A Skilled Property Manager isn’t Cheap & a Cheap Property Manager isn’t Skilled.

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Why The Cheapest Property Manager Isn’t Necessarily The Best

When it comes to choosing a property management company, it’s worth paying attention to that age-old saying that ‘you get what you pay for’.

Choosing the cheapest property management company may seem like a good idea at the time, particularly if you’re feeling the pressure on your bank balance after purchasing an investment property, but cheap is not satisfactory when it comes to protecting your very valuable asset and it’s important to choose wisely.

Very simply, property managers aren’t all equal and quite possibly, the one that’s offering its services at the lowest fee could also be the one that delivers the least amount of value.   Of course, as a property investor, you would be looking at maximizing the returns on your investment so you wouldn’t want to waste money, but saving a few dollars on cheaper property management upfront could very likely cost you a lot more over the long run.

Let’s look at why price is misleading when it comes to making a choice of property manager.

Firstly, you need to evaluate what the property manager is offering for that price. You should ascertain how many properties each person manages and what services they provide. If they have a multitude of properties on their books with only one property manager looking after them all, they could end up being too busy to focus on the important details of your investment.

You should check how often they will be performing inspections and whether they will be corresponding directly with the tenant to handle any maintenance requests and so on. Very often, a property management company that offers its services for at a very cheap rate will do little more than place tenants and collect rent every month, leaving the property owner to do all the running around.

And that brings us to another very important point – quality of tenant. A reputable property management company will have an extensive database of prospective tenants and a proven strategy for attracting quality tenants quickly and efficiently.   And that’s important because if the leasing real estate agent isn’t totally focused on getting your property tenanted with the right type of person as quickly as possible, you could end up with costly vacancies or a high turnover of inappropriate tenants.

The best property managers also know their areas very well, and they’re able to make informed recommendations about what rents can realistically be achieved, what property upgrades are necessary in order to make the property more marketable or if anything can be done to attract a higher rent, etc. They are also proactive when it comes to alerting owners when leases are due for renewals, advising owners of changes to state and federal regulations.

Warning bells should ring if a property management company that is offering cheap rates has a reputation for high staff turnover.   If the employees aren’t happy, you probably won’t be happy either.

Ideally, your property manager should pride themselves on their ability to communicate and the way they diligently return phone calls – as they do at Bev Roberts Rentals, Inc., leaders in property management in the North Carolina Triangle Area.   Another thing that sets Bev Roberts Rentals, Inc. apart from their competitors is that each property owner has a single point of contact with one real estate agent from leasing to property management within our company – and that’s not something that happens too often in the property management game. In addition We are a family owned and operated business. We believe that working together as a family gives us an advantage over our competitors and has been the key to our success. Our family is committed to outstanding customer service that goes beyond normal client expectations. It’s been proven that family owned businesses are more stable, and tend to have a high level of trust and commitment to customers, because how the company behaves reflects the family’s personal integrity.

If this level of service appeals to you, feel free to contact one of Bev Roberts Rentals professional property managers at (919) 306-5665 or visit our website to see what personalized property management service looks like at http://www.RobertsRentals.net.

Good, Fast, or Cheap – Pick Any Two

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There’s an old saying, “Good, Fast, or Cheap – Pick Any Two”. The concept is simple. Choose two of the three options: good, fast or cheap. You can’t have all three. If you want something fast and cheap, it’s not going to be good. If you want something good and cheap, it’s not going to be fast. If you want something good and fast, it’s not going to be cheap.  There are certainly exceptions to this rule, but for the most part we’ve found this to be fairly accurate.

It really doesn’t matter what line of business you’re in, customers all want their product done good, fast and cheap; however, it is impossible to create work in this manner. It just does not work that way.

Property management companies are not all created equal: They don’t cost the same, they don’t deliver the same quality of service, and they don’t provide their services at the same speed. So why do landlords choose to evaluate property management firms solely on how much they cost? When the success of your investment property, worth hundreds of thousands of dollars, is at stake, why choose a “cheap” property management option?

Too often, the “cheap” property management option comes with many gaps, when compared to a more reputable and marginally higher-priced firm — gaps related to cost, quality and promptness. You wouldn’t expect steak and lobster at a fast food restaurant, just as you shouldn’t expect first-class management from a “cheap” property manager.Print

How Often Can a Landlord Inspect a Rental Property?

1When your landlord tells you it’s time to inspect the rental property, do you panic?

If you’ve turned the property into the next potential candidate for Hoarding: Buried Alive, or if you’re using the property as a grow house for weed, you probably should panic because your landlord could, and probably will, evict you for breaking the lease terms.

But don’t worry. If you haven’t damaged anything and the place is in the same shape as when you moved in, your landlord won’t want to ask you leave, and in fact, will probably want to renew your lease at lease renewal time.

Some tenants think that landlords only want to inspect a rental property so they can discover something, anything, in an effort to keep the security deposit.

But don’t worry about that, either. Most landlords aren’t looking for a way to get out of returning your security deposit when they inspect a rental property. They are merely keeping tabs on their investment.

When landlords inspect a rental property, they are merely keeping tabs on their investment.

Here’s a behind-the-scenes look regarding rental property inspections, why they happen, and what you can expect.

Move-in/Move-out

Most landlords do a move-in inspection with you and a move-out inspection with (or without) you. They do that to determine whether you left the place in the same condition as when you got it, taking into consideration normal wear and tear.

