Your rental property looked like a great investment, a way to increase your FINANCIAL SECURITY & STABILITY. But you’re finding that unexpected costs are eroding the amount of revenue you earn each month. Plus, the constant stress of tenant issues and maintenance issues leave you feeling very unstable. If this sounds familiar, you’re not alone. In fact, it’s the common experience of most rental owners to feel
- Frustrated. Your EXPENSES are higher that you projected as you have taken on the maintenance problems, regulatory issues, and tenant concerns, but don’t have the resources or experience to handle them efficiently.
- Worried. Because your INCOME is lower than expected and you’re unsure whether you’ve sent the right rental rate for the market in your area.
- Insecure. The investment you expected to produce regular income is distressingly irregular. Tenant concerns and unpredictable interruptions on your time and resources, but you have to be careful because liability issues, potential regulatory penalties, and collection problems.
- Concerned. While it’d be nice to hand the reins over to a professional manager, can you afford it? Won’t it just further reduce your income. How will it be worth the cost. And can you really trust New Haven property managers to protect your investment the way that you would?
If this sounds familiar, just know you are not alone. But keep reading for the good news.
Experienced Professional New Haven Property Managers May Actually Save You Money
Here’s how:
- Finding better-qualified tenants who stay longer and take better care of your property.
- Faster leasing processes to reduce vacancy days.
- More efficient, technology-driven systems, including for rent collections.
- Lower costs with bulk buying power on maintenance.
- Proactive maintenance and inspections to catch problems before they become more expensive.
- Strict legal compliance with federal, state, and local laws and regulations to avoid penalties and liability, with a team that stays up to date of changing rules.
- Local expertise and market experience ensures you are getting the maximum rent for your property.
- Perhaps most importantly, giving you back the value of your time.
With capable, experienced professional property management on your side, you can enjoy the FINANCIAL SECURITY and STABILITY that brought you to owning an investment property. The problem then is, which of the New Haven property management companies can you trust? You need to know what questions to ask to make sure they have the EXPERIENCE, PEOPLE, PROCESSES, & PERFORMANCE to actually do what they say they can do, and what you need them to do.
Do they have the necessary EXPERIENCE? Managing a single-family home is much different than managing apartment complexes, commercial properties, or other property types. Whether you have one single-family home, several, or a mix of properties, you need to know what experience they have that will match your needs. And, if they claim to stay current on all federal, state, and local laws and regulations, how do they do so? And how to they ensure their properties are in compliance. On what basis to they set rent? Why is it reliable?
Who are the PEOPLE on their team? You’ve heard the expression “jack of all trades, master of none.” That’s not who you want to trust your investment to. You need a team of experts to get it done right, ones for leasing, accounting, legal compliance, maintenance, brokers, and tenant support. You should ask who will be doing each of these for your property and what their qualifications are. Also, find out about their standards and whether they match yours. You should avoid individual managers who say they can do it all or discount operations–they’ll be more likely to miss problems or cut corners.
What are their PROCESSES? How do they manage marketing properties and showing homes? How do they screen tenants? What about tenant screening, lease signing, move ins and move outs, lease renewals, rent payments and collections, inspections, maintenance and vendor management, legal compliance, and tenant emergencies? And what about communications? How will they keep you informed about what is happening with your property? You should expect owner statements each month, along with financial reports and 1099s at the beginning of each calendar year for your tax reporting. It’s these kinds of processes that will go a long way to justifying the cost of professional management.
Finally, how is their PERFORMANCE? Find out whether other property owners are satisfied with the service they’ve received. How are their online reviews and ratings? How do they compare with other New Haven property managers? Do they have customer testimonials? How is their standing with the local Better Business Bureau and state real estate agencies?
Another expression you’ve surely heard is “you get what you pay for.” When it comes to New Haven property management companies, this means that going with a less expensive option may end up costing you more in the long run. Because you’re looking to earn more, not spend more, keep in mind that your investment property is an asset, not a commodity. Weigh the value of the property (and its potential return) against what may be illusory savings of a cut-rate manager. Also, watch out for hidden costs–make sure what you’re paying covers all aspects of managing the property.
If you are looking for a top-rated expert and professional New Haven property managers who will manage every aspect of your property without hidden fees, you can trust Real Property Management Southern Connecticut. We have the EXPERIENCE, PEOPLE, PROCESSES, & PERFORMANCE to get you the FINANCIAL SECURITY and STABILITY you’ve been missing. GIve us a call today and find out what we can do for you.