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Valleywide Property Management has successfully helped countless homeowners and real estate investors across California's Central Valley to maximize the rental value of their portfolios. As one of the area's largest property management services, we're ideally positioned to help our customers succeed. We understand the nuances of our local real estate market, and we have access to the top training in the industry.
Our Learning Center serves as a powerful resource for learning more about residential property management in Modesto, Stockton, and Tracy. These articles aim to educate homeowners trying to navigate the often confusing waters of the residential rental space.
Have questions you can't find answers to in our learning resources? Why not call our offices to schedule a free consultation? We'll be happy to offer our input and explore the management options open to you: (209) 672-4444
There are no two ways about it: professional property management comes with a monthly fee. Some rental home owners are reluctant to pay a management firm, instead choosing to handle the property's ongoing needs solo. While DIY management isn't always a recipe for disaster, it takes a particularly well-rounded landlord to handle all of the responsibilities associated with home ownership. From finding the right tenants for the rental to resolving maintenance issues, management can quickly become a full-time job.
If you're wondering whether or not you need a property manager, first answer the following questions:
How Much Time Do I Have?
Before you commit to managing a rental property, be realistic about the time demands associated with the property's upkeep. Are you ready to devote your evenings and weekends to house calls for repair calls? When the property becomes vacant, do you have the ability to schedule multiple showings, answer questions from potential tenants, and screen applications for potential red flags?
Of course, the time necessary to keep your property afloat only grows if you add additional homes to your portfolio.
Where Do My Talents Lie?
Some landlords simply should not try their hand at DIY management, because they lack the training and knowledge necessary to perform repairs correctly. If you're a handyman and comfortable resolving common household issues, this may be less of a problem for you. Remember, however, that you'll also need to handle the marketing and accounting needs of the property. If you don't have a thoughtful strategy for dealing with these challenges, you could quickly find yourself in hot water.
Paying an independent contractor to handle your billing processes or repair your home can quickly add up to more than the monthly management fee, which is also an important consideration.
Am I Comfortable Dealing with Conflict?
In an ideal situation, tenants and their landlords cooperate with one another and find amicable solutions to problems that arise. Unfortunately, it's not difficult for the landlord-tenant relationship to sour. If your renters stop paying their bills on time, or you discover damage has occurred within the home, are you comfortable dealing with a potentially hostile situation? Should worse come to worse, will you be able to manage eviction proceedings and take care of finding a new tenant for the property?
Many homeowners don't want to enforce rules or follow up on late accounts, but failure to do so could cause huge financial problems down the line. To be truly effective at managing your home, you'll need to develop a strong sense of customer service, but also stick firmly to the terms outlined by your lease.
Benefits of Professional Property Management:
- Stress & Hassle-Free: We handle the hard stuff for you. Never worry about the state of your property again.
- Efficient Responses: You can't afford to keep your tenants waiting for repairs, or take several days to follow up on a late rent check. Choosing a professional manager will resolve this problem.
- Long-Term Cost Savings: Think paying for professional management means saying goodbye to your profit margin? Think again. Many landlords save money with a property manager.
Ready to Learn More?
Want to get started today and discover how Valleywide Property Management unique approach to property management in Modesto, Stockton, and Tracy could help you maximize the return on your investment? Call us today to schedule a free consultation: (209) 672-4444
Partnering with a property manager carries a monthly cost, which is why many homeowners and real estate investors are surprised to see they end up saving money with professional management services. If you're concerned about your bottom line, and you should be, learn how a property manager can save you money.
Truth 1: Repairs are Expensive
Paying for a professional handyman to visit your property can easily result in a bill worth several hundred dollars. From fixing broken plumbing to repairing appliances, handymen are a necessity for any rental home. If you get hit with multiple repair bills in a single month, however, you could see all of your profit circle the drain.
At Valleywide Property Management, we employ talented staff members who resolve many maintenance problems without calling an independent contractor. These savings can add up quickly. If we do need to involve a third party, we enjoy preferential relationships with many local vendors and service providers, and we're able to pass along our discounted rates to our clients.
Truth 2: Time is Money
How much time do you spend handling the responsibilities associated with your property? If you tally up home marketing, repair visits, and accounting procedures, you might be shocked to discover just how many hours you spend toiling away to keep your home afloat. By partnering with a professional manager, you'll be kissing the extra workload goodbye.
Going away on vacation? Dealing with a large project at work? Don't stress about remaining on call for your tenants. With a manager on your side, your home is protected.
