Selecting The Right Property Management Firm

Managing real estate is complex and can be very specialized. There are different types of property and each should have a specific type of management. For the local shopping center and other commercial establishments, commercial property managers should be experienced in net leases, percentage rents and other areas that would not pertain to, say, an apartment complex.
The expertise of the managers should match the type of investment. Is it an office, an industrial building or a strip center? What types of problems does the building currently have? Is it vacancy problems, marketing or problems with maintenance? Ask the managers you interview the types of property they have experience in, how long they have managed other properties and the results of their management. Ask to see samples of their financial management in the past. Find out what types of marketing they specialize in. Is it print, new media, newsletters, advertisements, videos or other types?

The commercial property managers who deal with retail management will be experienced in different types of establishments. When interviewing for management companies, the investor should ask what types of centers they are currently managing and if they have satisfied clients. Do they manage a strip mall, a neighborhood or community center or regional shopping centers? Shopping center management requires specific skills in accounting and the programs that handle common area maintenance, leasing tenants and billing.

The office building will require different skills from the retail establishment. Commercial property managers need talent in administration, leasing and engineering. The manager will need to know if an office building meets ADA requirements for restrooms and elevators and what those requirements are.

There are other types of property that will require different types of skills. Industrial, mobile home parks, self storage facilities, motels and other types of properties require knowledge in each specific market and the laws that apply to it. The company hired should have experience in leases of different types, tenant notices and disclosures.

Look for a manager and its company that is accredited. This accreditation sets them apart as having met higher standards that other firms in the same community have not met. They should be experienced and flexible, having knowledge about accounting, architecture, law, marketing, maintenance, leasing, sales and appraisal. A good manager who deals with clients, tenants and the investor in a straightforward way is necessary.

Commercial property managers should have a positive reputation among the business community. They should be viewed as professional and honest. They should provide services depending on the client needs. They should provide financial services such as record keeping and reporting as well as developing and monitoring budgets. The manager and its company will provide maintenance programs and implement marketing strategies. They will be responsible for rent collection and evictions and negotiating leases.

The manager will be attentive to their tenants and respond to their needs and concerns quickly. They are responsible for purchasing equipment, supplies and contracting with outside services as needed. They will also manage insurance needs and comply with any laws and regulations. And enforce all ordinances relating to fire, health and safety codes.

Commercial property managers play an important role in any investors business. Considering all the factors such as the type of property, the size of the property, location, and how difficult the property is to manage, an investor needs to research and negotiate with several managers before signing any contract. The right manager provides expertise, professionalism, solid financial future and honesty.

Visit us at http://onyxmgt.com

Onyx Management Group - How to Select A Property Management Company, Tenant Screening

When thinking about putting a home into rental service with a property management company, there are several things you will want to consider before you sign a contract with a property management company.

What are their guidelines for accepting a tenant? Are you comfortable with those guidelines? If not, find a property manager who you are more comfortable with.

The guidelines should address the following:

Credit - While most tenants have fair to bad credit, the property manager should evaluate the applicants’ credit to see what areas are delinquent. For example, if an applicant has a lot of medical debt, but paid all their other bills timely, that should be a consideration. If however, they are constantly late paying the basic living expenses, this should be a concern.

Criminal Background – In today’s world, a landlord is responsible for the occupants of the home. It is very important to screen tenants for violent crimes and previous drug arrests. While DUI’s and misdemeanors may be overlooked – crimes against people and drug related crimes should be carefully screened. Length of time since conviction and severity should be reviewed as this history follows them throughout their lives even after they have changed their lifestyle. Who hasn’t made a mistake in their youth?

Previous Rental History - Has the applicant been a good caretaker of other landlord’s property? It is very important to review rental history back several years in order to get an accurate picture of the prospective tenant. Some property managers only get a reference for the last year of residency. What if they was an issue and the landlord wants to get rid of the tenant – do you think that they would be honest with you if they are trying to get rid of them? Probably not. Therefore, if you go back several years, you will normally get a better picture. The property manager should look at several factors – number of late rents, bad checks, neighbor complaints, any damages to the property, proper notice provided, and if the landlord would rent to them again. One thing that you should also review is that the person verifying the information is the manager or owner of the home. Creative tenants provide false names to provide rental history, so if you don’t check carefully, you can get a false report.