But it’s a good idea for landlords to check on their property before the year is out, during the lease term. That way, if there is a problem, the landlord can take care of it before it worsens.

Here are some examples of what landlords are looking for:

  • What if you secretly brought in a pet to get out of paying pet rent?
  • What if you moved someone else in?
  • What if there’s a maintenance issue, such as an overloaded circuit, that you weren’t aware was problematic?

The only way your landlord would find out these and other issues, issues they have a right to know about, is by performing an inspection.

Related: The Definitive Guide to Renting to Tenants with Pets

One, Two, or Three Times a Year is Normal

Some landlords don’t do inspections at all. This is a bad idea. Maybe your landlord is uncomfortable telling you they want to do an inspection. Or maybe your landlord doesn’t realize the importance of conducting routine inspections. Whatever the case, you can’t count on your landlord never inspecting the rental property.

Some landlords are just the opposite, wrongly believing they can enter the property anytime they like to check out their place. Note to tenants: they can’t! You have what’s known in the law as “the right to quiet enjoyment.” That means your landlord can come over only for specific reasons and can’t come over excessively.

Read your lease to see whether an inspection is specified in the lease. Landlords often inspect once a year, but some inspect a rental property twice a year or quarterly. Whatever the case, you are entitled to get notice, usually 24 or 48 hours in advance, before your landlord comes by to do the inspection.

What You Might Hear from Your Landlord

There are some common issues your landlord might find during an inspection:

  1. If you have hardwood floors and aren’t maintaining them properly, such as using a wet mop on them, your landlord might notice how dull the floors are looking. They will probably give you instructions on how to care for hardwood floors.
  2. If there is evidence of a pest infestation, your landlord will want to get an exterminator to come out ASAP. The longer a pest infestation is allowed to go on, the worse it gets. Your landlord will probably tell you to let them know if that happens again.
  3. If there are holes in the doors or walls, your landlord will probably tell you to fix them. If you don’t, you can expect a deduction from your security deposit.
  4. If the lawn is your responsibility per the lease, and you aren’t maintaining it, the landlord might do one of two things. They might go over what is expected of you, and then do a follow-up inspection. Or they might hire someone to regularly mow the lawn and deduct the cost from your security deposit.

If you don’t want to risk losing out on getting any of your security deposit back, you should take care of the place as if you owned it. If there are maintenance issues, notify your landlord right away, so they can fix them.

Drive-by Inspections

Landlords are allowed to drive by, walk by, or bicycle by their property anytime they like. They can’t go on the property during these drive-by inspections or disturb you in any way. They can just check to see whether everything looks good from the outside.

The property you’re renting from someone is a big investment for them. Regular inspections, along with tenant screenings, are the best tools landlords have to protect their investment.

Source: Landlordology

What’s up, “homeslice”? Looking for a Property Manager?

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What’s up, “homeslice”? Looking for a Property Manager?

#RealEstatePun #BevRobertsRentals #WhatsUpHomeslice #Homeslice

Don’t be HAUNTED by Regret. Lease with Bev Roberts Rentals!

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Don’t be haunted by regret, lease with #BevRobertsRentals!
#Leasing and #PropertyManagement located in #WakeCounty

Looking to lease your home? Don’t be SPOOKED by the rental market!

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 Are you, or someone you know, looking for tenants to lease your home? Give us a call. We have several tenants waiting. Rental housing vacancy rates hit a 30-year low at just 6.7%, according to the U.S. Census Bureau.

How you can make the most of your investment property

1If you own an investment property, you’ll understand how important it is to get everything you can out of it.

But when was the last time you reviewed your investment property?

It turns out, you could be overlooking details that could help give you a greater return.

Here’s three tips that can help you make the most of your investment property.

  1. Hire an agent to manage your rental property 

Managing your own property can take up a lot of your time, and if time is money, then it might be more beneficial for you to pay a real estate agent to manage your rental. Sure, a property manager’s fees could be 5 to 10% of the income from your rental, but for that $20, $30 or even $50 a week you can have somebody that will deal with tenants for you and help you maximize your rental income.

2. Attract and maintain the best tenants you can find

Chances are if your property is attractive and well-maintained, you’re likely to attract more quality tenants. Keeping a quality tenant can save you money in the long run, especially because you won’t have to worry about trying to re-advertise a property when tenants leave. Keeping your tenants happy will make your job easier, they’ll be less likely to complain and they’ll stay longer. If you’ve got loyal tenants, try to keep the rent at a steady level and don’t set unreasonable conditions on them – sure an extra $20 or $50 a week in rent would be good – but it won’t be beneficial if you have a high turnover or vacancy rate in your rental.

3. Claim deductions while you renovate

Renovations can not only boost the value of your investment property and save you money on repairs and maintenance, they can also save you money at tax times. That’s right, renovating your investment property means you can claim valuable deductions on your tax returns. Not only can you claim the depreciation of items such as appliances, carpets and blinds, you can also claim 40 years worth of deductions on any construction costs. According to realestate.com.au if you invest $15,000 in a new kitchen and appliances, you could enjoy up to $5000 worth of deductions in the first five years alone. Before you renovate, it might pay to have a chat with a surveyor or another property expert about what can you can claim and estimate the value of your renovations. Don’t forget there’s also a thing call scrapping deductions, which allow you to claim an instant deduction on the value of household items you throw away while renovating – such as an old kitchen.

Do you have an investment property? Have you tried any of these tips to get the most of your investment?

Source: startsat60.com