I want to start by saying, owning rental properties is NOT a small task. It is NOT a get rich fast scheme.
Once you purchase a rental, you have just created a business. A business that has practices and procedures that is regulated by law. And those regulations are always changing. It is a full time job to keep up on all the aspects that come with owning a rental property...and it can be OVERWHELMING.
If owning rentals is not your full time gig, it fell into your lap, or you want to focus on something else in life, then it is a good business decision to hire a property manager.
Your property manager should be knowledgeable in all aspects of this business:
-Administration and risk
They should, also, be able to INCREASE your returns, even after you pay the added management fees!
There are many property management companies around. We all do things a little differently. It is a good idea to take your time and do your research. Make sure your business goals, ethics, and procedures align with each other. There is more than one way to get those increased returns, but WHAT IS THE BEST WAY FOR YOU!
At Living Doors, we have practices and procedures for all 6 of the aspects I listed above and we are always looking to improve them. This business is always changing and we want to stay on top of our game for you.
Relationships is the one area that we take great pride in! In today's world of technology and fast paced transactions - it is important to really focus on what experience you are providing for your customers. We start building our relationship with our owners and residents during the first contact.
Mr. Landlord (Jeffrey Taylor - if you haven't heard of this person, I urge you to go check this link out: www.mrlandlord.com), sets out 5 areas that you can assess to see how your rental is doing:
1. Satisfaction level
All five of these areas are important. Here are at Living Doors, we think the most important is satisfaction level. To keep that satisfaction level high, we need to focus on our relationship with our owners and residents. We use open communication with all. We want our residents and owners to feel comfortable enough to come to us with any problems at any time. Our residents and owners know that we are on their side and work for them. Some systems we have in place to create this relationship are:
-3 Door Resident Program
-Quick Response & Quick Maintenance Repairs
-Active Social Media Accounts to Enjoy
We believe if we keep our owners and residents satisfaction level high, the rest of the four items above, will fall into place. A happy customer who respects their manager is going to pay on time, understand rent increases, keep their unit nice, report damages/repairs, and keep living with us year after year.
In return, that high satisfaction level is going to increase your profits as a Living Doors Owner!
If this is how you would like your rental business to run, give us a call! We would love to set up a meeting to let you know what else we have to offer.