Finding a good property management company the most important decision when it comes to your commercial real estate. The right management company will make your operations run smoothly--and a bad one will make your life miserable at the very least, and potentially cause significent financial hardship! Property Management should not be a decision based on cost, but rather one based on customer service and experience. We have outlined a process below for finding the best property management company for you:
1) Outline your goals.
What is it that you want? Would you like a full service property management company, or one that just focuses on finding tenants?
The full service companies such as Kuester will advertise your property, help to place tenants, maintain the property, including major repairs, collect the rent, and send reports and a check each month.
A company that finds tenants will just advertise your property and place tenants. Depending on what your level of involvement is, you may choose one or the other options.
2) Set realistic goals.
Depending on what you bought your property for, and what your mortgage is AND what the average rental cost is AND how many tenants you are able to get, AND a near endless series of other factors - you may or may not make a profit on your property! Run through all the factors with your accountant and be conservative. Consider asking other property owners what surprise expenses they have had and make these part of your calculations.
3) Do your research.
Reputable property manangement companies will have a website outlining their services, philosophies and available properties. After narrowing it down, ask for referrals. Also, look for signs from the company posted around town and take notice of their advertising. Do you like what you see?
4) Always get references.
Ask for at least 2 references from current or recent clients. Most property management companies will give this information with zero hesitation, and if they refuse do you really want them managing your investments?
5) Never sign before you read.
Property Management contracts are legally binding contracts and can be negotiated. But sometimes they include details that were not previously discussed! Not only should you read before you sign, but you should also have your attorney review the contract as well. There may be language in the contract about additional costs that you will have to pay (i.e. major repairs), and reasons that either you or the property management company could cancel the agreement. So know before you make anything permanent.
Showing posts with label good property manager. Show all posts
Showing posts with label good property manager. Show all posts
Wednesday, July 14, 2010
Tuesday, May 25, 2010
Why You Hire A Property Manager
If you can afford one, you buy a dishwasher...saves time, gets those dishes spotless, and certainly makes most people’s lives happier.
Same with a snow blower, washer and dryer, or microwave. All labor saving devices.
People or services can be labor saving devices too. Cleaning people, delivery persons, gardeners, handy-men…All these people perform functions that we could do – but choose to outsource to save us time and frustration.
Some people we turn to provide services that we (theoretically) could do, but prefer to have in the hands of experts. Accountants handle our taxes, plumbers take care of our pipes, pastry chefs provide us with deserts, and thank heavens for those general contractors who help us with numerous projects around our property.
So whether you own one or two rental units, regardless if they are commercial lots or retail units, are you using a property manager? Why not? Unless you really enjoy all the time you are spending dealing with the tenants? Maybe endless landscaping and snow-shoveling is your cup of tea? Or perhaps chasing after rent or trying to even rent property is your idea of a relaxing weekend!
We might sound flip, but it is the truth. Property management is a rewarding and enjoyable job for many people. But for many other people, it is a time-consuming means to an end. If you don’t really love the day-to-day operations required in maintaining your investment property, then maybe you want to look into getting a property management agency.
Property management firms are affordable, reliable, and dependable resources for big and small property owners. If you want to free up some of your time to enjoy life, but still want to make sure that your tenants and property is managed – its an incredible solution.
Same with a snow blower, washer and dryer, or microwave. All labor saving devices.
People or services can be labor saving devices too. Cleaning people, delivery persons, gardeners, handy-men…All these people perform functions that we could do – but choose to outsource to save us time and frustration.
Some people we turn to provide services that we (theoretically) could do, but prefer to have in the hands of experts. Accountants handle our taxes, plumbers take care of our pipes, pastry chefs provide us with deserts, and thank heavens for those general contractors who help us with numerous projects around our property.
So whether you own one or two rental units, regardless if they are commercial lots or retail units, are you using a property manager? Why not? Unless you really enjoy all the time you are spending dealing with the tenants? Maybe endless landscaping and snow-shoveling is your cup of tea? Or perhaps chasing after rent or trying to even rent property is your idea of a relaxing weekend!
We might sound flip, but it is the truth. Property management is a rewarding and enjoyable job for many people. But for many other people, it is a time-consuming means to an end. If you don’t really love the day-to-day operations required in maintaining your investment property, then maybe you want to look into getting a property management agency.
Property management firms are affordable, reliable, and dependable resources for big and small property owners. If you want to free up some of your time to enjoy life, but still want to make sure that your tenants and property is managed – its an incredible solution.
