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.
Are there immunization requirements for kindergarten?
All states have a minimum set of immunization requirements to attend any public schools, beginning with kindergarten. All states require a minimum of vaccines for diphtheria, tetanus, polio, measles and rubella, with 49 states also requiring immunization for mumps. Chicken pox and hepatitis vaccines are also required by most states prior to entering kindergarten. Each state has their own laws, so be sure to educate yourself on your state’s requirements. Some schools might have additional requirements.
Are children required to go to preschool?
There are no states that require preschool. Most states only require that kids begin some kind of formal schooling by the age of 6 (some by the age of 7). While preschool isn’t necessary, it can be a good tool to begin your child’s development in preparation for kindergarten or first grade. It can also be necessary for working parents who need child care so they can work. Preschool is an option, not a legal requirement.
Are there standards for what children learn in preschool?
States and even local communities set their own requirements for preschool, but most of the curriculum is based on developing fundamental skills for the big move to kindergarten. Learning the alphabet, basic shapes and colors, numbers and counting, and social skills all combine to form the foundation for the basic growth skills necessary to prepare your child for kindergarten.
What is the difference between transitional kindergarten and regular kindergarten?
Transitional kindergarten, or TK as it's known, is an academic program that bridges the gap between kindergarten and preschool. Most states and schools require kids to be at least 5 years-old by a certain date to qualify for kindergarten that academic year. If your child is too young;barely missed the minimum age requirement date; or you feel they may not be quite ready academically, physically or socially to take on kindergarten, consider the TK option. TK classes build on the skills learned and developed in preschool in preparing your child for kindergarten or first grade. Your child, depending on their age, can even go right from TK into first grade, if that is the right path for them. Many public schools have TK available for children born in certain timeframe; for kids who aren’t, there are private TK options. It's important to understand that schools and curriculum can vary widely between districts and between public and private schools. Educate yourself on schools in your area to understand your options.
Must children attend kindergarten?
Most states (35) do not require children to attend kindergarten. However, most states do require that children begin attending school by the age of 6, some states by the age of 7. This means attending organized schools or homeschooling. Legally, only a few states require kindergarten. However, kindergarten is a very important time in the development of young children. While not legally required in most states, kindergarten can be a good idea in nurturing essential development of your child.