Categories
Property Investments

Finding the Right Manager for Your Out of State Rental Property

Investing in an out of state rental property can be a great way to diversify your portfolio and generate passive income, but since you are not there to supervise it, how do you find the right property manager?

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As an investor, you know how important it is to act on a great investment when you find one. And, sometimes, that investment may not be conveniently located. It may even be in another state where the marketing seems to be showing incredible growth.

So, does that mean you should ditch the great investment because it isn’t local? No. As an investor, you have the world at your fingertips. It is easier now than ever before to expand your investments in property rentals. All you need to do is find the right property manager to handle your out of state rental property. Here’s what you should be looking for.

Full-Service Property Management

If you are investing in out of state rental property, then you also need to invest in a property management team to care for it. It is not feasible to try to be a landlord from a distance — whether that distance is 300 miles or 3,000 miles. You need to have someone available at all times to be able to address the needs of the property, whether it is showing the property to new potential tenants, dealing with a broken air conditioner, collecting rent, etc.

A full-service property manager will be able to handle all aspects of your rental property for you – while you remain in your home state. How do you know if they are a full-service company? Well, think of all the things that come with managing a rental property — and make sure they offer it. For example:

Your property management team should also take advantage of available technology and have a portal that you can log into from wherever you are and see the status of your property and any financial transactions concerning it.

Keep in mind that if you have a specific type of investment, such as multifamily or commercial property, then you will want to make sure the property manager you choose specializes in that type of rental. After all, not all rentals are handled in the same manner.

Knowledge of Laws

Another important aspect of finding the right property manager for your out of state rental property is finding someone who has a deep understanding of local and federal housing laws. You never want to find yourself in hot water due to issues concerning discriminatory practices and such.

Even though you may not be the one doing the lawbreaking, the property management team you hire is representing you and your property — and you don’t need the risk. Not to mention that the legal battles that may ensue can be time-consuming and very costly.

Do your due diligence when hiring a property manager to make sure they have an understanding of the laws and have protections in place to ensure they are being followed at all times. Don’t be shy to ask about this. Those companies who take following the law seriously will have no problem showing you how they do so successfully.

Licenses, Certifications, Insurance, and More

Before you turn the keys to your rental property over to anyone, you want to make sure the property manager you choose has the proper credentials to be in business. These requirements will vary based on the location of your property. Be sure to check for what is needed — and then confirm the property management team has it before you commit.

Thorough and Proven Processes

You need a property management team that has proven success. You want to know that you are hiring someone who will be able to market your property and find high-quality tenants. And when something breaks, you need to feel confident that your manager has a network of repair technicians to take care of it properly. And so on.

Taking care of an out of state rental property doesn’t just involve being reactive, but proactive, too. As you head out on your quest for the right property manager, make sure that the one you choose has a thorough and proven process in place to surpass the needs of your rental property. You should be able to feel confident that it is being cared for just as you would if you were local – or even better.

Effective Communication

Communication is key for nearly everything in life – including your relationship with your property manager. Nobody wants to work with someone who is not responsive – whether the manager or the owner.

The only way to effectively manage a property involves communication. As the property owner, you need to know that when you have a question, someone is going to answer that phone call or email. The job of a property manager can be very busy and tiresome, but there should always be time set aside to communicate openly with property owners about the status of their out of state rental property or to address any concerns.

Discuss this process with your future property manager and lay out any expectations you may have.

A Healthy Reputation

A well-known property manager is going to have a lot of satisfied clients. And that means they should have information online for you to read and put together an image. And what you are looking for is a healthy reputation.

Ask about their experience, their years in business, their specialties, and so forth. Do enough research and you should easily be able to see whether or not you are dealing with a property management team that can truly meet your needs.

The Right Property Manager: Real Property Management Evolve

Sometimes you just find the right property manager and you just know that the relationship will be a success. With over 30 years of experience and thousands of satisfied customers, you know you are getting professional, thorough, and successful Phoenix property management.

