Advantages Hiring A Rental Property Management Company

When you consider purchasing rental properties, you are usually focused on finding a property at the best price that will be desirable for renters. Yet the daily mechanics of managing that property is something that also needs to be considered. How will you go about searching for tenants, performing the maintenance work, or handling the eviction notices? Should you do it yourself, or let someone else handle it? Check out the reasons why you may find it better to let someone else manage your rental property.

Ability to Purchase Property Anywhere

By having someone else manage the investment property, it means you can expand your portfolio into other locations. You can purchase properties anywhere and not worry about driving or flying to different neighborhoods or states to perform maintenance or property inspections. Also, having someone manage the day-to-day aspects of rental management for your property will allow them to handle emergencies immediately to minimize property damages or tenant’s concerns.

Keeping Tabs on Changing Rental Market Values

You may not have the knowledge or experience in regards to the changing rental rates in the neighborhood. There may be times when your rates are lower than other investment rental properties as you aren’t maximizing the profit potential of your rental home. Other times, neighborhood rates could be declining as your rent rates are so high that tenants don’t want to sign a lease with you.

Having a local property management company such as AZ Residential Management aware of neighborhood real estate values can ensure that rental rates are raised or lowered based on the market. They can help to increase tenant retention while making sure you get the most value from your property.

Gaining Access to Experienced Managers

This may be the first time you are getting involved with investment property. So you are new to the whole property management aspect regarding rental properties. Through a property management company, you gain access to staff with years of experience in handling rental properties. In addition, you can obtain accurate financial statements that will allow you to file all your taxes properly.

Allows You to Enjoy Other Tasks

You may simply want to own the properties. You may have another career as owning investment property is a secondary project that you dabble in. Also, you may be the type of person just looking to relax or travel and not deal with the daily operations of running rental properties. By having someone else take on the task, you know the investment rental properties are in capable hands. You obtain the timely updates regarding your property and can quickly make business decisions when you have to before getting back to enjoying your main career or other entertainment.

If you are looking to build your investment portfolio, you may not have time to find the right tenants, perform maintenance, or collect rent. Also, you may simply not have the knowledge on how to successfully manage the daily tasks. Having someone else do this work will let you to build your investment portfolio, keep your property well maintained, and allow you to pursue other interests.

We are here to help you get the most out of your investments so contact AZ Residential Management today!!

 


A property with increased storage space attracts renters

Things Renters Can’t Resist

Every day your rental property sits empty are profits lost. But how can you make that house, apartment or condo irresistible to potential renters? Here are a few things you can do beyond the norm to make your property stand out against others on the block. Simple things like repainting, updating fixtures and adding some curb appeal can make a big difference.

Let In the Light

Plenty of natural light can be a real draw – especially in a smaller space.  Whether you are trying to make a cozy condo look more spacious, or trying to enhance the view of lakeside home, adding more (and bigger) windows can be a smart investment.

Light streaming into a room offers a lot of benefits. From making the room look brighter and more airy, to bringing out unique architectural details in a room, opening the space with more light can make it more appealing.

Increase Storage Space

The average American household contains about 300,000 items. Now that’s a lot of stuff we need to find room for – and so do your potential tenants.  Take a good hard look at your rental and determine if there is enough storage space. If not, look at some unique ways of adding it.

No matter how big or small the rental, there are innovative ways to add storage for your tenants. Here are a few ideas:

  • Utilize unused space: no matter how cramped you think that apartment or condo is, the odds are good there is some hidden storage potential – the key is recognizing it. For instance, if the unit is two-story, then open up the area under the stairs to add a small closet; open shelving; or even space to add a desk or sitting nook.  Have a knee wall in an upstairs bedroom? Great! You can install plenty of drawers in that lost space, offering plenty of room for clothing without taking up an inch of floor space in the room itself.
  • Use those walls:  when renters preview a potential listing, they tend to concentrate on the floor space available. Few consider the ways they can use the walls or high ceilings when it comes to storage.  As the owner, you have the opportunity to add shelving, cubbies and more to the walls, thereby increasing storage space dramatically. For instance, in the kitchen add hanging pot hooks to keep pots and pans out of cupboards and plenty of hooks and hangers inside of doors for smaller items.  Utilizing high ceilings with pull down storage options can also offer tenants more room for their stuff.
  • Parking: no one wants to be forced to look for a parking space every time they drive up to their home.  Offering designated parking (whether in a garage or on the street) can make your rental much more desirable – especially in neighborhoods where space is limited. Look for ways to carve out a spot or two beside the property or even in the back of the house.

