If you have recently invested in Cleveland’s West Park, congratulations. You’re likely to have a successful, profitable investment experience in this area. There’s a high demand for attractive, well-maintained homes in this desirable neighborhood, and rents are rising.
New investors are often unsure of what to expect from their local property managers. Whether you’ve never worked with a management company before or you’re wondering if you even need the help of professionals, we are here to provide some information about how your property management partner can help you earn more on your rental property and spend less.
Here’s our new investor’s guide to property management in West Park and the surrounding areas.
Embrace Innovative Property Management Technology
One of the best benefits to working with a property management company is that you’ll have the opportunity to leverage the technology that’s likely provided. Property managers have software, platforms, and digital capabilities that keep the leasing, management, and maintenance of your rental property efficient and effective.
Good technology also contributes to better communication. We don’t want to bother you with phone calls and meetings. Instead, we’ll make sure you have all the information you need in your owner’s portal online, and we’ll be available to answer any questions you have or to talk through any concerns that might come up.
Some of the owners we work with appreciate a lot of communication about what’s going on at the property. Other owners prefer only to be contacted if there’s a problem or a major expense. It’s important that your property management company communicates in a way that makes you comfortable. Discuss your expectations at the beginning of your property management relationship.
The technology we use as property managers allows for:
- Better marketing, with shorter vacancy times.
- Easy direct deposit of rents via ACH.
- Detailed and accurate accounting statements that reflect your income and expenses.
- Precise maintenance records that help us plan for preventative needs and periodic upgrades.
Whether it’s signing a lease agreement, generating lease renewals, or tracking maintenance invoices, the technology you have when working with your property managers will keep everything transparent.
Finding a Tenant: West Park Leasing Services
Successful rental experiences start with high quality tenants.
To find those tenants, you need a good marketing strategy, a responsive showing process, and an understanding of the local market. Your property management company will understand your home’s rental value and how it compares to competing properties. With access to accurate and up-to-date data, your home will be competitively priced in a way that attracts the best tenants and ensures you earn what you should.
When it comes to marketing, your property manager will:
- Make recommendations on any updates or upgrades that might make your property more attractive to local tenants.
- Take high quality marketing photos.
- Write a concise, detail-filled listing.
- Advertise your property across multiple online platforms, including our own website.
- Respond to tenant inquiries.
- Schedule showings and answer questions.
- Provide applications to qualified tenants.
Property managers take care of the tenant screening and the selection so you don’t have to. There are strict fair housing rules in place that must be followed, and our process keeps you compliant and free from risk.
The goal of any leasing process is to find a fantastic tenant quickly. You want to utilize the expertise and resources of your property managers to minimize vacancy and establish the right rental value while searching for well-qualified residents.
Managing Maintenance and Rental Property Repairs
Property managers will respond to routine and emergency maintenance situations, and you should also expect attention to preventative maintenance.
Responsible rental property owners will be prepared to make the repairs that property managers recommend. This is part of how we keep your maintenance costs down. Instead of responding to expensive and chaotic emergencies, we’d prefer to keep everything running well so there’s no danger of plumbing disasters or heating malfunctions.
You may not know where to find the best vendors and contractors in Cleveland’s West Park, and that’s okay. Your local property manager will have relationships in place with plumbers, roofers, electricians, landscapers, and other professionals who will help maintain your property. The volume of work that we provide to these vendors often results in their best pricing.
Our job is to protect the condition of your investment while keeping your maintenance costs down.
Transparency is important. You want to be informed about the condition of your investment and whether tenants are taking care of it. So, we will provide detailed inspection reports with photos every time we conduct an inspection or respond to maintenance. You should expect this kind of customer service and responsiveness from your management partner.
Transparent Accounting and Reducing Risk
Regular accounting statements ought to be provided by property managers.
Usually, you’ll receive a statement reflecting income and expenses when your rent is paid. All of your financial information should be accurate, detailed, and transparent.
Staying up to date on all the laws pertaining to your rental property and your tenants is important in avoiding expensive lawsuits, claims, and complaints. You likely don’t have time to keep up with security deposit requirements, fair housing laws, and eviction processes. Your property manager, however, is always following the legal changes and best practices in the industry. Mistakes are expensive, and we do our best to help you avoid them.
Talk About Your Investment Goals with Your Management Partner
Some landlords and investors are content to have their property manager focus on collecting rent and making repairs.
However, if you really want to maximize the expertise and the resources of your property management company, you’ll look to us for advice and direction. Your property managers are also real estate experts. We have a unique relationship with the market. We can help you identify new investment opportunities and make decisions that will increase the returns you earn on the properties you currently own.
If you’re interested in talking through what property management will mean for you specifically, please contact us at Avalon Group Realty. We can help you lease, manage, and maintain your investment property in the Cleveland metro area, including Kamm’s Corner, West Park, Fairview Park, Lakewood, Parma, Parma Heights, Bedford, and Bedford Heights.