Why Should You Hire a Property Management Firm
A full-service property management service like 360 Property Management can help to maximize the profits you receive off of your rental property. 360 Property Management has more than 15 years experience and understands that a property owner wants a stress-free service that gets top market rent, a company that interviews potential tenants to ensure they are great tenants that pay on time, a company that keeps vacancies to a minimum and a company that understands how to maximize the value of a rental property.
Getting the Property Ready for the Rental Market
A property that is well maintained will attract better tenants and will garner you a higher monthly rental.
Things such as a fresh coat of paint, neat landscaping and installed safety features like smoke detectors, alarm systems and fencing can add value to a rental property. The professionals at 360 will tell you which improvements need to be done to make your rental property appealing to potential renters.
Maintaining Your Rental Property
Our company understands the importance of property inspections. We offer detailed digital inspections that include photographs. These photographs capture the condition of the property before a tenant moves in and once they are moved out, which can be very beneficial should a dispute arise. In addition to this, regular inspections should be done to ensure the tenant is properly caring for the rental property. Additionally, regular inspections can identify any maintenance issues that need to be remedied. By identifying issues before they become emergency can save on costly repairs. We understand that proactive maintenance to a dwelling ensures the value of the property is maintained, which can result in longer tenancies and higher rents.
A rent review will determine the estimated rent that should be charged. Understanding the rental value of a property can help maximize the property owner's profits as well as ensuring that the property value is up to par. When a property value increases, it gives the property owner more lending power, increases the profits of a property and encourages long-term leases.
Your Dedicated Property Manager
Our property manager is dedicated to providing the best customer care and communication in the business. We understand that you are entrusting your property and your income to us. For this reason, you will be appointed a designated property manager that will handle all transactions, keep an eye on your rental property, do inspections and find great tenants. The property manager will be on call for both you and your tenants should an emergency arise. They will complete routine property inspections to make sure your property is being properly cared for and maintained. With your property manager at your side, you will have full knowledge of what is going on with your property at all times. In addition to having the best property managers, 360 Property Management also has a full administration staff who maintain accurate property records for each property owner. We work hard to prevent rental arrears by interviewing and finding the best tenants. Rental fees are taken from the rent and then the rental payment will be disbursed on a timely basis. We provide detailed monthly statements that can be viewed online. All of our property management services are tax deductible so these monthly statements can make filing your taxes a breeze.
A rental property that is properly maintained and has a dedicated property manager will help the property value increase. 360 Property Management offers a full line of residential management services to each of our property owners. We have the experience, knowledge and proven results to get your property rented quickly and at fair market rental rates. Whether you own one rental property or hundreds, you owe it to yourself to call us and see the difference our innovation and excellence can make to your bottom line.
We understand that hiring a property management service can be a scary thing. Many people feel that they lose control when they use a property manager. However, with our service, you actually will gain control because we do regular inspections, fully vet potential tenants, stay on top of maintenance issues and much more. The following items should be considered to help you determine if you should hire a property management company.
How far away is your rental property from your home or business?
The further away a rental property is, the harder it will be to effectively manage. If you live in Illinois and own a rental property in Florida, you will have a difficult time finding tenants, handling complaints, responding to emergencies, inspecting the property for any maintenance issues and collecting the rent. The time and money that it takes to do these things can quickly add up. In fact, in this situation, a property management company can save you money, headaches and time. It just makes sense to hire a property manager, doesn't it?
Your Experience with Tenants
If you are a real estate investor who has no experience with property management, hiring a property manager with experience is a wise choice. Trying to learn as you go can end up costing you a lot of money. For example, you may not know who to find the best tenant and do a background and credit check on the tenant. You may not know the best repair company to call when you have an issue at the rental property. Furthermore, you probably do not know everything you should know about Equal Opportunity and Fair Housing laws, which could lead to a discrimination lawsuit.
Take a Look at Your Finances
Before hiring a property management company, you will need to accurately assess your financial situation. Property managers charge fees for finding a tenant as well as a monthly fee for managing the property. The monthly fee is typically 4 to 10 percent of the rental amount. (For single family homes, the fee is usually closer to 10 percent, while rental properties that contain 10 or more units is on the lower end of the range.) Tenant placement fees can vary from a hundred dollar up to a full month's rent.