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

The niche you have chosen should allow creation of more than one product or service. With the technological advancements in the hosting industry, from automated control panels and scripts that simplify creation of accounts, to complete turnkey solutions; there is no need to worry about spending time on the real products sold to the customer. The main ones are keyword selection, sales copy principles, graphics, affiliate programs, product creation, online payment processing, auto responders, and search engine optimization.

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.

It prohibits certain activities like: Tax payments, Payment of executive recompense, Payment of dividends, Redemption of stocks, Debt investments and Portfolio investments. Therefore, before repatriating the money, you must consider whether it is worth or not.

Checklist on what artist and product development necessitate includes: Exceptional vocals, musicianship and/or songwriting skills, Continued education and enhancement of musical skills, Quality equipment, Performance ability, Image creation and maintenance, Plan of action, goal setting, excellent promotion materials including photographs, press releases and artwork, Business management skills, Marketing, Publicity and Promotion knowledge, Online and Offline Professional management, Basic knowledge of recording, producing, engineering, and mastering, Basic knowledge of manufacturing, distribution, and sales online, brick and mortar and air-play, Good choices in members, staff and advisors, Physical and mental preparedness, Basic knowledge of finances, accounting Law and legal issues etc.

The goals for doing so are for the product owner to: Communicate the whole, Determine and communicate when releases are needed, Determine what functionality is sufficient for each release & focus on business value derived from the releases. The delivery team on the other hand will see the whole, learn about the steps to realize the vision, learn the business priorities, provide technical input to the roadmap and provide estimates for the projected features. The salesperson must lead the prospect through the various decision criteria needed in order to secure a sale. Whether your idea is the development of a product, launch of a service business, or even the creation of an event or program for a non-profit, creativity is the root of all entrepreneurial efforts starting with the vision itself.

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.

A Simple Product Creation and Product Launching Formula

If you tried to think of people involved in product creation, who would come to mind? You may think of Edison, Franklin, or maybe Henry Ford. Would you ever think of yourself as someone who can create a quality product? Product creation is actually relatively easy and product launching is not that tough either! If you follow a few easy to understand steps, you could be starting the product creation and product launching process sooner than you think.

The first step in creating your information product is to know and understand your market. This can be very time-consuming, especially if you are unsure of what to do or where to look to know your market. Studying your niche market and understanding the buzz words and buying patterns can ease the process dramatically. Personally, I would recommend networking with someone who has had success in the niche market you are considering and learn from their results. If they are into product creation and not very business savvy expect some hesitation. If they only sell products and have nothing to do with product launching or product creation you may your first affiliate (sales person)! Something else you can use to find hot trends is with the Google Trends tool.

The second step is the product creation process. Take your niche market and brainstorm ideas and topics relating to it. There are a lot of product launching contests going on recently relating to a newly created internet marketing tool. There are so many aspects to the mentioned niche that literally, and unfortunately, anything can be considered an Internet Marketing tool. The reason that anyone can basically create an Internet Marketing tool is because of something called Private Label Rights products.

What I use private label rights products for, and highly recommend them in this specific manner, is to cure writer’s block especially when it is lingering. Many people base their entire product creation and product launching on a private label rights product. This is where you can start to shine and build a strong brand for yourself. If you set goals for yourself, short-term goals to be exact, you can see your product creation come into being much faster and there is a good chance with less revision needed. If you keep hitting time restraint road blocks; however there is nothing wrong with a slow and steady approach, you can consider outsourcing portions of your project. Outsourcing can be an extremely huge benefit or just as great of a disaster.

You can find someone to outsource work to at a freelance site such as Guru.com or eLance.com. When reviewing proposals it is almost mandatory you perform a background check on them as you are in essence hiring them. Doing a background check on freelancers is as easy as asking for samples of their work and reviewing feedback on the freelance site from previous customers. Depending on the size and requirements of your project this can add up to a decent sized investment, so caution is very important. One tip I always recommend to people looking to hire an individual is to ask them what they can provide you that no one else can. This simple question gives them a chance to “toot their own horn” and acknowledge where they feel most competent as far as their skill set.

The final portion of the product creation and product launching formula is the launch. This can literally make or break the effort, time, and maybe (if you invested) money you put in to your project. There are numerous aspects to product launching and although their relevance is debated in terms to their effect, experts agree all must be followed. The person in your field who you asked for product advice from can help you substantially if you have kept in touch. If not, the first thing you need to do is to create a visually appealing website with flawless design work.

I also mentioned outsourcing before, this is one aspect of product launching I have little strength in and I always outsource this portion. The website does not have to be large however the content (ad copy in Internet Marketing) must be stellar and as perfect as possible. This is where advertising knowledge or experience is beneficial. When the site is set up you now put a lead capture form on your website.

I put two lead capture pages on all products I create on the internet and is one of the best methods of getting a solid start when you are in the product launching stage. When you gain information from a prospect or someone looking to get paid for referring sales you are able to provide them updates or specials. Many people abuse their prospect or affiliate lists by in turn emailing them with a new product daily and I find the recommendations to be totally unrelated to their original need, problem, or interest.

Another stage in the product launching stage is creating a free report or demo version of your product to entice the product to sign up to your email list. Using proper follow up with this can help generate numerous sales for you. One thing you need to ensure is that your free product completely relates to your main product that you are looking to sell.

You are now ready to advertise your product launching to customers as well as the opportunity to sell for affiliates. This is the single aspect that many product creations and launches fail on. It is actually not entirely difficult. One thing you can do is write articles (and a good amount of them) on topics relating to your product. I am a huge advocate of giving a solution in forums. When you join a forum you are normally offered the opportunity to create a signature. In your signature, you should enter the link to your opt-in or lead capture page. When you respond to posts, you are advertising your opportunity.

It is not impossible to create a product and it does not have to take a long time. You need to setup a plan and stick to it. If you get stuck, look at similar and successful products to your own and try and see how they did it. When you sit down and brainstorm you will be surprised with what you can imagine.