With fall just around the corner it is time for rental property owners to start thinking about getting their property ready for the ways that fall affects buildings. The following list of recommendations is aimed at protecting your investment and keeping renters happy and comfortable during the upcoming months.
Property management companies contract with homeowner associations to maintain the buildings and grounds of the condominium or housing area. The actual areas to be managed will determine the responsibilities of the property managers.
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
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.