Conclusion

Investing in out of state rental property should never be limited by borders. Now that you know what to look for, if you find a great opportunity in another state, rest easy knowing that you can find help through a professional property manager.

Categories
Property Management Tips

10 Things Local Property Management Does a Nationwide Realtor Can’t

When choosing a management company for your rental, you with have the option of choosing a local property management company, or a large nationwide realtor. Which is best for you? Here are 10 things a local manager can do that a large nationwide chain cannot.

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First things first, bigger is not always better. Read that again – bigger is not always better. All too often, we find ourselves getting excited over the latest release or idea of a major corporation and tend to overlook the little guy. Truth is, that little guy is hungry. He is working to make something big. He has the drive to work hard for his success. And his results show it.

There is no hiding the fact that Zillow is trying to enter the field of property management with its new Zillow Rent Manager program. Truth is, Zillow has been successful at listing properties for sale around the country – but there are some things that major players in the game just can’t do as well as the little guy.

In fact, here are 10 things that local property management will do that a nationwide realtor can’t.

1. Local Property Managers Know Their Market Personally

Local property management companies often have extensive knowledge of their home area. They know the trends and the communities which give them the best guidance for setting rental rates and marketing to the right future tenants.

Nationwide realtors may be well-versed in the process from a larger scale, they aren’t going to have an in-depth knowledge of an area like the locals do.

2. Local Managers Bring a Human Connection

Human connection is important. Would you rent your property without ever talking to a tenant? Nationwide realtors will not be there to interview potential tenants.

You can learn a lot about someone just by having a conversation face-to-face. When it comes to screening tenants, sometimes engaging can help you make your decision. Of course, should you choose to rent your property to someone, you want them to feel like they have a good understanding of who they are renting from, as well.

It doesn’t matter how technologically advanced we get in this world; human connection is vital.

3. Local Property Management Thoroughly Screens Applicants

Nationwide realtors, like Zillow, have a lot of fancy software programs that can do some savvy things – including tenant screening. But do you know what a local property manager can do?

Local property management companies have access to major tenant screening platforms. Instead of relying solely upon the computer-based outcome, they also have an expertly trained eye to look for scams and deceit. You will find that these managers are better equipped with experience and technology to find high-quality tenants for your property.

4. Local Property Managers Handle Rent Collection – Especially from Renters Who Don’t Pay

When your renters aren’t paying their rent, will a nationwide realtor make phone calls or knock on the door of your rental property? Not at all. This would be left up to you to handle. As a landlord looking for help, you won’t find it.

Local property managers have a detailed process down for rent collection and dealing with renters who are late or not paying at all. And, as the landlord, you won’t have to worry about it.

5. Local Managers Will Follow Through with the Eviction Process When Necessary

When those renters reach a point when they are facing eviction, local property managers will follow through with the eviction process and see it through all the necessary legal actions without you having to lift a finger.

Eviction services are not something that is generally handled by nationwide realtors.

6. Local Property Management Know the Laws of their State and Community

When you are dealing with rental properties and housing, there are many laws that you have to abide by, such as Federal Fair Housing laws as well as state and local landlord-tenant laws and the like. Because of what could happen if you don’t, you always want to make sure you are following the law 100% of the time.

Local property management is well-versed in federal, state, and local laws. You can rest easy knowing that you won’t find yourself in any legal hot water. And, if you ever have any questions, you always have a go-to source for information.

7. Local Property Managers Offer Landlords Clear, Affordable Rates

Nationwide realtors often have hidden fees or unclear terms. With a local property manager, such as Real Property Management Evolve, the fees are very transparent. You always know what you are to pay and the services you are paying for.

8. Local Managers Handle Showings and Walk-Throughs

Zillow Property Management is not going to show up at your rental property and handle your showings or walk-throughs. It just doesn’t work that way with nationwide realtors. If you don’t mind doing them yourself, then that’s fine. But, if you are looking for a manager to handle your rental property – and everything that comes with it – that means handling showings, walk-throughs, and inspections.

