Leasing & Management FAQs

Why should I use a professional property management company?

A highly skilled and diligent property manager will create far more value than their expense. Aside from addressing the day to day management responsibilities that can be disruptive and distasteful to many people, a knowledgeable and skilled property manager understands and executes the best practices on maintenance, tenant relations, risk management, rent collection, and financial matters. In addition, property managers are in the marketplace daily and know how much the appropriate rent should be on a property and how to present it when it needs to be marketed so that it rents quickly. Since Property Managers often manage many similar properties, they have relationships with contractors and vendors that often provide superior service and charge discounted rates because of repeat business and the perceived value in maintaining the relationship. In addition, having a property manager means that property owners aren’t required to spend their time collecting rent, finding new tenants, or responding to maintenance requests around the clock.

What factors should I consider when choosing a property management company?

Trust

For many investors, a rental property is one of their single biggest assets and represents a potential source of college funding for children or a safe and secure income stream in retirement. Why would anyone leave the management of this asset to someone they don’t trust?

Vision and Values

As a rental property owner, you should look for someone who shares your long term vision for your property. The manager should execute your plan and work diligently every month to earn their fee by staying on top of any maintenance, tenant, safety, or other issues which may arise. There are different approaches and attitudes toward managing rental property which impact tenant turnover, maintenance standards, documentation, short term profitability, and other factors. Clearly communicating your investment goals to the manager is essential.

One–Stop Service

One of the reasons for hiring a professional property management company is to reduce your time and stress. Don’t settle for a property management company that can only do part of the job. Many of our property owners live out of state or overseas and rely upon us to manage their investment property needs. Examples include marketing for new tenants, collecting and disbursing rent, coordinating turnovers, shopping for insurance, supervising maintenance and property improvements, and representing the owner’s interests with the homeowner’s association. At Preferred Properties we handle all of the details that come with owning property.

Knowledge of and compliance with federal, state and local laws and ordinances.

The laws and ordinances associated with real estate and housing are detailed and complicated. The consequences associated with violating those laws can be monumental. As a property manager, we have been educated and licensed on the laws associated with real estate and housing. One of our responsibilities is to provide reliable advice to our clients to prevent violations, fines, or potential criminal charges. The last thing that any investor should want is to be charged with a crime or sued because they were unknowingly breaking the law or creating a legal liability because they were unaware. Our training as a property manager is intended to protect our clients from this unfortunate possibility.

Simple things are important. For example, your property management company should perform periodic property inspections to identify potential hazards before the property is unsafe or someone gets harmed as a result. Additionally, care should be taken to insure that all tenant security deposits and all client funds are managed, held and disbursed properly and in a timely manner. Simple procedures such as holding tenant security deposits in a non-interest bearing account and notifying the tenant which financial institution is holding their deposit can create significant fines and penalties if they are not performed properly. Understanding and making sure that the law is followed is one of our primary roles.

Reliability

Property owners need to know that they can rely on their property management company to represent their interest. Property owners should know that any requests or questions they have will be promptly and honestly answered. Lastly, property owners should know that their property manager is always available. At Preferred Properties Group, we are responsive to our clients and tenants, 24/7, 365 days a year.

How do we get started?

When you contact Preferred Properties to request property management services, a representative of Preferred Properties Group will personally visit your property to assess the condition of the unit(s), meet any existing tenants, and make note of any items that may affect our decision  to accept the management of your property. Ideally, you, as the owner, will accompany us on this site visit so that you can point out any additional information about the property that might present an issue now, or in the future. The great part about a personal site visit is that we have the opportunity to point out simple improvements that can dramatically increase the rental price of your property!

How Do I Switch Property Management Companies?

Once you decide to change from your current property management company to Preferred Properties, the process is actually very simple. Just contact your existing property management company and let them know that you no longer wish to do business with them. You will also need to request that they send you all the keys to the property, as well as any maintenance reserves or security deposit funds. We often assist in creating a smooth transition from their firm to ours by coordinating with the other manager. That’s all there is to it.