Anyone who has made the decision to purchase one or more rental properties in Phoenix to be used as an investment needs to be prepared to have an effective plan in place for managing the properties successfully. Successful property management includes finding good tenants, collecting rents on time, handling evictions and complaints in a timely manner, and ensuring that the properties are well maintained at all times.
Although owning Phoenix rental properties can be an excellent investment, many owners quickly discover that they simply do not have enough time available to take care of all the duties that are required of them. A property owner facing this situation has several choices to make. The property can be sold, the property can be neglected, or the owner can hire the services of a property manager to handle these tasks.
If the owner decides to hire a property manager, it is very important that the management services are reliable and that the service is reasonably priced. If the service is not reliable, tenants will be unhappy and will move out, causing a loss of revenue. If the service is too costly, all the profit of owning a rental property will be wiped out.
Hiring a Phoenix area management company to take care of the property can be the best solution if an owner has several properties or lives in another city. However, it is important to use the services of a company with high standards for ethical behavior. There are people and companies offering property management services who’s talk is cheap and fail to carry out their duties.
For this reason, it is very important to check the reputation of any company offering property management in Phoenix Az. You will want to be certain that the company has the knowledge and experience to handle the job in a professional manner. You will need to ask how the company will handle any repairs that are needed. Some larger companies have their own repair crew while others will hire workers on a short term basis.
Before you hire a service to manage your property, you will need to check what fees each company charges. These companies typically charge the owner an amount that is between 5% – 10% of the rental fees they collect. In some cases, the fees can be as high as 20%. You will have to decide whether you can still make a profit from your rental properties when you take the management fees into account.
A good property management company will be responsive to the needs of the owner and the needs of the tenants. The owner needs to be kept well informed of any problems that develop and the problems that any tenants express need to be taken care of very quickly.