Making your rental property stand out doesn’t have to be difficult. However, it does take a bit of know-how. To find out more ways to make your rental more appealing, contact the experts at AZ Residential Management for a free consultation.


Property upgrades can help you maximize return on investment

The 3 Best Money Making Improvements For Your Rental Property

Your rental is your income and as such you want to keep it looking great. You’ll also want to make sure you have all the latest features to get the most in rent each month. There are some basic improvements that are better for getting you a big return than others. Knowing which updates pay off the most is the best way to make sure you are getting the most for your money.

Upgrade Appliances

This is a simple upgrade that is going to get you more money every time. Upgrading things like kitchen appliances, washer and dryer, and even simple things like the water heater can help you make a ton of money back. Upgrading appliances not only offers your renters better quality of life, it also makes your rental look more up to date and desirable. This means you can charge more each month than you could with a rental that has appliances from the 90s.

Upgrade Flooring

The next best thing you can do to improve the overall quality and price of your rental is to upgrade flooring. Something like laminate, synthetic wood, or even hardwood floors through your rental do a few things. For starters it makes your rental look more expensive. It also eases cleaning and makes for a more cohesive unit that is better put together and that more people are going to want to rent. When someone looks at a rental that has old and stained carpet they are less likely to want to rent whereas hardwood throughout is going to increase the value and overall look of your rental.

Consider the Outdoor Space

You also want to keep the outdoor space in mind. If you have the means, perhaps fence in the yard, work on the patio, or add something appealing like a seating area or some great landscaping. Curb appeal can make a property worth a ton more and can help make your rental look more expensive again. This is a simple fix that does not cost a ton but that can have a big return. Doing things like fencing in the yard may attract families with kids that like to play outside or people that like privacy and want a secure yard.

These are all basic upgrades that are going to help command more rent each month and attract higher quality tenants. A good property management company such as AZ Residential Management can help advise you on the best upgrades to maximize your return on investment.


Simple upgrades help you earn more from your rental property

How To Get More Income From Your Rental Property

As a landlord, you’re likely looking to get as much back from your real estate investment as possible. But simply raising the rent each year isn’t a tactic that will work long term. In order to get more income from your rental property, you need to do these things:

1. Improve and Maintain Your Rental

Rentals that are in excellent condition will attract higher quality tenants and give you the option of charging more for your rental. High income tenants are less likely to rent places that are in disrepair or that look unsightly. Spend the time and money to take care of all necessary repairs before you rent. Be detail oriented, just like your potential high quality tenants will be. From making sure the doorknobs are screwed on tightly to ensuring that the HVAC system works, when you improve and maintain your rental, you’ll be able to get more income.

2. Add Value to Your Rental 

Tenants are willing to pay more for rent when there is added value to the rental.

Adding value to your rental is easier than you think. Simple upgrades like new countertops, fresh paint and updated carpet / flooring are easy starts. You typically get the most bang for your buck with upgrades to your kitchen and bathrooms. This is where it can really pay off and help you get higher monthly rental prices. Another good tactic is to hire a property manager to care for the rental. The property management company adds value for you, as well as to the tenant. When you hire a property management company such as AZ Residential Management, your tenant is equipped with a direct hotline to maintenance services 24/7. Other simple and inexpensive ways to add value to your rental include lawn maintenance services, complimentary newspaper delivery, free Internet access, and such. These are small things for you to offer, yet represent extra value for which potential renters are willing to pay more.

3. Deduct All Your Expenses

There are significant tax benefits to owning a rental property, yet many landlords don’t know enough to take full advantage of their legal entitlements. A property management company such as AZ Residential Management provides landlords accounting statements that include a detailed breakdown of all your landlord and rental expenses. Remember, even the cost of the property management company services is a tax deduction! When you successfully include all your deductions on your yearly tax return, you’ll find that you get to keep more of the income from your rental property.

