Source1 Property Management

How Do Property Management Companies Work So You Don't Have To

2020-12-22

You aren't alone in wanting to invest in rental property. Individuals own 41% of the rental property in the United States. For many of these owners, they take on a landlord role and manage the property themselves.

However, this doesn't work for everyone. Perhaps you're new to owning a rental property, or you simply don't have time for hands-on management.

This can have you considering hiring a property management company. But if you aren't sure how property management works, then you'll ask a common question asked by rental property owners, how do property management companies work?

This guide will explain everything you need to know.

How Do Property Management Companies Work?

How property management companies work can vary depending on the type of property they are managing. A skilled management team will tailor its efforts to suit the property best. So look for a manager that has experience in the type of property that you own.

Single-family
Multi-family
Vacation
Commercial
Retail
Industrial

There are several people on a property management team. Most firms will have a property manager, assistant manager, administrator, accountant, and maintenance. This covers everything from your tenants' management, finances, document preparation and handling, and the maintenance of your property.

How Does Rental Property Management Work?

Your property manager will offer a range of services. Look for a manager that can tailor their suite of services to fit your exact needs.

If you have a rental property, whether it's a single-family home or a multi-family complex, your property manager should be able to manage every aspect of the property.

Property Maintenance

This starts with managing the actual property. The landscaping, building maintenance, and unit repairs should all get addressed by reputable contractors hired by the manager.

Tenant Management

You can take a hands-off approach, let your manager qualify applicants, sign leases, and address tenant needs. Should a need for eviction arise, your manager can assist with this process to ensure you follow all applicable laws.

How Does Commercial Property Management Work?

Commercial property includes office space, retail, and any other property leased by a business. A commercial property manager needs to understand more complicated leases, complete preventive maintenance, HVAC management, and roof inspections.

How Does Upscale Property Management Work?

Whether you plan to be away for a few days to several months, a property manager can keep an eye on your home. They'll handle the routine maintenance, collect mail, and ensure your home is in the same condition that you left it in.

Hire a Rental Property Manager Today

Now that you know the answer to how do property management companies work, you're ready to start looking for one to manage your property. Start by knowing what type of property you own and the services you'd like the manager to perform.

Now you can look for a local management team that has the right experience and offers your desired services.

Contact our experienced team of property managers and let us show you how we can help you manage your rental properties.

Get Rid of Your Stress: What Does a Property Management Company Do?

2020-12-15

Over 42% of rental properties are managed by the owners, including day-to-day tenant and building issues. Whether you own one property or several, managing a building on your own is tough work.

Luckily, property management companies exist to ease the stress that comes with renting out properties. Are you wondering, "what does a property management company do?" Take a look at some of the benefits you'd receive by working with a property management company.

What Does a Property Management Company Do?

A property management company deals with tenants and prospective tenants for you. The application process, complaints, and more get handled by a property management company.

These companies also handle lengthy and complex processes related to tenants, such as evictions. Property management companies ensure that these processes get handled with care.

Property management companies differ from hiring a manager on your payroll. These companies are third-party contractors, so you don't have to worry about becoming an employer when hiring one.

Why You Should Hire a Property Management Company

For landlords who own property and rent it out to tenants, property management companies provide help and peace of mind. With property management help, landlords get to focus on their investment property as a source of income, not stress.

This is also ideal for landlords with properties in different locations. Hiring local help ensures proper care and attention is given to each of your properties. It also means you're not anchored to the location of your rental properties.

There are several different scenarios that warrant hiring a property management company:

Vacation Rentals

Landlords who invest in vacation rental properties often invest in properties in several areas. This involves handling tenant issues from afar, which is not ideal. By hiring a property management company, you cut the need to stay local.

The property management company handles the hands-on issues for you. This keeps your vacation tenants satisfied when issues arise.

Apartment or House Rentals

Since these rentals are more long-term, it's more complicated to manage apartments and homes without help. Property management companies assist with the hands-on necessities of renting out a home or apartment.

Everything from maintenance issues to evictions get handled by the company. Management companies also make sure these situations get handled legally.

