Paying for a property manager for your rental property might sound like a costly endeavor. When you’re a landlord, maximizing the profit on your rental property is always the number one priority. Bringing in property management to do some of the work that you’ve been doing might seem like an unnecessary expense.

In this post, however, we’re going to discuss some of the ways that property management can actually save you money in the short and long term. If you want to find great tenants, get your money on time, and have the property well-kept, property management is always the way to go, so read on and find out how it’ll also save you money.

Marketing the Property

There’s no denying that renting out your property can be a lot of hard work. It also costs money to prepare the property for renting and advertising it on various platforms in order to find great candidates.

Under your contract, a property management service will handle all of this work for you as part of the agreement. You’ll never have to take out a Facebook or newspaper ad, pay for the property to be cleaned and fixed up before viewings, or take time out of your busy schedule to find renters again.

Screening Tenants

Screening tenants might not sound like a money-saving perk, but if you think about it in the long term, having quiet and respectful tenants can actually save you a lot of money. Usually, when you get good tenants, you’re more likely to keep them in your property for long periods of time, which saves you money having to go through the screening process again.

Another thing quality tenants tend to do is pay their rent on time. If you don’t have good renters, you could constantly be chasing them down for rent and in the worst scenarios, you may end up taking them to court. All of this costs you time and money.

Better Rent Collection

Speaking of rent collection, a good property manager will create a system for getting your rent money on time, every time. Every property owner counts on timely rent payments from their tenants in order to make mortgage payments, pay other employees, and budget for their own lives. This doesn’t always happen efficiently and it’s not always a tenant’s fault.

A property manager will set up a process to deal with rent collection and their own fee collection at the same time. They’ll deal with the tenants, take their cut of the rent, and deposit the rest to you, making it easy and reliable.

Property Maintenance

When you’re busy, you probably won’t have time to make continuous small repairs to your property. Unfortunately, with people living in the homes, you need to stay on top of maintenance to keep tenant retention high. Little issues always become bigger, more costly ones over time, as well.

Property managers will keep your property in great shape, ensuring you don’t have to spend huge amounts of money down the line on big repairs or renovations. 

Get the Best Property Management

If you want the best property management that’ll help you boost profits on your Central Coast property, look no further than Outland Real Estate. Visit our website to learn more about us and what we do, then contact us when you’re ready to discuss hiring us as your property management.

At the start of the year (2021), more than 10 million Americans were behind in their rent payment.

Most of these people were using the pandemic as their excuse for failing to pay rent on time. As a landlord, it’s challenging to deal with such tenants. You don’t know how to evict them or push them to clear the rent arrears.
To overcome these challenges, you should hire a full-service property management agency.

So, how do you find the right agency?

Keep reading to learn how to choose the right full service property management for you.

Examine Reputation

Some property management companies are too harsh and tend to harass tenants. Choosing these companies will lead to high tenants turnover and cashflow problems. To mitigate this problem, check the reputations of various property management agencies near you.

You want to find an agency with professional staff who know the best ways to deal with tenants. Your goal is to ensure that your tenants are happy living in your property and pay their rent on time.

Carefully Read the Property Management Agreement

Before you hire a property manager, you must carefully read the agreement and, if necessary, involve an expert. The agreement will stipulate the property manager’s duties and powers. It’ll also disclose how much you’ll be compensating the property manager.

Finally, the agreement will have a clause that directs you on how to terminate your relationship with the property management. So, carefully read the agreement and ensure you’re satisfied with all its clauses.

Find Out Who the Company Advertise Vacant Units

As the rental property owner, you may have a hard time advertising the vacant units. You don’t know the best platforms to use to advertise these units. Besides, you fear attracting the wrong tenants who’ll keep failing to pay the rent on time.

In addition, you know that you’re losing money every month that passes by, and you have unoccupied units. To overcome these struggles, find a property management company with an incredible marketing plan. This company knows all the top tools to use to attract the right tenants.

Check Licensing

Some individuals assume that the quickest way to venture into the real estate industry is by becoming property management. These individuals set up businesses without seeking any licensing. The problem is that most of them have no idea about the tenants’ rights.

So, by hiring these businesses, you risk doing things against the law when dealing with tenants. For example, evicting a tenant without following the right procedure. To curb these problems, choose a licensed property management agency.

Boost Returns by Seeking the Best Full Service Property Management

Seeking the best full service property management is key to overcoming the headache of dealing with troublesome tenants. You want an agency that will push your tenants to pay their rent on time. Besides, look for an agency that’ll advertise your property, thereby ensuring that all units are occupied.

