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Brenton Hayden is the owner of Renters Warehouse, a soon-to-be franchised property management co. in MN and AZ. He has created a series of 10 easily understood lists of expert advice related to residential real estate, guidance for renters, and counsel for landlords. He's expertise stems from his experience as president of Renters Warehouse, owner of their new sister residential real estate company Pink Blue, and as owner and producer of a morning real estate advice show on a.m. 1280 WWTC the patriot. Brenton also special guests host on AM 1500 ESPN radio Sundays from 7am to 8am.
Renters Warehouse is unique in that Brenton has created a niche market for the organization with unintentional landlords. 60% of the business is traditional property management for real estate investors and companies, however 40% is "unintentional landlords". For people who are struggling during this tough economy to stay in their homes, Renters Warehouse services helps them keep their homes, rent them and create rental income thus reducing much of the stress that comes along with being a landlord.
12 Reasons To Hire A Property Manager:
1. The Landlord Lives out of State or More than 30 Minutes from their Property
Almost all cities require a rental license on the property. This consists of an application filled out with the city, certified inspection of the property, and proper posting requirements. Additionally, it is obviously more difficult for a long-distance landlord to respond to the needs of residents in a timely manner.
2. Landlords Don’t Have to be the Bad Guy
70% of a property manager’s time is spent enforcing leases, and chasing down rent. If imposing late fees, late night phone calls regarding noise, and sorting through excuses why a tenant hasn’t paid rent isn’t a landlord’s idea of a good time after work, they need to hire a property manager.
3. Landlords Aren’t Always Handy
Landlords who are unable to make repairs themselves like leaks, squeaks, and clogs will spend a lot more money calling someone to fix whatever is wrong or coordinating a maintenance request than one may think. Property managers have professionals in place 24 hours of the day, usually in-house, or at a deeply reduced rate, saving landlords time, money, and hassle.
4. Make More Money Doing Something Else
When property management isn’t ones career, time is better spent focusing on your actual job or career. Property managers spend their days and nights dealing with all issues related to rental real estate – not all landlords have this expertise.
5. Property Managers Have Full Knowledge of the Rental Market
Property manager have extensive local knowledge of rents and the ability to determine the highest rental rate possible for property. With the internet and the ability to do large scale searches for rental properties, potential tenants know if your property is overpriced, even by $25. Overpriced properties sit empty while other properties get rented. Knowledge of rental rates is a key factor to fast rentals and quick cast flow. If a property is vacant for just one month, accepting $100 per month less would have been a wiser business decision on average. Property managers know how to get the best return on investment. They will provide you with the knowledge of what repairs are necessary and what repairs may be petty requests from tenants.
6. Property Law and Regulations Change Often and can be Confusing
Property managers have extensive and up-to-date knowledge of property laws and regulations, and will assist a landlord in making sure they are in compliance with local, state, and federal rules and regulations. Avoiding one lawsuit will more than pay for any property manager’s fees many times over. More often than not, a property manager can handle an eviction without the use of an attorney as they are up-to-date on current laws and legislation regarding housing court and possession of property.
7. Financial Records and Security Deposit Escrows
Property managers with provide detailed income and expense reports, as well as cash statements every month saving landlords from the headaches of bookkeeping. Additionally, a property manager will manage security deposit escrow funds, make sure you are in compliance with local and state regulations, and will provide an end-of-year tax report for a landlord’s accountant or financial advisor.
8. Landlords Can Enjoy Their Free Time
A good residential property management company will save landlords the time, worries, and hassle of performing any of the property management activities allowing the landlords to focus on the activities they enjoy and keep them from taking time off from “real” jobs for court dates, etcetera.
9. No Risk to the Landlord
At any given time, if a landlord is dissatisfied, they can cancel the management agreement with 30 days notice. There is no penalty or fee for canceling whatsoever, and no complicated cancellation process.
10. Timely Tenant Payment
Tenants are more likely to pay on time if a professional is managing the property for the simple reason they have systems in place to collect rent, enforce late fees, post notices, and even report to credit bureaus or refer to collections.
11. Landlord Receive Tax Deduction
Fees paid to a licensed property manager are considered professional services and are entirely tax deductible.
Watch for Brenton's other lists of expert advice. The hot topics covered in the Expert Advice At A Glance series include:
• 10 Tips for being an Absentee Landlord
• How to Collect on Bad Checks
• How to Avoid Late Rent Payments
• 10 Reasons Not to Sell
• How to Be a Good Landlord
• How to Be a Good Renter
• Top Tools that Support You as a Landlord
Visit www.renterswarehouse.com to learn more about the company and Brenton Hayden.
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