In serving the interests of both the landlord and the tenant, your Residential Management Agent will conduct routine inspections of the property, contract repairs, and verify the suitability of repairs completed to the property. If the property is vacant, the Management Agent will solicit prospective tenants, review tenant applications, contract credit reviews of potential tenants, and generate a binding lease agreement.
Wheeler Steffen also provides a bookkeeping service, inclusive in the management fee, which generates accurate balance sheets, disbursement logs, and rent payment rolls. These financial documents allow Wheeler Steffen to track the monthly cash flow generated by your property or properties.
We encourage homeowners to consider the following before committing to our property management service:
- A rental property may not generate a means of extra income.
Repairs, maintenance costs, insurance, and other unforeseen financial liabilities will arise. These problems must be addressed in a timely fashion.
- You are paying your manager to deal with situations, so that all of the work required of you is depositing your monthly check.
If you are interested in being involved in the day to day decisions regarding your property and all that you wish of the management firm is to find you a tenant, then you do not need a property manager.
Your property manager will solicit bids for routine repairs, and will contract the repair work to the bidder who provides the best service at the most reasonable cost. If you are interested in soliciting your own bids for repairs or services, or are interested in making the final decisions on routine repairs, then you do not need a property manager.
- Spending your money on advertising your home.
In order to find good tenants for your property, a Manager will often place an ordinary classified advertisement in the local newspapers. The word count of the advertisement and length of time that the advertisement runs are at the discretion of the Manager, and will depend on the amenities your property offers and how quickly the property can be rented. Your account will be billed for the cost of the advertisements.
- The value of your home.
Homeowners often are not aware that utilizing a home as a rental property immediately decreases the value of the home some five percent. We encourage homeowners to sell their property, rather than renting as short-term solution. The value of your home may eventually increase in the market, but such an increase may only occur in the long term. However, we advise homeowners to commit to utilizing their property as a long-term rental for a period of years rather than months.
These four points are critical factors in deciding if first you want to market your home as a rental property, and second, if a property manager would best suite your needs.
Wheeler Steffen Property Management has earned a reputation for providing excellent service to all of our clients, but more importantly, our managing philosophy dictates that we provide honest, accurate information both to current and prospective clients. We have outlined our services, and have provided you with the answers to the most pressing questions involved in choosing a property manager. Wheeler Steffen Property Management wants to be your choice to manage your property.