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Why Should You Work With Property Managers

Fri, 12 May 2023 12:56:05 GMT

Why Should You Work With Property Managers

Benefits of Property Management Services

Managing a property can be a daunting task, whether it's a residential property or a commercial one. Property management services are designed to help property owners manage their properties effectively, efficiently, and professionally.

Working with property managers can be beneficial for property owners in many ways. Property managers have the expertise, knowledge, and experience to manage all aspects of a property effectively and efficiently. They can handle everything from tenant screening and selection to rent collection, maintenance, and marketing.

Property managers can also ensure that your property complies with local and state laws and regulations, reducing the risk of legal issues and disputes with tenants.

Here are some of the benefits of using property management services:

Increased Efficiency: Property management services provide professional management and maintenance services, which can help reduce the time and effort required for managing your property. These services can handle everything from finding tenants and collecting rent to managing maintenance and repairs, allowing you to focus on other aspects of your business or personal life.
Enhanced Property Value: Property management services can help increase the value of your property by ensuring that it is well-maintained and properly marketed. A well-maintained property will attract high-quality tenants who are willing to pay higher rents, which can ultimately increase the value of your property. Additionally, property management services can provide advice on property improvements and maintenance that can enhance your property's value over time.
Improved Tenant Relations: Good tenant relations are essential for any property owner, as they can help reduce vacancies and maintain a steady stream of rental income. Property management services can handle tenant screening and selection, as well as addressing tenant complaints and concerns. This can help ensure that tenants are happy and satisfied, reducing the likelihood of vacancies and ensuring steady rental income.
Legal Compliance: Property management services are well-versed in local and state landlord-tenant laws, regulations, and procedures. They can help ensure that your property is in compliance with these laws, reducing the risk of legal issues and disputes with tenants.

Conclusion

In conclusion, property management services can provide a wide range of benefits for property owners. They can help increase efficiency, enhance property value, improve tenant relations, and ensure legal compliance. If you're a property owner looking to manage your property effectively and professionally, consider using property management services to help you achieve your goals.

At FIRM, we offer a comprehensive range of property management services to help property owners manage their properties effectively and efficiently. Whether you're looking for tenant screening, rent collection, maintenance, or marketing services, our team of experienced professionals is here to help. We're committed to providing our clients with personalized service and customized solutions that meet their unique needs and goals.

If you're looking for professional property management services, look no further than FIRM. Our team can provide you with a free consultation to assess your needs and discuss your goals. We'll work with you to develop a customized plan that meets your specific requirements and budget. Contact us today to learn more about how we can help you manage your property and achieve your goals.

Seniors’ Guide to House Hunting in Charlotte

info@digitalkingsnetworking.com (alex maginnis) — Tue, 18 Jun 2019 14:14:59 GMT

Seniors’ Guide to House Hunting in Charlotte

Buying a home for your retirement years opens up great possibilities. You can choose a location that offers amenities for you to make the most of retirement, which is an extremely liberating reality after a life of hard work. If you’re looking for a slightly smaller metropolitan area that still boasts all of the desirable aspects of city life, then Charlotte, North Carolina might be a great fit for you.

Charlotte is among the top 35 best places in the US to retire, according to rankings from U.S. News , much of this has to do with the abundance of senior-friendly activities the city has to offer. Charlotte has several museums and galleries in the downtown area, and residents have easy access to live theater. Seniors who love the great outdoors can enjoy the area’s many parks, trails and hiking opportunities.

Beyond entertainment and enjoyment, you’ll want to make sure you choose a house that is relatively close to healthcare facilities you may need. In this category, Charlotte remains a great choice. There are 238 physicians per 100,000 population in Charlotte, which exceeds the US average of 210 per 100,000 people. Additionally, in Charlotte, there are several local hospitals that are under magnet status, which is the highest credential for nursing practices across the world.

