Reno

Real estate investors have to watch every dollar that’s spent on their rental properties, so it’s understandable that you’d be wondering if professional property management in Tampa is really worth your money. This is a fixed expense that you’ll have to pay every month; is it really worth your money?The simple answer is – yes.Today, we’re talking about what property managers do for you and why the management fee is well worth paying.

Tampa Property Managers Wear Many Hats

A good property management company will take care of everything for you from A to Z. The ultimate goal is to ensure your investment property is cash flowing consistently and earning you the money you expect it to.This includes the basic day to day tasks such as rent collection and lease enforcement. Collecting rent on time is an important function of property managers, and a good rent collection policy needs to be documented and enforced. If rent isn’t collected on time, your property will send notices and put pressure on your to show them you’re serious about on-time payments.Enforcing the lease agreement is also a critical part of what we do. To protect your property effectively, we need to make sure there aren’t any unauthorized pets or in the property. There isn’t any kind of emotional attachment between property managers and tenants or property managers and rental homes. We can make business decisions that are best for your bottom line.

Managing the Tampa Leasing Process

The value of what you pay a property manager starts with the leasing process.Before you even place a resident and start collecting rent, you can count on your property management company to prepare your home for the rental market, make the necessary repairs and upgrades, and clean it thoroughly from top to bottom. All of your landscaping will be attended to so there’s great curb appeal to attract the best .Screening in accordance with fair housing laws is another major reason to pay for a professional property manager. You won’t have to worry about drafting the lease and including all the necessary disclosures. All of the required processes are in place and things are handled expertly. You pay your property manager to collect the security deposit and the first month’s rent as well as any extra pet fees and deposits.

Tampa Rental Property Maintenance and Management

You will also have the benefit of expertise and relationships when it comes to maintenance. Your property manager will take care of all routine, emergency, and preventative maintenance, and we’ll be able to ensure the work is done professionally and cost-effectively because we work with the best vendors and contractors in Tampa.Communication is a critical part of what you get from professional management. Your property manager will share information and discuss strategy. You’ll have someone who deals with your and handles any conflicts or concerns. When a resident is moving out, your property manager will handle the inspection and the security deposit and preparing your property for the next tenant.There are a lot of moving parts, and your property manager handles all of them.

Property Managers Run Your Business for You

With a professional Tampa property manager, you can leave the running of your business in capable and experienced hands. You’re working with someone who has established policies, procedures, and structured systems. Your property manager is keeping your clients () and ensuring the revenue of your business is strong.There’s also a lot of protection available when you work with a management company. You can expect your property manager to keep you safe from claims and lawsuits. One out of three landlords are involved in a lawsuit every year. These lawsuits may concern fair housing violations, mistakes with the Fair Credit Reporting Act, evictions, and discrimination. If you’re not operating your property like a business, you’re putting yourself at risk.There is a lot of value available to investors who use property managers. We could spend all day talking about what property managers do for their money.Most importantly, your property manager is a part of your team. You receive a lot of leverage when it comes to managing your business if you have a good property manager working with you. We are here to do the things that you don’t need or want to be doing yourself.As an investor, you probably buy real estate as an end goal. You’re not investing to have a second or third job. You use a property manager for the same reason you use a CPA or an attorney or a car mechanic. The expertise is worth even more than the actual tasks that are handled for you.Sophisticated investors want a property manager who will take care of every aspect involved in the leasing and management of an investment property. Property owners should be able to trust you but also have the ability to verify the work that’s being done. You can go and live your life while your property manager takes care of your asset.If you want to talk more about the value of a Tampa property management company, please contact us at Mynd Property Management. Whether we’re managing your property or not, we love educating investors and talking about how to have a better rental experience.We also have other opportunities to connect with us and learn more about investing in Tampa. You can also visit our Facebook group of investors, which is called Master Mynd. It’s a real estate investors’ club, where you can exchange ideas with other owners. Check out our weekly podcast as well, called The Myndful Investor. We invite leaders in real estate and property management to talk about their success and, more importantly, their failures. There’s a lot to learn from this relatable content.

