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What is Property Manager?
At Superior Properties we manage properties, we DO NOT sell real estate.
Why is this important?
The real estate sales market is extremely competitive. Over the last several years, demand for housing has grown and supply has tightened in many of the markets we serve. Many sales agents made a decision to supplement their sales income by small-scale rental management. As a landlord, dealing with someone who is only managing a few properties sounds good until you understand the differences between these part-time property managers and what we do at Superior Properties, LLC.
We devote a tremendous amount of time and energy to staying current on rental laws and court practices. We constantly research fair housing laws, lead based paint disclosure, radon gas testing and mitigation, mold remediation and case law, asbestos, section 8 housing subsidies, and a myriad of other issues affecting landlords.
Agents who "do rentals" part-time frequently forgo this ongoing education in favor of playing the odds that "it won't happen to them". Most fair housing cases stem from rental situations. You never know when a well-meaning but inexperienced or under-educated sales agent and their landlord-client will be defendants in a fair housing case. Judgments in fair housing actions can range into the hundreds of thousands or millions of dollars! A significant number of mold and lead based paint cases stem from rental activities and can result in huge awards to plaintiff/tenants.
Can you afford not to hire an experienced, professional property manager?
The bottom line: Experience and education count! Our property management team has the experience and resources to deal with situations quickly, efficiently, legally, and with minimal exposure to liability for our landlords.
Do you need a Property Manager? Ask yourself the following questions: - Do you have experience managing rental property yourself?
- Are you familiar with fair housing and landlord/tenant laws in the jurisdiction where your property is located?
- Do you have relationships with contractors that ensure you can get 24 hour service at reasonable prices?
- Do you have a reliable means to determine fair market rent and returns on your investment property?
- Do you know and have the proper notices and legal process to deal with non-paying tenants?
- Do you have a current, professionally crafted lease and related agreements/forms to minimize your exposure to liability should a tenant sue?
If you answered "no" to any of the above questions, it might be prudent to hire a professional management team. The cost of one bad decision could more than offset the cost of hiring a professional manager to help you avoid the pitfalls of rental property ownership. Why use Property Management?
A Rental Home is a big investment. With all the regulations, legal issues and liabilities, it is in your best interest to hire a professional property management company.
Superior Properties knows the local rental market and can get you the best return on your investment. We have a dedicated professional staff, and use current technology to accomplish your property management goals in an efficient manner. Tenant Screening At Superior Properties we can screen prospective tenants. This can help to alleviate legal and criminal problems and save you money. We maintain a close working relationship with federal, state and local law enforcement.
Maintenance Vendors Superior Properties has developed many vendors that provide discounted and quality services to our clients. They offer these discounted services due to the volume of work we provide to them. This means happy tenants and more money for you! Landlord Frequently Asked Questions
Q: What do I get for my monthly management fee?
A: Among other things, your management fee buys: - Rent collection and tenant relations.
- Effective marketing of your property using conventional methods and web based technology.
- Competitive, if not lower, property management fees.
- Twenty-four hour access to a wide array of licensed, insured maintenance vendors at discounted prices.
- Professionally crafted and legally tested leases and related documents.
- Detailed accounting and spread sheets for accounting and tax purposes.
- Access to competent, effective landlord/tenant attorneys.
- Peace of mind.
Q: How long will it take to rent my property?
A: Many factors affect the speed with which a property rents including supply/demand, time of year, location, and condition. Superior Properties LLC will recommend a market rent based on these factors.
Q: Can Superior Properties make my mortgage payments?
A: Yes, provided the following conditions are met: - A minimum of one month's mortgage payment is held as a "minimum balance" or "funding" in your property account.
- You agree to pay an additional fee equal to 2% of the monthly rent for handling of the transaction.
- Sufficient funds are available to us when the payment is due.
Q: Can Superior Properties pay maintenance vendors for services rendered for my rental property? A: Yes. As long as you have the funds available in your account, we will gladly pay vendors. There is no additional fee for this service.
Q: My property manager has suggested that I paint, replace a few rooms of carpet, and have the house power washed before placing it on the rental market. I'm not selling—why should I go to all this trouble and expense for tenants?
A: A well-maintained property attracts better tenants, leases in a shorter time, and generally brings higher rents. Well-qualified tenants realize they are sought after and shop homes that are in good condition and offer the best value for their rent dollars. The money you "save" by not having the property in top condition will be spent on longer vacancies and the problems associated with attracting lesser qualified tenants.
Pets – Should you allow them?
Roughly 50% of tenants have a pet of some kind. Denying pets reduces your pool of potential renters.
Pros - Pet owners are normally required to provide additional security deposits.
- Pet owners may stay longer as other property available to them is limited.
- Two or more pets can actually be better than one – since they provide companionship for each other and are less likely to cause damage due to boredom or anxiety.
Cons - Pets can create odor and damage problems if not properly supervised by their owners.
- Items such as carpet generally require more frequent replacement in pet friendly properties.
- It can be difficult to obtain reliable references on pets from former landlords.
- Pet damages sometimes exceed the amount of deposits and it can be difficult to recover the excess from former tenants.
Recommendation
As with most such issues, each case is different and comes with its own set of risk versus reward considerations. The following are some factors to consider in making your decision: - Do you have pets or have pets previously been in the property?
- Does the property have older carpet?
- Do you intend to occupy the property yourself at some point? Would you likely upgrade many items in that process anyway?
- Do you have allergies that might be aggravated by pet odor/dander?
- Would allowing pets provide significant reduction in projected market times?
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