If you’re ready to start searching for potential homes in Charlotte, here are a few tips you should keep in mind:

Carefully Budget for Retirement

Charlotte residents love that the city is a very affordable place to live. According to real-estate website Zillow , the median home value in Charlotte is $224,200. This is slightly below the national median price of $229,800.

While real estate is definitely cost-effective in Charlotte, you'll need to keep in mind that affording a house is more than just the down payment and mortgage - you need to make sure you are financially prepared to shoulder any financial burdens that may come with owning a home in the long haul.

Taxes are an important consideration when developing a retirement budget. Having a grip on how much you’ll need to pay in taxes will give you a clearer picture of what exactly you’ll have in your pocket each month. The tax environment in North Carolina is favorable for retirees. According to consumer finance company SmartAsset, Charlotte is considered to be tax-friendly for retirees. The state of North Carolina exempts all Social Security retirement benefits from income taxes, while other forms of retirement income are taxed at the state’s flat income tax rate of 5.499%. The state’s property and sales taxes are both moderate, and seniors may be eligible for a property tax break under homestead exclusion. Your real estate agent can help you determine your eligibility.

Find Amenities to Help You “Age in Place

In the ideal scenario, seniors can buy a home for their retirement that they can plan to stay in for the long haul. Your realtor can help you target homes that can age with you - even through health issues or mobility limitations. There are certain design elements that can help ensure your new home will always be appropriate for you, including a one-story layout, no-step entryways, wide hallways and shower grab bars.

Consider Other Senior Living Options in Charlotte

Buying a home isn’t the only option you have when it comes to relocating for retirement. If you don’t want to manage the chores that come with owning a home, but would still like to live independently, you should consider moving into a retirement community. These communities, also called “55-plus communities,” provide a safe environment that frees you from some home maintenance responsibilities you may need assistance with, allowing you to focus on those activities that bring you the most joy. Retirement communities often offer different amenities for you to maximize your retirement - including pools, fitness centers, arranged transportation and senior happy hours.

If you think you will need help with activities of daily living, including medication management, bathing or dressing, then an assisted living facility could be the best living option for you. There are many top-rated communities in the Charlotte area and more that are located in surrounding areas. Your realtor can help you narrow down the best communities that will suit your preferences and budget.

Connect With a Reliable Realtor

Having a reliable realtor by your side is an extremely crucial part of the house hunting process. You should take the time to think about and discuss with your realtor both big-picture issues like location, as well as small details like your daily lifestyle preferences. Ask prospective realtors if they’ve been trained in helping senior homebuyers in the 50-plus age range, and have transparent conversations about what you’re looking for in a new home, including budget and timeline.

Whether you are a Charlotte native or a retiree relocating to Charlotte from elsewhere, I can help you find the perfect home and make your move as stress-free as possible. If you are thinking of selling, buying or renting a home and would like more information on my services, please feel comfortable reaching to me. There is never any pressure placed on you and I am happy to help! Contact me, Steve Maginnis , to get started.

Do You Need a Property Manager?

info@digitalkingsnetworking.com (alex maginnis) — Thu, 24 May 2018 14:35:02 GMT

11 Questions to Determine if You Need a Property Manager

One of my favorite sites for Landlord information is www.managemyproperty.com

Here's a copy of one of their articles, 11 Questions to determine if you need a Property Manager. Reach out to First Investor Realty & Management to see how we can help meet your goals:

"While every investors situation is different, there are certain scenarios and factors that typically pre-dispose owners one way or the other. The following questions are designed to help you determine if you should consider hiring a property manager.

1. How far do you live from your rental property and how frequently can you visit the property on a regular basis?

If you are close you may be able to make the regular visits required for maintenance, inspections, collections, etc., otherwise the further you live the higher your travel time and expenses will be. The larger the distance the more temptation there is to not keep a close eye on things, and that can be a recipe for disaster. You should plan making monthly scheduled visits and there is always the potential for a middle of the night emergency call that requires your immediate attention. In the long run, is this feasible for you?