Saturday, January 30, 2010
Property Manager – It’s The Little Things
In college, I lived in a great multi-unit apartment in Savannah. It was like Melrose Place, but with a lot less drama and death. The tenants, a great mix of young and old, really cared about one another and actively worked together as neighbors and a family. The key to this – and frankly, the reason for its success – was our all-star property management agency.
Their representative, a wonderful character named Brian, did way more then just fix our leaks and clean our gutters. He was a warm presence who went above and beyond the call of duty, a constant visible presence reminding us of the hard-work it takes to keep a complex going. A man who new the benefits of recycling before eco-friendliness came into vogue, Brian was an endearing educator who kept our common areas clean and our apartments repaired.
It wasn’t just Brian’s speed at answering our dilemmas, it was also his manner. Polite, punctual, and never patronizing – he set a tone in our complex that kept us there. Brian’s presence also helped us take greater pride in our homes – instead of treating our rental units poorly, we worked hard to keep them clean and maintained – putting the same pride into our space as Brian and our owners did…When it came time for lease renewal, there was never a question – of course we would stay! This was our home!
Personal stories aside, a property manager/management agency is key to any successful rental property. If you can’t be the their to run your own property, make sure you are using an organization that will run it in the direction you want…Keeping your tenants happy and keeping the rent flowing!
Property Manager
Kuester Property Management
Boon, Myrtle Beach, Charlotte, Fort Mill & Concord
Their representative, a wonderful character named Brian, did way more then just fix our leaks and clean our gutters. He was a warm presence who went above and beyond the call of duty, a constant visible presence reminding us of the hard-work it takes to keep a complex going. A man who new the benefits of recycling before eco-friendliness came into vogue, Brian was an endearing educator who kept our common areas clean and our apartments repaired.
It wasn’t just Brian’s speed at answering our dilemmas, it was also his manner. Polite, punctual, and never patronizing – he set a tone in our complex that kept us there. Brian’s presence also helped us take greater pride in our homes – instead of treating our rental units poorly, we worked hard to keep them clean and maintained – putting the same pride into our space as Brian and our owners did…When it came time for lease renewal, there was never a question – of course we would stay! This was our home!
Personal stories aside, a property manager/management agency is key to any successful rental property. If you can’t be the their to run your own property, make sure you are using an organization that will run it in the direction you want…Keeping your tenants happy and keeping the rent flowing!
Property Manager
Kuester Property Management
Boon, Myrtle Beach, Charlotte, Fort Mill & Concord
Monday, December 7, 2009
Are you a Property Manager? Here are 10 Tips!
The property management business is an important one for so many people who rely on our services--property owners, tenants and the communities we serve. While we certainly want property owners in our areas of Boone, Myrle Beach, Charlotte, Fort Mill and Concord to work with Kuester, we know that the rest of the country certainly is in need of the best from their property managers as well, so we have put together a few tips to help the new or struggling property manager.
1. Make a good first impression. Dress professionally and make a great first impression. How the you look and behave during the first meeting will set the tone for your relationship with the tenant--and then, of course, continue to treat your tenants with the utmost respect and professionalism, even in times of stress. The effort will go a long way.
2. Consider allowing pets. Many property management companies will no longer allow pets, so being pet-friendly will give you a competetive advantage. But remember to set and enforce a pet-policy, so that any damage is anticipated, paid for by the tenant and repaired in a timely manner.
3. Be organized and follow strict procedures. A disorganized or unprofessional project manager appears as if they don't care. Make sure your presentation packets, checklists and paperwork is in order before you meet with tenants.
4. Keep the property well-maintained. Even if it's outdated in areas, a clean property can overcome many objections. Wash the windows, manicure the yard..show some pride of ownership.
5. Be generous for great tenants. Offer special discounts for tenants who sign a multi-year lease, or set up auto-pay through their paychecks or banks.
6. Follow a regular schedule. Let them know that you will be accessing the property every other month for a maintenance checkup. Ask the tenants to put any non-emergency maintenance items on a list on the refrigerator so you can address them on your visit.
7. Remember their birthdays. A birthday card goes a long way! By sending a little card and note on their birthday, you are showing that you care about them as more than just a monthly rent check.
8. Include the washer & dryer. While a washer & dryer--and to a lesser extent a dishwasher may seem like luxeries to many--to some this is the kind of thing that will make-or break the deal. Be the option with the extras - and you will get more interest in your units, (plus you can re-coup the cost by charging a marginally higher rate!)
9. Offer an incentive. Everyone loves an incentive--so offer a free month if they sign this week, or throw in the upgraded cable, but never offer the first month free, give new tenants their birthday month free, or the 13th month, after they pay the first 12 (a "baker's dozen"). This way you wont get tenants just looking for a free place to live before they move on.
