Property Management on the Texas Coast
Property management is the process of overseeing and maintaining a real estate property, including residential, commercial, or industrial properties. Property management can involve a range of tasks, including renting and leasing properties, collecting rent, maintaining, and repairing properties, and handling tenant complaints and issues.
Property management companies are responsible for managing the day-to-day operations of a property on behalf of the owner. They may handle tasks such as advertising and showing properties to potential tenants, screening tenants, negotiating leases, collecting rent, and managing maintenance and repair issues. Some property management companies also offer additional services, such as financial management and reporting, marketing, and legal services.
Property management can be a complex and time-consuming task, and many property owners choose to hire a property management company to handle these responsibilities on their behalf. Property management companies are typically licensed and insured, and they have the knowledge and expertise to effectively manage a property and ensure that it is well maintained and profitable.
It is important to carefully research and compare different property management companies before making a decision, as the quality of service can vary greatly. It is a good idea to ask for references, review contracts carefully, and ask about the company’s experience and credentials before hiring a property management company.
A good property management company is easily one of your greatest assets, second only to the property itself, and the property manager will make important decisions for you, which is why it is extremely important that you do your homework during the hiring process.
Below is a list of common tasks property managers do for property owners. You may only need some of them and that will determine who you should hire. We can help, just ask!
- Advertise your property on popular rental sites like AIRBNB and VRBO
- Do detailed documentation of interior and exterior, including photographs
- Give advice on repairs and improvements that can maximize cash flow
- Gather data in the area and determine the ideal rents adjusted for seasons and needs
- Research will vary but should include looking at comparable properties in the same part of town
- Discuss the pros and cons of different policies such as accepting pets and allowing smoking
- Install remote cameras and electronic lock boxes
Read Short Term Rentals Economy by The National Association of Realtors (NAR)
Read How to Set Up and Run a Successful Airbnb Business
A competent property manager can add enormous value to your investment, which is why many seasoned real estate investors will tell you that a good management company is worth every penny. Here’s how a good property manager can help you:
Higher Quality Tenants
Once bad tenants move in, it’s certainly possible to evict them from your property, but it’s a real hassle and you’d better not accept them in the first place.
Shorter vacancy cycles
A property manager will help you perform three critical tasks that affect how long it takes to fill your vacancies:
- Improve and prepare the property – A property manager will suggest and oversee cosmetic improvements that maximize revenue.
- Determine the best rent rate – Too high or too low and you’re losing money.
- Determining price requires knowledge of the local market, data on recent comparable sales, and access to rate tools.
Effectively market your property – An experienced management company has written hundreds of ads and knows what to say and where to advertise to get more candidates in less time. Plus, they can often negotiate cheaper advertising rates.
- Less Stress – Avoid dealing with emergencies in the middle of the night, chasing rent, dealing with evictions, fraud, and paperwork.
- More freedom – You can live anywhere and travel without always having to be close to near the property.
- More Time – Time is more effectively spent on things other than maintaining the property, plus you’ll have more for family or friends.