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

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.