Call us today for amazing property management services that meet your needs.

A property management company helps to maintain a residence and its occupants without the owner’s daily input. If you’ve invested in multiple properties, there’s a good chance you’ll need their help with upkeep and covering costs. 

Every company is different, however, so you can’t go in assuming they’ll handle all of your needs. You also don’t want to end up paying too much for too little. 

Here is some of what to ask your potential property manager before you pay for their services.

1. What Services Do You Offer and What Are Your Prices?

One of the first property management questions you should ask is how much each of their services cost. 

Not every property management company offers the same services at the same prices. Write out a list of everything you need from them before you meet. And make sure to ask about their various fees. 

2. How Will You Fill My Property?

A key job of property management services is keeping your real estate occupied.

Ask the manager what kind of platforms they use to advertise and how they plan to utilize them. Will they require you on-site for viewings, or will the property manager handle it all? 

Also, consider how they screen tenants. Their methods may not create as inclusive an environment as you desire. 

3. How Do You Calculate and Collect Rent?

The property manager will be in charge of coming up with rent, so it’s important that you’re on the same page about your property’s value. They should take into account multiple factors to find the maximum rental income. 

It’s also important for the company to use a modern and efficient method of rent collection. Cash can be misplaced, and checks can bounce. 

4. Do You Handle Repairs and Maintenance? 

Repairs and maintenance can take up a lot of time for real estate owners. Even if you like handling the contractors and repairs yourself, it’ll become way too much to deal with alone as your real estate portfolio grows.

Instead, hire a property manager who offers maintenance services in one of their plans. It may cost a little extra, but you’ll save big on time and money down the line. 

5. What Are the Termination Conditions?

Not every property management company is going to be the right fit for your real estate empire. Especially avoid any that offer a lengthy contract with various cancellation fees. 

Most services offer monthly payment plans with easy cancellation. You also want to avoid giving them too much power over your properties, such as requiring you to list through them. 

Hire the Right Property Management Company

These are just a few of the questions to ask when choosing a property management company. It’s important that you hire one that you can trust to manage your real estate as well as the people living and working in them. 

If you need help with selling your home or searching for a new property, check us out. Outland Real Estate services the Central Coast of California. Contact us to learn more.

You already know that real estate is a good investment. Why wouldn’t you buy a property if someone else can pay off the mortgage for you? But you also know (and have heard) that some tenants can come straight from hell – and you don’t want to experience that when you’re using these properties to build wealth. So how do you keep your property management costs low, without doing everything yourself?

We’ve got tips and tricks for you (including when you should hire a property manager), below.

Should You Hire a Company or Do it Yourself?

This is the question most beginning real estate investors ask themselves and the answer depends on a few different things.

First, how close do you live to the property? If you’ve bought a property within the city you live in and are retired or make your own hours, then you can likely handle the property management of one home.

But if you live in New York, for example, and have a rental property in central California, then trying to do it yourself is going to be a bigger headache than it’s worth.

Second, do you have the skills it takes to be a property manager? Not only do you have to have basic fix-it skills, but you need to know how to handle large sums of money, and provide timely customer service. If you’re too busy to respond to your tenant within an hour, then a management service is the right choice for you.

… But What Does a Property Management Company Do?

That’s a good question. A property manager is your eyes and ears on the ground when it comes to your central California property. Not only do they collect rent and create lease agreements for your current tenants, but they can help you find new tenants and even sell your property if the time is right.

Property managers can also deal with repairs, both emergency and normal property breakdown issues, including contracting landscapers, etc.

The Big Question: Is it Worth the Cost?

When you buy a rental property you’re making a big investment, so it’s understandable that you’d want to keep as much of your profit as possible. But think about how quickly your investment value would deteriorate if you didn’t take care of that property for just a year.

If you aren’t nearby to do what needs to be done, the repairs needed on the property will exceed the cost of a property manager in a shorter amount of time than you can imagine.

So sure, you can try to do it on your own – but are you paying yourself for the time you’re spending? Probably not.

Finding the Best Property Managers

Now that you’ve got the details about whether or not you need someone to help with your investment homes, let’s talk about finding the perfect property management company.

You want to find someone that has a history in the area, has a large range of services (from sales, to day-to-day management), and establish a relationship with them.

You may never meet them if you’re out of state, but you’ll get to know them through working with them. Do yourself a favor and schedule a meeting with our legendary property managers.