AZ Residential Management is here to help landlords navigate the sometimes tricky world of rental property. Make being a landlord easy on yourself. Contact AZ Residential Management today for free, no obligation information about everything we offer for landlords in and around Mesa, Arizona.

 

 

 


Great communication skills help succeed at property management

Succeed at Property Management

Becoming a successful property owner requires more than having a nice home others would want to live in. You need to get your property noticed, find good tenants and hold onto them. This all comes down to great communication skills.

What exactly does this mean for your property management endeavors? It means if you want to have real estate as a source of wealth, then you better know how to talk to the masses as well as individuals. Whether it’s a single-family home or a portfolio of multi-family residences, the same basic principals apply.

Let’s take a look at the communication tips you need to become a more successful property owner.

1. Leverage Alternate Communication Methods

Sometimes people have problems; it’s just a fact of life. In the digital age, dissatisfied people may take to the internet rather than calling or writing you. When that happens, you need to be ready to respond calmly, kindly and with intention, using the same medium on which the complaint was made. Being digitally savvy, therefore, is one of the most crucial communication skills in the modern age.

2. Market Widely

Getting your property found is only the first step. You also need to get your property found by the right people – folks who will care for your house the way it’s meant to be cared for. That means using all the available options, including all the listing services, social media, Craigslist and more. It’s a tall order.

If you don’t feel like drumming up content or figuring out how to market on your own, you can always work with a property management company. Professionals have access to a huge range of resources that you don’t, including websites that prospective tenants are already searching. Additionally, they can help you screen and vet tenants, making the marketing process less painful from start to finish.

3. Have a System

Where is a tenant supposed to go with a maintenance request or complaint? If they don’t know, it could be bad for you. You need a system to keep track of tenant outreach, especially if you’re managing more than one property. Professional companies use web portals, which make everyone’s job easier, but chances are you don’t have access to that on a small scale. Think about it and decide what you’ll do instead.

4. Work with a Property Management Company

One of the best ways to keep your communication topnotch is to use a property management company such as AZ Residential Management. A professional property management team knows how to work with renters in ways that make them feel valued and cared for, all without you having to lift a finger.

If you’d like to learn more about what it’s like to work with a property management company dedicated to you, please get in touch with us today.


Avoid making these mistakes as a rookie landlord

5 Rookie Landlord Mistakes You’re in Danger of Making

Having an investment property sounds really simple, right? All you need to do is get some tenants, collect rent, and that’s it. The reality is that it’s not as easy as it sounds. Renting your property is a difficult task, especially if you don’t have a background in real estate and property management. Understanding what makes for a good investment and responding to the realities of the market are both crucial skills if you want to make the most of your property. Without that understanding, you’re in danger of making the following critical mistakes.

1. Failing to Get Clear on Your Goals

When you’re renting out a house, it might seem obvious what your goals are: Make money. But is that really all there is to it? Drill down. Is your goal to pay off the house and keep it as an investment? To rent it until you can sell it when the market gets a bit better? To build seed money for another investment property? Once you know your true goal, you can make better decisions about how to run your rental.

2. Failing to Do Adequate Background Checks

Does that couple with the baby seem just too earnest and adorable to pass up? Well, they might be adorable now, but if they have rock-bottom credit and you don’t check it, you’re not going to think so for long. It’s critical you do a full background check, and frankly, most laypeople don’t know how to do that.

3. Underestimating the Danger of Vacancies

It’s great to maintain a wealth-building property investment … but the game only works if the property is rented out most of the time. Without renters, you have to pay the mortgage, a responsibility that can quickly become unsustainable. Without a property management company to help you market, you might find it’s harder to keep your home full than you would have imagined.

4. Failing to Respond to Tenants

It’s tempting to view your home as “good enough” and let those calls about the annoying cabinet or the broken fence go to voicemail. But in this day and age of tenant rights, that can come back to bite you. Especially if the tenants try to fix the issues themselves, and end up doing more damage than good.