In addition, you will want to check the county records to see if there has been a dispossessory action filed against the prospective tenants.

Proper screening is so important. A tenant that is not properly screen will cost you a lot more in damages, evictions, and lost rental payments.

For more info visit us at http://onyxmgt.com

Property Managers

You invested in your first property. Should you manage the property yourself or hire a good property management company to handle your investment? It depends on what your skills and goals are.

Are your goals to be property investor or simply the on site owner? As the on site owner you will be responsible for collecting the rent and repairing broken appliances. Your time will be devoted to the renters needs. The investor spends valuable time answering the needs of the tenants. On the other hand, if you hire a property manager, the investor could spend time finding and investing in more property.

The day to day details necessary to operate a successful property is better left to a manager with the skills needed. An experienced manager will tend to the daily needs of the tenants, maintain records and respond to the needs of the building upkeep.

The manager interacts with the tenants, hopefully in a friendly but professional way. They will listen and respond to complaints, deal with the rent and order the necessary repairs.The manager takes over the daily property management, allowing the investor to profit without becoming involved personally with the residents.

A good property manager will need to manage construction and development of new facilities, maintain the repairs and maintenance of the property. They should have good organizational skills. They will need to insure the work needed, be it new wiring and electrical, the construction of new facilities or the repair of a leaky faucet, is done in quickly at a reasonable cost.
They need to know how to use the latest computer software for managing rents, repair costs and billing. Often the accounting of the rent receipts and billing expenses will be kept on record through some type of software.

One good skill needed by a property manager is good customer relations and communication. They will act as the liaison between tenants and construction crews, contractors and insurance agencies. The manager will also enforce renter and owner laws, the most common being evictions. They are responsible for collecting the rent and keeping good records of payments and repair work needed.

Good negotiation skills are needed as well. He or she will negotiate the best prices for cleaning services and for any work performed to keep the property well maintained. They will find the best lawn care facilities services at a good price. They will negotiate the lowest bids for the best plumbing and electrical contractors. An experienced manager will have resources available to them at a moments notice. They will know which carpet cleaner and painters are available to have your empty units ready within days to rent.

The 8 things a good manager will bring to a property will be qualities like,

- Management skills of work performance, tenants and contractors
- Good negotiation ability with contractors
- Experience with investment properties
- Organization of daily needs such as trash removal, grounds keeping and repairs
- Good communication skills with tenants, contractors, the investor and legal agencies
- Accounting skills are necessary for collecting rents, receipts and expenses
- Data entry skills of daily work and complaints, supplies and equipment needed
- Research skills for finding tenants and contractors

The property manager is there to take care of everything. They automatically schedule tasks and collect the rent. The details of managing the property successfully are better left to an experienced manager so the investor is free to look other investment opportunities.

Guidelines To Residential Management

Every investment needs good property management. An important key to any residential management is good service and quality maintenance. There should be a high level of service to the tenants, teamwork between everyone, quick responses to the needs of the client and tenants and they should anticipate any potential problems in advance. The manager creates a good relationship with the tenant and the property owner based on mutual respect and courtesy. They communicate clearly and openly with all involved to avoid misunderstandings and conflict.
A good manager focuses on the needs of each individual owner. Each property will have a unique set of challenges that are met in a quick and responsible manner. The quality of the property and its value depend on top quality management to maintain quality living standards for the resident. The manager acts as the go between for the tenant and the owner.

Residential management is the managing and maintenance of property used solely to house residents. It involves the daily tasks of collecting rents, ordering and overseeing repairs, hearing and responding to tenant complaints and cleaning of the facility as well as many other duties. Maintenance includes landscaping, building repairs, electrical work, decorating and painting, roof repair and renovations. They are responsible for advertising the vacant property to prospective tenants.