This is where a local property manager comes in.

9. Local Management Companies Handle Repairs and Routine Maintenance

Your rental property is sure to need routine maintenance and even emergency repairs. Getting these things taken care of in a timely manner can help in tenant retention – and lower vacancy rates. Local property managers have trusted relationships with local vendors and service techs in the area to handle any need that arises in an efficient, proper manner.

The best property managers in Phoenix often get significant discounts with maintenance vendors based on the relationships built over time. This simply doesn’t exist as an opportunity with nationwide property management companies.

10. Local Property Managers Don’t Require the Landlord to Do Anything

Nationwide realtors may offer a service for landlords, but they don’t take over the job of a landlord. If you are looking for someone to thoroughly manage your properties so you can focus on other things, then you need a local property manager.

You won’t have to do anything because your property manager will handle everything from marketing the property to tenant screening, leasing, rent collection, and so much more.

Conclusion

It is easy to get swayed by big companies – with the thought that they are so big because they do things better. At Real Property Management Evolve, we know that Zillow is a great platform, but we also know that for detailed service and effective property management, you need a local property management company. Experience the difference. Give our team a call today!

Categories
Property Management Tips

11 Questions to Ask A Property Manager Before Hiring

These 11 questions to ask a property manager before you hire them will help to ensure that you choose the best possible company for your property’s needs.

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As a rental property homeowner or investor, you want to protect your property. You handle everything necessary to ensure that your rentals are in top shape and that your vacancy rate is low. All this hard work, though, can make you wish for some help.

It could be that you are overwhelmed with the stress that comes with managing rental properties. Maybe it is because you would like to focus solely on investing. Or perhaps it is something else entirely.

Whatever brings you to the place of hiring a company for your rental properties, there are 11 questions to ask a property manager before you sign any agreements.

1. Can I Verify Your License? 

One of the most important questions to ask a property manager is to verify their license. Nearly all states in the U.S., including the state of Arizona, require property managers to have a license through the state in which they do business. Arizona law states that to operate as a property manager, a real estate broker’s license is required.

Before you go any further in asking questions – and surely before signing a contract – be sure to verify the property manager’s license and confirm that it is active and in good standing with the state.

2. How Long Have You Been in the Area? 

If it is a Phoenix property manager you are looking for, then you want to find out how long they have been in the area – both in business and personally. You are looking for someone very familiar with the entire area. Not to mention that those with ties to the community usually have a solid network of support.

3. What Services Do You Offer? 

There is a lot to do when it comes to managing properties. Some property managers offer full service; others may charge an additional fee for certain services. Does the company perform thorough tenant screening? Property management marketing? Get to know what is included in their services and what all they can take off of your plate for you.

4. How Much are Your Property Management Fees? 

Every property manager is going to charge a fee for handling your property. Though keep in mind that this could vary based on the services you want them to do. Most companies will charge you a fee based on the amount of rent that is charged for the properties.

Be sure to discuss any additional fees that may be charged, whether for maintenance, legal issues, tenant screening, and more.

Trust your gut. If a property manager is telling you something that sounds too good, there is likely to be a catch down the road. Most property managers hide fees inside of their management agreements so always make sure to get a copy of the agreement, and read it, before signing. At RPM Evolve we believe in transparency – you won’t find any hidden fees in our contracts!

5. How Do You Collect Rent? 

When seeking a property manager, you need someone who invests in technology to streamline their management processes – and this includes collecting rent. Online payment options are what you are looking for.

6. How are Requests for Service Repairs Addressed? 

Other important questions to ask a property manager before hiring include discussing property maintenance. You want to make sure that your rental property is cared for. When a repair is needed, you need to feel confident that these repairs will be addressed promptly. After all, the longer a minor repair goes untouched, the more major the repair becomes – and the more costly for you.

Discuss how the repairs are addressed, if there are scheduled property inspections, who handles the repair payment, if you have a say in final decisions, and so on. The process should be effective and clear so that everyone is on the same page.

