- Do I really need a property manager?
- How do I pick the right Property Management Company?
- How long does it take to get HomeQwik working on my home?
- Why HomeQwik?
- What type of Arizona rental properties can you handle?
- What cities do you cover?
- How do I get info on my rental property?
- When do I get paid?
- What if a tenant needs to be evicted?
- How do you handle Maintenance issues?
- Can I do my own Maintenance?
- How much rent can you get for my rental home?
- How fast will you get a great tenant for my rental property?
- What type of Leases do you offer?
- Can you help me sell if/when I no longer want to keep the home?
For more information about Phoenix Property Management, please visit our educational blog.
Do I really need a property manager?
It depends on how experienced you are, and how much time/money you can invest while you learn. On the surface, managing a rental property seems like a pretty simple proposition. When you really get into all the ‘little’ things that can happen with a home and a tenant, and the laws that govern how you work with both, it is more than most people can handle well. That’s why very few people manage their own rental homes long term. Most people handling a rental home for the first time will end up going with a property management company, or let frustration push them out of real estate investing entirely. How much does it cost you every day to have your property sit vacant? If you don’t know you should figure it out. Rent/30 is the cost of each vacant day while your busy life commitments push the rental to the back burner. Most people can’t afford NOT to hire a professional property manager.
Unless you have a solid background in property management, your most expensive choice will probably be to ‘save some money’ and manage the home yourself. Unless you are very good at pricing your rental, running an ad, taking calls, and negotiating a lease, it is easy to add a month or two to each vacancy. You may lease the house for less than it is worth, or settle for a tenant you can’t properly screen. Unless you are experienced with managing the tenant, it is easy to have a simple 30 day eviction turn into 60 days or more of lost income. With a regular full time job taking your time, even seasoned experts can rarely manage their own rental home efficiently enough to save money over a professional property management company. Those extra vacant months quickly cost you more than Management fees ever will.
How do I pick the right Property Management Company?
Your property manager will have a huge impact on your experience as a real estate investor. We are investors ourselves and have tailored this company to be exactly what we wanted (and could never find) in a property management company. If your property manager can’t say yes to everything below, red flags should be going up for you!
- Do they get it? If they don’t own investment real estate themselves, they can’t possibly understand what it is like to be an investor, to have a vacant property, or to be left out of the loop. We believe it is impossible to effectively manage a rental property without that personal experience! If your property manager knows what it is like to have a bad tenant, they will screen better… if they know what it is like to pay that mortgage with no rent, they will be more committed to getting the home leased… etc. If they aren’t passionate enough about real estate investing to be in the game themselves, how careful will they be with your investments? If they don’t nail this one, keep shopping.
- Can they really focus on YOUR home or are you just #2,000? The critical thing to each investor shouldn’t be how many houses you manage, but how you will manage their ONE property. Before you sign up with a huge company, make sure they can provide you with the personalized care you deserve. How can you tell if they do a good job? Check them out with the BBB, the Arizona Department of Real Estate, or with a simple Google search to find out if they manage their homes well, or just churn through the numbers.
- Are their fees fair and easy to understand? Don’t be fooled by all the smoke and mirrors. Nobody works for free, but some companies are masters of hiding the dozens of ways they can reach into your pocket. Ask about the renewal contract… find out if your rates will change after the first of the year. Ask about other things that may show up as bills on your accounting. Little extra charges and fees can nickel and dime a great property to death. Make your property manager be honest about their fees. Expect great service and be ready to pay a fair price for it, but avoid the gimmicky promotions.
- How will they market your home? A few tried and true quotes come to mind… ‘you get what you pay for’, ‘there is no such thing as a free lunch’, or ‘if it sounds too good to be true…’. The ‘free’ or ‘cut-rate’ marketing many companies brag about fits all of these. How much marketing do you really believe they will do for free? None. Count on it. We would never trust our results towhat we can get for free and we don’t think you should either. Be ready to make an investment in your vacancy. The difference between aggressive marketing and ‘free’ marketing will definitely show up in longer vacancies and extra mortgage payments with no rent. Leasing is a numbers game… aggressive marketing will create more leads… more leads give us more choices… more choices result in better tenants in less time.
- Do they have experts on hand to mentor you as a real estate investor? The best expert will be passionate about investment real estate. If they are passionate, they will have their own portfolio. Access to an experienced investor will create many benefits for you. It is great to drop in and visit a fellow investor when you are stuck and having doubts. It is wonderful to sit and plan with somebody who has insight into the market, and the long term advantages of real estate. It is invaluable to have direction when you are choosing properties and negotiating the best possible deal… as an added bonus, all these benefits should come to you free as a client of a truly great property management company.
