An important part of residential property management is having an understanding of the market in which the properties are located. Factors such as the average market rent price, vacancy rates, the percent of income renters are spending on housing and the percentage of rental properties in the overall market. Here is a brief overview of these factors in the Bellingham, WA market as of 2015. Statistics and information are taken from this data source which drew its figures from the U.S. Census.
The average rental property rent in the United States showed increases in 2017 as it has for the last several years. However, there are signs that rental prices are beginning to stabilize; some cities even saw overall rental prices decrease. Below is a brief overview of price trends, the fastest rental rate increases by city, cities where cost is decreasing, and the most affordable rental cities in the country.
Many communities have both a homeowners association (HOA) and property management companies managing the aspects of the community that affect all owners. A homeowners association, typically made up of volunteer home owners, is formed first. The residents elect board members who are willing to assume the responsibility for the association. Once the board is formed, they interview representatives from property management companies and hire the company that will best support the HOA in meeting the needs of the community.
Community bylaws and property management are essential for many residential properties; including single family homes, condominiums and apartment complexes. The consistent care provided through general management, conflict resolution and maintenance ensures that the value of individual units as well as the likability of the neighborhoods and complexes is not compromised. There are different groups or individuals who might be involved in the management of residential property.
Deciding to invest in rental property is a big move but knowing that there are many property management companies available to help can be comforting. Keeping good tenants while taking care of your investment can be difficult, but hiring a good property management firm will take care of the majority of the challenges. If you’re thinking about becoming a landlord, deciding to hire a property management firm to help take care of your property and keep tenants satisfied is often the smartest decision.
Top reasons renters prefer renting with property management companies
More options and convenience
Property management companies have access to more rental properties than a single owner which gives tenants greater choice and the convenience of one-stop renting. Once a potential renter is approved by a property management company he or she may choose from a variety of rental properties; saving time, money and inconvenience.
They understand both sides of the renting equation
Professional property management companies understand the point of view of both the renter and landlord since attracting and retaining good renters by taking care of property and tenant needs are at the core of their mission.
They take care of the yard work and outside spaces
Making sure that the yard and exterior of the home are well maintained can be time-consuming. Most property management companies take care of lawn mowing, snow shoveling during the winter months and even planting and maintaining flowers and trees to enhance the landscape. Property managers also hire contractors to wash outside windows, maintain neighborhood parks, power-wash walkways and re-paint siding. All of these services take a burden off of the renter and keep the area looking pleasant.
Pay online quickly and efficiently
Many property management companies offer the benefits of a tenant portal to renters. Here they can quickly and reliably make an online payment, submit maintenance requests, review the terms of the rental agreement and more.
All renters are treated equally and fairly
Property management companies use standardized lease agreements and acceptance processes. These practices ensure that all renters pay the same rates, that rental increases are consistent among tenants and that tenants know what to expect. Should a company discriminate in its acceptance process, an attorney may be more likely to bring a lawsuit on behalf of the plaintiff(s) against a property management company with many assets compared to a single property owner.
Quicker response to calls for maintenance
For tenants, getting a quick response to a call for maintenance reduces frustration and inconvenience. Property management companies have trusted relationships and contracts with professionals in the maintenance industry who are on call to take care of fixing appliances and other issues such as leaks around the property. Property management companies often have a 24/7 emergency line, unlike most property owners.
If you’re planning on investing in rental property or already own property with existing tenants you can benefit greatly from the professional services of a property management company. Deciding to do so may attract more and better tenants and keep them there for the long-run which saves you money.
Son-Rise Property Management has been serving the property management needs of Bellingham and Whatcom County since 1996. Contact us today to see how we can help you find a rental property for your family or manage your rental properties.
Rental property managers know that Millennials now comprise an estimated 40 percent share of the rental housing market. A whopping 90 percent of Millennials rent. This group is saddled with student loan debt and faces soaring real estate costs but they may also simply be more comfortable paying rent than a mortgage after witnessing the aftermath of the subprime mortgage fiasco.
Property managers occupy one of the most important positions at any rental management or property management company. They are the first contact for tenants for many different issues while also overseeing the upkeep and management of the property and other employees. It is by no means an easy job and requires a combination of experience, commitment and people skills. This combination of hard and soft skills can be hard to define which can make finding the right employee a challenge.
The top 2017 condo property management marketing trends include continued growth in social media tools. The first step to taking advantage of social media platforms is to evaluate and do a complete overhaul or tweak of the property management website or Facebook page.
Calculating the value of a rental property can be a little confusing and complicated. For a property owner there are three different methods of calculating a rental property’s overall value. The three methods of calculation are Sales Comps and Price per Square Foot, Gross Rental Multiplier and Cap Rate. Each method uses different data sets for calculation and therefore produces different results. Below is a brief overview of these three property value calculation methods, how they work and which method is the best for calculating the value of a rental property.
Professional property managers doing business in a digital business world needs an easy-to-use, reliable tenant portal that provides quick access to renters looking for rental agreement information and more. Making sure tenants can quickly and efficiently access signed documents, financial information, inspection dates and more saves time and money and puts the information renters need right at their fingertips. Below we offer tenant portal tips to help professional property managers understand and better use this property management tool.