Important Criteria to Consider When Evaluating Property Management Companies

property management services

It may seem that managing furnished rentals would be a pretty easy job, but most who attempt it as a DIY venture soon come to regret doing so. This is because it can be quite overwhelming, and even just owning and operating one or two furnished rentals or corporate suites can quickly take over your days and nights. It is truly a non-stop activity, and even those who are great at time management struggle to make it work. This is why many decide to work with a property management company.

property management services

Choosing Your Provider

As you might already know, no two businesses are alike and where property management companies go, you have to spend some time determining which among them is the best fit for your needs. Let’s look at some of the criteria you should consider when hiring a firm to help with your furnished rentals and/or corporate suites:

What is their actual workload?

A company that seeks to take on your furnished rentals should have no problem admitting to you the number of properties they currently manage. If they keep this a secret, look elsewhere. You need to know how many people they have available at any time to help with your corporate suites or other rentals. A recommended ratio is to have one trained staff member to every 30 or so furnished rentals.

Will they be able to screen and choose tenants based on your goals or needs?

You should have an idea of what you want done before renting the property. A good property management firm will listen to what you say and then explain whether that works with their model. For example, you may say you want background checks on identity, rental histories and credit scores. If they are unwilling or unable to handle that, you need to move to your next candidate.

Which steps in the rental process do they handle?

Are they top to bottom managers; interviewing, screening and working with tenants as they move in? Because you are going to want to be hands-off, you need to know that they are going to be good at communicating and working with tenants, handling issues, managing rent collection and more.

What are their costs?

We all know that there is a lot of truth in the saying that you get what you pay for, and when you are searching for a good property management firm, you just cannot start with the costs or fees associated with their work. You also have to consider factors that demonstrate their value. For instance, are they incredibly busy? It is a sign they are good at what they do and popular with other land owners. Do they have low occupancy rates? If so, that too is another good sign.

What it boils down to is simple: If you take the time to find a skilled and flexible provider of property management services, you see better profits and enjoy peace of mind; knowing both your properties and tenants are in good hands at all times.

Hoarding Situations and Short-Term Apartments

short term apartments for rent

It might seem entirely impossible for tenants in short term apartment rentals to create a hoarding situation, but it is far more common than you might know. One organization has determined that hoarding disorders affect up to 15 million people, and that it is an endless behavior. This means that property managers of short term apartments must take the matter seriously and make plans to address the issue if it arises.

How? There are some obvious warning signs for longer term rentals, such as a year without a single maintenance call, but even short-term apartment rentals can provide a few clues that a problem is present.

Apartments for rent

As a property manager, you will want to pay attention to the amount of garbage each tenant tosses on a weekly or bi-weekly basis. If you notice almost no trash from a renter, it may be a sign of hoarding. Odd odors are another indicator that a hoarding situation is present, and ignored efforts to get in touch is also another red flag.

If you are in charge of short term apartments, you can address the situation with diplomacy as this usually creates the best results. Because it is a disorder, you want to hold off on immediate eviction if you discover it has occurred. Instead, consult with an attorney, insert clauses that allow for spot inspections in all rentals and train any staff to be alert to this risk with any and all rentals. Remember that regular inspections as part of a rental arrangement can be the best approach to preventing hoarding in the first place.

How Short-Term Rentals in Seattle Can Really Pay Off

Seattle corporate housing

In an inspiring story from 2013, property owners can learn just how short-term rentals in Seattle might pay off, even if you (as an owner) don’t see your home as a potential rental. It was back in 2013 that a homeowner in the Seattle area encountered upscale furnished housing for the first time. Visiting a friend staying in Seattle corporate housing, she realized that her own home could become one of those profitable short-term rentals in Seattle, too.

She realized that she had to make some investments to get the home to the same level of the Seattle corporate housing she had experienced, but it was not a substantial amount. Creating a business plan, doing a bit of market research and crunching the numbers let her see she could soon offer furnished housing comparable to that stunning location she had visited with her friend.

Furnished apartments in Seattle

She did some basic upgrades and even added a small apartment for herself in another part of the house. Listing it as corporate housing, due to its premium design and décor, enabled the woman to earn her monthly mortgage and utility payments, as well as a bit of additional income. She now lives for free right on the premises and has fully monetized her Seattle home.

Are you a homeowner in Seattle or another urban area with a lot of different industries? If so, you should take this woman’s example and explore your options for boosting income, living in your home for free and even helping those who want a home-like setting while traveling for business, pleasure, medical treatment and many other reasons.