Michigan Property Management Tips - In Search of the Perfect Tenants

When trying to fill rental space, good tenants (the kind that pay on time, keep a clean home, and renew their lease for years) rarely come to you by accident or stumble across your listing.  They connect with a landlord or property manager by strategic design.

Don't get stuck thinking good tenants are only in great neighborhoods or come from affluent backgrounds.  Good tenants are everywhere, even in the heart of some of the least-attractive suburbs in metro Detroit.  If you're investing in property, you want to find the best tenants to fill your space.  This reduces your overall costs and keeps a positive-income producing investment from becoming a liability.

Here are some tips on

While we love working with landlords who need a property manager in Northville, Novi, Canton, and even into Ann Arbor we're also realistic about the services we offer; it's not for every property owner.

So when should you hire a property management company?

There are a lot of advantages, but every benefit to hiring a property manager in the Detroit area comes with an expense.  That's something that property investors and landlords have to consider when running their business.

Here are some key indicators on when it might be time to hire a property manager for your properties around the Northville and Novi area.

You have a lot of properties

If your portfolio is spread out around Northville, Novi, Royal Oak, Warren, Canton and other areas from

Managing your real estate investments can be a frustrating, never-ending stressor.  If you own multiple rental properties that are scattered across the metro-Detroit area then you know it's easy to get overwhelmed by all the tasks and property management necessities.  What alternative do you have?  It seems counter-productive to have a full-time employee (or multiple employees) with salaries that eat up your profits.

That's why a lot of real estate investors choose a property manager in Michigan.  Not only does a property manager help you maintain the condition of your investments, but they manage your tenants as well.  Here are a few of the crucial tasks you can delegate when you hire a property manager for investment properties in Novi, Northville or

Whether you’re new to investment properties or you’re looking to add another property to your portfolio, you’ve likely considered buying up foreclosure properties.  Given the difficult economic climate, a lot of homeowners are forced to walk away from their properties, leaving the bank to try to reclaim lost money through foreclosure sales.

Buying one of these properties comes with a number of opportunities, but there are also plenty of challenges and potential pitfalls that could hurt your investment portfolio - especially if you’re also investing in a Michigan property manager to handle your rental units for you.

Buying a Foreclosure is an Impersonal Experience

When you purchase a foreclosure in Michigan, you’re not dealing directly with a

When you're dealing with investment property, adding value can be a balancing act.  One that requires a lot of fine tuning, especially because you have overhead and expenses to consider such as property taxes, hiring a Michigan property manager, landscaping, maintenance and updates, marketing and more. 

There's a lot you can do to improve the value of your property to command more rent or attract a better sale price, but it's also about making the numbers work.  Invest too much and you can push the value beyond the local limits - effectively making the house unattainable.

While homes typically appreciate over time for a variety of reasons, you can also directly control the value on rental properties by putting work into the home.  Even

When was the last time you thought about your lack of free-time, or how much gas you were wasting traveling between your rental properties?  If you’re wishing for a lot more freedom, then you need to build an effective strategy to manage your day by day routines.

Either that or invest in a Michigan property manager.

To get the most out of the associated costs of a property manager in Oakland and Wayne county, you need to carefully assess what you’re capable of handing over and the exact services they offer.  Based on what you’re willing to delegate you’ll be able to choose (much easier) which property manager is best suited to meet your needs.

Asking the Right Questions

Based on your needs, you can check into a number of property management firms

If you want to continue to diversify your investments then now is the time to buy investment property in Michigan.  You can take advantage of the current market and generate even more income as well as tax benefits.

The trick to expanding your investment properties and portfolio is in buying.  If you're not careful about picking properties, no property manager in Michigan can save you and you'll being sinking money into marketing and general contractors trying to fix the asset that turned into a liability.

Our experience as property managers in Michigan working with a variety of landlords and property funds has given us a great insight into purchasing and managing properties.

1. Buying investment property at the right price

Working and negotiation

Imagine you're a consumer looking for just the right rental.  You find a space that is close to your work, provides easy access to shopping, is in your price range and has all the amenities you've ever wanted in an apartment.

Exciting right?

Now imagine walking in to see the apartment and you're greeted by dingy, earth-tone colors and bright orange or red accent walls, green trim, yellow window accents - aside from attempting not to run away shaking your head, at the very least you're going to be disappointed.

This is why a lot of property owners with rentals choose to use specific shades of neutral paint colors.  They fit most personalities, they aren't abrasive, they blend with virtually everything and make for the perfect backdrop.

There are a

If you're debating a change in the floor of your rental units and investment property, give it careful consideration before making a move.  It shouldn't simply be a matter of which is easier for you or the tenants to maintain.

Ideally, if you're working with a property manager in Michigan, the general maintenance is included anyhow so maintenance shouldn't necessarily be an issue.  Let's look at the pros of adding hard wood floors into your rental space.

Perks of Wood Floors

1. The most obvious perk is already mentioned.  Wood floors are typically easier to maintain and clean, and have a longer durability and life that most carpets designed for rental units.

2. Hardwood enhances the overall image of the home which could help it rent and sell

As an investor, you take a big risk trying to buy properties you intend to hold as rentals if you don’t spend a considerable amount of time researching the area and the purchase beforehand.  While a home might look like a bargain, and something that would be beautiful after some renovation, it doesn’t mean that the home will rent easily.

If you can’t fill it with tenants, even with the help of a property manager in Michigan, you’re left holding a liability instead of a profitable asset.

Before you start picking up investment property, especially for the first time, there are some things you can do to ensure that your rental properties will in fact be easy to rent:

1. Talk to rental agents in the area.  If you work with an agent who handles a lot of