There are all types of investment property owners. Some want nothing to do with the property management and others want to micro-manage.
Here are some practices that I do that owners really appreciate.
Know their level of involvement. Some want to be involved in all decisions, others want nothing to do with decision making. Others want to talk to just one person, not everyone in the office. Others want to know all the expenses, others just want to know the expenses above $500.00.
Review their Insurance with them. I have been hired by landlords that have had their asset damaged by the tenants. I learned that many landlords do not know what the right insurance is for them. A homeowner’s insurance policy, in many states, is not a landlord’s policy. An Insurance company may be able to walk away from damage and liability claims if they were never informed the property was being rented out. The owners really appreciate knowing that you are looking out for them.
Review the Property with the Owner. This should be done before being hired as the PM and every 6 months. Are there any leaks (sinks, tubs, roof, basement), are there child safe screens on the windows, do the safety features of the asset work (smoke/CO2 detectors)? Is there damage to the interior and/or exterior? Does it have a cert of occupancy? Do the utilities provide their purpose adequately?
A person needs to answer the phone. Having an answering service is great, the landlords having your cell # is better. A real person answering the phone is really appreciated during and after business hours. This is appreciated by the landlords and tenants.
Owner Income and Expenses Statements, provide these monthly. Review them before they are sent out and review these with the landlords. Make sure they know what the expenses were and any income that is delinquent. Providing the landlord with a 1099 at the end of the year is a service that goes beyond the owner’s expectations.
To talk to a Property Management Company on Cape Cod that goes beyond expectations call 508-509-4485.
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