2. How do you deal with stress? Do you consider yourself to be a tolerant person?

This is a tough one. We all like to think of ourselves as level-headed and even-keeled, but at the end of the day it takes a special kind of person to deal with the ups and downs of property management. Behind the seemingly simple task of collecting rent every month lie a number of unpredictable problems can push people to their limits. Ask yourself how you would react in the unfortunate event that tenants:

Get in fights with other tenants or neighbors

Have domestic disputes

Conduct illegal business in the dwelling

Carry on all night parties and revelry

Try to sneak extra people or animals into the home

Decide to sue you

Trash the property

Incite the wrath of the HOA because of repeated deed restriction violations

Refuse to pay rent because they are a "professional tenant" and know how to work the legal system for the maximum amount of free housing at the owners expense?

3. Are you currently overwhelmed with your property(s)?

Managing rental properties can become quickly overwhelming, even for experienced investors. There is always something going on that requires attention and it takes very little time for things to get out of hand. Hiring a property manager can provide an opportunity to regain control and restore stability to both your properties and possibly life in general.

4. How many rental properties or units do you have?

As your portfolio grows so do the management challenges, and it becomes easier for things to fall through the cracks. Investors with large portfolios stand to reap significant benefit by leveraging the efficiencies a property manager can provide. Size can also constrain investors' ability to consider purchasing new properties if they're already maxed out managing their current holdings.

5. How much experience do you have with maintenance and repairs?

If you can't do it yourself, do you know who to call? Finding reliable handymen and contractors can take a while and in the mean time you may unknowingly hire people that are unethical, uninsured, do poor quality work, over charge etc. Maintenance and repairs are a significant component of land lording and if you question your ability to ensure the work is done well and in a timely manner, you might want to consider hiring a property management company.

6. How quickly are you able to get your unit rented?

Advertising, fielding calls, and showing the unit can take a considerable amount of time, but are critical tasks as vacancies will quickly eat into your profit margins. If you question whether you have the skills or the time to make this happen, OR if you have historically had an unacceptably high vacancy rate, you may want to consider hiring a property management company.

7. Are you capable of handling the accounting and record keeping for your property?

From profit and loss statements to tax deductions, this area needs special attention and becomes an increasingly larger burden for larger portfolios. Some owners (especially those with a back ground in finance) will do just fine, others may opt to hire an accountant to help with the book keeping. If you feel like this might be a weak point you might want to consider hiring a property management company.

8. Are you willing to be on call 24/7/365?

Its important to answer this question honestly, because when an emergency happens at your property you can't ignore it. Your special event, important meeting, vacation, or personal crisis doesn't relieve you of your obligation to your tenant. These emergencies don’t happen all the time, but when they do you have to be willing to handle them immediately. Can you handle being called at 2 in the morning to fix someone's overflowing toilet?

9. Are you willing to confront tenants about late payments and if need be evict them from the property?

Many new owners dislike feeling like the bad guy and try to be understanding by making exceptions. The problem is that this only invites additional abuses and excuses by tenants. Late payments must be dealt with immediately, and while sometimes a friendly reminder is all that’s needed, other times, it can be a very confrontational process ending in eviction. Unlike running a charity, running a successful rental business means enforcing the rules even it means evicting a single mother who lost her job and won’t be able to pay rent anytime soon.

10. How well do you understand the laws governing land lording?

Ensuring the property is run in accordance with the law is critical in both preventing lawsuits and shielding yourself from liability if you are sued. Familiarity with contracts is also very important as your rental agreement is the only binding agreement between you and the tenant.

11. From a financial standpoint, is managing your property the best use of your time?

Ultimately, your decision to hire or not hire a management company should hinge on whether or not it is a good fit with your lifestyle and makes sense financially. Individual investors will have to assess the opportunity cost of both options based on their unique circumstances."

