The Right Contractor Makes a Big Difference with Your Roofing Repairs

Having a fully functional roof is important for many reasons and if something goes awry with your roof, it is good to know that the experts can come out quickly and make it right. Roofs last for a very long time, usually decades, but they do occasionally crack, buckle, or suffer with loose tiles. When this happens the, right contractors will come out and make the repairs that are necessary so that your roof is once again attractive and functional.

Finding the Right Contractor Is Easy

Competent roof repair companies can be found everywhere and the ones that offer local roof repairs in Fife include services such as:

  • Work on chimneys
  • Installing skylights
  • Sealing services
  • Work on uPVC fascia and soffits
  • Removal of moss, leaves, and other debris

These companies can clean, maintain, repair, and even replace your roof when you need them to and they work quickly but efficiently every time to make sure that the job is done right, enabling you to concentrate on other things.

The Many Perks of Using a Professional

Professional roofing companies offer 24-hour emergency services, free quotes, fast turnaround times, and competitive prices, not to mention excellent warranties on their workmanship. They come out quickly to make the repairs you need and even clean up after themselves once the work is done because they are true professionals and always take their responsibilities seriously. They also make sure that the areas surrounding the roof are also functional because they know that the gutters, downspouts, and even the siding need to work well in order for the roof to work the way it is supposed to.


 

The Importance of Hiring a Property Management Company

In this age of independence and mindset that one can manage on his own, it is inevitable that a property owner would think he will do fine on his own. Sure, you got tenants who at first, pay on time until gradually they won’t, some will breach the contract and lease terms, then they cause problems with the neighbors and other tenants, then slowly you will notice you are losing money and when you decide to evict the tenant, next thing you know, you have a lawsuit at your doorstep.

The reality is if you use the services of a professional property management company, not only do you have peace of mind, your investment is protected and the consistent cash flow you receive through rent can assist you to buy additional investment properties.

This is why you need the assistance of a property management company, but before that, we will determine the pointers on why it is important to hire one.

Determining the Worth of Your Property

The problem with inexperienced owners is that sometimes they get overwhelmed on how they price their property to the market: oversell and you have to deal with the high vacancy rate with no profit, undersell and you will realize you are slowly losing profit. This is where a property management company comes in, they will help you determine a balanced meal where you gain tenants and continue to rake in profit.

A property management company is also well-versed in marketing your property and placing ads where it will attract tenants. They will answer any inquiry and they know what entices a prospective tenant, therefore will help you point out some cosmetic improvements so that the tenants will feel that renting your property is worthy of their money.

Avoiding Major Problems with Tenants

Screening tenants would not be one of your problems anymore because the property management company will take care of it. They know too well how to check the background of the interested tenants, their criminal records, their relationship with previous property owners and if they have ever caused problems before. Think of it as helping you weed out the bad ones for a healthy and bountiful crop.

Collecting rents is the most common problem in renting out your property. When left to your own devices, having your tenants pay you on time will become a child’s play of hiding and seek between them and you as the property owner, certainly some tenants will tug at your heartstrings and gain your sympathy with the hope that you will let them get away with it. A property management company, however, will become the middleman who will ensure that the tenants abide by the lease terms and should understand that they are just doing their job for you, keeping your cash flow consistent.

Maintenance

When a tenant has reached the end of the contract, the grueling process of turnover will usually keep you busy as a property owner, but with a property management company by your side, that is another pile of stress that will be taken care of. Any deductions from the security deposit will be made and returned to the tenant, and the restoration process of repairing any damages, repainting, changing locks and cleaning the property would be done without getting your own hands dirty.

As a property management company, expect that they know the right people to contact should there be any problems with leaks, wiring, and plumbing experienced by the tenants and their dilemmas will be addressed promptly.

Saving Time and Money

A successful businessman knows that delegating tasks is key for a successful business so that one can have more time to deal with other business ventures. With almost everything being taken care of, it seems like the only thing left to do is to visit your property at a certain time interval and continue to rake in profit while having more time to spend it with your family, social life, other priorities, and investments.

IN CONCLUSION

Hiring a property management company takes care of the burden for you, especially if you are well aware that marketing, confronting tenants with late payments and handling maintenance are not your strongest points especially if managing your property is not the only priority you have in your busy life. Therefore delegating this task to a reliable property management company may just be one of the best decisions you have ever made.

What is a Residential Property Management Software?

