Simply put, can effective property management put more money in the pockets of property owners? Can the increased revenue coming in on an investment property be greater than the management expense going out? The answer to both questions is yes. But do your research as not all property management companies offer the same high-quality services. AllView Real Estate offers all these services and more! And here’s how:
Lowering Maintenance Costs
While real estate can sometimes be touted as a passive investment, that’s rarely the reality; managing a rental property is a lot of work, and much of that work comes in the form of maintenance. When maintenance is needed, a property owner can find and hire a contractor. Sure. And probably pay that contractor’s standard rate. Not so with a management company, which has ongoing relationships with a range of top contractors, giving them repeat business, usually at rates that are considerably lower than what the average property owner can get by negotiating on their own. Discounted maintenance over the life of a property can add up to massive savings. AllView Real Estate has top-tier partnerships with many highly vetted vendors across Southern California. Take Bluefrog Plumbing + Drain for example. Their quality of service and years of experience make them one of the top plumbing contractors in Orange County. That’s why we partner with Bluefrog, guaranteeing all of our clients the best possible plumbing services at the best rate possible. We pride ourselves in creating relationships with the best of the best, creating value and return for all parties.
And while the 24-hour on-call maintenance service provided by a property manager is handy, preemptive maintenance often offers greater affordability than rushing to fix something in the moment; the bi-annual inspections offered by both residential and commercial property management companies can significantly lower overall maintenance costs in that way.
The Power of Marketing Know-How
Today’s potential renters expect more than a standard listing with a few photos, often making a professional-level virtual tour that a property manager creates crucial to finding the right tenants. How you present your property to these potential tenants is of great importance. This could include making some key changes in coordination with the interior design consultation provided by a professional manager and following the property staging plan that they lay out.
And where should you market your property? Which of the many rental websites yield the best results and which aren’t worth the while? When does it make sense to pay for listing advertisements, where should these ads be placed, for how long, and for what price? These complicated questions are best left to experts who know your target audience and how to reach them. All high-quality professional management companies have professional photographers to captures each property in its best light. This gives potential tenants a better look at a property as a whole, and not just a few low-quality iPhone photos. AllView Real Estate understands and implements the importance of marketing efficiently and effectively. With AllView you can expect a professional 24/7 leasing service to maximize exposure and application generation. Their expertise in evaluating and analyzing tenant applications significantly helps property owners feel confident that their property is being marketed to the right people in the right place at the right time.
Choosing the Right Renovations
All property improvements are not equal when it comes to return on investment (ROI). Understanding their differences, and how they vary from residential and commercial properties, differ by markets, and more, can be tricky. For example, one might be tempted to save money upfront by installing lower-end carpeting in a property. But an investment in new flooring such as hardwood or higher-end tiles could (in some cases) generate more rent and thus be more profitable in the long run. While the addition of an upscale bathroom may seem like a no-brainer to attract tenants for luxury homes, its ROI can be much lower than more moderate bathroom upgrades in some markets. A good property manager can analyze the data and weigh the financial factors, offering invaluable remodel and renovation consulting to maximize profits with every improvement. Take AllView Real Estate for example, who are experts in construction and repairs. Their extensive background and market knowledge assists property owners in ensuring renovations are not only completed when necessary, but also correctly and timely. It is crucial to partner with a property management company that understands when renovations are needed or could be done in order to increase your monthly rental income.
Optimizing Rents
How much money can your investment property make for you? It’s likely the primary question for property owners, and one that hinges on the rents they can charge. The annual rent analysis provided by a property manager can be an invaluable guide there. And who will be paying these rents factors heavily into your investment’s financial viability, an aspect that’s aided by the thorough tenant procurement and screening provided by a property manager. What do you do if one (or more) of these tenants stops paying their rent? If you have a good property manager, you can leave tasks such as rent dispersal and eviction processes in the hands of professionals.
Receive all of this and more with AllView Real Estate. AllView puts their clients and residents first, always. They deliver elite marketing services for all properties that allows for owners to optimize rents in all markets. They additionally provide thorough move-in versus move-out inspections for all properties to ensure quick and seamless turnovers to limit wasted time and rent loss for property owners/investors. This allows them to assess damages quickly, charge back any resident-caused damages, and address any maintenance needed immediately in order to get the property back on the market as quickly and efficiently as possible.
A Much-Needed Team of Specialists
Even if one chooses the go-it-alone route in property management, they’re still going to have to rely on professionals to do much of the needed legal and financial work. These people include an accountant, a tax specialist, and a financial advisor — for starters. Add in a skilled insurance broker, a real estate attorney who understands the local landscape, and likely a second attorney who specializes in liability, as just one lawsuit could potentially torpedo an entire investment. And these professionals usually charge fairly high rates. Or a property owner can turn to a management company who already has these pros on their team.
At AllView Real Estate, maximize the performance of your properties with their management team’s biannual portfolio analysis. Evaluate current profits and gauge future ones with their in-depth investment performance analysis and forecasting, while keeping track of the day-to-day with monthly property statements. Minimize your legal exposure with the team’s access and constant updates to landlord and tenant laws and regulations. These are just a few of the financial and legal areas in which seasoned professionals, like AllView, can be invaluable.
Would you like to see for yourself how the right management can boost the returns on your investment properties? The professionals at AllView Real Estate Management can help you with management options and other expert real estate investment consulting. Call today at (949) 400-4275 or connect with us online. We look forward to providing you with the best full service professional property management in Orange County.