Property Management Services

info@digitalkingsnetworking.com (alex maginnis) — Thu, 24 May 2018 14:31:31 GMT

Property Management Services - A Complete List

Here's a list of possible services provided by a Property Management company provides, as cited on www.managemyproperty.com

First Investor Realty & Management can handle most of these tasks.

Evaluate the property and determine an accurate rental rate

Perform detailed documentation of the interior and exterior including photos

Offer recommendations on repairs and cosmetic improvements that maximize monthly rent while providing good ROI.

Gather data on rental rates in the area and work with owners to determine the optimal rental rate. Rent research will vary, but should include looking at the recently rented comparables according to size and type.

Discuss with owners the pros and cons of different policies such as accepting pets, allowing smoking etc.

Install a lock box

Market the property for rent

Prepare home for rent
Clean home and optimize interior appeal
Manicure landscaping to increase curb appeal

Create ads tailored to the property and advertising medium. Some of the mediums commonly used are:
Paid and free rental listing websites
Print publications
Signs
MLS

Work with other realtors and leasing agents to find a tenant

Provide a 24-hour hot-line where prospective tenants can listen to detailed information about the property
Field calls from prospects for questions and viewings

Meet prospective tenants for showings throughout the week and weekend.

Provide prospective tenants with rental applications that are legally compliant with fair housing laws

Collection applications with application fee

Tenant Screening and Selection

Perform a background check to verify identity, income, credit history, rental history, etc.

Grade tenant according to pre-defined tenant criteria

Inform tenants who were turned down

Tenant Move In

Draw up leasing agreement

Confirm move in date with tenant

Review lease guidelines with tenant regarding things like rental payment terms and required property maintenance

Ensure all agreements have been properly executed

Perform detailed move in inspection with tenant and have tenants sign a report verifying the condition of the property prior to move-in.

Collect first months rent and security deposit

Rent collection

Receiving rent

Hunting down late payments

Sending out pay or quit notices

Enforcing late fees

Evictions

Filing relevant paperwork to initiate and complete an unlawful detainer action

Representing owner in court

Coordinating with law enforcement to remove tenant and tenants possessions from unit

Legal

Advise in the event of a legal dispute or litigation

Refer owner to a qualified attorney when necessary

Understand and abide by the latest local, state and federal legislation that apply to renting and maintaining rental properties.

Inspections

Perform periodic inspections (Inside and outside) on a predefined schedule looking for repair needs, safety hazards, code violations, lease violations, etc.

Send owner periodic reports on the condition of the property

Financial

Provide accounting property management services

Make payments on behalf of owner (Mortgage, insurance, HOA dues, etc.)

Detailed documentation of expenses via invoices and receipts

Maintain all historical records (paid invoices, leases, inspection reports, warranties, etc.)

Provide annual reporting, structured for tax purposes as well as required tax documents including a 1099 form

Advise owner on relevant tax deductions related to their rental property

Provide easy to read monthly cash-flow statements which offer a detailed breakdown of income and itemized expenses

Maintenance, Repairs, and Remodeling

Provide and oversee an in-house maintenance crew

Establish a preventative maintenance policy to identify and deal with repair needs

Provide an network of licensed, bonded and fully insured contractors who have been vetted for good pricing and good work that is up to code.

Assign jobs to different parties (in-house employees, handyman and professional contractors) based on who will do the best job for the best price.

Maintain outdoor areas
Leaf and snow removal
Landscaping
Removing trash and debris

Maintain and monitor a 24 hour emergency repair hot-line

Larger renovation or rehab projects
Provide recommendations on how the project can maximize rental income.
Prepare preliminary cost estimates
Get multiple independent bids for the work
Act as general contractor overseeing the work

Tenant Move Out

Inspect unit and fill out a report on the property's condition when the client moves out

Provide tenant with a copy as well as estimated damages

Return the balance of the security deposit to the tenant

Forward any portion of the owner’s portion of the tenant deposit to the owner or hold in owner reserves for repairs.

Clean unit and perform and needed repairs or upgrades

Re-key the locks

Put the property back on the market for rent"