5. Not Using a Property Management Company

This is hands-down the biggest mistake we see landlords make. Yes, it’s tempting to believe you can do it all yourself, but the truth is, property management is a business because it’s difficult to do it all right. If you want to make money, find the right tenants, protect your home, limit vacancies and grow your wealth and security over time, you need the right help.

That’s us. If you’re ready to stop fretting over your properties and start rocking at the landlord game, we’re here to help. AZ Residential Management offers marketing, leasing and monthly management to make your life easier and give you your time back. Get in touch today.


Secrets to Keeping Your Renters Happy

As a landlord, it’s essential that you keep your renters happy. When you do so, renters are more likely to pay their rent on time, and renew their lease when it comes time. This in turn helps you to have better cash flow and eliminates the need to find a new renter every year. Even better, it keeps you from having down time, when there’s no renter at all. Here are the secrets to keeping your renters happy.

Take Care of Repairs in a Timely Manner

One of the most common renter complaints is landlords not taking care of repair requests. Of course, this is difficult, especially if your rental property is far away from where you live. You can easily solve this issue and respond quickly to renter repair requests by enlisting the services of a property management company such as AZ Residential Management. This service ensures that repairs and maintenance issues are dealt with in a timely manner.

Make it Easy to Pay Rent

Most tenants want to pay rent on time, but sometimes find it hard to do so, especially when they have to wait for the mail with their checks to be delivered. As a landlord, it is frustrating to be waiting for a check to arrive. When you hire a property management service like AZ Residential Management, your tenants have a special online portal, where they can easily log in and pay their rent instantly. No more worries on your tenant’s part means happier renters in general.

Be Responsive

Every renter wants to feel like their questions and concerns are being heard. If your renter emails or calls you, it’s best to respond as soon as possible, even if it’s just a quick note to let them know you’ll be getting back to them later. When you are responsive with your renters, they will be like that with you, too. Communication is the key to all good relationships, including those between renter and landlord. An easy way to ensure responsiveness is to hire a property management service. At AZ Residential Management, your renters get the kind of personal attention they will appreciate. Our representatives are ready to help your renters find answers to all their questions at any time of the day or night.
Keeping renters happy ensures that you have an easier time with being a landlord. After all, happy renters pay on time, take care of your property, stay longer, and give you good referrals. For help with all your landlord needs, call or email AZ Residential Management today. We help you keep renters happy so you can be happy, too.

 


3 Reasons a Rental Property Can Make a Great Investment

Rental properties can make you a great deal of money. You just need to take the time to maintain the property and find renters who always pay on time. Though most people know that rental properties have the potential to make them money, many are still hesitant to take the time to get a rental property. They may not know just how easily a rental property can make you money. Here are three reasons you may want to invest in rentals.

1. Can be Hands off managed – this is a great benefit because not everyone has time to micromanage or be an in state landlord for their rental properties. Instead, you can take the time to hire a manager such as AZ Residential Management that can manage the day to day operations and you can sit back and relax knowing the job is done by a professional company. This gives you the freedom to go about your business while still making a rental income and only getting involved when there are issues that need to be resolved by the property owner.

2. Can make Passive Income – your rental properties, though from time to time you might have to do some work to it, have the ability to make what is referred to as passive income. Many months when you are not doing any repairs or needing to put in any money to resolve issues, they are making passive income. This means that you are making money simply by owning the properties. This means you can make money while doing little to nothing which is highly desired by many rental property owners.

3. Tons of Tax Write Offs- there are also tons of write offs that you can take from your rental properties which is going to help lower your overall tax liability and is also going to make your rental properties worth even more. You can write off improvements, costs of your managers, costs of employees, contracts for work on the properties, and even the cost of cleaning up after a renter leaves. This means that even though you are making money with your properties, it is not all being reported as income and can be balanced out with the help of the write offs that you and your tax preparer write against the properties. This means you are going to have a better opportunity to make more money.

For those that want to learn more about the benefits of rental properties or services to manage their existing rentals, you can visit https://www.azresidentialmgmt.com.  