Managers of residential properties often negotiate contracts for janitorial services, trash removal and security services. They seek bids from several different contractors and offer advice to the owners on which one to accept. The manager monitors the contractor and resolves complaints when the services are not carried out properly. They purchase supplies and equipment needed for the property and make appointments with specialists for repairs.

The owner pays the manager a fee or percentage of the gross rent collected every month. The residential management firm assures the property is well maintained with repairs carried out by professional contractors.

They can maximize your income since they know the market, what comparable properties are renting at and the amount a potential renter is willing to pay for a property in your area. With the marketing expertise needed to reach potential renters, they have the experience and resources to find the best tenants for the property owner. The company fills vacancies, tracks income and expenses, collects rent and respond to tenant requests. They help the owner make the most of his investment.

The property owner should look for a residential management team that has experience in important areas. Maintenance, leases, marketing, collecting late rent, accounting and budgets and good tenant relations are just a few of these areas. Additionally they should have knowledge of state and local laws relevant to them. They must understand and comply with current legislation in relation to the Americans with Disabilities Act, the Federal Housing Amendment Act and any other local housing laws. There advertising and renting practices must not be discriminatory, and they ensure the property complies with local, state and federal regulations and building codes.

Residential management involves taking care of the day to day tasks involved in investment property. The manager is responsible for everything from the routine maintenance of the property to the satisfaction of the tenants. They are responsible for knowing and following any laws and regulations. The property owner frees his time and increases his income by hiring a good management company.

Choosing The Right Property Management Company.

Managing real estate is complex and can be very specialized. There are different types of property and each should have a specific type of management. For the local shopping center and other commercial establishments, commercial property managers should be experienced in net leases, percentage rents and other areas that would not pertain to, say, an apartment complex.
The expertise of the managers should match the type of investment. Is it an office, an industrial building or a strip center? What types of problems does the building currently have? Is it vacancy problems, marketing or problems with maintenance? Ask the managers you interview the types of property they have experience in, how long they have managed other properties and the results of their management. Ask to see samples of their financial management in the past. Find out what types of marketing they specialize in. Is it print, new media, newsletters, advertisements, videos or other types?

The commercial property managers who deal with retail management will be experienced in different types of establishments. When interviewing for management companies, the investor should ask what types of centers they are currently managing and if they have satisfied clients. Do they manage a strip mall, a neighborhood or community center or regional shopping centers? Shopping center management requires specific skills in accounting and the programs that handle common area maintenance, leasing tenants and billing.

The office building will require different skills from the retail establishment. Commercial property managers need talent in administration, leasing and engineering. The manager will need to know if an office building meets ADA requirements for restrooms and elevators and what those requirements are.

There are other types of property that will require different types of skills. Industrial, mobile home parks, self storage facilities, motels and other types of properties require knowledge in each specific market and the laws that apply to it. The company hired should have experience in leases of different types, tenant notices and disclosures.

Look for a manager and its company that is accredited. This accreditation sets them apart as having met higher standards that other firms in the same community have not met. They should be experienced and flexible, having knowledge about accounting, architecture, law, marketing, maintenance, leasing, sales and appraisal. A good manager who deals with clients, tenants and the investor in a straightforward way is necessary.

Commercial property managers should have a positive reputation among the business community. They should be viewed as professional and honest. They should provide services depending on the client needs. They should provide financial services such as record keeping and reporting as well as developing and monitoring budgets. The manager and its company will provide maintenance programs and implement marketing strategies. They will be responsible for rent collection and evictions and negotiating leases.

The manager will be attentive to their tenants and respond to their needs and concerns quickly. They are responsible for purchasing equipment, supplies and contracting with outside services as needed. They will also manage insurance needs and comply with any laws and regulations. And enforce all ordinances relating to fire, health and safety codes.

Commercial property managers play an important role in any investors business. Considering all the factors such as the type of property, the size of the property, location, and how difficult the property is to manage, an investor needs to research and negotiate with several managers before signing any contract. The right manager provides expertise, professionalism, solid financial future and honesty.