10. Be present. Be available. Lack of communication can quickly break down the tenant/landlord relationship. Respond to their questions and concerns promptly.
Kuester Property Management: Concord, Boone, Myrtle Beach, Fort Mill, Charlotte
1. Make a good first impression. Dress professionally and make a great first impression. How the you look and behave during the first meeting will set the tone for your relationship with the tenant--and then, of course, continue to treat your tenants with the utmost respect and professionalism, even in times of stress. The effort will go a long way.
2. Consider allowing pets. Many property management companies will no longer allow pets, so being pet-friendly will give you a competetive advantage. But remember to set and enforce a pet-policy, so that any damage is anticipated, paid for by the tenant and repaired in a timely manner.
3. Be organized and follow strict procedures. A disorganized or unprofessional project manager appears as if they don't care. Make sure your presentation packets, checklists and paperwork is in order before you meet with tenants.
4. Keep the property well-maintained. Even if it's outdated in areas, a clean property can overcome many objections. Wash the windows, manicure the yard..show some pride of ownership.
5. Be generous for great tenants. Offer special discounts for tenants who sign a multi-year lease, or set up auto-pay through their paychecks or banks.
6. Follow a regular schedule. Let them know that you will be accessing the property every other month for a maintenance checkup. Ask the tenants to put any non-emergency maintenance items on a list on the refrigerator so you can address them on your visit.
7. Remember their birthdays. A birthday card goes a long way! By sending a little card and note on their birthday, you are showing that you care about them as more than just a monthly rent check.
8. Include the washer & dryer. While a washer & dryer--and to a lesser extent a dishwasher may seem like luxeries to many--to some this is the kind of thing that will make-or break the deal. Be the option with the extras - and you will get more interest in your units, (plus you can re-coup the cost by charging a marginally higher rate!)
9. Offer an incentive. Everyone loves an incentive--so offer a free month if they sign this week, or throw in the upgraded cable, but never offer the first month free, give new tenants their birthday month free, or the 13th month, after they pay the first 12 (a "baker's dozen"). This way you wont get tenants just looking for a free place to live before they move on.
10. Be present. Be available. Lack of communication can quickly break down the tenant/landlord relationship. Respond to their questions and concerns promptly.
Kuester Property Management: Concord, Boone, Myrtle Beach, Fort Mill, Charlotte
Friday, October 30, 2009
Hiring a Property Manager or Management Company
So you’re tired of doing it all yourself, and you’ve decide to hire a property management company to help you run your new rental empire! Finding the perfect person to fit into this important position is a momentous task. To help you find the right person for this key role, we have come up with a few simple tips for you to remember while interviewing prospective property managers.
1) Get recommendations and references! Look over qualifications! Do background checks and make sure that this person/company is honest and reliable.
2) Check over the professional directories, like the Institute of Real Estate Management (IREM) at www.irem.org and the National Association of Residential Property Managers' (NARPM) at www.narpm.org. You will find plenty of information there to help your decision.
3) Interview the candidates yourself. They will be your proxy, so you better trust them. You will want to make sure you have a clear ability to communicate with your possible property manager-- and you need to know they will be able to communicate with your tenants.
4) Are they a local? Someone with experience, connections, and some time spent in your community is always preferred. A property manager who knows the streets of your city, the contractors, the rules and regulations, will ease every one of your headaches.
5) Make sure they your candidate is a professional who can serve in your stead. You want a person who can calmly handle any problems thrown at them.
6) Talk to your attorney, any partners, and your current tenants. Listen and observe, take advice, be open to suggestions. A good referral from a trusted source goes a long way.
Make sure to talk to as many candidates as possible. This is an important job, and you don’t want to hire the wrong man or woman (or company) for the job.
Property Manager
Kuester Companies
1) Get recommendations and references! Look over qualifications! Do background checks and make sure that this person/company is honest and reliable.
2) Check over the professional directories, like the Institute of Real Estate Management (IREM) at www.irem.org and the National Association of Residential Property Managers' (NARPM) at www.narpm.org. You will find plenty of information there to help your decision.
3) Interview the candidates yourself. They will be your proxy, so you better trust them. You will want to make sure you have a clear ability to communicate with your possible property manager-- and you need to know they will be able to communicate with your tenants.
4) Are they a local? Someone with experience, connections, and some time spent in your community is always preferred. A property manager who knows the streets of your city, the contractors, the rules and regulations, will ease every one of your headaches.
