner has to pay agent fees.
  • In property management, the property managers have experience in the industry and know the dos and don’ts, not to mention a quick turn around when problems occur. In self-management, the owner who doubles up as the landlord has no experience in the industry and is exposing himself to legal risks and fraudsters.
  • In the event of vacancies in the property, a property agent will know how to screen potential tenants, unlike as they have the experience to weed out tenants who are likely to default; a self-manager will not have the same privileged because of lack of skill and experience.
  • In self-management, the owner has greater control of the property, unlike when the property is in the hands of property management, where the manager has no relationship with the property and handles it like a business.
  • In self-management, the prices set as per the discretion of the owner, which may be too low or too high, too little may mean the owner is running losses, and to high may mean the owner is not attracting customer, thus a loss situation. When a property agent manages the property, the reflects amenities and the location of the property.
  • In self-management, the owner is guaranteed of the returns and sure of the cost of repairs as they are in touch with the property. When the owner has engaged the services of the property management company is some instances, they tend to be fraudulent and steal from the owner by having unnecessary repairs, not to mention not depositing the rental income.
  • In property management, the owner has time to handle other businesses as they have someone watching their property. In self-management, the owner has limited time between their job and the management of the property as the owner has other priorities.

Overall it is better to find a property manager. One of the best property management companies is Premier Business Investments. They are known for their specialized services, and some of heir benefits includes.

  1. Broken Doors and Locks Policy.Where when they have a broken lock or door, the tenant has an available spare key to use as an alternative or instant repair services where a locksmith goes to fix the tenants’ door.
  2. Air conditioning services. During summer, the heat in the living room is not an added advantage, and therefore if the air conditioning is broken, then a repairer is asked to go to the specific apartment and fix the problem.
  3. Bathtub and drains. Once in a while, the bathtub and drains get blocked, and one needs the services of a plumber to come and fix as Premier Business Investments is responsible for allocating a plumber to go and fix the two aspects.
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Top 10 Most Common Property Maintenance Issues

When it comes to property management and resident services, maintenance is at the top of the list. Whether a resident makes a service request or the community pool is on the fritz, good maintenance really shines when it comes to property management company Gilbert AZ. If you don’t stay on top of repairs and requests, it can lead to tenant turnover and even more expensive problems.

There are some common property maintenance issues that always pop up. Preparing for these in advance can help you diminish problems for residents and your company.

1. Air Conditioners Gone Bad (14.2% of all maintenance requests)

property renting

It’s summer, and surprise, surprise, 15B’s air conditioning is on the fritz. Why is it that air conditioners always seem to go out when there’s a heatwave? Most likely, they’ve been running off and on, but now they’re running more than ever, causing belts to break and leaks to open up.

If you don’t get your HVAC fixed within 3 days, you will likely also see a complaint. This is a time-sensitive repair, so your tenant won’t be happy if you put it off more than a day. It’s best to keep an HVAC specialist on call during hotter months as well.

 

2. Broken Doors and Locks (Nearly 12% of service requests)

Have you ever had a tenant locked out or an old door key that suddenly breaks? In any case, your tenant can’t get inside, and the first person to call is property management. While it’s helpful to have spare keys, you may also need a locksmith if you want to fix the issue and make your rental accessible to the tenant.

3. Commode Woes (8.3% of property maintenance requests)

The toilet is running, and if you don’t catch it, the tenant is going to have a flood of issues. If the toilet clogs, there may be leaks, flooding, mold, and tons of other problems if you don’t fix it right away. If you don’t have a good plumber on staff, then you should definitely have a local plumber on call to handle these problems. If not, you could have to deal with an entire bathroom remodel from mold and mildew, not to mention the pissed off tenant.

4. Bathtubs and Drains (7.5% of all requests)

Plumbing issues take the cake when it comes to property requests. Baths and showers are necessary, but when your drain clogs or leaks, there’s likely a sealant issue or something going on in the pipes. Either way, you won’t know until you get a plumber to take a look.

These problems may also take multiple hours and parts to fix, which can be pretty costly. This is why it’s essential for property managers to inspect bathrooms and fixtures once a year.

5. Sinks in Trouble (Just 5% of all requests)

Clogs, leaks, drips, cracked hoses, smells, and an assortment of other mysterious problems could be lurking under the sink. Many property maintenance requests focus on the sink, and while it may seem like it should be easy to identify these problems, leaks and stopped water aren’t always simple to fix. An expert plumber may be able to fix it in one visit, but more than likely, you’ll need a replacement part, which could take some time.