7. Do You Send Reports? Will I have Access to a Portal? 

With technology the way it is today, you should be able to have access to info about your properties anytime, day or night. Ask to look at the reports and to see what information you will have access to within their system.

Keeping track of your properties this way will give you a good idea of how well you are or are not doing with your rentals.

8. What is Your Vacancy Rate? 

The vacancy rate will give you an idea of how many properties are sitting vacant at any given time. You want this rate to be small. Too high of a vacancy rate will tell you that either they don’t have much success marketing the property or finding tenants. Or that they have a high turnover rate – which could signal that their tenant screening process may not be too effective.

Another important question concerning the vacancy rate is to find out whether the property manager collects management fees on vacant units. This is not a typical practice. Not receiving fees from you should push the team to work harder to fill the vacancy. Otherwise, they are receiving money, and you are not – and that isn’t making you a priority.

9. How Many Rental Properties Are You Managing? 

While it may be impressive to hear that a company has a roster of 1,500 properties they manage, it may mean you are just another client. Then again, it could mean they are doing something right. If personal service is what you are looking for, smaller local property management companies may be more beneficial.

10. What Properties Do You Primarily Manage? 

You are looking for a property manager that is familiar with the types of rentals you own. For instance, you don’t want to take your multi-unit apartment building to a management team that is well-versed in handling single-family homes. Sometimes, their portfolio may include multiple types of properties which proves they are successful in both types of management. You want to ensure that your property manager has your best interest in mind, and that includes proven success with your type of property.

11. Do You Have Any References? 

A property manager should have clients or a network of business associates that are willing to vouch for their work. If they don’t, that’s a sure sign to run.

As you begin your quest for a property management firm, look for the best. You want someone who is going to be transparent in their services and costs while providing you with open communication. And you want a company that has perfected its management process so that it is streamlined and efficient. These 11 questions to ask a property manager before hiring will give you bountiful insight into the type of company that they are.

Real Property Management Evolve is the top property management team in the Phoenix area that can give you all of these and more. With a customer-focused management process, your property is our priority.

Categories
Property Management Tips

How to Hire the Best Property Management In Phoenix

To discover, and retain, quality tenants, it is essential that you use the best property management company for your needs – here’s what to look out for.

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Everyone has heard of property managers – some great, positive stories and others that have been horrific nightmares. So, when you are a landlord or a homeowner, you may be very interested in obtaining help from a property manager but aren’t too sure where to start.

  • How do you find the best property management team?
  • How do you know you are getting the best management for your property?
  • How do you know your property manager is being transparent about fees?

There are many duties that a property manager fulfills to make your life much, much easier. And there shouldn’t be any surprises along the way. If you want to hire the best property management in Phoenix, then here’s how to do it.

 

The Duties of a Property Manager

Before you hire a property manager, you want to have a good idea of all the duties property managers do. After all, why would you settle for someone who only offers you a fraction of the benefits? As their name suggests, property managers are there to manage your property. From an empty unit to doing the walk-through at move-out and starting over – and everything in between. While it is not exhaustive, we have put together a list of things the best property management team would handle for you. Check it out:

1. Marketing your property.

Every minute your home sits vacant, you are missing out on income. Property management marketing is one of the most important duties, and the best property management team will get your property noticed and desired. They use various websites, networking, and social media platforms to spread the news about the vacancy and spark interest. Then, they follow through to have showings and eventually completed tenant applications.

2. Tenant screening.

You could rent your property to just anyone, but without proper screening, you could be putting yourself at risk – and your property in the wrong hands. Property managers have the knowledge and skills to expertly screen tenants and save you from falling victim to any scams.

3. Rent collection.

Your property manager will handle all invoicing and rent collection, so you don’t have to. Then, for convenience, the monies will be deposited into your account.

4. Maintenance and repairs.

Whether it is preventative or routine maintenance or a late-night emergency repair, your property manager has a network of trained professionals to get the job done right.