How long does it take to get HomeQwik working on my home?
We can usually go from a phone call to a listed home the same business day once you are ready to go. Our online forms make it easy to get set up, and a quick phone call with one of our licensed Agents will get the ball rolling, Qwik! We can usually install a sign the same day, and get online ads up and running right away!
The HomeQwik staff has accumulated extensive personal experience in real estate investment and property management. You will enjoy dedicated property managers and qualified leasing agents. Our customer service staff is committed to Qwik response and making sure our clients are so satisfied they happily refer their friends to HomeQwik.
What type of Arizona rental properties can you handle?
We are perfectly happy managing a wide variety of single family homes, townhomes, or condos. We specialize in middle to upper middle income single family rental homes and townhomes.
What cities do you cover?
We can work with properties all over the valley including; Ahwatukee, Anthem, Avondale, Cave Creek, Chandler, El Mirage, Fountain Hills, Gilbert, Glendale, Goodyear, Laveen, Litchfield Park, Maricopa, Mesa, Metro Phoenix, North Phoenix, North Scottsdale, Paradise Valley, Peoria, Queen Creek, Scottsdale, Sun City, Sun City West, Surprise, Tempe, Tolleson, Youngtown, and more. List your property today!
How do I get info on my rental property?
As soon as you sign up with HomeQwik you will receive a link to your personal portal into the HomeQwik network. You will have access to copies of all accounting and important documents, including your Management Agreement, the current Lease Agreement, repair invoices, etc., online 24/7. If you need to talk to somebody after taking advantage of the wealth of information we give you online, call us anytime. We are happy to help you with any questions you may have!
When do I get paid?
We cycle owner payments twice a month by direct deposit on the 15th and the 25th so there is never a ‘check in the mail’. Remember also, you have online access to your accounting so you don’t need to call to know exactly when the tenant paid, or what your next check should look like.
What if a tenant needs to be evicted?
Very few tenants ever need to be evicted, but it does happen. We always start the process with the intent to get the home back as soon as legally possible. Along the way, we encourage the tenant to cure if we believe they will learn from the experience and stay current in the future. We handle the 5-day notice, the certified mailings, the legal document preparation, and interfacing with the attorney. Once a judgment is secured we schedule the visit to the house with the constable to execute the forcible detainer and change the locks on the house. When possible, we work with the tenant rather than evict them but we are committed to having your tenant on track and staying current or finding you a new tenant who will.
How do you handle Maintenance issues?
Whether it is your primary home or a rental, things do go wrong in a home. The easiest way to lose a great tenant is to be careless with maintenance, or let the property condition decline. We advocate being very proactive with maintenance to keep the relationship with the tenant strong, and to preserve the value of your investment. This aspect of your investment strategy is so critical that we strongly avoid cutting corners and going with the cheapest possible solution. There is usually a reason one painter is half the price of another… and it sometimes means paying the good contractor to go do it right after you tried to save a little money. We will leverage our volume to get you a good job for a fair price.
Can I do my own Maintenance?
Absolutely-If you are good at maintenance, or like being more hands on… you always have the option of taking care of the repairs of your property on your own. If you do your own maintenance, we strongly encourage you to use a Home Warranty Company.
How much rent can you get for my rental home?
Rental rates fluctuate with neighborhood, time of year, and many other market conditions. What a house will rent for is entirely a function of the current market and your competition during this vacancy. Unfortunately, it truly has nothing to do with your mortgage payment, what you rented the home for last time, or anything else. Making sure you are priced to move, without being too low, will be part of the initial consultation between you and our agent.
How fast will you get a great tenant for my rental property?
The fastest property to be leased in any neighborhood is always the best rental home for the best price. We will advise you on how to make your property the best, and how to price it to move. If you follow our lead, your vacancies will be very short… if we are trying to rent a home that is in rough shape and overpriced, it will likely be a longer vacany.
What type of Leases do you offer?
We only offer a standard lease, but many of our investors and tenants benefit from a purchase option addendum to the lease. Leases can be 12-24 months, and purchase options are typically for a 24 month term.
Can you help me sell if/when I no longer want to keep the home?
We actively market homes for our investors/clients. In some cases, we are marketing for a lease and for sale at the same time. We happily help you accept either a new tenant or a sale, whichever comes first. Sometimes a client just wants to move on and sell a home. We can market these to our existing investor base (especially if they already have a tenant), or sell them on the open market through the MLS. As a full service realty firm, we are able to serve all of our clients needs, not just property management.