Homeowner's Association (HOAs)

If you're a landlord for HOA buildings, you're already aware of the added stress involved with maintaining HOA rules among tenants. Property management companies help manage HOA rules and handle any discrepancies and issues that may arise.

This involves handling documents and laws related to the HOA. Managers also handle inspections and rule violations, so you don't have to.

Property Management Gives You Peace of Mind

If you were wondering, "what does a property management company do?" we hope you gained some helpful insight. When it comes to owning property, having an extra set of hands is always preferable.

Property management companies relieve the stressful components of renting to tenants. By working with a property management company, you can enjoy your properties with peace of mind.

If you're ready to get started with a property management company, be sure to contact us and learn more about how we can help you manage your properties!

Less Stress, More Time: The Benefits of Hiring a Property Manager

2020-06-30

More people are renting now than ever before. That makes right now the best time to be or become a landlord.

Even so, being a landlord is no easy job. Between caring for tenants' needs, keeping track of money, promoting properties, and dealing with all of the legalities of renting, it can become quite stressful.

That's why hiring a property manager is the best decision any landlord can make. Property managers save you all of the time and stress that makes being a landlord difficult.

Plus, they can help you make more money in the long run.

Read on to learn how hiring a property manager can benefit you.

Better Tenant Screening

Signing on the right tenants is a huge decision with a lot of repercussions if you sign on the wrong one.

Good tenants will take better care of your property, pay on time, and won't cause problems. Having a good tenant is especially important if you're renting out a vacation home you live in part-time.

If you hire a property manager, they know what to look for when screening tenant applications. They'll save you the pain of dealing with bad tenants down the road.

Finding Tenants in the First Place

A rental property manager knows how to market a house, which means less time you have to spend trying to attract renters in the first place.

They have the expertise and experience that makes promoting rentals easy, from taking appealing photos, knowing where to put up listings, and holding open houses.

Keeping Tenants Happy

Happy tenants are essential to any landlord's business. Happy tenants are more likely to rent for longer periods of time, meaning less work for everyone. They're also more likely to leave good reviews that will attract future tenants.

Keeping your renters happy, though, is a time-consuming job. You have to be reliably available at all times, easy to contact and respond quickly to maintenance issues.

A professional rental property manager can take care of all of this for you.

Legal Expertise

Hiring a property manager is particularly important for dealing with legal issues. Property laws are complex and vary by state.

From laws regarding fair housing to the tenant-landlord relationship and more, there's a lot to keep up with.

Renting laws become especially tricky if you need to evict a tenant or if your tenant is suing you.

A property manager can protect your money and keep you on the good side of the law.

Long-Term Growth

Chances are you're renting houses for the money. What if the time comes when you're able to expand your business and take on more properties?

It's all but impossible to keep up with multiple rentals on your own, especially if there's a lot of distance between them.

Having a rental property manager to help you out means the opportunity to grow and make more money.

Hiring a Property Manager is a Must

For any landlord that wants to succeed and make enough money to profit on, hiring a property manager is a must.

Property managers help you find good tenants and keep them; provide essential legal expertise; allow for the type of long-term growth you couldn't achieve alone.

If you're interested in finding a property manager, check out our property management services today.

8 Signs You Should Hire a Property Manager

2020-06-23

Owning and managing a property means dealing with maintenance, taking charge of repairs, collecting rent, and taking action if there are complaints.

Sometimes these tasks can be too much to handle for just one person.

Feeling overwhelmed with all the tasks you have to juggle as a landlord? It's ok to ask for help! Here are 8 signs you should hire a property manager.

1. You Live a Long Distance From Your Property

If you live a distance away from your property you have to frequently make long trips to maintain your property. Not only do you have to check in on your property consistently but you also have to go and collect rent checks.

Sometimes there are emergencies such as severe maintenance problems that can't be dealt with from afar. If you hire a local company to help you manage your property you won't have to constantly go back and forth to handle everyday tasks.

When you hire a good property management company you can feel confident that business is being handled correctly from wherever you are.

2. You Can't Find the Time to Get Work Done for Your Properties

Being a landlord is a demanding job that takes up a lot of time. Having to screen all tenants is time-consuming but also extremely important to assure that you have dependable people renting out your property.