5. Property inspections.

Keeping a property safe means scheduling routine inspections. Not only does this help ensure that the property is in good hands with the tenant, but it also allows for any maintenance issues to be addressed before they become bigger, more costly problems.

6. Financial reporting.

You never have to wonder about your finances when you turn your property over to a property manager. The best company will provide you with 24/7 access to view your earnings and expenses securely online anytime you want.

7. Evictions.

No matter how great tenant screening is, every now and then eviction is necessary. The best property management team is well-informed and able to handle the entire legal eviction process for you.

8. Legal guidance.

Last, but certainly not least, the best property manager will understand the importance of following all federal and local housing laws. They work hard to abide by them so you don’t ever have to feel vulnerable or at risk.

 

Where to Find the Best Property Management in Phoenix?

Now that you know all a property manager can do for you, you have probably decided to hire one. If so, great! But don’t just call the first company you find. Instead, you need to do your research.

1. Get referrals.

Talk to your friends, co-workers, realtors, contractors, investors, neighbors, or even accountants. See if they have any recommendations for a property management company. Though, their experience may not be yours so always do follow up their recommendation with your diligent research.

2. Meet before you hire.

Take time to sit down with your potential property manager and get to know them. Ask questions about their service and their business. Get an understanding of how they handle situations – and the fees that they charge to do so. Look for transparency.

3. Check their licensure.

If you are entrusting a company with your investment, you want to make sure they are licensed and certified to handle each aspect of the business, from showing the property to making repairs and such.

 

Look Out for Hidden Fees

When it comes to paying a property management company to handle your investment properties, you want to have a clear idea of what you will be expected to pay. Their fee structure should be clearly outlined with all necessary details exposed. Again, you shouldn’t encounter any surprises.

When something seems too good to be true, it usually is. So if a property manager charges you a low fee each month, there is a good chance they are doing so with the hopes of making it up elsewhere. These hidden fees could come in the form of leasing fees, advertising fees, vendor surcharges, onboarding fees, vacancy fees, lease renewal fees, and so forth. It may even be written in the fine print that you agree to stay with them for a certain period – or else they can charge you.

Pay attention. All of this should be spelled out in the contract and you should understand it fully before you sign. Read the small print – all of it.

 

What Sets the Best Apart From the Rest

So, what sets the best property management apart from the rest? Well, that’s simple. The best will offer you all the services listed above without hiding any fees. They are honest, transparent, and treat your property with compassion and respect as if it were their own. The best companies won’t go out of their way to keep you guessing about your financial statements, fees paid, or whether maintenance ever really occurred.

At Real Property Management Evolve, you will find the best property management team in Phoenix. We offer state-of-the-art technology, open communication, high industry standards, and a list of satisfied customers that speaks to our experience. If you are looking to hire the best property managers in Phoenix, you’ve come to the right spot.

Categories
Landlord Tips

10 Essential Property Management Duties and Responsibilities

When looking for the best property manager in your area, see if they exceed your expectations and offer these 10 essential property management duties and responsibilities.

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Owning a rental property can bring in money and add another asset to your portfolio. It can also take up a lot of time and increase the level of stress in your life. You may even find yourself asking if it is all worth it.

Some of the most successful corporations around the world have latched onto something that has changed the way they do business – for the better. They focus on what they do best and they delegate and outsource everything else. This frees up time to create a stellar business without having to worry about all the general aspects of doing so.

As a landlord or homeowner with a rental property, you can do the same thing when you seek out a property manager to handle things for you.

The Key Roles of a Property Manager

While there are often different levels of service that you can take advantage of, below is a list of the ten most essential property management duties and responsibilities – and how they can benefit you.

1. Marketing the Property

In order to maintain very low vacancy rates, your property needs exposure – and this means property management marketing. There are so many ways to get this job done, whether marketing on websites, social media, in magazines, professional networking, and the like. But if you are not familiar with the process or you don’t have a large network or following, you could be limiting yourself on prospective tenants.

