Property managers play a unique role in the world, interfacing as we do between real estate investors and tenants, contractors and city officials, home-seekers and real estate agents. Few people get the chance to see the good—and bad!—sides of people from so many different socioeconomic levels, employment types, and motivation levels. The results are often painful—but even more often, in retrospect, hysterical. See how many of these you recognize!
11 Problems Only Property Managers Have
1. The Case of the Non-Present Money
How many times have you seen a tenant rocking a new iPad or even a new car just after Christmas—and then pay late on rent because all of their cash went toward presents for their friends and family? On the one hand, yes, we know that Christmas does actually work that way sometimes, but seriously, don’t you think it would be wise to maybe ask for help paying your rent?
2. The Incredible Transforming Applicant
This is the end result of poor tenant screening—or perfectly good tenant screening with a tiny bit of bad luck. Unfortunately, the only thing you can do once your rock-solid-seeming tenant has turned into a monster is find the most efficient way to cut your losses.
Your first impression when you pull up in front of the unit will give you a pretty good indication of how the rest of the property is going to look. If the flower beds and lawn are overgrown, you see broken blinds in the living room window, and there is a pile of garbage in the backyard, brace yourself before going through the front door. If it looks great from the get-go, then congratulations, the rest should be easy!
When doing the move-out walk-through, inspect the entire property from top to bottom, just like when your tenant moved in. Take pictures (or a video) of everything, including up-close pictures of things you need to remedy; all your visual evidence will come in handy later on if any disputes arise from the tenant regarding deductions from their security deposit.
Things like dusting the trim, wiping down the walls, cleaning out the oven, washing the outside of the appliances, cleaning beneath the refrigerator, and really getting into the corners while deep-cleaning are some common areas tenants miss, so while doing your move-out walk-through, just remember to be thorough so you don’t get stuck with footing the bill for your tenant’s grime.
Homes make strange noises. They’re built from many different materials — glass, concrete, wood — that expand and contract at different rates.
“[But] the most noise your house should make is a popping sound, like your knuckles cracking, and only once in a while,” said Bill Richardson, former president of the American Society of Home Inspectors and owner of Responsive Inspections in Bosque Farms, N.M.
If your home is making noises that rival the best of Metallica, then it may be sending you signals that there’s a problem. We asked the experts to catalogue some of the more worrisome pops, hisses, groans, creaks and knocks, and tell us what they mean and how they can be remedied.
Here are the top seven problem noises and how they can be solved.
Showing a vacancy is one of the most important steps in property management. In today’s rental market, landlords have a number of choices for showings, each with distinctive advantages and disadvantages.
Choose which method is right for your management style and rental property:
It is September and fall is almost here. With fall comes the first rain or snowfall of the season. It is important that you get your property ready for fall by following some property maintenance tips.
First and foremost, you will want to clear your gutters of any leaves and other debris. A gutter system that does not flow properly is a recipe for flooding and roof leaks and other mishaps. Instruct your property managers to send their property maintenance crews to the rooftops of all of your buildings and inspect and clear all of the gutters.
Short-term rentals, of all natures, have become a hot commodity – and a controversial one at that. Short-term rentals can include vacation rentals and temporary housing, often sought by vacationers, business travelers, or people who have recently relocated while seeking long-term living arrangements. Either way, it’s become an ongoing topic of debate and an attractive investment opportunity for property owners and managers. In comparison to traditional rentals, short-term rentals can charge significantly higher rates given their nightly and weekly availabilities.
Making the decision to use the help of a property manager can benefit you greatly. A lot of your time can be freed up to focus on other aspects of your life such as family and work as well as improving the value of your property and increasing your cash flow. Hiring the wrong property manager can cost you thousands of pounds, or even worse they could lose you your property.
Here is a list of things that a property manager should look out for:
The real estate market in the United States has been pretty volatile for the last decade, causing many people to make some wild guesses about what will happen to it over the next several months. Many real estate experts know that a good indication of what will happen in the market is given by the real estate investors who buy and sell large amounts of property. It has been estimated that these investors contribute to about ten to twenty percent of the overall market, making them a very important group to analyze in order to predict where the market is heading.
With so many options out there, it should not be very difficult for you to find an affordable property management structure. Whether you are a landlord or a property investor, you can make things much smoother and hassle-free for you by hiring an expert property manager. However, it is not wise to completely rely on the manager for everything. After all, it is your property. Hence, you must take part in some important aspects. Following is a brief rundown on the same.
Whether you are a landlord or a property investor, if you have properties in different cities and you live far from them, you will need the valuable services of a city property management group. Even if you live in the same area, handling your own properties is always a tough task. There are several aspects of building management that you need to be aware of. If you do not have any prior experience in this field, you will never be able to manage everything in the most efficient manner. Hiring a professional company to handle the same is thus the best option for those who either do not have the required knowledge or do not have much time to handle their own properties.