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How to Choose the Best Property Manager in Gilbert Arizona

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There are several factors that you must consider when hiring a property manager for Gilbert homes for rent by owner. You need a manager that delivers the best service and can help you in achieving your goals. Being a landlord can also be overwhelming; therefore, hiring a reliable property manager is essential to ensure business matters are handled efficiently and properly.

Below are five things to consider when choosing a good property manager:

1. How Does the Property Management Company Conduct Business?

It is essential to ask the right questions to understand how the management of the company works. Examples of items that you may ask about can revolve around:

  • Tenant screening
  • Handling tenant and owner funds
  • Tenant marketing and retention
  • An inspection of property, repair, and maintenance
  • Their procedure for rent collection

It is also essential to identify the objectives of the company. This is typically stated in their vision or/and mission statements and helps you in creating the right perspective of who they are.

2. Ask if They’re Licensed?

hire a property managerYou should find out if the property manager is licensed and what type of properties they’ve managed in the past (or the ones they are currently operating) and ask them for a reference list. The Premier Housing property management has to provide you with the right documentation before you hire them. This is the best way to prove that their operations are legal.

By the same token, take into consideration other important factors such as property management fees and the property management contract. Additionally, read through the contract to fully understand their terms and conditions before making a decision to hire them.

3. Is the Lowest Rate the Best Way to Go?

Not necessarily so, it’s okay to set a budget, but hiring project managers with the lowest rates can end up being a bad idea because in most cases, you get what you pay for. If a project manager is offering inexpensive services, you should be leery. Another good tip, take the time to conduct in-depth research on their track record before hiring one. While professionals can be expensive, most reputable project managers are worth their weight in gold.

4. Is the Prospective Property Manager Punctual?

time managementMeeting up with the property manager or their representative can help you gain more information about them and the services they offer, but if they are late for their first appointment, you may want to consider your other options. For those who arrive on time, ask them specific questions such as dealing with emergencies, property maintenance, and how they advertise the property. If they can’t answer these simple questions, it’s best to move on.

 

5. Did the Property Manager Make You Feel Comfortable?

Although some property managers look good on paper, they can not be the perfect fit for you, especially if they made you feel uncomfortable during your interview process. In such scenarios, it is crucial to choose a property manager that makes you feel comfortable and can answer your hard questions with ease.

Benefits of Using Premier Business Investments

One of the biggest things that Premier Business Investment offers its clients is high-quality tenants. Good tenants come through a process called tenant screening, this can be very hectic and requires a sufficient amount of experience and time to conduct the screening process properly.

Premier Business Investments has a verified and reliable tenant screening process that aids in selecting the tenants who pay rent on time and are considerate of others and their neighbors. If you need a high-quality property manager, go where other clients go at Premier Business Investments.

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How to Quickly Determine the Value of an Investment Property

Investing in property can be a tricky business as you need to ensure that the residence you’re buying has a good resale and rent value. This can be determined by location, quality tenants, and a number of other factors. If all of this sounds overly complicated to you, make sure to read through this quick guide that breaks down the value of property management companies and lets you make better financial decisions.

Here are three pro tips you can use:

Pro Tip #1: Calculate Rent Based on Comparable Sales in the Area

estimating investment profitsBefore expecting to make any returns on a property, you need to have the price range validated by the volume and prices of houses that are being sold or rented out nearby. Avoid looking at national prices, just focus on the specific neighborhood where the sale is being made.

If you’re planning to sell or rent out a house immediately as a secondary property, this step is crucial to learning your margin of profit. However, if you’re a homeowner looking to buy your first residence or flipping it, you need to consider the location of the area as well as the following questions:

  • Are there hypermarkets nearby?
  • Are there schools nearby?
  • Is it conveniently located?
  • Is it in a good neighborhood?

All of these factors will increase resale and rental value, even if the property might be more expensive for you initially.

Pro Tip #2: Calculate the Rate of Investment (ROI)

investment ROIOnce the ideal location has been established, a better way to calculate your profits from rental properties is with an ROI. Below is a simple list that explains the basic concept of the ROI:

  • 1. You buy a house for $400,000.
  • 2. You rent out the property for $3,500/month.
  • 3. The upkeep of the house costs you $400/month.
  • 4. The ROI is the percentage of your profit per year, and it’s essentially a percentage of your earnings. For example, let’s say your annual income is $3,500 x 12 – $400 x 12 = $37,200. Therefore, your ROI per year is 37,200/400,000 = 0.093 or 9.3%.