Property managers know just how to sell your rental to the right audience.

2. Scheduling/Showing the Property

If marketing is done right, there will be a big response to the ads – and people are going to want to view the property. As a landlord or homeowner, scheduling these visits can be time-consuming. Property managers plan for this and are always ready to schedule showings and be there to answer any questions of those who are interested.

3. Tenant Screening

Tenant screening is one of the most important property management duties and responsibilities. Not having a thorough and reliable tenant screening policy could leave you – and your property – at risk. Property managers, on the other hand, have a tried-and-true screening policy and professional know-how that ensures you find only high-quality tenants to fill your rental space.

4. Lease Signing

A lease is a contract between you and your tenants. It states all the expectations and responsibilities of each – and it contains all the necessary legal jargon that can protect you within the court system should something go wrong.

Sure, you absolutely could print one online. But are you going to trust your legal rights and your property to a free form you found on some shady website?

Property managers have thorough leases that cover all the necessary items and work to legally protect you. In addition, they understand what the lease is saying and can review every paragraph with the incoming tenants so that there is no confusion.

5. Rent Collection

Other important property management duties and responsibilities include rent collection. As a landlord, keeping track of the rent can become a bit tricky; and following up with who owes what, who did not pay, etc. can be stressful. This is especially the case when someone does not pay their rent and then begins avoiding you.

Property management teams have seen all the tricks and they have played all the games. They handle the rent collection and will even move forward with the eviction process if necessary.

6. Routine Property Maintenance

Practicing routine maintenance is important for keeping your rental in good condition. Staying on top of this maintenance can be time-consuming.

Property managers have a team that handles routine maintenance throughout the year to ensure that any issues are taken care of proactively.

7. Emergency Repairs

Plumbing issues, broken appliances, and non-functioning air conditioners become emergency repairs any day or night. As a landlord, you have to handle these repairs yourself or find someone who will. In Arizona, you must adhere to the strict laws around emergency repairs or you could be held liable in court costing you time, and money.

A property management team has a licensed network of individuals that handle emergency repairs of any type within the guidelines of Arizona state laws. Property managers help protect your legal liability by acting on your behalf in compliance with the law.

8. Move-in/Move-out

Walking through the property and assessing its condition is essential at move in and move out. This allows you to take note of any damage that may have occurred during the lease.

Property managers know what to look for and have a good idea of the cost when it comes to returning security deposits after paying for the damage.

9. Accounting and Document Management

Great managers will include all document and reporting management as part of their property management duties and responsibilities. Leases, complaints, payments, repair costs, and so on can lead to a lot of paperwork that is necessary to keep for both accounting purposes and any future legal issues. Keeping track of everything can be a hassle. A good property management team, however, will have an organized – often electronic – method for keeping everything together when you need it.

In addition, a good property manager will provide you with the legally required documents for rental income to provide your tax professional at the end of the year.

10. Handling Tenant Complaints

Lastly, tenant complaints are never fun. And having to play the mediator between parties, practice your problem-solving skills, and so on can lead to a great deal of stress. Let go of it by hiring a property manager who will effectively address any tenant complaints that arise.

How Good is Your Property Management Team?

When you hand the care of your rental property over to a property management team, you should be filled with a sense of relief. Your reliance and confidence in this team should be reinforced with a sense of trust that can leave you with nothing but peace of mind.

At Real Property Management Evolve, we help landlords and homeowners free up their time and rid themselves of the stress and frustrations that can come with managing rental properties. We are experts in property marketing, tenant screening, rent collection, maintenance, property inspection, accounting/financial reporting, and more.

As the number one property management team in Phoenix, we are with you every step of the way. You expect a high level of service – and that is what you get. The standard of care you receive from your management team does not end with you – it is used for finding great tenants and caring for your rental property, too.

Conclusion

When you hire a management team for your rental property, they should surpass their essential property management duties and responsibilities, leaving you feeling confident about your decision.

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