Tips & Advice
What are the benefits of hiring a property management company?
Some of the key benefits of hiring a property management company include:
- Better tenants: The best property management companies are skilled at tenant screening. This can help you attract a higher caliber of tenants to your building. Effective tenant screening can bring in tenants who are more likely to pay their rent in a timely fashion, and who are more likely to remain long-term residents of the building. Screening can also provide you with tenants who are less likely to damage the rental property.
- Shorter vacancy cycles: If a tenant moves out, it can take awhile to find a qualified replacement. It's in your best interest to keep this vacancy cycle as short as possible, since you won't be earning any money from an empty unit. Skilled property managers can handle the process of finding a replacement tenant quickly and effectively. This results in shorter vacancy cycles.
- Freedom from the day-to-day responsibilities associated with property management: If you manage a property yourself, you'll have to deal with things like rent collection, tenant complaints, and maintenance and repair issues. These responsibilities can be bothersome and time-consuming. Hiring a property management company will help you avoid having to deal with these tasks on a daily basis.
- Reduced tenant turnover. Tenant turnover can impact the profitability of a rental unit. The best property management companies know how to keep their tenants happy, and happy tenants are a lot less likely to move out of the building and a lot more likely to take reasonable rent increases in stride.
How to find a property manager?
Use the following steps to find and hire a property manager:
- Get referrals, or conduct an online search: Start by getting referrals from sources you trust. Be sure to get referrals from multiple sources to avoid bias. You can also conduct an online search to find property management companies that are based in your area.
- Check for ratings, reviews, and complaints: Once you're built a list of candidates, check with the Better Business Bureau to see if complaints have been lodged against any of the companies. It's also wise to visit third-party review sites to see what types of ratings and reviews each company has received.
- Look at each company's current work. After weeding out those companies with credible complaints and poor reviews, look at the current work of the companies that remain on your list. Evaluate the ads posted by these companies; you'll want to work with a company whose ads project professionalism. Visit buildings managed by these companies, and speak with the tenants. The best property management companies have tenants who are happy with the services they provide.
- Conduct interviews with the top candidates: Next, conduct interviews with the property managers who remain on your list. Look for a company with staff members who are responsive to your questions and open to hearing about your priorities and concerns.
- Check licensing: At this point, you should have a favorite or two. Before signing on the dotted line, verify that the company is licensed to manage property in your state. In most states, a real estate broker license is required, while a few states require a property management license.
- Carefully review the agreement: Once you've been presented with a property management agreement from the company you've chosen, check to make sure it explicitly includes all the duties and responsibilities you'd like the property management company to handle.
Does property management require a license?
In most states, property management requires a real estate broker license. To obtain this license, you need to have a high school diploma or its equivalent, along with at least two or three years of real estate experience. Classes in real estate education are required, as well as passing a real estate broker's exam.
In a handful of states, a specific property management license is required before someone can legally manage property. This license is required in Montana, Oregon, South Carolina, and South Dakota.
How much do property management companies charge?
The rates charged by property management companies vary depending on the services provided, and location may also impact the fees charged. Most property management companies charge a rate that totals 8 percent to 12 percent of the property's rental value. Others might charge a flat fee that has nothing to do with rental value, and instead relates to the range of services provided. Property management companies might charge an extra fee for services such as tenant placement and eviction.
What is the job of a property manager?
A property manager is a professional hired by a property owner to handle the day-to-day management of a rental property. A property manager sets rental rates and collects rent from tenants, and is also responsible for finding and screening tenants. Property managers handle property-related maintenance and repair issues, and they can tackle responsibilities related to tenant move-outs, evictions, complaints, and emergencies.
What is construction equipment rental protection plan?
Rental protection plan (RPP) is an optional insurance coverage plan you can purchase at the time of rental that provides additional protection against loss, damage, or theft of rental equipment. While most equipment might already be covered under the vendor’s insurance, the RPP provides additional protection. It’s similar to what rental car companies offer you when you rent a car, even though you may already be covered. Check the language of the contract to know exactly what you are responsible for, coverage wise.
What is the most commonly rented construction equipment?
When talking about heavy construction equipment, it is usually in reference to earth-moving equipment. In that regard, the top three heavy construction equipment rentals are:
With these three pieces of equipment you can pretty much prepare and piece of land for the construction of any structure.
- Excavators that are used to move dirt, dig ditches, and move and place materials like prefab pipes.
- Backhoe loaders, which are like next-level tractors that can scoop and move earth with a bucket arm, which can be swapped out for other attachments. The front has a shovel for leveling and moving earth. It is a smaller piece of equipment than an excavator, but very versatile.
- Bulldozers, heavy duty machines with a flat blade in front used for pushing earth and grading out and leveling topsoil.
How much does it cost to rent construction equipment?
The cost to rent construction equipment is going to completely depend on what you are renting. Are you renting a jackhammer, a bulldozer, or a crane? For instance, you can rent an excavator for roughly $500 a day or $1,200 a week, while a forklift can run you $200 a day or $500 a week. The bigger the equipment, the more you are going to pay. Get quotes to confirm your costs.
What is the length of rental period for construction equipment?
Rental periods usually are set in hourly, daily, weekly, or monthly increments. Rental businesses make money on renting out their equipment, so unless there are future contractual obligations for a piece of equipment, they will rent it to you for as long as you need it. There are minimum time increments for rentals, particularly for heavy equipment. Every vendor sets their own terms, rates and restrictions, so be prepared for some variables from each one. Pick-up and delivery of equipment can also be a time and cost factor.
Do construction equipment rental companies provide delivery?
Yes, many construction equipment rental companies provide delivery of their equipment. Every vendor has their own delivery guidelines, but delivery means additional income. Most heavy construction equipment, like cranes and/or bulldozers, have to be delivered and the average renter doesn’t have the capabilities to transport it to the site. Some equipment can be driven to the site, but others require specialized trucks and trailers for delivery, and most people don’t have those handy.