Skip to content

What Do Property Management Companies Do?

If you own one or more rental properties, you have probably heard of property management companies. But do you know what these companies actually do? Would hiring one benefit you as an investor?

Obviously, we think the answer is yes. But don’t just take our word for it! We’ve broken down the different jobs of a property management company, to give you a good look into what having one could do for your properties, your sanity, and your cash flow. Take a look.

Marketing.

Marketing your rental property can be very tricky. Where is the best place to post your ad? Is anyone actually going to see it? How can you be sure that the right people will see it? Making sure your property is not only marketed, but marketed well, can have a big impact on your success as an investor. Property management companies have had a lot of experience in the area, and know how to best get your property in front of the right people, to fill vacancies quickly.

Tenant communication.

Even if you really like your tenants, it’s definitely nice to be able to hand off the reins of tenant management to someone else. Property management companies can handle communications with your tenant, from scheduling showings, to maintenance requests, to complaints about the property. While it’s definitely important for you to form some kind of relationship with your tenants, you shouldn’t have to answer the everyday complaints and mundane questions they might have. Let a property management company do that instead!

Cash management.

If you don’t stay on top of your renters for their monthly payments…well, you might not get paid on time. However, it’s true that it can get pretty awkward to feel like you’re constantly chasing after someone to give you money. A property management company can take care of all of that—including late fees—so that it never gets personal and you stay ahead of the problem. A property management company may even be able to help you determine how much to charge for rent (which is always a good thing to get right!).

Managing repairs.

Part of home/property ownership is making regular repairs to your property and keeping it well-maintained. Whether it’s an emergency appliance repair or a routine landscaping, managing all of this can become time consuming and annoying. Property management companies know who to work with (and who to avoid) for these types of jobs, and can manage the projects without your help. It’s just one less thing for you to worry about!

Evictions.

It’s every landlord’s worst nightmare, but at least when you use a property management company, it doesn’t have to get awkward or personal. A property management company can handle notifying your tenant of their pending eviction, keeping in mind all the laws pertaining to evictions in your state. This means that your eviction will be handled correctly, and as quickly as possible, with little work to be done on your part.

If you’ve ever been curious about how a property management company might make property ownership a little easier on you, give Real Property Management a call at 480-719-1243. We’d love to chat with you about your specific property, as well as your goals for property ownership and investment. So contact us today for a free management quote; we can’t wait to help you succeed!

Filling Vacancies Quickly: 6 Easy Tips

As a rental property owner, a vacancy can be your worst nightmare. If your property is vacant, you don’t have any incoming cash from it—plain and simple.

This is why, if you have an upcoming vacancy or are ready to start renting out a new property, you should work to fill the vacancy as quickly as possible. We’ve listed a few tips below for making this process as quick and painless as possible.

Market early.

Just got 30 days notice from your current tenant? Closing on your new property in a couple weeks? Now is the time to start marketing. Chances are, you’ll find a new tenant that works with your timeline, and then you can move on to more important things, like prepping the house for move-in.

Market smart.

Just as important as when you market your property is how you market your property. Online listings can be effective, but only if posted to the right places. Make sure that you do what you can in your listing to weed out anyone who isn’t completely serious about renting your property.

Try an open house.

Particularly useful if the property is already vacant, an open house gives you the chance to show your property to multiple potential tenants at once, without having to schedule separate showing times. This could be a very efficient way to get your property filled quickly. But only if you…

Make sure the property is “show-ready.”

Don’t make your potential tenants imagine what it would be like freshly painted or cleaned. Take care of what you can in terms of updates and cleaning before you show it to potential renters. The look of a property that is “ready to go” will be much more attractive, and you’ll be able to fill your vacancy more easily.

Offer incentives.

If you’re feeling desperate to get a property rented out quickly, you might try offering some kind of incentive to your new renter. Maybe you’ll take a few hundred dollars off their first month’s rent, send in a housekeeper for the first two months, or throw in the first month of landscaping. Don’t go overboard (after all, you’re still trying to make money!), but do realize that a vacancy will cost you far more than these small incentives will.

Hire a property management company.

This is the absolute easiest thing you can do to fill your vacancies. A property management company basically takes over the reins for you, handling everything from marketing and filling your property, to lease agreements and payment collection. So sit back, relax, and let someone else deal with all the work!

So stop sitting on vacant properties and do something to fill those spots fast! Not only will you get more positive cash flow, but you’ll also get peace of mind.

Need more help filling your rental property vacancy? Contact Real Property Management to take advantage of our years of expertise in managing rental properties. We can give you a free management quote that will show you how simple it can be to own your rental property. Give us a call at 480-719-1243 today!

Landscaping For Your Rental Property: Dos and Don’ts

With spring approaching, you might be thinking of sprucing up the landscaping on your rental property. It’s certainly not a bad idea: updated, inviting landscaping can help make your property more attractive to potential renters, from the minute they pull up and see the front yard.

Of course, you probably don’t have the time or energy to put into going “all out” on the landscaped areas of your property. So how to find the right balance? We’ve come up with a few tips for you as you’re considering what to do (and what not to do) to up your landscaping game this season.

DO add some color.

