Did you know Houston is one of the fastest-growing cities in the U.S.? With growth comes opportunities, which means a boon for property managers and property management companies.
If you are interested in real estate investing, managing your own property, or becoming a property manager, read on. This guide is designed to give you the basics of what to expect in this ever-growing industry.
Know the Market
It doesn't matter if you are a landlord to one property, manager of an apartment building, or investor looking to purchase; you must know your market. This knowledge provides the foundation for the profit margins in your business, as well as tells you where to find your customers.
Investors should spend time looking at the amount they want to invest and matching it to the location they prefer and the return they expect. Our investment team is ready to help you find the right investment property to meet your needs.
Maintenance, Maintenance, Repair
Apartment owners, condo owners, and investors should understand that maintenance is the foundation of any property management business. Routine maintenance must be scheduled and performed on all the electrical, plumbing, and HVAC systems.
In addition to regular maintenance on systems, wear and tear maintenance must also be performed. Creating a checklist or schedule of monthly, quarterly, and yearly tasks is vital.
Are rugs wearing thin? Does paint need to be touched up, or redone? These types of maintenance projects are common in all rental properties.
Maintenance prevents the need for costly repairs, but be sure to include repairs in both your time and financial budgets. Things break; the larger your units, and the more turnover you have, the more often you'll find yourself fixing things on your property.
Tenants, Customer Service, & Turnover
Finding tenants for one home for rent might be easy, but what about filling 10 units in a larger building?
One big part of a property manager's job is to facilitate the rental process. This means that property managers have to be on top of rental management. This includes everything from finding the ideal tenant, to background and credit checks, and finally, the rental agreement signing process itself.
For most, change is difficult, so put on your customer service hat. Renters are all in a period of change and will occasionally test your customer service skills.
How are you going to handle turnover? Depending on your renters, turnover management, planned with lease end or unplanned with lease-breaking, is a big part of your job.
Need a Property Management Company?
When you want to have your property managed by a professional, turn to us. Our team has the experience, education, and attention to detail to see problems before they cause tenant or owner pains.
If a problem does arise, our connections in the area can resolve them quickly and effectively. Contact us and let our team answer your questions about the property management industry.