When buying your rental property, you may be tempted to assume that your investment journey is going to be an easy one. After all, how hard can rent collection be? If that’s so, you may be in for a rude shock. Owning a rental property is very different from managing your own rental property. While owning a property and renting it out is a great way to increase your income it does come with it’s challenges and there may be a limit to how effective you can be. Here are a few reasons you should not self-manage your properties.
- You must wear many hats – One of the biggest reasons why it’s smart to have a property management company handle your properties is the sheer number of hats that you will be forced to wear. These will include being the owner, manager, handyman, customer rep, accountant, and marketing expert. One of the things that can also become tough is the amount of knowledge that you must know about the laws and regulations. Do you know the laws and time frames the owner/manager is required to operate within?
- Set Up – Are you set up to receive tenant payments and maintenance requests online to make it more convenient for the resident? When there is a vacancy, what is your marketing strategy? How do prospects complete applications? Are you able to properly run credit, background, criminal, and eviction checks? Do you use a proper lease? When and who performs inspections? Do you have vendors in place for quick responses?
- Tenants taking advantage – Have you ever had a tenant promise to pay rent and the deadline comes and goes? Do you know when to serve the Pay or Quit Notice for non-payment of rent? Do you know where to find the correct forms? This is an all too often statement we hear from self-managing owners. It’s hard for owners to sometimes be tough on their tenants when they need to be and it causes stress and loss of rent.
- It’s Demanding – There are many tasks involved in managing a home from maintenance requests to dealing with bad tenants. Without proper experience and screening you may end up with bad tenants who don’t pay rent on time, don’t take care of your home, is a nuisance to the neighbors, make it difficult to enter the premises for repairs, you may see an increase in HOA violations and fines, etc.
- Face Eviction Issues On Your Own – DIY rental management means that you’ll be responsible for collecting rent and can also mean playing “cat and mouse” with some of your renters every month. This can be frustrating, tiresome, time consuming and costly. You’ll have to deal with lengthy and expensive legal proceedings if you must evict a bad tenant and the cost associated with placing another tenant.
So Why Hire A & M Management?
First and foremost, we are a local company servicing locations near you. We are not a large management outfit where calls get left on voicemails and never returned, nor do we charge you for every piece of paper pushed off the desk and we do not upcharge for maintenance. As the broker, I take pride in being able to provide to owners their monthly statements that are clear, accurate, and for the most part, you will receive the same amount in rent every month. WE DO NOT NICKEL AND DIME YOUR INCOME FROM YOU! If repairs arise, I discuss the matter with you in accordance to the property management agreement. We are able to provide a close working relationship with our owners filled with communication, accuracy and accountability.
To maximize your experience with A & M Management, we utilize a property management software program that allows us to provide to our owners an online account to access anywhere and anytime to view:
- Financials – Select property then select preferred dates and hit search.
- Rental Owner Statement– Review your owner draw dates and amounts. This is also emailed to your at the time your EFT is being set up for disbursement.
- Documents – All documents associated with your account are uploaded and available for review at anytime using this tab including the tenant lease, management agreement, addendums, etc.
- Requests – Like a tenant submitting a maintenance request, you can send requests through the portal or via email.
- Reports – Very comprehensive reports available anytime, anywhere. You have access to 10 different financial reports, 11 Rental Reports and 4 Task Reports.
- Send Funds – Need to send funds to management, easy. Just navigate to Send Funds, complete the fields and you’re all set.
- Electronic 1099 Filings – You will receive your income/expense report along with your annual 1099. We do not wait for you to ask for the report, we stay proactive because we know you will need it.
- Competitive Pricing – Contact us today for a quote. We provide discounts and specials depending on the inventory you need managed. With our services, you enjoy greater profits with less hassle. Whether you own a single home or a multitude of investment properties, you can depend on us for attentive, tailored property management experience.
- Quick payments – Tenants pay rent online and we process your owner draw electronically into an account you designate no later than the 15th of every month. Most companies do this on the 25th of every month making your income almost a month behind your mortgage payment.
Additional Benefits of Hiring A & M Management:
- Aggressive marketing strategy – Our experience ensures you get the best rental rate possible and can quickly advertise vacancies online through various popular websites.
- Screen for the best residents – We attract reliable, quality tenants that stay longer and take better care of your property using the built in resident screening tools available including: background, credit check, eviction and criminal.
- Annual inspections – We perform annual inspections before renewing a lease to evaluate home condition and rental rates.
- Maintenance – When maintenance is deferred, it impacts the tenants experience and income for the property. Your investment and income matter here at A & M Management and believe your home is only as good as the team that manages it!
- We DO NOT nickel and dime you! Owning and managing rental homes costs you time, energy, and money. Let us protect your investment without interrupting your daily life.
Complete the form below to receive additional information about prices and services or call/text Maria at 602-376-0480 or email Maria@AandMManagement.com.