Property management in Tempe should be a snap for those acting as DIY property managers, but unfortunately, that is not always the case. Aside from structural issues resulting from weather events or aging properties in need of expensive repairs, other issues may plague DIY property managers. Often, obstacles to the success of property management come from the residents, those currently living on the property and sometimes those who previously lived there.
Administering rental property requires a set of tools to be handled effectively. Appropriate tools include management software which allows up to date storage and easily accessible records of rent payments or default. The software also helps with screening potential tenants and stores the results of their background checks. Programs also record completed property repairs and schedules for those in need of repair in the future. Other than turning your properties to a professional property management company in Tempe, property management, this is the most effective means of keeping records.
Why the importance of record-keeping? Other than your basic convenience and scheduling, records are sometimes needed for court. Imagine the following scenarios:
Scenario 1
As a DIY property manager, you interviewed a young, working mother with a less than a sterling rental record. She promised that she now understands the importance of keeping her bills paid to keep a roof over her family. She has a good job now that fits with her schedule of getting the kids to school. Your kind heart was overwhelmed with compassion and you decided to give her a chance. Six months later, she is two months behind on rent and has lost her job. In addition, her 12-year old was reportedly one of a group who sprayed graffiti on your newly installed wall around the complex.
There seems to be no way she can come up with the past due rent and serving an eviction notice is a necessity. However, you know that the courts like to work with these situations so that children aren’t put out of their homes. You count on rent payments to pay the mortgage on a new rental property. And, litigation is often expensive. A professional property management company in Tempe property managements would have left emotions out of the scenario, and you would not be in this situation. Naturally, you purchased the rental property to make money, not take a loss.
Scenario 2
As a new DIY property manager you find yourself in need of maintenance staff for the upkeep of the property. A trade-out for rent seems to be the most cost effective means of paying for this service. You reach an agreement with a certified heating and air technician who has a working wife. For the first few weeks, all the repairs are done properly and on time. Then you begin to get reports of loud, late night parties at his apartment. He regularly reports to work late and forgets to turn off the water in a property when working on a bathroom issue. Not only are you losing money from rent in his apartment, but now you have another unhappy tenant whose apartment has flooded. The easiest way to deal with this situation will be a rent adjustment.
Professional property managers in Tempe have a team of salaried professionals to handle maintenance on all properties. No tradeoffs result in regular rent from all units. Consider the various ways a Professional Property management company saves you money.
Scenario 3
A careless, hung-over maintenance man is not the only cause of the occasional flood affecting Tempe properties. While Tempe normally gets just 9 inches of rain per year, sometimes it seems to all come at once. Parking lots and low-level properties may require immediate attention to prevent permanent damage resulting in expensive repairs.
Companies that help with flooding issues are often on contract with major properties and are not available to the DIY Property Manager when needed. Maintenance staff may be able to handle some of the flooding issues, but it is unlikely there will be sufficient manpower or equipment to avoid permanent damage to all units.
This, of course, will cause difficulties for residents who may have to stay with family members or in a hotel, which often leads to a request for discounted rent. While you are not responsible for conditions caused by an act of God, denial of rent reduction can result in hard feelings and a strained relationship. The professional property management company in Tempe and their property management group are viewed on a less personal level and tend to be taken more seriously than the individual who manages his own property.
Whatever the problems that may arise with property management in Tempe, professionalism goes a long way. Remain professional in all situations with tenants. Keep up the agreement on your end and make it known that you expect the same. Keep an eye on profit margins, as well. If you need assistance with any aspect of management, give us a call. We are happy to discuss your options.