Truth 3: Keeping Bad Records Will Cost You Thousands
Handling income taxes each year is tricky enough, but things get substantially trickier when you're handling rental income. In addition to the earnings themselves, you'll need to carefully tally the amount you've spent on repairs, marketing materials, and everyday expenses. In many cases, these totals add up to substantial tax write offs.
If you struggle to keep well-documented records, you could lose thousands each year. By working with a property manager, your accounting documents are compiled for you. Even better yet, you don't need to send out rent bills and follow up on late payments each month. Simply sit back and relax while your property's financial needs are taken care of by your management team.
Ready to Get Started?
Tired of wasting time and money without the right property manager? Why not call us today? We'll be happy to schedule a hassle-free consultation and review the options available to you: (209) 672-4444
When it comes to finding the right property manager, homeowners and real estate investors have plenty of different firms to consider. How do you narrow down your options and separate the good from the great? Before you sign on the dotted line with a property manager in Modesto, Stockton, or Tracy, learn what to look for in a reputable firm.
Experience
Anyone can start a management company and make big claims—how do you know which property firm to trust? At Valleywide Property Management, we've successfully partnered with hundreds of local homeowners looking to boost their earning potential. Our approach to management isn't simply a bunch of theoretical ideas—instead, it's a carefully crafted process that has proven successful for thousands of rental home owners across the country.
Expertise
Accomplished property managers have seen and heard it all. From problematic tenants to high vacancy rates, an expert should be comfortable dealing with a wide assortment of potential real estate problems. With this knowledge and know-how on your side, your manager will be able to resolve potential hiccups in your home with ease.
To get a feel for a particular management company's understanding of the market, ask plenty of questions and look for informational content that answers your concerns. Testimonials and reviews from other customers can also provide peace of mind.
Transparent Business Practices
Plenty of property managers try to nickel and dime their clients with hidden fees and service costs. At Valleywide Property Management, we believe it's important to treat our clients like true business partners. After all, the successful management of your home is what allows us to stay in business. To that end, we clearly detail our pricing information and we're committed to charging honest prices. We don't use repairs as a profit vehicle for our company, and our staff will be in touch when large expenses arise.
Best of all, you can monitor your rental property's finances around the clock by logging in to the convenient owner portal. From inspection notes to expense statements, you can find a veritable treasure trove of information tucked away in the portal. It's merely one of the ways we strive to serve our customers with honesty.
Ready to Get Started?
Let us prove our dedication to achieving great results. Call us today and we'll happily schedule a free, no-hassle consultation. Learn what your property is worth, discover how to boost your rental income, and find out what packages are available for you: (209) 672-4444
Many homeowners are eager to raise the monthly rental price for their properties, but playing with this figure is a sensitive equation. Before you make sweeping decisions and start asking your renters for more money, you need to determine the rental value of your home. Some of the factors impacting this number will be out of your control, such as the neighborhood and access to local amenities. In other cases, however, you may be able to raise your market value, in turn attracting more money.
Making Improvements to the Home
Place yourself in your renter's shoes. What features would you look for in a place to call home?
Paying for aesthetic improvements is rarely a top priority for landlords, but a coat of paint and some new flooring can dramatically revitalize the appeal of a tired rental home. Because rental properties tend to see more foot traffic than a traditional home, wear and tear can quickly bring down your property value. One way to keep on top of this is by partnering with a professional manager who provides maintenance services.
Bigger repairs and remodeling can also boost your property value. If your kitchen hasn't seen some improvements over the last decade, you might want to think about proactively replacing appliances and countertops. Other neglected areas of the home could include the landscaping and bathroom fixtures. While you may spend a few thousand dollars improving these problem areas, you could easily recoup your costs in just a few months with higher rent.
Perform a Rental Analysis
Have you taken a close look at what comparable units in your local neighborhood charge in monthly rent? If you haven't revised your rental prices recently, you might discover that you're charging well under what your home should be earning. This is particularly true in many areas of the Central Valley that were hard struck during the Great Recession.
The best rental analyses should be performed by a professional real estate expert. At Valleywide Property Management, we provide this service for our clients. We not only look at rental price history, but we also identify key differences that allow other properties to earn more money. With that mind, we help advise our customers and teach them how to earn more for their home.
Ready for More?
Want to learn even more about how to transform the potential of your rental property? Why not schedule a free consultation with our property managers? We'll take a look at your home and help you discover how professional management could make a positive impact on your bottom line: (209) 672-4444