It is essential to use the ROI to get an estimate of the number of years it will take to earn back all the money spent on the property and start making a profit. When you have a couple of houses to buy in mind, you should use ROI to compare them against each other to find the best bang for your buck.

Pro Tip #3 : Compare the Price Against the Quality

investing in real estate 2020To maximize your profits, you need to be able to know whether a property is a good investment or not. Namely, is the price demanded for the house on par with the quality? Do excessive renovations need to be made to a house?

If you overpaid for a rental and end up splurging on renovations to make it attractive to prospective clients, the only way to recoup your losses is by charging your potential renters more. This drives away clients and guarantees loss. Always get a second opinion from an unbiased property manager before making a purchase.

Live a Stress-Free Life by Hiring a Property Management Company

If you have one or multiple properties that you want to rent out, use Premier Business Investments for a smoother ride. Our company has the marketing experience and resources to handle any matters related to your property from advertising to prospective clients to maintaining a property in a good condition. For more information, simply contact us today and get ready to maximize your property investments.

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How to Prepare Your Home for Your Next Tenant

Do you own rental property? What are your top tenant acquisition and retention strategies? Compelling listings, maximizing on local amenities, and excellent communication deliver on your ROI. Then, why not start by preparing your home for your next tenant with your property manager? Yes, you want to remodel, clean, and carry out all necessary repairs and maintenance. Then, here are some tips to get you started:

The Walls – Cleaning, Sanding, Repainting

walls paintingWalls need to be free of any imperfections. Also, inspect them for scuffs, marks, or scratches from the previous rental period. To do so, organize for a thorough cleaning session. Use grease-cutting soap or residue cleaning detergent depending on the type of dirt on the walls. Finally, use a damp cloth to wipe off in preparation for repainting.

Do you see any rough spots after cleaning the wall? Sand it to even it out. Then, check on the condition of the paint. Is it flaky or cracking? Correct it before applying a fresh coat of paint. Continue with sanding and scraping to get rid of all flaked or cracked paint.

Next, pick a neutral shade for your primer or a fresh coat of paint. The paint makes the rooms look spacious, sparkling clean, well ventilated, and cozy. Plus, such colors complement any home décor theme. Next, pick a sheen that is easy to clean and maintain. Then, use appropriate painting tools that include rollers, brushes, sprayers, and protective eyewear.

The Floors

When a tenant moves out, use this time to upgrade your flooring. For example, most tenants prefer wooden floors due to their durable and easy to clean condition. Then, get rid of the worn-out carpets in exchange for the latest hardwood floor design.

But, if you intend to stick to your old flooring, inspect it and make appropriate renovations to improve its condition and appearance. Do the floor renovations last? Otherwise, you may have to redo it due to dirt and scratches while renovating the upper sections of the house.

The Appliances and Amenities

kitchen appliancesYour Property Investment Consultant will tell you that appliances are one of the top features tenants look at in deciding whether to rent your premise or not. Likewise, a little improvement or change in such amenities can help you to increase your rental fees substantially. These appliances are large and costly to the tenant. Yet, the tenant needs them for convenience around the home. Then,

  • Inspect your current appliances for any leaks, cracks, or malfunctions.
  • Confirm that doors to your oven, refrigerator, or washing machine have a tight seal.
  • Check the drip bowls, coils, hoses, and vents for molds, dirt, or debris.
  • Conduct a spring cleaning exercise for all your appliances.
  • Check their expiry dates and power or fuel consumption.
  • Categorize your equipment in readiness for repairs or replacement.
  • Involve a certified technician to handle the repairs.
  • Upgrade your old or damaged appliances to the latest models that use smart technology.

    • Other amenities include air conditioning, lighting, security systems, water systems, storage facilities, and off-street parking.

    The Common Rooms – Bathrooms and Kitchens

    Bathrooms and kitchens are high traffic areas. Check out these ideas to get these areas ready for the next tenant:

  • Work on an energy-efficient theme. Get rid of all non-essential electrical gadgets that increase your monthly utility bills.
  • Upgrade your kitchen countertops to a granite finish.
  • Create a kitchen island with all the bells and whistles for a contemporary look.
  • Switch to a walk-in shower instead of your current bathtub.
  • Install a trendy showerhead, faucet, and storage facilities for your bathroom.