6. It’s a Not-So-Frigid Situation (Almost 3% of all requests)

property issuesProperty managers have found that while some fridges may last, there are always newer fridges with smart features, water filters, and custom settings. How much do you know about checking the LCD panel and temperature gauges of your smart fridge to ensure that it works properly? If you have a fridge on the fritz, then you’ll need the warranty and customer service number for the manufacturer first. If that doesn’t cover the problem, then a specialist is your next best bet.

However, again, you don’t want to wait too long to fix a bad because tenants won’t want to waste groceries and frozen goods.

7. Lights Out (2.7% of requests)

From a short in the socket to lighting fixtures that break, there are all kinds of reasons that lighting can go awry. Most tenants will get their own light bulbs, but if light keeps flickering, then you may need to check on electrical and get an electrician to fix the issue once and for all.

8. Shower (2.7% of requests)

Another plumbing problem that may require some expertise. Showerheads break, water comes out cold, clogs and leaks are all issues that tenants report when it comes to the shower. While you may troubleshoot the issue, you will likely need a plumber who knows what they’re doing.

9. Garbage Disposal (2.6% of all requests)

What’s that smell? Is it even on? Something’s stuck in the disposal! If you have had garbage disposal for any length of time, you know how difficult it can be to stay on top of this appliance. Typically, disposals need to be cleaned out every year, but tenants won’t do that. It’s up to you to stay on top of the disposal issues.

10. Appliances: Dishwashers, Ovens, and Washing Machines

Some of the other common property management questions you’ll see, particularly in an apartment complex, have to do with appliances. From electrical to burnt-out ovens to unplugged dishwashers, broken appliances require some troubleshooting first. In some cases, it could just be unplugged.

What Can You Do If You Own Property?

property managementService requests don’t have to back up and be a nightmare, particularly if you are too busy to handle these issues. There’s no reason why you can’t hire a company like Premier Business Investments to help you manage the property and take care of all service requests. It’s what we do best, and our clients and their tenants love our speedy staff and reliable service.

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Benefits of Using A Property Management Company

Many people think about buying investment rental properties but are oftentimes afraid of having to deal with all the hassles that come with being a landlord. Screening tenants, handling maintenance and repairs and the inevitable evictions are all part of being a landlord. Because of these issues, many people give up on their real-estate investment goals without ever considering all of the benefits of using a property management company.

Hiring a professional property manager Gilbert AZ service can remove virtually off of the headaches that are associated with owning rental properties, as a management company will handle all of the day-to-day responsibilities of renting and maintaining your property. Here are the major benefits of using a property management company:

Tenant Management

property manager servicesA quality management company will have the experience to properly screen applicants. This is probably the most critical step when considering a tenant for a rental unit, as it can sometimes seem like it takes an act of God to get a bad tenant out of an apartment. In the meantime, the tenant is living rent-free and may even be causing damage to the unit. Here is where a management company can help keep the bad apples out by running criminal background checks, checking credit histories, confirming employment and checking past rental references. Having a property management company screen your tenants will help ensure they will pay their rent on time and cause fewer problems. Additionally, tenants that are professionally screened typically rent for longer periods of time, so there will be less turnover of tenants.

Rent Collections and Evictions

Handling rent collection is the linchpin that will make or break an investment property. Mortgage costs, taxes, insurance, building repairs, and regular maintenance costs occur on a regular schedule and add up quickly. This is why consistent and positive cash flow is paramount to keeping the bills paid and the long-term success of the property. Professional property management companies are experts at making sure the rent is paid every month and in a timely manner. Most tenants understand that a professional management company has a job to do and very a no-nonsense way of doing things. Therefore, most tenants are much more likely to comply with the terms of the lease when dealing with a management company, as opposed to an owner-landlord. Additionally, when necessary, the management company will handle the not-so-pleasant task of evicting a non-paying tenant. Most states have very strict laws regarding evictions, and a professional property management company knows how to handle every step of the process.

Investing in Different Areas

Investors who manage their own properties are more or less limited to a specific geographical region close to home. However, there are professional property management companies in virtually every area of every state on the U.S. Many companies will have branch offices in other cities and states where you may be interested in investing, so you may even be able to have the same company handle all of your property investments located in the same state or across the country.

Property Management Company Costs

property management costsBecause hiring a professional property management company will save you from having to screen tenants, free you from having to make repairs, collecting rent, fighting with tenants over enforcing lease term and dealing with evictions, in the end, you may actually come out ahead financially.

At Premier Business Investments, we are a professional property management company that has years of experience getting paid to be the bad guy. With Premier Business Investments as your property manager, you will never have to deal with the hassles of being a landlord. Our fees are very reasonable and can be less than the cost of having to evict just one bad tenant, and because we are so good at what we do, that is an expense that rarely occurs. Call us today to see how much time, money and hassle we can save you by taking the burden of managing your investment rental property off your back.

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