What Property Managers Do

When you hear the term property manager , many job descriptions come to mind.
Self storage- these managers will oversee the facility. They will make sure that the access-controlled gate is working properly. Daily walks around the property will insure that the buildings are in good standing order and do not need repair. If they do need repair the manager will either be able to repair the damage or hire someone to do the work. Making sure the landscaping is done and curb appeal kept up is an important part of this job. The property must look nice to draw in potential customers.

Large corporations - these managers will be in charge of the interior and exterior of the building, including the parking lots. Because these managers will have a lot more ground to cover they will usually have a property staff to help with upkeep and repairs. Often the landscaping is hired out to a company that specializes in large jobs.

Living communities - these managers are responsible for the interior as well as the exterior of the community. Some managers will be on call for any residential emergencies that could occur round the clock. Things like, water leakage, heater not working, storm damage, toilet issues, dishwasher problems, pest control and more.

Malls - these managers will maintain all public areas and the occupied tenant areas. Keeping the mall clean and tidy is a big responsibility for these managers. A crew that is constantly patrolling the public areas and cleaning is important. Trash removal and public restroom duty is part of this managers job also. Tenant areas will also be maintained and the manager will be on call for any potential problems that might arise.

The property manager is a relatively loose job description that can imply many job duties depending on the site being managed. One manager can certainly manage a smaller site or building while a staff of many can be seen at the larger building and properties. A property manager can be hired privately or commercially depending on the size of the job.
Several common job duties that all of these managers share are,

- Landscaping, mowing, and grounds keeping
- Pest Control
- Upkeep and maintenance on the exterior of the building or structures
- Upkeep and maintenance on the interior of the building or structures
- Snow Removal
- Roof inspections and maintenance
- Window cleaning
- Office cleaning
- Restroom cleaning
- Sweeping, vacuuming, and moping
- Parking lot maintenance
- Storm, fire, and water damage control
- Appliance repair
- Plumbing maintenance

These managers work very hard and are sometimes behind the scenes making everything look good and run smoothly. They must be flexible, handy, smart, decisive, and more to make the job a success. A property manager will sometimes live on-site at a small residential area. This allows the manager to be close to the action if any emergencies should occur. The manager can be the first one on the site to assess any damage and quickly take the property into consideration. Because a manager might live on-site, part of the salary will be the living quarters.

If you are considering a job as a property manager , then you will probably be able to find work in your city or town. This is not the most glamorous of jobs but they are in high demand if you are qualified.

Property Managers Are Jacks Of All Trade

Do you know what property managers do? It sounds like a pretty wide term, right? And probably comes with a job description that is too complicated to understand. Well, it does not have to be. It is true that there are many different areas of expertise that property managers have to be knowledgeable in. But if you are willing to push your limits and extend your knowledge and experience, drawing all your talents and education into play, this might be a job that would appeal to you.

Most property managers will have a college degree of some kind, either in business or in some similar field of education. Many agents in the housing market nowadays are self employed, as are many investors and business owners. This means that you are your own boss, and can develop your own management style and guidelines.

There are several different reasons that people in this field do what they do. One is that when you are employed in this kind of job, you have enormous potential for high amounts of income and profits, whether on properties or otherwise. Through your hard work, you can develop and increase the value of the properties that you manage, making your job that much more profitable. Another take on good reasons for going into this line of work is the more personal aspect. You get to work with people, many times one on one, and help them perhaps find the home of their dreams, maybe help them find a rent or mortgage that is manageable and affordable to their budget. In short, you get to help, in your own way, people become happier with certain aspects of their lives, something that might never have happened through a bigger company or people they speak with constantly on the phone.

There are certain aspects as well that some might consider the tedious side to a property managers job. These include things like the day to day management of budgets and the overseeing of bookkeeping, the overseeing of any possible associates who work beneath them, the negotiation of contracts for various things such as groundskeeping, trash services, etc., among many other things that seem to add up.

