Many people find owning property to be a satisfying and efficient way to earn a monthly income. It can be their primary source of funding, a way to bulk up their child’s college fund, or a side business that helps supplement earnings from a more traditional job. And choosing the right Little Rock Property Manager for your property is one of the most important decisions you can make when it comes to safeguarding this income.
One essential quality of a good Little Rock property management company is consistent, timely, and clear communication. But what else should you take into account?
First, we recommend that you make a list of what you want in a Little Rock property manager. This list doesn’t need to be complicated. However, the act of writing down what you’re looking for often helps streamline your search. It aids in being as efficient as possible when narrowing down your options.
A list is also a great way to help build awareness of what your goals might be when it comes to managing your house. Many people like to write their ideas down because it makes it easier to get the ball rolling and makes the process much less daunting.
Here is our list to get you started:
The first step in beginning to look for a property manager should be taking a peek at your budget. This is also a good time to consider what your goals are one, five, and ten years down the line.
Are you looking to take on more properties as funds come in, or are you happy with the house(s) you already own? Do you want to make a certain amount annually to put into your daughter’s medical school fund?
Do you want to earn enough to get a tan every winter on that Caribbean Island you and your husband discovered last year?
Don’t worry—you don’t necessarily need the answers to all of these questions.
Making specific, quantifiable goals is the first step to success. And knowing what you want in the future can help you select the property manager who will help you achieve these goals, no matter how far away the goals seem now.
You’ll also want to consider how much you’d like to pay for the peace of mind that comes with having someone take care of your rental home. Depending on your circumstances, think about how much baseline profit you’ll need to make each month to meet your expenses.
There are nearly 40 different neighborhoods in Little Rock. You could consider choosing your Little Rock Property Manager based on their familiarity with the neighborhoods your properties are located in, or their expertise in residential (versus commercial) property.
At gkhouses, we specialize in residential property management and don’t manage commercial properties. If you are looking for a property manager to handle both, you can find them in Little Rock.
How much marketing do you want your Little Rock Property Manager to do? Would you like a more tech-savvy manager who might incorporate various social media platforms to recruit tenants, or would you prefer someone more old school?
How aggressive do you want the advertising to be?
Who is your ideal tenant, and how would this property manager help you find this kind of tenant?
How extensively do you want the tenant screening to be? How involved would you like to be in the process?
One major benefit of hiring a Little Rock Property Manager is that you don’t have to deal with the hassle of collecting rent each month. Especially if you own multiple buildings, ensuring each tenant is paying promptly can take up a lot of time.
Managers also coordinate background checks, check references, run credit checks, and review applications. This will help assure that you have the best tenant possible.
What kind of maintenance services does the property management company offer? Are their vendors licensed and properly insured? Would you like around-the-clock maintenance? Is there a general contractor on the payroll, or is this labor outsourced?
You might also think about the age of your house, and how often it will likely need repairs.
A newer home will likely require less attention than an older building, though of course, this is not always the case.
Does the Little Rock property management company primarily deal with newer condos and single-residence homes, or are many of their properties more than two decades old?
What kind of accounting services does the company offer? What is the reporting system like? And how often would you like financial reports of your properties?
Do they have anyone on staff responsible for the accounting function? Or is it more of a ‘one-man-show’ where the owner wears multiple hats?
Your money is important, so this question is one you need to explore until you’re satisfied.
Do you want a property manager with a decade of experience in Little Rock? Maybe you are fine with someone with less experience, but a more outgoing, aggressive personality.
Property managers handle a lot of loose ends, and the time you’d spend on these little issues can certainly add up.
For instance, when’s the last time you checked the Arkansas fair housing laws? What bases do you need to cover when it comes to ensuring your paint meets legal standards?
Are there any mold issues in your home, and what would your options be if a tenant did find toxic mold?
What if a tenant were to bring a lawsuit against you? This is something a property manager can help with.
Property managers are also well versed when it comes to landlord/tenant laws, which can become complex. This is especially true when it comes to the various state and federal litigation.
Do you have a painter you can depend on? What about an electrician, or a repairman?
Property managers have worked hard to build relationships with other vendors. You can rest assured that the pricing is fair and that the quality of the work is high.
How do you feel about writing up lease agreements? A Little Rock property manager can help with this as well, providing a time-tested, consistent, detailed lease that covers all of the bases. This way, you won’t have to use a lawyer. Or worry about missing an important component in the document that could end up costing you in the long run.
It helps to clearly define your goals as you begin to find the right Little Rock Property Management company. We find that the relationship you build with your property manager is key to your investment success.
If you would like to learn more about our property management services, visit our Little Rock page and find out if we might be a good fit for you!