If you don't screen properly you could be dealing with damages to the property, late rent payments, and you may have to ultimately resort to eviction.

If you want to avoid rushing through the tasks of a landlord and make sure they get done correctly hiring a property manager can save time and stress.

3. Your Responsibilities as a Landlord Are Stressing You out

When you're a landlord, you're aware that it is more demanding than a 9-5. There's no set schedule and you have to be available every day and anytime for any problems.

These tasks can be stressful and everyone needs a break. If you are starting to dread the tasks of your job it is time to consider making the right choice for yourself and your happiness by using a property management company.

4. You Own More than One Property

Managing more than one property is a difficult task for anyone. Taking care of even two rental units can take up almost all of your time. If you hire a property manager you instantly can lighten the load of work you have to do.

5. You Keep Receiving Late Rent Payments

An expert property management company can take charge of collecting rent from your tenants every month and stay on top of late payments.

Receiving late payments can be frustrating and uncomfortable to deal with so have someone to take charge of that task for you.

6. Property Management Isn't What You Expected It to Be

Sometimes expectations do not match up to reality and that's ok.

Maybe you feel that doing the daily tasks of being a landlord isn't for you and you prefer to make the investment on the property without managing the property.

Hire a property manager so that you have the time to pursue your other interests.

7. You Don't Want the Legal Responsibility

Legal responsibility is a part of rental agreements. If you're not well versed in your local laws for landlords and tenants you could find yourself in an unpleasant legal dispute.

Hire a property management property for the confidence that you have people who understand the laws working for you and for legal protection.

8. Marketing for Your Property

You will have help with advertising for vacant units from professionals who have been doing this for a long time.

Ready to Hire a Property Manager?

You don't have to do this alone!

Find the relief you're yearning for and hire a property manager to help you with the daily tasks of managing a property.

Like this article? Contact us for more information on good quality property management!

How to Deal with a Bad Property Management Company

2020-04-29

You bought your rental property with the intention of making money and improving your overall quality of life. You hired a property management company to help take care of the work and free up your time — or so you thought.

If you're receiving late payments, dealing with excessive costs, or are struggling with any number of other problems due to your management company, you may have a problem on your hands. But do you know how to deal with a bad property management company? What should you do to get things back on the right track?

Read on and we'll walk you through everything you need to know.

Signs of a Bad Property Manager

If this is your first time working with a property management company, you might be unsure of what kind of behavior to expect. Are you jumping the gun on your judgment, or should you feel justified in your anger?

It depends on how the company in question has been acting. A good property management company should be open in their communication, help you to set the most advantageous rent amounts, and keep up with repairs and maintenance.

If a company fails to communicate with you or loop you in on important matters, you have a good reason to be upset. If you aren't able to get in touch with the company, there's a good chance that your tenants can't either.

In addition, a bad property management company might be one that doesn't do proper check-ups on your rental property or keep it in good condition.

If you've experienced any of this or more, it's important you act fast to rectify the situation.

How to Deal With a Bad Property Management Company

The steps you should take to handle your situation will depend on the severity of the problem at hand. If you've just started to have trouble with your property management, it might be worth reaching out to the manager of the company.

Filing a complaint with them can help to have them resolve the issue on their end. The manager might assign a new employee to your property and you'll see better results.

If you don't have any luck talking to one of the higher-ups at the company, it might be worth considering filing a complaint with the Better Business Bureau. You might even want to think about filing a lawsuit if your well-being has been damaged as a result of poor management.

The most important thing you can do if you realize you're working with a poor property management service is to drop them quickly. The sooner you fire your management company, the more trouble and money you'll save yourself.

Finding Quality Property Management

Do you know how to deal with a bad property management company? The above information can be greatly helpful in determining what to do.

Ready to replace your poor service with something of great quality? Contact us today for help with your rental property.

Tips for a Good Property Management Agreement

2020-04-22

Hiring a property manager can take a load off your plate.

Relinquishing the responsibility of dealing with maintenance, repairs, collecting from tenants, and/or responding to complaints is a good feeling. Whether you're leaving for a vacation or you own a rental property, you'll need a property manager that can do what you need.

