Top 5 Questions For Property Management Companies

Insiders Tips to Operating a Successful Property Management Company

Property management companies are an excellent resource to have on your side as a Dallas real estate investor. Most investors have numerous investment properties and not enough time to manage and maintain all of them on their own. This is where property managers step in and get the job done.
Word of mouth is a great way to find an excellent property management company. If you are an investor with a few contacts in the area, ask them for referrals and opinions on local companies. As an additional resource, I have compiled a list of the top 5 questions property management companies are frequently asked.
1) What kinds of properties do you manage?
There are all kinds of management companies out there, serving various markets. There are those that manage residential properties, single family properties, multi-family properties, commercial properties, etc. You'll want to make sure to use a company that manages the type of properties you own.
2) What types of services do you provide?
Some property management companies only offer one kind of service, while others offer many. An example of the types of services would be lawn maintenance, screening tenants, overseeing repairs (from bid process through completion) and even managing your accounts. To determine the types of services you will need from your property manager, you must first decide how involved you wish to be in personally managing your own property.

3) Is there a contract?
It's not uncommon for management companies to have their own contracts for owners to sign. You want to pay attention to the fine print and any fees that may be charged. Contract length and early termination fees are two of the most important things you should review and consider prior to signing anything.
4) What is the owner's level of involvement?
As previously mentioned, some management companies handle it all and some handle minor issues - HOW they handle these tasks can be a big issue. Some owners have no qualms about literally handing everything over to the property manager and letting them make big and small decisions without their approval. Others like to be updated on a frequent basis. Others do not want to be involved in the minutiae and only wish to be contacted in regards to bigger issues, such as tenant placement or large repairs. Ask the management company what their policy is in regards to keeping the owner updated on the property status.
5) How can I contact you?
It's important that your property manager has a way to be contacted at all times. Most managers have cell phones and an email address, which makes them easy to reach and gives them the ability to respond quickly. Others prefer to use landlines and voicemail. Whichever methods they prefer to use, it's important that they keep their numbers updated and check their messages frequently.
Be sure to do as much research as you can before choosing a property management company. Remember that these property managers are working with your Dallas investment property (a.k.a., your money), so you want someone you can trust and rely on. You want managers that have initiative, are self-motivated, trustworthy, reliable and responsible - all important traits that are needed to manage your properties well, keep them filled with good, qualified tenants and get repairs done as quickly, and reasonably priced, as possible.

Karissa is a real estate investing enthusiast and loves sharing the knowledge she has of this field with others. She is also a member of MyHouseDeals.com, which is where she gains access to investment property listings.

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Apartment Property Management

Apartment property management is considered the managing of a multi-unit rental property and the residents or tenants that occupy it. These properties can range from small multi-unit buildings to very large complexes housing hundred of residents. Residential property management is a more industry used term and could include the managing of single-family homes as well as apartment complexes.
As you can imagine the managing of these types of properties can become quite complex and time consuming in comparison to managing a single-family house. Many owners of apartment buildings do not have the time, expertise or the desire to manage such on their own. In these cases, it is recommended to hire a qualified property management company that specializes in apartment property management.

Responsibilities of an Apartment Property Manager

Here are just a few apartment property management responsibilities that could be required of anyone managing an apartment building:

• Rent collection
• Showing available units to prospective tenants
• Credit and background checks
• Initiating lease contracts
• Monitoring and processing lease renewals
• Enforcing the rules of a lease contract
• Dealing with violators of a lease contract
• Handling an eviction from start to finish
• Mediator when feuds between tenants occur
• Utilities
• Grounds keeping
• Security and safety of premise
• All types of maintenance issues or repairs you could think of
• Knowledge of landlord/tenant law
• Knowledge of fair housing laws

Not ready to manage your Apartment Buildings Yourself 

The good news is you can enjoy all the financial benefits of owning these types of properties but not have to deal with the managerial responsibilities of managing them. Some apartment building investors though may decide to take on certain responsibilities themselves. This is a great way to educate yourself, learn from real life experience the in's and out's of the real estate investing business and of course save some money. That being said, we highly recommend acquiring legal advice or counsel if you are unfamiliar with landlord/tenant and fair housing laws in your state and at the federal level.

Hiring an Apartment Property Management company

There are many apartment property management companies in your area who are well-qualified, licensed, and well versed in city, state and federal laws regarding the responsibilities between landlord and tenant. If you're ready to delegate the management of your apartment building today, we recommend interviewing several apartment property management companies. Having an apartment property manager on site at your apartment complexes is a good idea, especially when you cannot oversee the maintenance and renting business that comes with owning larger properties. Often, on-site apartment property managers that maintain apartments will be given their own apartment as part of their compensation.

Things to ask before hiring an apartment property management company

Experience - How long in business. Does the Apartment Property Management team have a proven system in place to streamline operations such as maintenance repair, timely statements, rental deposits, and communication channels? More companies are giving owners access to their property account information via a web site portal. Here you can view your statements, any repair items or rent deposits..etc.
Credentials - Does the Apartment Property Management team possess all licenses or certification required by state law? Unfortunately every state licensing requirement is different. We always recommend using a licensed Property Manager for all your rental property needs whether state required or not.
What percentage of their management portfolio are apartment complexes. If 90% of their portfolio is managing single-family homes, you may want to consider hiring one with more experience in managing larger multi-units.
Get references - Always ask for a current list of properties they manage (do some drive-by's) and talk to other property owners who are their clients.
We suggest hiring a local real estate lawyer to review the Manager/Owner contract and the Landlord/Tenant contract. And don't be afraid to request changes be made if necessary.
And go over all the fees involved in the management of your property. Set up fees, lease renewal fees, do they impose a mark up fee for service/repair calls etc. Find out what their cancellation policy is too. Once you think you've got all your questions answer, then ask this one "Are there any other fees I should know about that we have not discuss that may affect me?"

Investing in apartments for cash flow

Investing in apartment buildings is a great way to build your real estate wealth. Typically these types of properties do well for cash flow to the investor versus single-family houses where you may see appreciation in value more common. When qualifying these types of properties for your portfolio you will want to take into account the passive income that will be generated along with the expense ratio. It's all about the numbers. A good apartment property management company should be able to help you in your decision-making.

Karen McDaniel
Principal/CEO
Property Management Profile LLC
Property Management Profile LLC is an interactive online search engine for finding all types of full service property management companies nationwide. For any property management company that is looking to gain national exposure by capturing the attention of out-of-state investors or be found by local clientele, http://www.PropertyManagementProfile.com is the place to showcase their business model and expertise to these prospective clients.
Property Management Profile offers the most up-to-date listing of full-service property management companies. We have created our site with the idea of making it simple yet detailed enough with the right information for the investors to make wise choices when looking for a property manager to manage their investment properties.
We offer an opportunity for all property management companies to list their company on our website, whether you specialize in residential, commercial, vacation or community association management. We accept small to corporate size management companies. We also offer a Free basic listing, so you have no excuse for not being listed.

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.

Visit us today at http://www.propertymanagementprofile.com

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