In the last 20 years, real estate market around the world had witnessed an incredible growth, something that was never observed before. Interestingly, only properties that were properly maintained and managed witnessed such a development. In this regard, property management becomes an extremely important aspect if you desire to gain maximum value for your residential properties. One of the best ways to accomplish your property management tasks in an effective and efficient manner is to sign up for good residential property management software.

Often, property owners find themselves surprised when they find out that residential property management is not all about collecting rents from the tenants. On the other hand, it requires a great deal of money management that includes maintaining financial records, preparing balance sheets involving income and expenditure details, and bookkeeping.

In addition, one needs to ensure that all the reports are ready for annual taxation purpose. Residential property management software provides property owners the ability to track every single aspect involved when taking care of their residential property. Mentioned in this article are some important features that must be present in any residential property management software.

Inventory – With an inventory, it is easier to keep track of every aspect related to the rental property. In this, one can clearly list out every single detail about the property including the property dimensions, type of property, information about the tenant, rent details, and even list out all the complaints received with respect to a particular property.

Furthermore, one can even create groups or segregate properties depending on the location, property values, or even based on monthly rental values. In fact, property management firms can gain maximum benefit by using residential property management software as it helps them manage multiple properties with ease.

Creating and printing reports – Report creation and record maintenance is critical when it comes to managing any residential property as it helps maintain transparency during transactions and avoids any disputes. In this regard, residential property management software currently available in the market can be of extreme help. Whether you want to review the lease agreement, prepare an eviction notice, or send a late payment notice, you can easily create any report.

Most of the software contain saved templates of forms that are commonly used by property owners or managing firms. Users can create customized documents using these templates and store them at appropriate location, thereby saving a good amount of time and energy.

Preparing balance sheets – Financial management package is another important feature provided by many residential property management software, something that is extremely necessary both for accounting and year-end taxation purpose.

Extensive data storage capacity – One major prerequisite offered by almost every management software is providing ample storage space, thereby helping users store every small amount of data including several intricate details about each property such as the carpet type, color of the wall, doors and window specifications, interior decoration details, and even about the appliances present in the home.

Many of the residential property management software have so much space that you can even upload and preserve your tenants’ profile such as the name of the tenant, personal credit reports, current employer details, references from past property owners, copies of mails that you had communicated with the tenant and any other information that you might consider useful in future. In some of the software, one can even upload digital images of each and every room in the home and store them. These images would be of immense help when the property is rented out to tenants, as they can be used as evidence describing the existing condition at the time when the home was being given out on rent.

Careers in Property Management

Have you ever considered a career as a property manager? This career path is definitely not for everyone, however it is a solid career choice in a growing field. This means that once established, property managers have a good level of job security as well opportunities for growth and advancement. Jobs are usually easy to find and secure for qualified individuals with a degree, experience or both.

Property management carries some unexpected challenges. It also has a variety of unique benefits. The right individual will find this career rewarding and will be well equipped to handle the variety of tasks that property managers are required to complete. Before considering a career in this field an individual should carefully examine the position and its requirements to be sure that this job is a good fit. The many demands of this job can prove overwhelming some individuals. The right individual will be able to complete a variety of diverse tasks and will be available all hours.

What exactly is a property manager?

Basically, a property manager takes care of a property. This means that they manage all vital elements of this property including: maintenance, finances, tenants, customer relations, and emergencies. While all tasks are not necessarily completed by the property manager directly, the manager is required to oversee and coordinate these and other needed tasks for the property.

Property managers are often employed by apartment complexes, rental agencies, and businesses with extensive property holdings. Sometimes they oversee one singular property while other property managers will have stewardship over multiple properties. It all depends on the size of the property and level of care desired.

What type of education and training is required?

Managers generally are college educated and have a degree. A degree however is no way a requirement for the position. Experience in related fields can compensate for a lack of education. Any experience in management, finance, repair or related subjects will prove useful to a property manager as they undergo daily tasks. Much job training will come on the job. Some property managers take courses in addition to on the job training to further hone their skills.

Many property management professionals begin their career as assistant manager and learn the field while helping a current property manager with their daily tasks.

There is potential for advancement in this field. Many managers start in the field in smaller, lower-paying jobs. However, as experience grows they are able to secure more complex positions and manage more expensive properties. This generally results in an increase in compensation and associated benefits.

What is the schedule like?

This job is a job that knows no schedule. Emergencies will happen at all hours, and a manager will need to be available to fix them. This field is likely not a good fit for someone who would be unable to wake up in the middle of the night for a problem. Potential tenants will typically work a traditional schedule and will require property showings during evening and weekend hours. Repair and maintenance crews typically work during the day. This complex schedule will result in very non-traditional hours.