Before you sign a property management agreement, it's important that you set out your expectations with the management company. Getting a good deal is nice, but only if you're getting the service you require.

Today, we're going to give you some tips for what to look for in a property management agreement. If you can do separate the good from the bad in the contract, you'll have your property well looked after.

Services and Fees

The most important thing that you need to understand is what services they're providing and how much they cost. This should be clearly outlined in the property management agreement along with the fees for extra services.

Look closely at the management fee, as it should discuss some of the finer details. A management fee could be high because they're including services that another property manager charges extra for. It's a lot of reading to go through all of this, but it's important in having a clear understanding of what you get.

Liability

The liability section of the contract describes what the property manager takes responsibility for and what they protect themselves from. In all likelihood, they won't make themselves liable except in cases when they've been negligent, resulting in damage to the property.

One of the sticking points here is the hiring of third parties. A property manager will be responsible for hiring cleaners, contractors, and finding tenants. All you want is for the property manager to take the proper care in finding and dealing with tenants, contractors, etc.

Duration and Termination

You should clearly understand the length of the contract if you're going to be happy with it. It's not desirable to go into a long-term when you've never dealt with the management company before. Unfortunately, most contract durations are at least 1 year.

For this reason, it's important to look at the termination clauses. This should state the scenarios in which each party has the right to terminate the contract. It'll also say the notice you have to provide, the fee for breaking it, and any obligations after you've terminated it. This is to protect both parties from significant financial loss.

Getting Your Property Management Agreement Right

Understanding a property management agreement will help you find the best property manager for your needs. At Source 1 Property Management, we aim to cater to your needs. We specialize in rental, upscale, and commercial property in the Pembroke, South Shore, and Marshfield areas.

To discuss your property management needs before you sign a contract, schedule an appointment with us today.

5 Tips for Finding Property Managers for Vacation Homes

2020-04-10

Are you looking for someone to manage your vacation home?

Today, there are over 7.4 million secondary homes in America. When not in use, many homeowners will opt to rent these properties to tenants. This is a simple means of allowing secondary homeownership to be all the more affordable.

But, let's face it, managing a property on your own can be overwhelming. It eats into your schedule and it can begin to feel like a full-time job.

So, what are the key tips and tricks for finding property managers? Read on to learn more!

1. Location

Where is your property management team located?

Of course, you want to hire a property manager that operates in close proximity to your vacation home. This is going to make connecting with your tenants and conducting repairs much more efficient.

2. Professionalism

Remember, your property management team is representing you and your home. If you want your guests to have a pleasant experience, it's important that the property management team runs well.

If they conduct themselves professionally, it's going to benefit your business. If they fail to do so, this is going to reflect poorly on you. It's safe to say this is a quick way to lose business and fail to attract returning customers.

3. Familiarity

Do you own a unique vacation home?

For example, a vacation home that is functioning as a working farm. Or perhaps an old-fashioned cottage that runs on septic. What about the prospect of a commercial property?

Either way, you're going to want to ensure that you hire a property management team that is familiar with your style of a vacation home. Without a sense of familiarity, it's all the more likely that problems will arise and damage could ensue.

4. Price

When it comes to the cost of hiring a property management team, it's important to carefully consider the price.

How much is this going to cost you? How does this expense fall into your budget? What is your return on investment?

To ensure that you're making a wise financial decision, it's important to account for all of these questions. Don't hesitate to speak with a property management team today and see how they can work with your budget.

5. Reputation

Does the property management team in question have a good or a bad reputation?

Thanks to online reviews, it's easy to understand the reputation of nearly any business. Online platforms allow for the general to leave comments on their experience with nearly any type of business.

In this sense, reviews are one of the most powerful tools for consumers to use when deciding to engage with a business or not. Let's consider that 97% of consumers read online reviews for local businesses.

Before you make a decision, ensure that you have read the reviews of each property management team. From here, you can rest assured knowing that you made a more informed decision.

Finding Property Managers

Let's face it, finding property managers for your vacation home can feel overwhelming.

After all, there are countless options and each business is promising the best service in town. To ensure that you're making an informed decision, be sure to follow the guide above.

Are you ready to find a property manager today? If so, be sure to contact us and learn how we can help!