Just what does a property manager do?
At the end of the day, my goal is to make your properties run efficiently. This is largely due to the shear volume of the # of units I manage.
Communication: It's true...it's a 2 way street. There are many people I talk to in any given day (yes, 7 days a week). Tenants, owners, contractors, inspectors (city and otherwise), appraisers, etc. I traditionally respond to emails in the evenings. I respond to text messages sooner. I try to answer phone calls as they come in; calls that go to voicemail I try to respond back the same day.
Maintenance Issues: do you feel you're nickle and dimed by your handyman when he bills for each and every individual task he does? As much as we can, we consolidate work based on task or location. We're much more effective when we can prioritize portfolio wide. Spring clean ups at several different properties, turns and trash outs at several different new vacants. Several work orders in a 6+ unit building. Doing work orders for multiple different buildings but all within a close geographic area. We're inherently able to provide discounts built into our billing when we can achieve this.
Fair Housing: this is a bigger topic than what it seems on face value...an too large of a topic for this type of message. BUT...where do you get your fair housing info? From the news? social media?...yeah, that doesn't do fair housing justice. Do you know the terminology that will get you into trouble when the testers come thru to see your rental...and they WILL come thru at some point, make no mistake. I take 4-6 CE classes (3 hours per class) on fair housing each year...and that's without repeating fair housing sub-topics!
Industry and Legislative: I attend CE classes specific to property management, specific to the cities where I manage, specific to state legislative updates. This is to keep up to date on what is impacting investors, property owners, and tenants. For instance, "source of income" is a new hot topic in many cities.
Cross Promotion: if your portfolio has a vacancy and if I have a similar type of vacancy somewhat nearby, I will often mention both units to prospective tenants. Yes, even when it's another owners property. Wait! How does that help you? In just about every case, there's always 1 person that didn't know about the other owners property AND someone else that didn't know about yours. Giving prospects an option hugely opens up the possibilities and greatly increases the opportunity to rent out YOUR unit sooner.
Yes, I charge fees. But at the end of the day, is self managing keeping you awake at night? Do you cringe when your tenants call you? Eek! At what point is your rental business encompassing too much of your day, your week, your personal life? Isn't it worth considering spending money to ease the burden of the day to day involvement of your properties.
Call me! (440) 590-5925. Let's talk about how I can help you.
Most of my owners are out of state. I work with owners with as few as 1, 2, or 3 units and some who own 20+ units.
If you are a real estate agent, regarding the buy and sell of properties. We work WITH licensed real estate agents...YOU keep the buy and sell transactions. Every. Single. Transaction. Guaranteed.
Karen Bostwick, Broker
D & K Property Management Services
(440) 590-5925
Hiring a property manager is helpful. My property manager Highgate Hill is able to give us a passive income for a year. She able to manage our property well.
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