Make Finding a Property Management Co Easier on Yourself by Asking the Right Questions

This is a four part series where we have outlined important questions to ask a property management company before hiring them.

Series 1 Company’s credentials
Series 2 Property management services
Series 3 Property management fees
Series 4 Tenant screening process

Property management companies come in all sizes, capabilities and expertise. Just because one works for one investor doesn’t necessarily mean they will work for you. Below we have outlined some important questions to ask a company during your initial interview process. Their answers to these questions will provide insight into their business capabilities, credentials and areas of expertise,and can provide you with an understanding of the type of services they offer which are important to you.

Series 1 – Credentials

Years in the business – Years in the business can equate to experience and stability within a company. Of course things such as changes in key personnel or senior management can jeopardize this. But generally this is a good indicator of a company with a solid foundation. Chances are they have solid processes and procedures in place to streamline the management of possibly hundreds of properties all at the same time. Make sure these “years in the business” are related to property management and not sales only. Just because they have 30 years running a real estate sale department does not make them an expert in property management or tenant relations.

Done business under another name – You should do your due diligence and contact the Better Business Bureau or other reliable service such as Dun & Bradstreet to see if the company your interested in has a good track record or any consumer complaints filed against them. The Better Business Bureau assigns grades from A to F with pluses and minuses. A+ is the highest grade and F is the lowest. The grade represents BBB’s degree of confidence that the business is operating in a trustworthy manner and will make a good faith effort to resolve any customer concerns. If the company your interested in has done business under another name you will want to check the track record of this business entity also.

Property Management Only or Sales also – Some investors will only hire companies that deal strictly in property management when it comes time to managing their rentals. These companies are focused on every aspect of property management since this is all they do, and they will not be influenced in trying to get you to sell and making a sales commission.

Other investors may find security in knowing they have a management company that is well verse in sales. A company that offers both sales and property management can be very useful if you plan on buying multiple properties and want to work exclusively with one company for buying and managing all these properties. These companies typically will have a good grasp of the overall market condition whether buying, selling for owner occupied or investment.

Real Estate or Brokers License – In order to practice business as a property manager some states require they process a Real estate or Broker’s license. To receive a license requires extensive education as well as passing the state’s licensing exam. In order to keep their license current they must also participate in ongoing courses. These courses and license designations cost money and show they have a commitment to their trade. Other states may only require a certificate, which consists of basic classes and passing a class exam.

Staff personnel – Some management company may employ hundreds of employees, while others may be run by a sole proprietor. What you want to find out here is the ratio between their portfolio of rental properties and managers they employ. In other words, if they manage several hundred properties yet only have two staff managers, they may be overworked and unable to give you the service you expect.

Type of properties you manage – Some property management companies manage all types of properties while others specialize in one type, such as residential. If you have a single-family house that needs managing, a company with 90% of its properties being commercial property may not be a good fit. Typically commercial and community association management is the most profitable for a property management company. And some residential property management company may prefer to manage only multi-unit apartment buildings of a certain size and not manage single family houses at all.

Associations/Affiliates – They are many local and national associations that are tailored for the property management community. These associations are full of valuable information, and are a great way to network amongst others in their industry. Once a member of these associations you have numerous channels of educational classes and seminars all geared toward enhancing their skills as property managers. Upon completing class requirements many are given professional designations to promote them as a professional in their field. Some popular associations are “National Association of Realtors®” (NAR), “National Association of Residential Property Managers®” (NARPM®), “Institute of Real Estate Management®” (IREM®), “Community Associations Institute” (CAI), “Building Owners and Managers Association” (BOMA) and the “National Apartment Association” (NAA).

Coming soon: Part 2 of 4 “Make finding a property management company easier on yourself by asking the right questions”- Property management services

Karen McDaniel
Principal/CEO
Property Management Profile LLC

Property Management Profile offers the most up-to-date listing of full-service property management companies nationwide. We have become a wealth of information and resource for the first-time landlord as well as the seasoned investors. We should know what we’re talking about, as owner and creator of Property Management Profile, Karen McDaniel, has owned and managed many of her own properties. Today, all are managed by professional property management companies, so she now has more time to continue her work educating and helping others make better choices when it comes to finding a qualified property management company.

Considerable Factors Involved in Product Creation & Marketing

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Once you’ve earned money from this type of information product business, you can invest in the creation of your own products if you want, or start offering more informational products that allow you to sell your knowledge. But the creation and production costs of a similar big ticket in sequence product, although higher, are still pretty low. A key by-product of this process will be the creation of 3-D, Computer Assisted Design art.

The Association for Financial Professionals permits the following activities for repatriating funds: Research and Development activities, advertising and marketing programs, hiring and training new recruits, acquiring patent and other rights to intangible property, improving transportation, funding capital investments with the purpose of job creation and job retention & funding product responsibility or environmental claims.

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People quickly learn to spend their time on marketing and product creation, rather than repetitive tasks. Apart from empowering companies and individuals, there should be a particular focus on identifying labor intensive businesses that have the potential to make a significant and positive impact on employment creation as well as those businesses that have a product or service offering for export markets with the final objective of booming local economies.

How Easy is it to Start a Christian Home Based Business?

Is Starting A Christian Home Business Easy?There are three parts to the answer of this often asked question of “How Easy Is It To Start A Christian Home Based Business”. The first part depends solely on YOU. How badly do you need to have your christian home business turn to profit? How much time are you willing to invest even if the income is not there right away? Are you a dedicated person who does NOT give up easily and sets realistic goals then tackles them? There are many more questions about YOU, but this is a good start. The second part will depend on the christian home based business company that you decide to start from home. Does the company have a pay structure designed so that anyone, even beginners can begin to turn a profit immediately? Is the christian business reputable, established and legitimate? Does the christian based business encourage ethical and honest practices within the company? And the list goes on of course. The third part depends on which sponsor or christian group you decide to come into the christian business with. Is the sponsor or christian group knowledgeable about the company and how to conduct the business to be profitable? Does the sponsor or christian group have advertising campaigns that beginners are able to tap into while they are in your first stages of the learning? Does the sponsor or christian group have a constant source of communication, because communication is KEY in home based business. Those are just a handful of questions to keep in mind when start a christian home based business.Can Anyone Start A Christian Home Business?Yes, anyone with a computer, telephone, and email address can start a christian home business for the very first time. But do not get the wrong idea, just because you have the three above items, does not mean, POOF you will magically be in the profit zone right away. You will need to learn the proper skills it takes to utilize each of those 3 items so that they do the work for you. Basic computer skills and an active email address are usually all it takes to get off the ground running, but having telephone skills and knowing how to talk to people is a definite plus with any business, not just home businesses.What To Look For In A Christian Home Based Business Company?When choosing a christian home based business for the first time, there are some key elements to consider. Is the opportunity affordable for anyone, even smaller budgets? Typically what you want to look for is a good price range to join, to profitability ratio. A good price range to look for is anywhere from 30-60 dollars to join and or on a monthly basis. And here is why. If you get into a business that only cost below 30 dollars to join or on a monthly basis, this means that it is nearly impossible to become profitable because the company does not have enough money coming in, to pay a decent amount to their representatives (you). Now, any higher than 60 dollars is going to be a far stretch on new members who are on a limited budget, so you want to keep it within reason for everyone. Within the 30-60 range is perfect because it does not strain everyone’s wallet, and there is plenty of money coming into the company to create sizeable commission checks to their representatives (you).