Residential property management; it’s not everyone’s cup of tea. In fact, it’s one of those jobs that takes a very special person; and that’s still not completely right. Reality is, it takes a lot of special people with very special skills to successfully manage residential properties. Where most property management companies go wrong is they try to short staff, so as the old saying goes their employees become “jacks of all trades and a master of none”. Is that really who you want taking care of your residential property management. Let’s look at what it takes to perform residential property management.
The job: residential property management
What is the job, residential property management? Here are just a few of the basic expectations for any residential property management firm, the basics:
- Marketing of the property to perspective tenants
- Leasing, which includes:
- Qualifying tenants
- Background checks
- Lease preparation and move-in/move-out walk throughs and instructions
- Collection of rents/assessments/late fees
- RFQs including vetting of vendors/contracts/contractors
- Risk assessment and risk mitigation
- Repairs and maintenance both long and short term
- Project management
- Strategic planning for short and long terms goals
- Knowledge of local/state and federal lease laws
- Interpretation of regulations and laws both internal and external and their enforcement
- Legal representation as needed
- And the list goes on and on and on…
Starting to look like more than one person to you too; in fact, is it starting to look like more than 3 or 4 people? When RISE opened its’ doors in Houston they looked at residential property management and decided, just like it takes a village to raise a child, it takes an incredible number of very specialized, very talented individuals for successful residential property management.
Comparing residential property management
If you’re shopping for property management, take time to become familiar with the expectations you and your fellow owners/tenants may have. Not all properties are the same, not all have the same needs. More importantly, consider if a company that only employs a small team for your property management is really the best decision in terms of fiscal and physical security.
If I’m honest, I’ll share a secret here, the folks at RISE have developed a residential management model that is phenomenal and it is right for everyone! Not only do they cover everything on the list and more, but they do it by allowing you to tailor your plan and share resources with other properties in your area, cutting your cost significantly. The RISE model is the Cadillac of residential property management.
Want to know more about what to expect from residential property management, get info from people who do it every day, explore the RISE difference at riseamg.com or contact RISE at (713) 936-9200 or firstname.lastname@example.org.