A property management company can reduce the overall cost of maintaining your rental property

How A Property Management Company Actually Saves You Money

Rental properties are a wonderful way to make income but they also comes with a great number of maintenance issues that you have to keep in mind in order to keep them up to livable standards for your tenants. What might not seem like a huge deal to you at your own home may require immediate attention in the eyes of your tenant and it is your job to fix issues as they arrive.

So, how do you help to offset the cost of maintenance when you have to keep your properties looking great? Property management companies like AZ Residential Management can make a huge difference in the overall cost of your maintenance by a great deal. The first way that a property management company can help is to find the contractors that offer the best deals.

Most property management companies are going to be in contact with reliable companies that can quickly and cost effectively fix things that go wrong. The longer you wait to repair issues as they pop up the more likely you are to run into a larger bill that will result in more time that your property is not usable and more time that you have to lose money.

Property management companies like AZ Residential Management can also handle the overseeing of repairs which means that you are not going to have to take time off work to make sure they are done right. This means that you can spend more time at your day job or doing whatever else it is that needs to be done and do not have to worry that your repairs are being carried out.

On top of all of that, it also helps that you can then not have to worry about things like the basic repairs that you have to have done on your properties. Some property management companies even have staff on hand that can repair the issues on their own so there is no need to hire an outside contractor. This saves you hassle and worry and makes it possible to focus on other issues that you may be dealing with so that you are not required to waste all your energy on repairs.

Overall, residential properties are a great way to make money but repairs can get pricy. With the right property management company you can save money and aggravation and get your properties in great shape without having to spend all your money and without having to spend all your time trying to figure out how to fix the issues at hand.

If you’re looking for an experienced professional team to help manage your rental properties, then please contact AZ Residential Management. Our friendly team will be happy to assist you.


When a tenant claims bankruptcy, it can put you at financial risk

What Are Your Rights if a Tenant Claims Bankruptcy?

Owning an investment property can be a successful and fulfilling project. Not only can you own and maintain a piece of property, you can use it to increase your monthly and yearly earnings. However, dealing with tenants isn’t always easy. While most landlords worry about tenants paying rent and taking care of the property, there is another fear all landlords should be aware of. When a tenant declares bankruptcy, it can put you at financial risk. What can you do to protect yourself? Here is what you need to know to protect themselves and their investment.

 Know the Type

Tenants are able to declare two types of bankruptcy: Chapter 7 and Chapter 13. Chapter 7 bankruptcy is also known as a “straight bankruptcy” and allows individuals to discharge large amounts of debt. This debt is typically accumulated through credit cards, loans, and utility bills and is known as “unsecure” debt. Chapter 13 bankruptcy is also known as “reorganization,” and this is when an individual can take their debt and consolidate it in different ways so they can make several years’ worth of payment to debtors. The type of bankruptcy your tenant files will determine how much money you will be able to collect, how long the process will take, and even what legal contact you may have with the tenant during proceedings.

Expect a Stay

While a bankruptcy is being looked over by the court, most judges will award a stay to the tenant. A stay is essentially a block that does not allow any debtor to take legal actions against the individual filing for bankruptcy. During this time you will be unable to obtain unpaid rent through the legal system and you may be unable to evict. You may also be unable to have certain contact with the tenant, including phone calls or importune visits. Most stays do allow you to enter the property for typical maintenance and health and safety checks. An attorney will be able to tell you all conditions of any stay or injunction during the proceedings.

Know What You Can Evict For

A stay can be temporarily lifted and give you the right to evict a tenant under specific terms, one of them being knowledge of illegal action taking place in the property. Illegal drug use and endangering other tenants are both valid reasons to evict even during the bankruptcy process. Always ensure you are informing the court and an attorney about what you are doing and why with official letters.

File your Claim Immediately

If the tenant filing for bankruptcy has not been paying rent and you wish to collect, you will have to file a claim with the court. Your claim letter must include the current balance and proof of that balance. Once proceedings conclude, if there is money available to pay you the court will contact you with a date when you can collect.  

Navigating the bankruptcy process with a tenant can be a difficult and confusing process. However, you don’t have to go through it alone. At AZ Residential Management, we’re here for landlords no matter what’s happening at their properties. Our professional and dedicated team will provide consistent property management and we allow you to professionally and efficiently communicate with tenants about everything payment for maintenance.