Top 5 Factors to Consider When Choosing Property Management Services

choosing property management services

You saved up for years and years, and now you finally have the keys to your investment property. That’s no simple feat!

And for this reason, choosing property management services is a big deal. You want your investment properly cared for, so you need to find a company that will take the job seriously.

Keep reading for five tips when it comes to selecting the best property management service. 

1. Services Offered

While you may only have one service in mind that you currently need, it’s always possible that you’ll desire another related service in the future. And you don’t want to have to worry about finding a new property management service when you could choose one from the beginning that has it all!

Find out which services each company offers, from tenant screening and marketing properties to collecting rent and maintaining properties. Oftentimes, their available services will be listed on their website. But if you’re unable to find a complete list, contact the property management service to find out. 

2. Licensing

This is one of the most important aspects to consider when sifting through property manager options. 

The majority of states require some type of licensing to be a property management service. Most companies will display this information on their website, but if you’re not sure whether you’re looking at a licensed property management service or not, it’s always best to ask. 

3. Company Reviews

These days it’s easy to find reviews about companies online, and they’re a useful resource in discovering the pros and cons of each of your options. 

Read through reviews from past clients that are posted, or even ask the company for references so you can get a better idea of what working with them would be like. 

Just remember, when reading online reviews, look for the overall tone and don’t get bogged down by one or two specific reviews. 

4. Property Management Experience

If the property management service doesn’t have much experience, it’s much more likely that negative situations may arise or you may be unhappy with their service. 

Find out how long the company has been in business, what they specialize in, and whether they’ve worked with many other properties like your own. You want someone who has lots of experience under their belt so you don’t risk losing money. 

5. Pricing and Fees

It’s common to choose a service based on pricing alone, but just because a service offers the lowest pricing doesn’t mean they’re a good choice.

When it comes to pricing and fees, the more research you do, the better. Check out different websites to start comparing property management fees, requesting a quote from each one if their prices aren’t listed. Then you can compare each of these prices, taking into consideration what comes with each fee (such as services that are offered). 

Choose a company that has reasonable pricing, but that will also give you the best service possible. 

Choosing Property Management Services Doesn’t Have to Be Complicated

There are lots of options out there for choosing property management services, but they won’t all offer you the same experience. By doing your research and comparing each company, you’ll find the one that’s just right for you. 

Check out the rest of our site for more helpful property information, or even start your journey to finding the perfect real estate agent. 

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5 Reasons Why It’s Smart to Invest in Properties

invest in properties

You hear a lot about today’s “hot investments” all over the news. However, most millionaires still agree that real estate is the best investment around today.

Well, when you know the facts, it’s easy to see why. Let’s talk about some of the best reasons to invest in properties this year!

1. Real Estate Is Tangible

Investing in stocks or crypto is popular, but you have little to no control over how the entity is handled. With real estate, you have a tangible asset that you can do whatever you want with, for only 15% to 20% down! There’s no other investment that allows this level of control for such a small barrier to entry.

2. Real Estate Offers Options

There are so many ways to make money with real estate. Long-term rentals, short-term rentals, flipping houses, and different strategies like BRRRR are all popular ways to earn money from real estate investments. If one strategy doesn’t work out, you can always try another!

3. Increasing Resale Value Over Time

While you continue writing off depreciation on your taxes, the true value of your home doesn’t have to depreciate at all. While you rent out the property and earn checks from it every month, you still have the property to resell whenever you choose. This means that even if you make 100% of your investment back after 10 years, you can still resell the property, potentially for a profit!

Small things add up. Minor renovations done over time don’t have to cost much, but they can certainly increase the resale value substantially.

To see how much you can earn from your rental property and how much it can resell for, use a rental property calculator to see the potential of properties in your area.

4. Properties Offer Stability

We all know that real estate bubbles pop from time to time. However, everybody needs somewhere to live. As long as you have insurance and you’ve chosen the right property, you should have no trouble finding tenants, even during uncertain economic times.