Managers need to be ready to work at all times. When an emergency situation arises, they need to remain calm and collected to help the issue resolve. Tenants will call at all of the day and night with problems and complaints.

Are there any special skills a property manager should possess?

A calm disposition under pressure is essential. Managers work with a variety of people in many situations. They need to be able to calmly negotiate fees with contractors, kindly resolve customer complaints, and explain leases and legal issues to potential tenants. Each of these situations can be complex and requires a strong set of people skills.

Property managers also have to be able to handle pressure. They are responsible for collecting unpaid rent and resolving tenant complaints. They also act as a salesperson for the property when new tenants are needed. This position requires an adaptive personality that can handle a variety of situations and changes. They must be able to multi-task and quickly change tasks as needed.

How is the work environment?

A property manager will have the opportunity to work both in and out of an office. Some tasks like bookkeeping will occur in the office. Other tasks like property inspections will occur out of the office. This is a good position for someone looking for variety and the opportunity to move around. Some managers oversee properties alone. Others work with a team. The work environment will largely be determined by the specific needs of the assignment.

What is typical compensation?

While property management isn’t the best paying job around, it does pay well. The average salary for managers is around $46,000. The US Department of Labor reports that half of the property managers in the United States are compensated in the range of $31,730 to $68,770. Property management professionals also generally get employment perks like free rent especially when managing an apartment complex. Vehicle compensation is also commonly provided when the position requires extensive use of a personal car.

They work hard for their money and often work long hours or overtime. Managers are constantly on call. They are often understaffed, and required to pick up any work that is not accomplished.

Property Management Services – A Real Estate Investor’s Best Friend

Do you own an investment property that you’re renting out, and you’re currently handling all of the chores of being a landlord yourself?

Are you thinking about investing in rental properties, but you’re not sure if you’re up for the task of being a landlord?

If you answered yes to either of those questions, whether you are holding onto or considering investing in a single-family rental (SFR), duplex, or triplex, you should think about engaging a professional property management firm to take the work off your shoulders.

Let’s take a look at what property management is, what a professional management company handles, and how to decide not only if it’s time to hire one but also how to hire the right property management firm.

What is Property Management?

Let’s start off with getting an understanding of what a property management firm does and doesn’t do. There are several critical tasks a property manager can help you with.

Setting the right rental rate: You can always ballpark this by looking through the classifieds, but a good property management company actually conducts thorough market studies to set a rental price for your property. This makes sure you have a great balance between maximizing your monthly income and keeping a low vacancy rate.

Collecting the rent: One of the most difficult aspects of being a landlord is collecting the rent. Property management firms have efficient, tried-and-true systems that will do a great job of collecting the rent and maintaining on-time payments.

Marketing and advertising your rental unit: When vacancies occur, you want the rental unit occupied as quickly as possible. A professional property management firm has experience that helps it market your property in just the rate way to make sure someone moves in quickly.

Finding and managing tenants: The property management firm will take the work out of finding and managing tenants for you. This means screening new tenants for criminal and credit checks, collecting references, and getting the lease signed. Once the home is occupied, handling routine and emergency maintenance and inspections are part of what a professional management company will do for you.

Managing relationships with contractors and other vendors: Do you have deep-seated relationships with all of the maintenance workers, tradesmen, contractors, suppliers, and vendors needed to properly manage your rental? Probably not. But a property management firm does and can get you the best work for the best price, while handling the burden of overseeing necessary maintenance projects for you.

Keeping you in compliance with the laws Housing regulations and property laws are complicated and confusing when you’re renting and maintaining your rental property. These can include local, state, and federal regulations, along with fair housing regulations like the Americans with Disabilities Act. A property manager can keep you out of hot water by keeping your property up-to-date and in compliance with all of these regulations.

Allowing you to invest from afar: If you’ve moved to a place where investing in rental units don’t make sense, you might think that investing in SFRs or other rental properties isn’t possible. With a good property management company by your side, you won’t be so limited in your investment opportunities.

I only have one property; so why do I need a property manager?

If just reading through all of the tasks that a property manager can handle for you isn’t convincing enough, consider this: do you want to be able to go on vacation without interruption? Do you really enjoy phone calls about backed up plumbing at 3:30 in the morning?

Chances are, you want the freedom to leave town for vacation or just have uninterrupted time with family for the holidays. You don’t relish the task of dealing with emergency maintenance chores in the middle of the night, and you probably dread the thought of trying to find a good tenant when your existing ones move out.