Did you know that 56% of property managers also own the building they are managing? Being a building owner or property manager is a lot of work, and being both is even more work. By having this role, you may find that you struggle to keep up with everything without the proper team backing you up. Don’t let that continue to happen. If you want to be a successful property management owner, avoid these five mistakes like the plague.

1. Lack of Inspections

Property management involves scheduling regular inspections to ensure each unit is livable. It is common for a rental property manager to realize a unit has damage only after a tenant has moved out.

2. Doing Repairs on Your Own

Managing property comes with a lot of responsibilities, but completing repairs on your own is not one of them. Instead, you should outsource maintenance to someone eligible.

You may think you are saving money by handling repairs, but the tasks are time-consuming. You’ll save more money by getting the repairs done faster to avoid problems getting worse.

Professional property management teams can take care of maintenance while saving you time and money. You can have peace of mind knowing that repairs will be done correctly.

3. Allowing Tenants to Handle Repairs

Rental properties are not owned by tenants. As the property owner or manager, you may be willing to give tenants a lower rent if they complete their own repairs.

However, this is never recommended because it can end up causing major risks. If an accident happens because a tenant was completing their own repair, you could be held liable.

4. Avoiding Maintenance Completely

As a real estate property owner, you should never avoid maintenance in any situation. Even if you believe the situation is minor, not completing repairs can lead to major expenses down the line.

Any deferred maintenance is a huge mistake. Along with costing you money, it can lower the value of your property.

5. Ignoring Legal Terms

Whether on accident or purpose, property managers may ignore legal aspects. The main legalities to address include tenancy agreements and property condition reports.

Tenancy Agreement

For every tenant, you should have a tenancy agreement. This is a contract that will state the property terms.

This will help property owners hold tenants accountable when needed. It will also protect the property in the case of a dispute.

Property Condition Report

A property owner should fill out a property condition report that lists items on the property and their repairs.

Among having these two reports, you should understand property management laws. These laws may change as they are constantly under review. Having a professional team can ensure you comply with legislation.

Property Management Mistakes You Don’t Want to Make

Leasing a property is not as simple as it seems. Chances are, you’ve taken on something bigger than you can handle on your own.

Don’t worry, property owners and managers are just one part of a larger team. If you avoid the mistakes listed in this guide, you’ll be in good shape.

For additional help with maintenance, leasing your property, and more, contact us today.

Real estate is a lucrative field where something is always happening. If you have any interest in properties in your area, you might have already considered becoming a property manager. Yet, the field of property management can seem stressful and overwhelming, especially if you haven’t learned everything there is to know about managing properties. 

That’s where we come in to help! We have created an all-in-one guide on everything you need to know about property management and how to get started. 

Be sure to keep reading for our ultimate guide to property management and start learning all there is to know. 

What Is a Property Manager? 

One of the easiest ways to define a property manager is they help to manage a property for an owner or an investor. During that time, they ensure the property is leased to properly screened tenants and is well taken care of. 

A property manager can also help to guide the owner in making decisions for the property. These could be decisions to help the owner make more money, please the tenant, or help to make the property look more attractive. 

What Do Property Managers Do? 

If you’re thinking about becoming a property manager, you might want to know some more property management tips. Good property managers do many different things to help each property run smoothly. In fact, the day-to-day tasks of a property manager rarely ever look the same. 

Before a lease is signed, property managers will spend time making sure everything is clean and inspected. A property manager can assist with showings and screening of potential tenants before finally choosing the ones they deem responsible. 

After the property is leased, they will collect rent from tenants, manage maintenance requests, conduct emergency repairs, and so much more. 

Property managers can even help owners with some behind-the-scenes administrative tasks such as paying taxes or other bills for their properties. 

How Can You Get Started in Property Management? 

The best property management advice is to just get started. If you know an owner or investor who has a property you can start managing, do it!

Once you start building a portfolio and showing more owners the work you can do, you will find more clients rolling in. Don’t forget that property management is always needed.

There are certain licenses and certifications that you will need before you get started. These can also help to boost your credibility as well. Be sure to do your research so that you’re thoroughly prepared as a property manager. 

Starting Your Career as a Property Manager

Are you ready to take on the world of property management? If so, there are plenty of ways to get started.

Be sure to use our guide to score your first rental property and start building your portfolio. Once you do, more owners will begin to trust you with their properties, and you’ll begin building your own property management company in no time. 

If you’re looking for help buying or leasing a property, we have you covered! Be sure to contact us today, and we can get started helping you right away.