There are of course governmental rules property managers have to abide by and enforce. People with disabilities have to be considered properly, discriminatory practices cannot be even hinted at when taking on renters whether it be discrimination against age, race, finances, or otherwise. The buildings and grounds themselves have many different codes that someone in this position would have to make certain are followed, from local to State to even Federal codes. Depending on your qualifications with this position, you may be responsible for personally inspecting the grounds and buildings for safety issues. If not, it would be responsible to hire someone to do this job.

Establishing the rates that will be charged in rent could also fall under your responsibilities with this position, as well as the hire of leasing agents and organizing detailed and effective advertising campaigns. There are many more responsibilities associated with this type of job, but if you enjoy a challenge, have a mind for business, and enjoy seeing the fruit of your work on a day to day basis, this might be a very reasonable option for you to consider.

How Rentals Affect Your Income?

It is hard to pin point how many different properties are for rent. From apartments, houses, to condominiums, if you are not in the market to buy a property, you can definitely find something for rent. With the way the economy is going, many Americans are considering finding a place for rent. They will not have to deal with adjustable rates or making calls to local repair people, if something is not functioning. With renting, they can just call one person to get their needs resolved, the property owner.

So how does one determine which type of property they would like to rent. Many people like to the privacy of a house for rent because they do not have the pain of having another person or family that is banging on their walls, or making more noise than you could bear. Finding a house for rent that is in good shape could be hard to find. Most times houses for rent are in areas with colleges. You guessed it. That means that the owner of the property is gambling or gambled on college kids taking care of their property. Most houses for rent in those areas are in affordable areas or near the colleges. There are some houses for rent that are just perfect for the college kids because that gives them more room to express themselves vs. being cooped up in a stuffy dorm room. For some people, renting a house is a good idea, but they are looking for a permanent position if they are going to live in a house. A house for rent still gives a family the feeling of living in a house, but without the hassles of managing the property.

Some people like the option of living in a condominium. A condominium for rent gives the caller a more upscale approach to living. Most people who rent a condominium will not have to do any of the maintenance outside and they can sit back and enjoy the comfort. Most condominium renters are not there long term because they are looking at buying a condominium or a house in the future. By renting a condominium, you have the luxuries of a house, and the responsibilities of an apartment.

For those who are looking in the apartment market, you will find many vacancies. There are more apartments for rent than houses and condominiums put together. Depending on the market, finding an apartment for rent is easy. Now, finding the apartment that you would like to live in is a different story. There are so many types of apartments. There are many different amenities that could be offered could suit many different people. Finding the right apartment for you to rent is solely up to what amenities you would like to have as well as how much you want to pay for those amenities. In addition, what area you would like to live and how far of a commute for you to your work and or your everyday life. There are plenty of things to consider when choosing the right apartment for you.

As you can see, there are many options in terms of property for rent. You can rent a house, townhouse, apartment or condominium that is available where you live. The easy thing is finding a property for rent. The hardest thing is finding the best property that fits you.

Best Practices in Property Maintenance

Keeping your property well maintained involves several tasks carried out routinely. Property maintenance includes everything from daily cleaning to upkeep on the air conditioning, electrical and plumbing. Maintenance may include redesign and refurbishing or building new structures. As manager of an investment, you can do some of the tasks yourself or hire a maintenance crew to do it.

Property maintenance is important in old and new buildings. Each year the manager should do a routine health check to help prevent future costly repairs. A neglected building leads to major problems. For example a gutter that has remained blocked leads to water getting into the building. The gutters are essential for carrying rainwater away from your building and must remain clear to do their job.

The roof is probably the most important part of your structure. A leaky roof can lead to all kinds of major problems, inside and out. Roof checks should be done regularly. Hard to reach roofs might need a professional contractor to inspect them for signs of disrepair. Shingles or tiles slip and need to be replaced quickly, as well as any holes. Animals and water both get in through these holes causing interior damage. Have the chimney checked for vulnerable areas and get the flues cleaned each fall before use.