5) Make sure they your candidate is a professional who can serve in your stead. You want a person who can calmly handle any problems thrown at them.
6) Talk to your attorney, any partners, and your current tenants. Listen and observe, take advice, be open to suggestions. A good referral from a trusted source goes a long way.
Make sure to talk to as many candidates as possible. This is an important job, and you don’t want to hire the wrong man or woman (or company) for the job.
Property Manager
Kuester Companies
Saturday, September 5, 2009
Finding an Affordable Property Management Firm
Dear Property Manager:
I own a commercial plaza area in South Charlotte and I currently do/manage all the property management duties myself, from my office at the complex, however, I would like to find an affordable property management company to take over--I just don't have the time any more!
Is there a list, or place that I can go to compare prices and services? How do I find a good firm and know I am getting my money's worth?
Mike
Charlotte, NC
Dear Mike:
In the Charlotte area, you have plenty of property management companies to choose from. However, I will preface my answer to your question with "you get what you pay for..." Now, that is not to say that your can't find an affordable property manager in Charlotte... because you certainly can, but you should not be making your decision solely on price!
The first thing you can do to find an affordable property management firm is to attend a Charlotte area landlord association meeting and discuss property managers with other landlords. Attending a Charlotte real estate investor association REIA meeting may also be a good idea -- just to get feedback and advice from other investors.
My best suggestion is always to to go by referrals. Get a couple referrals from other property owners and then interview each of the property management firms. When you meet, bring a list of the services that you think you will need, and a list of questions that have for the property management firm.
The thing to remember, is that property management services are designed to make and save you time and money. So, the cost should be measured against return on investment--"affordability" is a factor that is relative!
Best of luck,
Property Manager
www.kuester.com
I own a commercial plaza area in South Charlotte and I currently do/manage all the property management duties myself, from my office at the complex, however, I would like to find an affordable property management company to take over--I just don't have the time any more!
Is there a list, or place that I can go to compare prices and services? How do I find a good firm and know I am getting my money's worth?
Mike
Charlotte, NC
Dear Mike:
In the Charlotte area, you have plenty of property management companies to choose from. However, I will preface my answer to your question with "you get what you pay for..." Now, that is not to say that your can't find an affordable property manager in Charlotte... because you certainly can, but you should not be making your decision solely on price!
The first thing you can do to find an affordable property management firm is to attend a Charlotte area landlord association meeting and discuss property managers with other landlords. Attending a Charlotte real estate investor association REIA meeting may also be a good idea -- just to get feedback and advice from other investors.
My best suggestion is always to to go by referrals. Get a couple referrals from other property owners and then interview each of the property management firms. When you meet, bring a list of the services that you think you will need, and a list of questions that have for the property management firm.
The thing to remember, is that property management services are designed to make and save you time and money. So, the cost should be measured against return on investment--"affordability" is a factor that is relative!
Best of luck,
Property Manager
www.kuester.com
Wednesday, August 5, 2009
What do HOA Fees Cover?
Dear Property Manager:
My wife and are about to buy a home in Fort Mill, SC. We are choosing between 2 we really like and the both have homeowner's associations. We are first-time homebuyers and we aren't really sure what the HOA fees generally cover. The two neighborhoods are similar, but the HOA fees are different. What do HOA fees cover and why could they be so different in the same town?
Mark K.
Fort Mill, SC
Dear Mark:
Congratulations on your upcoming home purchase! HOA fees generally pay for the common area routine yard maintenance, irrigation, ponds, security, street lighting, and the amenities maintenance (club houses, pools, tennis courts, walking trails, etc.), and neighborhood events.
Homeowners Associations are tasked with making sure HOA fees are being used properly for both routine and non-routine upkeep of the neighborhood. Routine maintenance may include lawn mowing and basic landscaping in the summer, and salting roads on icy winter days. And the non-routine things like if large trees need to be trimmed, the pool needs a repair, the HOA fees may be used to hire contractors.
If you are comparing two similar neighborhoods in the same town, but they have different HOA fees, then perhaps there is a 1 time up-front fee when you buy your home, larger fines, or maybe the amenities are different (i.e. one may have a small outside pool, and the other may have both an indoor and outdoor pool.).
The best thing to do is to get both HOA agreements are read them side by side and if you are still having trouble understanding the cost discrepancy, check with your Realtor and/or real estate attorney. They are both expert in home-buying and will be able to see if the costs make sense.
Property Manager
www.kuester.com
My wife and are about to buy a home in Fort Mill, SC. We are choosing between 2 we really like and the both have homeowner's associations. We are first-time homebuyers and we aren't really sure what the HOA fees generally cover. The two neighborhoods are similar, but the HOA fees are different. What do HOA fees cover and why could they be so different in the same town?