Adding some color to the yard can make a big difference in terms of how attractive the yard is. Look for low maintenance flower bushes that will be able to withstand the elements. If you don’t already have one, make sure you install a drip system to keep the flowers watered (because the only thing worse than no flowers, is dead flowers).

DON’T cut out all the grass.

Some landlords are tempted to go as low maintenance as possible, getting rid of all the grass and instead opting for rocks or other options that require no upkeep. While there are certainly things you can do to make this option more attractive, it’s going to be hard to compete with a nice, green lawn. If you’re worried about upkeep, consider hiring a professional service to care for the lawn for you. The weekly cost will be more than worth it when you consider convenience and payoff.

DO think about the lighting.

Outdoor lighting can really add to the feel of a yard. Think about exterior lights on the house, for sure, but also think about lights lining pathways. This is a fairly inexpensive addition to a yard that will make it look well-designed. In the backyard, you could even add floodlights, so that your renters have a way to light the whole backyard, if they ever need it.

DON’T forget your target renter.

What kind of renter are you trying to attract? If it’s a family, make sure your backyard is fenced in and has grassy areas. You could maybe even consider adding a play structure or swingset. Want to rent to an older couple? They’d probably appreciate pavers throughout the yard (for easy access), a gardening space, and maybe a fire pit. As you think about the type of person you want to rent your house to, you’ll be able to get a clearer picture of what the yard should look like.

DO add variety.

Trees, bushes, flowers, grass, rocks, river rocks, pavers—all these and more can be mixed and matched to create an oasis in your yard. While you do need to think about maintenance, you should be able to find some options that are fairly low maintenance and will thrive in your climate. Adding variety will up the curb appeal of your home and keep the exterior interesting and visually appealing.

DO build in storage.

In the backyard, even a small storage shed can be a big draw. If a shed is out of the question, small touches, like a storage bench or a garden hose reel, can still be very appealing and add a nice little feature or two to the property.

When trying to create a property that is attractive to renters, don’t neglect the landscaping! It’s often one of the first things potential renters see, and it can help you fill vacancies quickly and keep your property a shining part of its neighborhood.

Need help maintaining your rental properties? Give Real Property Management a call. We can help you market, fill, and maintain your property, and assist you with rent collection, tenant communications, and even evictions. Contact us online or at 480-719-1243. We look forward to working with you!

YPN Top 40 Under 40!

Real Property Management East Valley is excited to announce that owner, Clint Rowley, has been chosen as one of the winners of SEVRAR YPN’s Top 40 Under 40 award!

This award honors 40 of the top real estate business owners and entrepreneurs in Phoenix. The winners will be honored with an evening of fine dining and networking. For more information on the other individuals and teams to receive the award please click here.

The 4 Most Important Things to Consider When Choosing an Investment Property

If you’re thinking about purchasing an investment property, you’ve probably quickly discovered that there is a lot to think about. How do you find just the right space, for just the right price, in just the right location? What criteria are you looking at, and what should you be looking at?

While there are plenty of factors to consider, we’ve narrowed it down to the four most important criteria you need to consider when finding a property to purchase. Think about them carefully as you search for a property that is right for your needs.

Property Type

Are you looking for a single family home, or for a multi-family unit? When making this decision, consider the fact that for single family homes, turnover is usually lower, tenants commonly have a more stable income, and the property is typically easier to resell when you’re ready. On the flip side, for a multifamily property, you’ll be able to collect more rent, and you may be able to fill it more quickly when you have vacancies. In either case, a property management company can help you take care of marketing and filling your property, as well as managing the financial side of things.

Location

When considering location, you’ll have to find a good balance of proximity and value. The truth is, if you have help managing your property (again, from a property management company) it doesn’t really matter where it is—your rent collection, maintenance, and repairs will all be taken care of for you. If you have this flexibility, you are more able to look for a location with a thriving market and good appreciation potential. Make sure that no matter where you look, you take neighborhood into consideration as well as town or city. Especially if you’re planning on a single family home that may house a large family, make sure you consider nearby schools and community features.

Price

Obviously, when purchasing property, price is a big factor. You want to find something within your own budget, of course; make sure you consider taxes, closing costs, and other fees when determining if the property is something you can actually afford. Along with this, you also want to find something that will turn a decent profit when you rent or sell. Make sure you know what comparable homes are renting or selling for in the area. If the monthly rent you’d be able to charge on a property won’t cover your mortgage, plus maintenance, while still leaving you with a worthwhile profit, it’s probably not worth it.

Condition

Along with the price of the property, you need to consider what condition it’s in. If the property needs considerable upgrades or repairs, that will add to your cost significantly. Don’t let a property in poor condition scare you, but make sure you are up to the challenge of fixing it up, taking both time and cost into account. Fixing up a property is no small task, but it could pay off big time. Knowing whether or not you are willing and able to fix up a property may change your shopping process. If you are specifically looking for a fixer-upper, for example, you may be able to search for properties within a lower price range.

As you keep these four criteria in mind, you’ll be well on your way to finding an investment property that meets your needs perfectly. If you need more advice or help finding or managing your investment property, call Real Property Management at 480-719-1243 today. We can help you keep your property in good shape, your cash flow high, and your stress level low. You can also contact us online for a free quote and to see how we can help you. We look forward to working with you!