5. You Can Generate Passive Income

Investing in real estate is a great way to earn passive income. If you are a landlord, you can quickly earn semi-passive income, as you will still have to perform a lot of the work. However, with the help of a property manager, you can easily earn passive income while living anywhere.

Still, you have to find the right property for this to work out in your favor, as property managers will take a small portion of your rental income. With the right investment real estate agent, this shouldn’t be a problem!

Invest in Properties Today

Now that you know some key reasons to invest in properties, why wait? You can get started with only a small down payment and control the investment however you want for maximum profits.

Stay up to date with our latest real estate tips, and don’t hesitate to contact us with any questions or for help with your strategy!

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4 Benefits of Hiring a Property Management Company

investment property management

Did you that the worldwide property management market is expected to reach $37.25 billion by 2029?

Owning an investment property can be a great way to generate income and build wealth, but managing the property can be time-consuming and difficult.

Property management can be a hassle, but it’s important to remember that there are many benefits to hiring a professional property management company.

Want to learn more? Keep reading to learn about the four key benefits of hiring an investment property management company below.

1. More Free Time

Hiring a property management company frees up your time. If you’re managing your rental property yourself, that means you’re responsible for tasks like marketing the property, screening tenants, and more.

With a property management company on your side, you can take a step back from all of those day-to-day tasks and enjoy your life more.

2. Better Tenant Screening

As a property owner, one of your top priorities is likely to find tenants who will take good care of your property and pay rent on time. However, screening tenants can be a time-consuming and difficult process.

This is where working with a property management company can be extremely beneficial. A good property management company will have a thorough screening process in place to help you weed out problem tenants.

This usually includes running background checks and credit checks. By doing this, you can avoid tenants who may damage your property or fail to pay rent on time. In the end, this can save you a lot of time, money, and headaches.

3. Reduced Vacancy Rates

A vacancy can cost a property owner a lot of money. Not only do you lose out on potential rent, but you also have to spend money on advertising and repairs.

Finding the best property management company can help you to reduce the risk of vacancies by finding qualified tenants quickly and negotiating long-term leases.

As a result, working with a real estate management company can help you to save money and keep your units full.

4. Professional Expertise

When it comes to managing property, there is a lot to know. From marketing to maintenance, there are many moving parts to consider. This is where working with a property management company can be a real asset.

A good management company will bring a wealth of professional expertise to the table, helping you to maximize the return on your investment.

From market analysis to repair coordination, they will have the knowledge and experience to help you keep your property in top condition.

So if you’re looking for peace of mind and professional assistance, working with a property management company is the way to go.

Work With an Investment Property Management Company

If you’re like most investors, you don’t have enough time in the day to manage your properties. That’s where an investment property management company can come in and help.

They take care of the day-to-day tasks of maintaining your investment so you don’t have to.

If you’re looking for help finding a great property management firm in your area, we’re here for you. Contact us today with any questions or concerns you have about our property management services.

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3 Things a Property Manager Should Do Before a Tenant Moves Out

property manager

Owning rental properties is a great way to boost your income and overall wealth. The key to being a successful property manager is making your tenant turnover rate as low as possible. 

Unfortunately, there’s nothing you can do when managing a property to prevent every tenant from ever leaving. So when it does need to happen, it’s important to make the transition as smooth and seamless as possible. The less time your rental property is empty, the better it is for your investment. 

Follow this guide for the top three things you should be doing before your tenants move out. 

1. Keep the Logistics in Mind

There are so many things that go into a move, even from the property management side. It can be difficult to keep track of all of the elements but it’s crucial to keep the logistics as organized as possible. 

The best thing you can do is create a place where all that information is stored. This makes it so anyone on your team can refer back and find exactly what they need to know. This should include payment deadlines, moving dates, and inspection plans. The better you keep track of all these things, the less confusion there will be. 