Mark K.
Fort Mill, SC
Dear Mark:
Congratulations on your upcoming home purchase! HOA fees generally pay for the common area routine yard maintenance, irrigation, ponds, security, street lighting, and the amenities maintenance (club houses, pools, tennis courts, walking trails, etc.), and neighborhood events.
Homeowners Associations are tasked with making sure HOA fees are being used properly for both routine and non-routine upkeep of the neighborhood. Routine maintenance may include lawn mowing and basic landscaping in the summer, and salting roads on icy winter days. And the non-routine things like if large trees need to be trimmed, the pool needs a repair, the HOA fees may be used to hire contractors.
If you are comparing two similar neighborhoods in the same town, but they have different HOA fees, then perhaps there is a 1 time up-front fee when you buy your home, larger fines, or maybe the amenities are different (i.e. one may have a small outside pool, and the other may have both an indoor and outdoor pool.).
The best thing to do is to get both HOA agreements are read them side by side and if you are still having trouble understanding the cost discrepancy, check with your Realtor and/or real estate attorney. They are both expert in home-buying and will be able to see if the costs make sense.
Property Manager
www.kuester.com
Monday, July 20, 2009
Good and Bad Property Managers
If you have decided to work with a property manager, you will find that the benefits are many. Not only will your time be freed up to manage other investments, or on your main career -- but also, a property manager can (and should) increase the value of your property earning potential.
But hiring a bad property manager can be costly! Don't work with a property manager that cannot provide you with the background or information that you are looking for. Research prospective property management companies and take the time necessary to make a wise decision. You will be grateful later for the vetting you do today!
Here are some signs of a "bad" property manager:
Unwilling to Provide References. If the property manager cannot, or is unwilling to provide names and contact information, you should remove them from your list of prospects.
Not Enough Industry Knowledge. Being a property manager (or management company_ required industry knowledge on proven methods of securing rental payments, legal changes, performing routine maintenance, marketing trends, or complying with regulations. You may find someone who has been in the business just a short time who is excellent in this area, or a company that has been doing business for a decade and still cannot handle the critical aspects of renting your specific property.
No People Skills. If the property manager(s) are anything less than accommodating, polite, respectful, kind and professional when you meet with them, they will be the same when they work with your tenants. Choose a company with people skills who can get the job done... with a smile!
Excessive Extra Costs. Professional property managers should be able to give you a breakdown of your costs, including anticipated marketing. There will always be a additional cost of doing business, but an experienced property management company will be upfront with you about what you can expect.
Can't Handle Conflict. Being a property manager sometimes involves dealing with uncomfortable situations. You need to choose a property management company that has had conflict resolution experience and training to diffuse difficult situations and people in the best way possible.
Unwilling or Unable to be Flexible. Property management can sometimes be a 24/7 kind of job. If you hire a property manager who can only work 9-5, you will be covering the middle-of-the-night calls! This is where going with a reputable company with a call service is very helpful!
But hiring a bad property manager can be costly! Don't work with a property manager that cannot provide you with the background or information that you are looking for. Research prospective property management companies and take the time necessary to make a wise decision. You will be grateful later for the vetting you do today!
Here are some signs of a "bad" property manager:
Unwilling to Provide References. If the property manager cannot, or is unwilling to provide names and contact information, you should remove them from your list of prospects.
Not Enough Industry Knowledge. Being a property manager (or management company_ required industry knowledge on proven methods of securing rental payments, legal changes, performing routine maintenance, marketing trends, or complying with regulations. You may find someone who has been in the business just a short time who is excellent in this area, or a company that has been doing business for a decade and still cannot handle the critical aspects of renting your specific property.
No People Skills. If the property manager(s) are anything less than accommodating, polite, respectful, kind and professional when you meet with them, they will be the same when they work with your tenants. Choose a company with people skills who can get the job done... with a smile!
Excessive Extra Costs. Professional property managers should be able to give you a breakdown of your costs, including anticipated marketing. There will always be a additional cost of doing business, but an experienced property management company will be upfront with you about what you can expect.
Can't Handle Conflict. Being a property manager sometimes involves dealing with uncomfortable situations. You need to choose a property management company that has had conflict resolution experience and training to diffuse difficult situations and people in the best way possible.
Unwilling or Unable to be Flexible. Property management can sometimes be a 24/7 kind of job. If you hire a property manager who can only work 9-5, you will be covering the middle-of-the-night calls! This is where going with a reputable company with a call service is very helpful!
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