    • The Outdoors

    real estate managementFinally, your curb appeal matters to a new tenant. It is what creates the first impression of the property. You can:

  • Clear out any overgrown grass and weeds in the backyard.
  • Bring in new batches of plants and flowers.
  • Define your walkways with flagstones.
  • Incorporates a centerpiece sculpture at your parking area with ample lighting to highlight it.
  • Add bird baths for that early morning chirping
  • Insist on creating a symmetrical effect around your doors, windows, roofs, and outdoor furniture.

    • Final Verdict

    Note that the best way to prepare your home for your next tenant is by making it a clean and functional dwelling. Tenants are more concerned about their safety, health, and convenient living. For this reason, it is important if you get innovative with the latest trends in home remodeling.

    Where you need professional help, make Premier Business Investments your choice property management company. We manage various rental properties including, patios, condos, and single-family homes in Arizona. Plus, we offer maintenance and rent ready repairs services. Then, get in touch for any clarifications about preparing your home for a new tenant.

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    Showing and Marketing Your Rental Property during COVID-19

    The COVID-19 outbreak is presenting unprecedented challenges to property owners—the virus did not get notice that vacant property still needed to be filled. With social distancing guidelines in place, it is very risky and daunting owners questions to showcase rental homes to potential tenants. However, the “stay-at-home” orders are exempting key real estate activities, particularly property viewing, since residents still need to locate ideal places to put their heads. Before showing and marketing your rental property, it is important to check your state or local restrictions on real estate activities that protect landlords and their potential tenants. In this blog, we share ideas on how to effectively and safely show and market your rental property during the pandemic to limit the risk of illness exposure.

    Local Leasing Channels and the Use of Technology

    covid-19 real estateWhen leasing a home, innovation and technology are crucial for every property owner. Even without considering the COVID-19 crisis, investing in technology always comes in handy, especially during an emergency. Although tenants may still want to rent homes, they may not be comfortable going to view the property in the presence of a leasing agent. Thus, a lot can be done by the property owner to ensure that their viewing is still conducted, ranging from providing hand sanitizers and masks to using smart keys and lockboxes that enable tenants to view property even without the presence of an agent.

    With technology, tenants can eliminate “in person” contact during a property viewing. For instance, questions regarding the property can be answered via a phone call, while apps like Zoom and Skype could help to arrange for interviews with potential tenants. As for showing the property, property owners could use online photos and property management apps and software to show the property virtually, evaluate applications, and sign the leases even without meeting the tenant in person. Furthermore, deposits could be collected through Venmo, Zelle, and PayPal.

    Online Advertising

    online real estate advertisingIt is also the job of property owners to ensure that their property is marketed to potential tenants. And the COVID-19 crisis has changed the property listing processes; tech-savvy investors are now listing their homes online, giving video tours online, and investing in quality property photographs. Property owners have equally embraced the “green” business ideology, in which they use electronic signatures.

    Online marketing platforms can be used to reach a pool of tenants. As a homeowner, online marketing can help you get access to a large number of tenants who view your listings, schedule showings, and spend time knowing about the property. With the right technology resources, you can partner with plenty of residential tenant services to get your property listed on several sites.

    Social media also remains a significant property marketing platform. Locked down at home, many potential tenants spend most of their time on social media. First of all, ensure that you are present in all the social media channels that generate real estate leads. Understand the format and type of content that every platform uses to create unique posts. As a property owner or real estate agent, you should also include the right hashtags with every post, as this will boost your marketing efforts. Generic hashtags such as #realestate, #homestolet, #housestorent will help to expand your reach to property buyers.

    Application and Leasing During the Crisis

    coronavirus house rentingWith the low demand for housing, no property owner wants to delay the leasing process. Everyone wants their home to get rented, and tenants want to move to a well-maintained clean home. You should, therefore, make sure that your application is completed online, and the process of sending supporting documents such as pay stubs and driver’s license should be easy for all the tenants. With paperless leasing, you will not have to worry about printing papers, filling forms, making copies, or manually distributing the forms.

    Conclusion

    Amidst the COVID-19 crisis, tenants still want to view and rent a property. But they won’t want to risk their lives by hanging around a leasing agent. Premier Business Investment allows you to learn how to give your tenants a complete tour of your home alone. The company will also give you a range of technology products that will support your showing and viewing processes. Premier Business Investment ensures that you have an efficient home leasing process that is exposure-free.

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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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