We all know that owning investment property comes with risk. There’s always a good chance that investors could fail. Sometimes, it’s not the investor’s fault at all, simply a condition of market trends or the industry in general. In Portland, there are a few specific reasons that investors fail. Many investors who can’t succeed end up getting out of real estate altogether. We want to prevent that from happening to you.

Portland Real Estate Investors Try to Do Everything Alone

There is a really common pattern in Portland, and maybe it’s true outside of Portland as well, in which investors feel that they can and must do everything on their own.If you don’t want to fail with your real estate investment, you need to operate with a view of the long term. This is true whether you’re investing in Portland real estate, investing in stocks, or starting a business. Lots of people read success stories about business people becoming multi-millionaires overnight. It does happen once in a while perhaps, but a lot of time investors get rich slowly and steadily over time. Be prepared to put in the work for months and years.Investors often get excited by buying their first investment property, and they will try to self-manage that property without realizing how much time it takes and how much knowledge is required. It’s very easy to think that it doesn’t take much, and they can do everything that needs to be done on their own.But, this isn’t always true.Maybe an investor will have a bad experience with their resident or find out the requirements of the Portland rental rule book is way more complicated than they originally thought. The rules and regulations in Portland are so complex that the time, energy, and frustration is too much for most investors. It’s easy to forget something or misunderstand something, and then you’ve made a mistake that has the potential to be very expensive.Landlords who are trying to do the maintenance on their rental properties themselves will find that it’s very easy to fail as well. Not only are they losing their evenings and their weekends, they’re probably not doing as good a job as what a professional and licensed vendor or contractor could do. They may not be responding as quickly as they would if they were working with a Portland property management company, and that upsets the residents.When rental property owners try to do everything on their own, they’ll likely get burned out within three to five years. Ultimately, they’ll decide that real estate investing is not for them, and they’ll decide to sell their assets and stop dealing with it. This is a shame because if they had simply worked with partners and property managers, they could have kept the property for the long term and earned a lot more money.

Investors Make Mistakes Not Running a Rental Property Like a Business

If an investor buys multiple properties, the stakes are even higher. If you own 30 rental properties throughout Portland or even in a single building, scaling those assets will bring you huge successes. But, if you get out of the real estate investment game because you’re frustrated with how things work, you need to take a look at where your process went wrong. Were you trying to do too much?Investors who fail often fail because they don’t run their properties like businesses. Anytime you want to run a business and you go to the bank, the bank will want to see a business plan. If you were to ask an investor if they had a business plan, 99 percent of them would say no. They know that their property is a business and they know there are laws and regulations and expenses. But, they are not putting it all together and understanding that they need an actual business plan as well.A business plan is going to help you understand your strengths and weaknesses. It will help you leverage the expertise of other people. Don’t let your ego mislead you into thinking you have to do everything yourself. It’s not your job to lay tile or put up dry wall.When you have a Portland property management company, you are leveraging their staff. You have access to accountants and maintenance personnel. You have qualified people to lease the property.Most people do not buy real estate to have a second or third job.

Rulebooks Don’t Exist for Real Estate Investors

There is not a rulebook that tells you how to run your rental property.So, it’s a huge mistake to try to do everything on your own. There’s actually a standardized way of doing most things, and best practices that have been perfected over the years. Normally, your professional property managers will know how to handle every situation that’s encountered. They’ll operate within policies and procedures and effectively run your property like the business it is.There are a lot of laws and regulations in place here in Portland, and most of those are favorable to your residents. That’s going to make things more complicated in this business.Don’t let yourself fail as a real estate investor in Portland. It’s very easy to succeed when you think in the long term, surround yourselves with experts, and remember to run your property like a business. Contact us at Mynd Property Management to learn how to succeed with your Portland investment property.You can also visit our Facebook group of investors, which is called Master Mynd. It’s a real estate investors’ club, where you can exchange ideas with other owners. Check out our weekly podcast as well, called The Myndful Investor. We invite leaders in real estate and property management to talk about their success and, more importantly, their failures. There’s a lot to learn from this relatable content.

