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.
Do beauty salons offer gift certificates?
Yes, many beauty salons offer gift certificates, which allow the holder to purchase goods and services. Beauty salon gift certificates typically have a cash value that indicates the amount of the goods and services that the certificate can purchase. For example, a $50 gift certificate can be used to purchase $50 of goods and services at a salon. The certificate can also be purchased for something specific, like a hairstyle or manicure.
What is the proper amount to tip at a beauty salon?
The proper amount to tip at a beauty salon is 20 percent. This holds true for all services provided at a salon, whether it's a manicure or a haircut. If you've been assisted by more than one professional, you can break the tip down so that everyone you've worked with is compensated. In cases like this, you'll need to specify how much cash goes to each person, or you can simply put the cash in separate envelopes. A tip of $2 to $5 is appropriate for assistants who shampoo and/or prepare your hair for coloring.
How often should hair be cut?
If you want to keep your hair at a set length, it's best to get a cut every four to six weeks. If you're growing your hair out, you can space your haircuts at four- or six-month intervals. Haircuts can help address unsightly split ends, so if your strands have this kind of damage, scheduling a cut may help improve your hair's appearance.
Should customers wash their hair before arriving for a haircut appointment?
Washing your hair before arriving for a haircut appointment might be a good idea if you want the salon to provide a cut and not a wash. In this situation, washing your hair beforehand will eliminate tangles, and this will make it easier for the stylist to work with your hair and give you the cut you desire. Many salons include a wash with the haircut, and, in cases like this, washing your hair before arriving for a haircut appointment might not be necessary. If getting hair colored, it is best to not wash it before the appointment, the color clings better to slightly dirty hair and the dye or bleach might burn your scalp since it won't have the natural oils to protect it.
How far in advance should a beauty salon appointment be booked?
If you want to guarantee a spot on the schedule, it's safest to book your beauty salon appointment days or weeks in advance. This is especially important if you're working with a stylist who has a busy schedule. However, many salons offer same-day appointments. If you're making a same-day appointment, it's best to call first thing in the morning.