West Bloomfield MI Property Management Leasing Company
10 reasons you need a property management company in West Bloomfield?
For one thing, you decided to invest in a rental property in West Bloomfield Michigan, but don’t know what to do next. You’re not alone. The realities of maintaining and running a West Bloomfield rental property can quickly become overwhelming-even to the savviest investor. Many times, people choose to hire a West Bloomfield property management company or West Bloomfield rental agency to help them in the day to day tasks, which could be just the answer you’re looking for. To help make up your mind if hiring a property manager in West Bloomfield is right for you, here are 10 reasons that could help influence your decision.
1. Collecting and Depositing Monthly Rental Payments. If you’ve ever worked in the billing department of an organization, you know that securing payment from clients and patients can be difficult, not mention awkward. A West Bloomfield property manager has his/her own systems in place to effectively collect rent and maintain on-time payments. Especially if you are a small West Bloomfield investor, with a limited number of properties in West Bloomfield, not being able to maintain consistent payments is going to significantly affect your cash flow.
2. Rental Rates: A property manager in West Bloomfield is going to make sure your rental rates are competitive, which is the key to securing (and keeping) tenants in your property. Their job is to know the rental market in West Bloomfield, knowledge which most likely isn’t your forte.
3. Housing Regulations and Property Law: There is a multitude of applicable laws and regulations that you are going to need to abide by when renting and maintaining your rental property in West Bloomfield. These include local, state and federal regulations, as well as fair housing regulations (such as the ADA). A West Bloomfield property manager can help you avoid lawsuits by keeping up to date and in compliance with these regulations.
4. Marketing and Advertising: A good property management company in West Bloomfield is going to have experience in offline and online marketing, as well as local direct mail opportunities, which will increase the exposure of your properties. Carrying a vacant property in West Bloomfield can be extremely expensive, and is an expense you want to avoid whenever possible.
5. Inspections: Being extra vigilant in the care of your rental property in West Bloomfield Michigan is critical to the maintenance of your investment. Through routine inspections, a property manager can find and repair problems before they grow into expensive endeavors. It is standard for property managers to perform inspections before a tenant moves in, during their lease, and after the tenant moves out.
6. Tenants: Securing tenants can be a time consuming process. Depending on the extensiveness of requirements for your rental properties, a property manager can take care of securing all criminal background and security checks, credit reports, employment verification, and previous landlord references. In addition all tenant disputes, conflict resolution and emergency maintenance will all go through a property manager, who will involve you at his or her discretion. In addition,
7. Access to Professionals: A West Bloomfield property management company has existing relationships with maintenance workers, tradesmen, vendors, supplies and contractors that you do not have. This can save you significant time and money when it comes to maintenance on your rental property, not to mention ensuring quality work.
8. Time Management: By having a property manager that takes care of the routine daily tasks, you are free to focus on other investments and/or your own career.
9. Remote Locations. If your investment property is in another city or state than where you reside, it’s simply not possible for you to oversee management and maintenance of the property and its tenants. A property manager can be where you can’t, and can take care of all the details you don’t have access to.
10. Money: Most property managers charge a percentage of the monthly rental rate which can range anywhere from 10% to 20%. The cost is actually quite nominal when compared to all the services a property manager can provide, which frees up your personal and professional time.
Full Service Property Management Company In West Bloomfield
If you are looking for a property management company in West Bloomfield, Michigan or real estate company that can rent your home in West Bloomfield you have landed in the right spot. Many times our clients approach us to find them a qualified tenant for their property. We are qualified to handle the entire leasing process including:
- Perform a market analysis to determine fair market value to list for lease
- Advertising your property on over 100 different internet websites
- List the property for lease on the MLS so over 10,000 Metro Detroit Realtors can show it
- Complete a tenant application
- Process tenant income verification Process thorough reference check including credit reports
- Contact former landlord(s) and employers when available
- Ability to run criminal background checks
- Annual Property Inspections
- Drafting of lease documents and proper landlord disclosure statements
- Collection of rent and automatic deposits into your account
- We handle all landlord/tenant communication Handyman service and various
Do you know the answers to these questions?
1. What if the tenant doesn’t pay?
2. Who is responsible for the utilities?
3. Who is responsible for the grass and snow removal?
4. Who pays the association fees if you live in a condo?
5. Who pays the taxes and insurance?
6. Is there a special type of renters insurance I will need as a landlord?
7. What if the tenant damages the property, what can I do?
8. What’s the most I can collect as a security deposit?
9. Can I say stipulate that pets are not allowed or is this discrimination?
Not all West Bloomfield Property Management Companies Are Alike
As you can see there is a lot more involved than you would think. Not all rental management companies in West Bloomfield operate in the same capacity. Our fees are the most reasonable in the industry. We simply charge 10% of the monthly rent and if we don’t collect your rent, we don’t charge you anything. As you can see we have a vested interest in your property and align ourselves on the same team as you. It’s in our best interest to attract the most qualified tenant in West Bloomfield. Many West Bloomfield property management companies charge you vacancy fees so even if your property is vacant they still make money. What incentive do they have to fill it?
If you own a single family home, condo, duplex, or apartment building in West Bloomfield, Michigan and the surrounding Detroit Metropolitan area it really is best that you have a company who specializes in managing properties in West Bloomfield. There is much more involved than just standing by your mailbox waiting for rent. There is a lot of liability and legal matters that could arise and it’s best you have a professional who does this day in and day out.
Ready to put us to work? Lets Get Started!