Inspect your building walls routinely. Cracks in the stone walls need to be filled with mortar while siding should be replaced if damaged. The wood around doors and windows need to be checked for signs of decay. Repair and paint where needed. If you have mold and dirt buildup on your exterior walls, wood deck or concrete patio, use a power washer to clean. Routine cleaning of the exterior will go a long way in keeping property maintenance to a minimum.
Other areas that should be included in your routine care of a property include electrical, carpentry, cleaning, painting, tiling and the garden or patio area.

The electrical maintenance might include rewiring for added appliances, upgrading outdated wiring or installing the wiring for new lighting or electrical needs. The electrician should inspect existing wiring for breaks and to make sure that the electrical box and wires meet current codes.
Carpentry maintenance includes building new structures such as additional rooms or remodeling existing areas. The carpenter reviews the plans for the remodel, establishes a time frame for the work and estimates the material needed. They are experts in property maintenance .

Carpenters can be hired to build anything from a dog house to building a room addition.
Painting the interior is the simplest property maintenance project but gives instant results. You can transform your property with minimal work and time with paint. The surface being painted should be prepared properly for good results. Almost any surface can be painted, just follow a few rules. Check and replace loose caulk around window and door frames. Use a wire brush to clean surfaces of dirt and old paint that has become loose. Fill any small cracks with caulk. Allow the caulk to dry thoroughly before painting. Not preparing the surfaces properly can lead to blistering and peeling paint.

Whether you do the maintenance yourself or hire someone to do it for you, having the correct equipment beginning any type of maintenance is necessary. Protective gloves and eyewear are necessary. If working with a ladder having another person to help is a good safety precaution.
Routine property maintenance helps keep your building and its surroundings in top shape. Finding and quickly repairing small problems before they lead to costly repairs will save the owner time and money in the long term.

What You Need to Know Before Becoming A Landlord.

The booming investment field has pushed the idea of becoming a landlord as a way to make easy money. Today, let us look at the techniques of what a good landlord is and find out if it is a great opportunity to make money.

The thought of becoming a landlord is a familiar notion to millions. You simply get the mortgage money, purchase property, and rent it out to someone. The income from the rent will cover the mortgage payment and the property value rises, thereby increasing your investment.

However, it is not quite that easy. There are many things that can, and often does, go wrong. The first thing you should consider when thinking of becoming a property mogul is how much money can you afford to invest in the venture. Other important considerations are the type of risk you are prepared to take and how much time you can spend looking out for the investment.

You should have a good business plan of what you want in you property business. Consider how much you want your return to make and over how long a period of time. Property prices and incomes do not always increase and you should consider how this would affect you should property values begin to fall.

Now that you have decided to purchase the property, you should consider your responsibilities as a landlord. You will need to find tenants and manage the various maintenance and daily needs of the property. There are also many legal requirements you will need to be aware of. That is why many investors hire agencies to manage the property for them.

You will need to decide if you want to take care of the maintenance on the property or if you will be hiring specialists. Often a landlord will decide to pay an outside contractor to maintain his or her property while it is being rented. Some tenants may not treat your property with care, so you will have to set aside a budget to take care of the costs of repair.

Here are a few things that you should not do when investing in the property:

• Buying property for investment in the worst possible area is a sure way to lose money. The amount of rent you will be able to charge is limited by the location of the property.
• Putting in the best appliances and fixtures, trusting your tenants to take good care of them. You should buy from recycled construction shops or yard sales to help save on costs.
• Not ever checking on your property or asking neighbors what they see happening is a good way to lose money from tenants who conveniently leave while still owing you two months rent and a demolished property unit.
• Failing to screen your tenants will leave you with unnecessary repair expenses, stress from upset neighbors calling, lost income and possibly even legal problems.
• Not learning any management skills or learning your legal responsibilities is a sure way to lose money and tenants. You should be organized and reliable. If a tenant has a problem, you should respond quickly to resolve any problems. You should learn to keep accurate bookkeeping records and keep written notes on all correspondence. You should have good communications skills, either with your tenants or the management team you hire to take care of your property.

Becoming a landlord is not as simple as many have been lead to believe. Your success depends on how well you plan from the beginning. Take the time and do some research to make your investment worth while.