Property Management

What is Property Management?

Property management encompasses all aspects of running an income property, from finding and screening tenants to maintaining the property, collecting rent, and handling any issues that arise.

If you've owned income property for any length of time, you know that managing a rental can be financially rewarding. At the same time, you've also likely discovered that property management requires a large commitment of time and effort.

While it may make sense to take the do-it-yourself approach if you're a handy person, live close to your property, and don't mind devoting several hours per week to the task, in many cases this just isn't practical. With this in mind, here are some critical tasks our G3 property managers can help you with:

  1. Setting the right rental rates: While looking through the classifieds to see what other landlords are charging for similar properties is a fine way to ballpark your rent price, G3 Property will conduct a thorough market study in order to set a rental price for your property, ensuring that you achieve the perfect balance between maximizing monthly income and maintaining a low vacancy rate.
  2. Collecting and depositing monthly rent payments on time: If you've ever worked in a billing department, you know that securing payment from clients can be difficult, not to mention awkward. G3 Property have efficient, tried-and-true systems in place to effectively collect rent and maintain on-time payments. You'll find this particularly important if you have a limited number of properties, and collecting payments on time is crucial to maintaining your cash flow.
  3. Marketing and advertising your property: Through long experience, G3 Property will know exactly where to market your property and how to craft compelling advertising materials - a significant advantage when it comes to filling your properties quickly and avoiding long vacancies.
  4. Finding the right tenants: G3 Property managers are experts at finding good tenants, and will take care of all the details, including the securing all criminal background and security checks, running credit reports, verifying employment, and collecting previous landlord references.
  5. Managing tenants: In addition to finding good tenants, G3 Property will manage all aspects of the tenant-landlord relationship. G3 Property will handle both routine and emergency maintenance, take care of routine inspections, and manage any situations where conflict resolution is required.
  6. Managing vendor relationships: G3 Property management have relationships with maintenance workers, tradesmen, contractors, suppliers, and vendors that it's almost impossible for an independent landlord to duplicate. Not only will G3 Property get you the best work for the best price, they'll oversee any necessary maintenance projects.
  7. Ensuring that you're in compliance with housing regulations and property laws: There is a multitude of applicable laws and regulations to abide by when renting and maintaining your rental property. These include local, state and federal regulations. G3 Property can help you avoid lawsuits by keeping your property up-to-date and in compliance with these regulations.
  8. Enabling you to invest in geographically distant properties: If you manage your own properties, you're pretty much limited to investment opportunities within a tight radius of your own home. By using G3 Property services, you can take advantage of investment deals in any location you wish.
  9. Maximizing the profitablity of your time: By having G3 Property take care of the day-to-day aspects of running your income property, your free to spend your time identifying further investment opportunities.
  10. Maximizing the profitablity of your money: G3 Property will only charge a percentage of your property's monthly rental rate in exchange for their services. The rate typically runs anywhere from 6-10%.

 

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