Ask yourself the following questions - Do you have experience managing rental property yourself?
- Are you familiar with fair housing and landlord/tenant laws in the jurisdiction(s) where your property is located?
- Do you have relationships with contractors that ensure you can get 24-hour service at reasonable prices?
- Do you have a reliable means to determine fair market rents and returns on your investment property?
- Do you know and have the proper notices and legal process to deal with non-paying tenants?
- Do you have a current, professionally crafted lease and related agreements/forms to minimize your exposure to liability should a tenant sue?
If you answered “no” to any of the above questions, it might be prudent to hire a professional management team. The cost of one bad decision could more than offset the cost of hiring a professional manager to help you avoid the pitfalls of rental property ownership. What is Property Manager?
At Slater Realty & Property Management, we are licensed REALTORS and members of the respective Boards of Real Estate as well as other professional associations such as the National Association of Residential Property Managers (NARPM). California Association of Realtors (CAR) and the National Association of Realtors (NAR).
Our property managers are full-time managers Why is this important?
The real estate sales market is extremely competitive. Over the last several years, demand for housing has grown and supply has tightened in many of the markets we serve. Many sales agents made a decision to supplement their sales income by small-scale rental management. As a landlord, dealing with someone who is only managing 5, 10, or 20 properties sounds good until you understand the differences between these part-time property managers and the kind we have at Slater Realty & Property Management.
To complicate matters even more, real estate sales and management have the same licensing requirements. Even though property management is very different from sales, a real estate license allows agents to do either—or both if desired. In recognition of the significant differences between sales and rentals, some states require specialized education for new licensees who choose property management as their career specialty.
Our property managers devote a tremendous amount of time and energy to staying current on rental laws and court practices. They participate in their respective property management councils and other professional organizations to stay current on fair housing laws, lead based paint disclosure and testing requirements, mold remediation and case law, asbestos, section 8 housing subsidies, and myriad other issues affecting landlords.
Agents who “do rentals” part-time frequently forgo this ongoing education in favor of playing the odds that “it won’t happen to them.” Most fair housing cases stem from rental situations. You never know when a well-meaning but inexperienced or under-educated sales agent and their landlord-client will be defendants in a fair housing case. Judgments in fair housing actions can range into the hundreds of thousands or millions of dollars! A significant number of mold and lead based paint cases stem from rental activities and can result in huge awards to plaintiff/tenants.
Can you afford not to hire an experienced, professional property manager?
The bottom line: Experience and education count! Our property management team has the experience and resources to deal with situations quickly, efficiently, legally, and with minimal exposure to liability for our landlords. AppAlert
First Advantage Safe Rent’s AppALERT is an automated search tool that identifies known terrorists and fugitives from various data sources including the FBI, federal agencies, and state and local law enforcement agencies. AppALERT helps you meet terrorist-checking obligations, required under the United States Patriot Act. With AppALERT, a search can be concluded on each applicant as part of our resident screening service.
Benefits - Enhances applicant criminal information that, when used with other crime prevention measures, can reduce the risk of crime
- Provides a compliance solution for Presidential Executive Order 13224, which prohibits the leasing of rental house to known or suspected terrorists
- Improves Fair Housing compliance by ensuring consistent screening of all applicants
- Save time for the leasing staff-all searches are run automatically without any additional input from staff
- Meets or exceeds terrorist-checking obligations found in many multifamily property master agreements.
Why use Property Management?
A Rental Home is a big investment. With all the regulations, legal issues and liabilities, it is in your best interest to hire a professional property management company.
Slater Realty & Property Management has been serving the area for over 31 years. We have and experience, and dedicated professional staff, and the best accounting system available.
We are the largest single-family dwelling property management company in the area for a reason – we have the extensive, up-to-date property management services available in our markets. Pets – Should you allow them?
Roughly 50% of tenants have a pet of some kind. Denying pets reduces your pool of potential renters.
Pros - Pet owners are normally required to provide additional security deposits.
- Pet owners may stay longer as other property available to them is limited.
- Two or more pets can actually be better than one – since they provide companionship for each other and are less likely to cause damage due to boredom or anxiety.
Cons - Pets can create odor and damage problems if not properly supervised by their owners.
- Items such as carpet generally require more frequent replacement in pet friendly properties.
- It can be difficult to obtain reliable references on pets from former landlords.
