Real Estate News

There are a lot of investment property owners who choose to manage their own properties, especially if they live within a short distance. They soon find out, like most that has tried to self-manage them, all the headaches and time consuming tasks that can come along with it. There is always a toilet running or the air conditioner has conked out. They alway seem to pop up right in the middle of something else. And don’t forget about the tenant that every week promises they will have the rent for you next Friday, at least in the Myrtle Beach property management business. There is always something more important that came up! If you want your free time back a good property manager is the solution. Here are just a key things to keep in mind while searching for one.  Do you want to look for a property management company to manage an individual home, condo, apartment or for an association, apartment building, or commercial property?  We can help you.  Having an efficiently managed property is important. Many time finding and choosing a management company for your rental property can seem difficult. To ensure you make the right decision the following tips will help.

A company that has knowledge on the local market is a great criteria to look for. Find a property manager that knows what renters are looking for by having knowledge of their local market. By looking at a property as if they were a renter a good property manager can help increase the rent rates, lower turnovers, and decrease your vacancy time. The manager should while walking the property advise you of smart and cost-conscious recommendations that increase your return while maintaining or improving your property so it is desirable.  A good property management company should always make sure that your property stays competitive in the rental market.

Next, you will want to interview the property manager or property management company. You will want to know how they find tenants.What other forms of marketing on the Internet do they offer besides their website?  Find out how do they look after properties and respond to tenant’s maintenance requests. How are do they track income and expenses? Find out if they are utilizing property management software? Do their owners statement’s show the properties income and expenses?

How long have they been in business and managed properties in the area. It’s likely that the new guy may not have the best knowledge or experience to handle the situations that may arise. Find out if they are members of any Real Estate management organizations, are certified property managers, or if they have received any specific training in property management. Ii’s never a bad idea to ask for at least three referances.  Also, you want to get someone who is experienced with the type of property that you have.  You need to look for a company who has a system in place.  For instance it is always a good idea to request to see an example of their management report that they give to owners. If they hand you something typed up by hand on the spot and not a computer generated report, tis is not what you are looking for.  That’s an automatic red flag. This will tell you that there are no proper bookkeeping records in place. Remember they have got to have a system. Who is the managers back-up for when they are out of they office for any reason or on vacation.Look over a copy of the management agreement and make sure you understand the fees. Make sure you know the terms of the agreement and when the agreement is renewable.  You may want to even go as far as to check them out through the local Chamber of Commerce, the Better Business Bureau, or the real estate commission for any complaints.

Following that make sure the company can run credit and criminal check if needed and they verify income as well as screen for previous evictions.  How will they collect the initial security deposit and where is the money kept? How often are payments made to owners and what is their policy for collecting the rents?  What options are available for your incoming payment, do they offer direct deposit?

Will they handle arranging any necessary repairs and do they have qualified people that they use if you don’t have a personal preference or requirement for your property?  Will they then handle paying any vendors and other bills out of incoming rent payments?  Does the property management company set up a property reserve for minimal/insignificant repairs? You want to make sure that they arrange with you for any repairs over a certain dollar amount. This is usually around $200 to $300.

Do they conduct periodic property inspections and inventories if the properties are furnished?  Will they contact you immediately upon tenants giving a notice to vacate property? Are notices delivered in a timely manor to tenants who violating terms of the lease agreement or delinquent?

Be careful of a property manager that is charging the lowest fees, it does not mean they are a good manager. It is necessary to have a screening process to determine if a manager has the ability to manage the property according to your requirrements.  We hope some of these tips help.

Written by By the Beach Properties your local Myrtle Beach Property Managers