When investors purchase a rental property, they expect that routine and preventative maintenance will be part of what they need to do to protect the condition of their investment and to meet the needs of their residents.Emergency maintenance is something else entirely. It seems to always happen overnight or on a weekend, and it requires you to be prepared, have a team of vendors and contractors ready to respond, and a maintenance budget that can absorb the costs.Emergencies are difficult. They are difficult on you, your tenants, and your vendors. It’s important that you have a good relationship with your residents when you have to respond to emergency maintenance. You’ll need to communicate well and stay professional. Remember – you’re running a business, and you’re responding to a business need when an emergency occurs.Today, we’re focusing on how to prepare for and respond to emergency maintenance situations at a Portland rental property.What do investors need to know?

Educate Your Residents on What Constitutes an Emergency

One of the biggest fears that real estate investors often have is: what am I going to do when I get a phone call from my resident at 2:00 in the morning because there’s a leak or a toilet isn’t working or the heat won’t turn on?The answer is this: you have to set up policies and procedures, and you have to manage expectations.Educate your residents on what is an emergency and what isn’t. Fires and large water leaks are obviously big emergencies. Anything that puts your residents in danger or puts your property in danger should be considered an emergency.Everyone can agree that a fire or a flood is an emergency. But, beyond that you should make sure your residents are on the same page as you in terms of what requires a phone call in the middle of the night. You need to educate your residents and you need to be open to communicating with them. Before they even move in, have a conversation about the procedures that you expect them to follow when a repair is needed. This is the perfect opportunity to discuss what an emergency is and what a routine repair is.This will help residents understand that 99 percent of the things they may have considered to be an emergency are in fact not emergencies at all. You should be thinking from a legal standpoint when it comes to identifying and explaining emergencies. Does it make the home uninhabitable?Educating your residents through an orientation process at the move-in point is a great way to avoid any misunderstandings about emergencies. They want to be aware. You can put something in writing so they can refer to it if they’re not sure whether what they’re experiencing is an emergency. You can also give them some helpful tips and training. For example, when they’re moving in, show your residents where the water shut-off valve is. When you do this, you put a lot of power into the hands of your residents. If there is a water leak, they know how to shut off the water before calling you.Residents can be trusted to handle the first steps of an emergency. And, they should always understand what an emergency isn’t.

Working with Professional Portland Property Managers

Emergency maintenance is one of the best reasons to hire a professional Portland property management company. It takes this headache and hassle of your plate entirely.When you work with an experienced property manager, you get a 24-hour emergency maintenance line. Obviously, as an individual landlord, you might not be able to get a contractor out there to your rental property at 2:00 in the morning or on Christmas Eve. But, when you work with a property management company, you know you’re getting a team of vendors who are committed to their best clients. Your property will be first in line, and someone will be at the property when the sun comes up. This is more than peace of mind; it’s also a higher standard of workmanship and better pricing. Your relationship with a property manager will make handling emergency maintenance issues much easier.More importantly, you want to make sure you are protecting your residents. Obviously, an emergency response is important to the protection of your investment’s condition. But, taking care of your resident’s safety and security is your primary responsibility. You don’t want to leave your residents in an unsafe or uninhabitable situation.Legal trouble can find you down the road if you don’t respond right away to residents who don’t have water or heat. Educate yourself and your residents on what emergencies really are, but never put them in danger. You don’t need the lawsuits or the claims. Even if you cannot respond to the problem right away, you can do whatever is possible to prevent the problem from getting worse.At Mynd Property Management, we have a structured response to any emergency maintenance situation. We work with some of the best vendors and contractors in Portland, and we work closely with our residents to make sure we are all working together to take care of the property. You won’t have to worry about getting a phone call in the middle of the night or trying to find a vendor at the last minute who is willing to help you. Contact us at Mynd Property Management for more information.You can also visit our Facebook group of investors, which is called Master Mynd. It’s a real estate investors’ club, where you can exchange ideas with other owners. Check out our weekly podcast as well, called The Myndful Investor. We invite leaders in real estate and property management to talk about their success and, more importantly, their failures. There’s a lot to learn from this relatable content.