- Pet damages sometimes exceed the amount of deposits and it can be difficult to recover the excess from former tenants.
Recommendation
As with most such issues, each case is different and comes with its own set of risk versus reward considerations. The following are some factors to consider in making your decision: - Do you have pets or have pets previously been in the property?
- Does the property have older carpet?
- Do you intend to occupy the property yourself at some point? Would you likely upgrade many items in that process anyway?
- Do you have allergies that might be aggravated by pet odor/dander?
- Would allowing pets provide significant reduction in projected market times?
Landlord Frequently Asked Questions
Q: What do I get for my monthly management fee?
A: Among other things, your management fee buys: - The market presence and reputation of Slater Realty & Property Management.
- Rent collection and tenant relations.
- The expertise of one of the best property management teams.
- Twenty-four hour access to a wide array of licensed, insured maintenance vendors.
- Professionally crafted and legally tested leases and related documents.
- Access to competent, effective landlord/tenant attorneys.
- Peace of mind.
Q; How long will it take to rent my property?
A: Many factors affect the speed with which a property rents including supply/demand, time of year, location, and condition. Your property manager will recommend a market rent based on these factors.
Q: Can Slater Realty & Property Management make my mortgage payments?
A: Yes, provided the following conditions are met: - That the mortgage information has been provided.
- Sufficient funds are available to us when the payment is due.
Q: Will Slater Realty & Property Management pay vendors or my condo fees if my account balance is insufficient when the bills are received?
A: No. Real estate regulations preclude any real estate company from advancing its own funds to settle an owner’s expenses. Bills are paid when the available balance in the property account is equal to or exceeds the amount(s) owed. For this reason, it is important to ensure your account balance is always sufficient to pay all anticipated expenses.
Q: I interviewed several managers and found a lot of variation in fees. Why is that?
A: Real estate companies operate completely independently of one another and set their fees according to what they consider reasonable returns for their efforts. There are no “standard” fees for particular services. At Slater Realty & Property Management, the emphasis is on quality and we work hard to attract and retain the best management talent. We believe our program provides excellent value to our investment property owners. Our philosophy is to gain market share by consistently delivering an exceptional range of services to our landlords and tenants.
Q: My property manager has suggested that I paint, replace a few rooms of carpet, and have the house power washed before placing it on the rental market. I’m not selling—why should I go to all this trouble and expense for tenants?
A: A well-maintained property attracts better tenants, leases in a shorter time, and generally brings higher rents. Well-qualified tenants realize they are sought after and shop homes that are in good condition and offer the best value for their rent dollars. The money you “save” by not having the property in top condition will be spent on longer vacancies and the problems associated with attracting lesser-qualified tenants. Department of Housing and Urban Development (HUD) Fair Housing Law Site How would you like to enjoy the benefits of rental property ownership without the headaches? Our team of property managers can help. Don't gamble with you valuable real estate assets. Work with a market leader who can offer you performance and value – Slater Realty & Property Management Inc. Real estate has created more self made millionaires than literally any other investment available in today's society. Whether you are looking to purchase rental properties, or you are looking to rehab properties for quick profit - real estate investing can put profit in your pocket.
With the decline of mutual funds and constant fluctuation in the stock market, it is more apparent now than ever that real estate is a much more desired investment.
There are several reasons why investment properties are the best investment out there. When compared to stocks, bonds, and money market accounts, real estate is by far the most profitable investment. What kind of return is 2% - 7% (not a very good one)? With real estate you can invest a small amount of your own capital while reaping large rewards. Equity is the difference between what you owe on a property and what the property is worth. Equity may be accessed when you sell a property or when you refinance the property. It may be used to pay off higher interest loans, to reinvest, or any other reason you see fit. If you buy the right property for the right price you should have equity the day you buy it. Over time real estate goes up in value. In recent years the value of real estate has increased at dramatic rates. Buy a property low today and receive equity through time. If you are purchasing a rental property one of the major considerations you must take into account is the amount of cash flow this property generates. This is the difference between how much this property brings in each month and the amount of money the property costs you per month to own and operate. A good rental will pay for itself while putting extra cash into the owners pocket each month.
Real estate provides many tax benefits that include tax write offs, business expenses, value appreciation, tax depreciation, tax shelters, IRA benefits, tax exchanges, etc... Consult an experienced real estate tax accountant to see what benefits you can take advantage of.
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