Even if you only have a single investment property that you’re renting out, you can benefit strongly from hiring a property management service. They have decades of experience that you’d be hard-pressed to match yourself, and can ensure your property is maintained impeccably while still maximizing your profit.

Okay, I’m convinced, but how do I know who to hire?

The best way to find out about quality management companies is based on the experience of others. If you are local to your rental property, attend your regional real estate investment association meetings to get recommendations from other landlords.

You want to make sure you find out how many units the company is managing, and how many employees they have doing the work. A trained employee with the right tools and proven processes can successfully manage between 30 and 40 units, as long as they’re not also playing accountant.

When you’re interviewing different qualified property management firms, here are the questions you should get answers to:

    • What is the cost? Generally, the monthly fee for property management is between eight and twelve percent, plus expenses. Remember you get what you pay for, so it is important to balance the cost and services.
    • How well do they communicate? You want someone who uses email, but is still responsive to the telephone. If you don’t get a response in a timely fashion, it’s time to walk somewhere else.
    • How easily can I terminate the agreement? If things work out, what will it take to terminate your agreement? Make sure you know this up front, along with any penalties.
  • How experienced are they with Section 8? This can be supremely important, since Section 8 housing and tenants are great income opportunities. Make sure they have adequate experience with such properties.

If you do your research, you can readily find a reputable firm to handle your rental investments for you. This will free you up to enjoy the fruits of your investment without as much of the hassle.

Robert Syfert, a native of the Detroit metropolitan area, lives in Shelby Township with his wife, Racquel, and son Robbie. Robert has seen all sides of the real estate business, having worked in property sales, management and mortgage brokering. Because of his wealth of experience in the industry, Robert is perfectly suited for the adventure that USA Portfolio Real Estate has embarked upon. The focus of Robert’s energies now, and the focus of USA Portfolio Real Estate, is twofold: making opportunities for passive turn-key investors and helping would-be homeowners find their perfect houses.

Choosing Between Property Management Companies

If you are considering taking the leap from homeowner to landlord, you should first consider the option of using one of the many property management companies that exist to make your life easier. Property management companies serve as the middle man between landlords and tenants and alleviate much of the stress that inevitably comes from renting property. There are many important things to consider when choosing between property management companies, to ensure you are getting the best service available.

Customer Service

When you call up property management companies, pay close attention to their customer service. Not only will you be dealing with the company on the regular basis, so too will your tenants. You don’t want to choose a management company that you don’t feel you can communicate with. When you consider customer service, include the promptness with which they reply to your inquiries as well as the friendliness of the employees.

Company History

How long a management company has been in business can say a lot about how reliable they are, though you shouldn’t base your decision solely on this aspect. For the most part, a company that has been around for a number of years, and has been known to provide excellent service for that amount of time, is a good company to choose.

Interview Them

When interviewing property management companies, ask about the types of properties that they have managed in the past, and how long they have been managing the type of property that you are leasing. In addition to the history of the company, consider the amount of experience possessed by the company’s employees. This is another important factor in determining how your experience with the management company will be.

Fees

When you hire a property management company to serve as the liaison between yourself and your tenants, you want to be sure you’re getting the best possible property management services for the money. The services a property management company provides can range from ala carte to an all-in-one inclusive package. Along with that comes an array of fees for each. You will want to discuss all fees involved in the managing of your property. Property management fees should be outlined in you manager/owner contract.

References

Talking to others who have had experience with a particular company is an excellent way to get a feel for how your experience will be. Ask around to friends, family, and coworkers and get their recommendation for property management companies to consider. When you talk to the companies individually, request a list of a few references to call.

Involvement in the Rental

Different management companies offer different levels of commitment to the property. Find out if the company will provide full maintenance as necessary, if they will take care of the accounting and tax information, how they handle insurance claims on the property, and other pertinent information. Getting a grasp on these important issues will be essential to choosing the company that best suits your needs. Finding a management company that suits your needs may seem like a daunting task, but it need not be. Simply ask the right questions and put in a little research; and you will be sure to find the company that is a perfect fit.

Property Management Profile has become a wealth of information and resource for the first-time landlord as well as the seasoned investors. We should know what we’re talking about, as owner and creator of Property Management Profile, Karen McDaniel, has owned and managed many of her own properties. Today, all are managed by professional property management companies, so she now has more time to continue her work educating and helping others make better choices when it comes to finding a qualified property management company.