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 are the benefits of a nursing home compared to home care?
A nursing home provides certain benefits compared to home care. At a nursing home, individuals have 24-hour access to care from a wide range of medical professionals and specialists, and this can be essential for those who are dealing with critical health conditions. Home care usually involves just one professional working up to eight hours a day.
Also, a nursing home provides a more social atmosphere, and it creates an environment in which those needing care can interact with their peers. Individuals receiving home care are more isolated, and this can sometimes lead to depression.
Is a nursing home more expensive than home care?
A nursing home is typically more expensive than home care. Staying in a nursing home can cost $220 per day or more. Hiring a home care aide can cost roughly $20 per hour, and that means for a full eight hours of care, you'll pay $160 per day. Home care offers the benefit of allowing seniors to remain in familiar surroundings, but a nursing home is perhaps the simplest way for a senior to get round-the-clock access to medical-grade nursing care.
How do you determine if an elderly person is a good candidate for a nursing home
An elderly person is a good candidate for a nursing home if:
- They need more care and medical attention than family members are able to provide.
- They're not mobile, and have difficulty transferring from a bed or wheelchair.
- They're unable to handle daily tasks such as tidying the house and bringing in the mail, and have begun missing regular appointments.
- They're having difficulties with meal preparation, and show signs of having missed meals.
- They're having difficulties with personal hygiene, and have a hard time with activities such as bathing, toileting and brushing their teeth.
- They've begun falling on a frequent basis, and show symptoms such as fractures or bruises.
- They need regular and frequent care from a professional such as a social worker or a physical therapist.
What is the difference between skilled nursing and assisted living?
There are certain key differences between skilled nursing and assisted living. With skilled nursing, care is provided by a trained professional, such as a nurse. Skilled nursing care is available in a wide assortment of settings, and it may be provided for those living at home, in nursing homes (which are also known as skilled nursing facilities), or in assisted living facilities.
With assisted living, individuals primarily receive support with activities of daily living, such as bathing, dressing, and eating. This support is provided in a residence known as an assisted living facility Programs there are available that provide light assistance with things like laundry and errands, and individuals can also choose plans that provide more intensive care. In general, an assisted living facility provides individuals with a greater level of independence than they'd typically get in a nursing home.
Skilled nursing is a type of care offered to seniors and those living with disabilities or injuries. This type of care is provided by a trained professional, such as a registered nurse or a physical therapist. Skilled nursing care may be required as a short-term measure for those recovering from injury, and it may be needed on a long-term basis by those who suffer from chronic medical conditions.