2. Start Looking for a New Tenant

As soon as you know there is going to be a vacancy in your rental property, it’s time to start looking for a new one. 

Having tenants is the way to boost your property landlord’s salary, so you don’t want the place to sit empty. The quicker you start your search, the more time you’ll have to find just the right new tenant. Ideally, you’ll find them in time to move in as soon as the place has been cleaned following the current tenants moving out. 

3. Complete Property Inspection 

Managing a property means you take care of all the repairs and upkeep that are necessary. When a tenant moves out is a perfect time to get to those larger projects you’ve been putting off. 

It’s a good idea to do an initial property inspection before they’ve actually left to plan what tasks you’re going to get done after they leave. Then a more thorough inspection can be done when they leave and the place is completely cleared out. 

Property Manager Tasks When a Tenant Moves Out

Making sure the tenant experience is positive is one of the most important parts of being a property manager. And that includes when they’re moving out as well. These kinds of positive interactions will help you gain a reputation for being a great place to live! 

Taking the time to set up your plan for when a tenant moves out, you won’t have to scramble when the time comes. You can simply follow the set procedures and feel confident that everything is getting done that needs to be. Everyone will know what their roles are and moving day will go as smoothly as possible. 

If you’re interested in learning more about gaining investment properties and how to be a successful property manager, contact us today! 

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5 Benefits of Buying a Rental Property

buying a rental property

Did you know that over 10 million people — or about 7% of the US population — make money from rental properties?

Are you interested in joining them? The good news is that now is a terrific time to invest in property and manage a rental property.

Before we talk about how to buy a rental property, let’s first discuss why you should consider buying a rental property. Here are five compelling benefits of owning rental property.

1. Generate Passive Income

Becoming a landlord is one of the easiest ways to generate passive income. It’s also an ideal way to diversify your portfolio so all of your proverbial eggs aren’t in one basket.

The right rental property can provide a steady source of monthly income for a minimal amount of effort. Of course, you’ll need to do your due diligence to determine the profit potential of any property before you purchase it.

You’ll also need to make sure you get responsible tenants who will care for the property and (most importantly) pay their rent on time.

2. Great Tax Benefits

Would you like to qualify for some tax deductions? With a rental property, you may be able to enjoy deductions and write-offs for:

  • Mortgage interest payments
  • Property depreciation
  • Repairs, upgrades, and improvements
  • Insurance premiums
  • Home office expenses

You may also be able to defer capital gains by using a 1031 exchange, which is another terrific avenue to grow your wealth.

3. Freedom & Flexibility

What if there’s an economic downturn in the future? What if you want to sell your property but the market is less than ideal? Or what if your living circumstances change and you need to move back into your rental property?

One of the many benefits of owning rental property is that it’s easier to ride out the different storms that come your way. You can always find tenants, especially during times when the cost of buying a home is higher than the cost of renting.

4. Long-Term Retirement Income

Although there is some amount of upkeep required for all types of rental property, it’s not nearly the same effort that your typical day job requires. In fact, many landlords can retire and live comfortably on their rental income. 

The monthly rent price should always cover the mortgage payment while still leaving some profit after expenses. And you can always access more of the property’s value by refinancing or selling in the future.

5. Ward Off Inflation

Real estate is a wise investment because as prices rise, so will the value of your asset. You can always raise the rental price to match trends in your local area as well as the national market.

The rise in rent means that you’ll be able to pocket more money, which is necessary anyway as inflation makes all goods more costly (i.e., repair work and new appliances).

Thinking of Buying a Rental Property?

As we’ve discussed, buying a rental property can be a terrific investment. It’s also an important first step on the path to passive income and a more secure financial future.

Of course, wanting to invest in property and actually knowing how to buy a rental property are two different things. How can you ensure you find the best property to buy?

eFind Agent is here to help. Click here to get in touch and we’ll gladly advise you on the many types of rental property.

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