Why should I use a professional service for my rental?  It's just collecting rent each month, right?!  

No!  Being a landlord is much more complicated than just collecting the rent.  Not only are there laws to abide by (Landlord/Tenant Law, Fair Housing, Contract Law, Banking Law, Fair Credit Reporting Act, Fair Tenant Screening Act-to name just a few!), but there are many more "good practices" that are already established by good Property Management companies to help keep you out of court.  Many cities are now imposing their own rules that require additional attention to detail in order to comply. Case law is important to know; this dictates how a specific law is going to be enforced in a specific area, but sometimes only in that specific area.  Did you know that the protected classes are different in some cities?!  Yes, a city can add a subset of individuals as a protected class.  As a landlord, you are expected to know which ones and act accordingly.  Do you want to get that midnight call about the flooding toilet?  I do!  It is our job to take that call and do everything we can to help the resident and save the home from any and all additional damage.  Let us handle the day-to-day, get your statement and check once a month, and call it good!

 

How much does professional property management cost for a rental?

As much as I would love to give you an exact answer, the true answer is-it depends.  Different owners need different things and therefore would need to be charged different amounts.  For example, an owner who just wants to be completely hands off and therefore it is very easy to manage his property shouldn't have to pay the same amount as an owner who wants to get multiple bids for every project and needs to review their statement via the phone each month.  Each owner gets what they need to make the process feel comfortable for them, and they get a management plan based upon their specific needs and desires.  Having said that, there is a reasonableness range; monthly management fees go from 10% of the monthly rent to 12% of the monthly rent.  This is for full service management.  For just lease-up or other piece mail services, the fees vary by what the owner is asking for.

 

Should we be raising rents?

Most of the time, the answer is yes.  You must incrementally raise the rent as your investment costs you more each year.  Your insurance, taxes & cost of maintenance go up each year, so you must keep up with the expense of owning your investment.  If you don't give small increases each year you may find yourself so far behind the curve that you have to give a large increase, this isn't good for you or your resident.  There are times that a rent increase isn't appropriate and they must be taken on a case-by-case basis.  There is also a delicate balance between keeping up with the market without scaring away good residents.  

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The most important thing every landlord should be able to do is: 

Treat your resident with respect, compassion, integrity & transparency.  Keeping your resident happy has to be made a priority.  This naturally encourages them to maintain the home in good condition and to pay on time.  Also, they deserve it!  We try to keep every resident happy, it will not work all the time, but we keep trying!!

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