Communication Between Property Owner, Property Management and Tenant

Communication Between Property Owner, Property Management and Tenant
Any successful company, partnership, team or relationship will display excellent communication skills. Failing to communicate at a high level will present large-scale issues detrimental to the goal at hand.

The goal of any property management company should be to increase the ROI (Return on Investment) of the property they manage and make sure it stays in excellent condition.

In this blog, we’ll discuss why communication between a property owner, property management and the tenant is critical when accomplishing investment property goals.

Preventing Major Repairs
When preventing major repairs, it’s important for the tenant and property management to display great communication. For example, if the tenant notices a leak under the kitchen sink, no matter how large or small, it’s important to contact property management. Thinking it’s no big deal and having an “out of sight, out of mind” mindset can cause a much bigger issue. As we all know, sitting water results in one thing… MOLD. All of a sudden you went from a simple maintenance repair to a costly mold removal process in addition to a repair. Costly repairs reduce the cash flow going into the homeowner’s pocket, which we always want to prevent.

Updates/Construction Occurring in Home
Investment property owners sometimes want to make improvements to their home while a tenant is living in it:

  • Cabinets
  • Countertops
  • Flooring
  • Roofing
  • Front/Garage Door

When the updates are completed, the tenant will have a better living environment and the homeowner has increased the home’s value.

But keep in mind that communication during renovations must be superb. The homeowner needs to relay the information to property management or directly to the tenant.

  • What days will the renovations be taking place?
  • Who can the tenants expect on what day?
  • What time will they be arriving?

Something you don’t want is the tenant to be taking a shower while the construction company is trying to gain access to the home. It creates an uncomfortable situation. An unnecessary scrambling from all parties involved. Good communication can make the experience seamless for everyone involved.

Property Inspections
Property inspections are an essential part of making sure an investment property owner’s home is in tip-top shape. In this scenario, you MUST give the tenants notice.

Your tenants are entitled to at least 24 hours’ notice, and the length, purpose and timing of the inspection must be reasonable. And although some law enforcement agencies have advocated performing property inspections as frequently as every four to six weeks, the general consensus is that (in addition to the “Move-In” and “Move-Out” inspections) you should have your rental property inspected every three to six months.

Reed Property Management
Reed Property Management has a proven track record of exhibiting excellent communication skills when working with property owners and tenants. This puts everyone’s mind at ease throughout the entire process.

Things such as repairs, renovations and property inspections are inevitable. But having a property management company in your corner that has your best interest at heart makes everything significantly easier! We’d love to increase the ROI of your investment property, contact us today!

Does Renters Insurance Cover Hurricane Damage?

Does Renters Insurance Cover Hurricane Damage?
If you were to ask people across the country what June 1st to November 30th means to them, you’d probably get a blank stare of confusion. But if you were to ask Floridians, most people would immediately give the response, “that’s hurricane season”. This tropical time of year presents uncertainty among homeowners, business owners and renters alike.

Renters insurance and what it covers can be a very confusing topic. In this blog, we’ll explain what is and what isn’t covered by renters insurance in the event of a hurricane.

What Does Renters Insurance Cover?
In insurance jargon, the cause of the damage is known as a peril. Interestingly enough, hurricanes themselves are not considered perils. Things such as:

  • Wind
  • Hail
  • Fire
  • Lightning
  • Falling objects

Are all examples of perils. Most of these should be covered under your renters insurance policy, but to be 100% certain, contact your provider.

A notable exception that isn’t covered under renters insurance is a flood. You will need to carry flood insurance to be protected against said damages.

Personal Property Coverage
If your personal belongings are damaged during a hurricane, and the damage is a result of a covered peril under your insurance, such as wind or hail, your renters insurance policy will cover the costs to repair or replace your personal property up to the policy limits.

For example, if hurricane-force winds break the window to your home and cause damage to your belongings, renters insurance will help replace your damaged items.

Tenants need to be aware they do not need to repair any damages to the window or replace the window. This should be covered by a landlord insurance policy.

ALE (Additional Living Expenses) functions under the same rules as personal property protection: You will only be eligible for coverage if the costs come as a result of a covered peril.

Flood Insurance
As we stated above, renters insurance won’t protect your rental home against a hurricane-induced flood, but it can be protected with flood insurance. Although, these policies only cover personal property damage, not ALE.

Reed Property Management
At Reed Property Management, we strongly encourage you to purchase a rental insurance policy for your rental home. Not just to protect yourself from possible hurricane damage, but all of life’s surprises… from an electrical fire to a broken pipe resulting in damaged valuables or furnishings.

Whether you’re looking for a rental to call home or you’re searching for a property management company to take care of your investment property, give us a call and stay safe this hurricane season!

The Benefits of Renting for Senior Citizens

The Benefits of Renting for Senior Citizens
Baby boomers are among the fastest-growing group of renters in the United States. Nearly a third of urban rental applicants are over the age of 60. But why are more and more senior citizens opting to rent? Oftentimes, they are left with homes that are meant to house a family of four, five or six people.

When their children move out, they look around and realize they don’t need all of the space that was once occupied. Not only is the space in these homes sitting vacant, but owning a home comes with lots of upkeep. Unless you have a passion for mowing the lawn and fixing leaking faucets, it might be time to consider moving into a rental home.

The decision to rent or own a home depends on the situation of the couple or individual. Some senior citizens are perfectly happy owning their own home, but if you’re looking to downsize by moving into an apartment or condo community, there are numerous benefits to this:

Renting can be less expensive. Homeowners have to worry about mortgage payments, real estate taxes, maintenance bills, HOA fees, etc. In most cases, renting only requires your monthly payment and renters insurance. Less maintenance equals more free time. If you’re spending weekends maintaining your property or paying a fee for someone else to maintain it, that time or money could be spent enjoying hobbies or relaxing. Most condo and apartment communities will take care of your maintenance needs, all you have to do is submit a request.
Less space, more amenities. Less space means lower utility payments and maximizing the space to the fullest. Condo and apartment complexes come with nice amenities within walking distance. Which means luxurious relaxation at your fingertips.

Better location and value. If you’re looking to maximize your space, live in a great location, have luxurious amenities, all for an affordable rate, renting an apartment or condo might be the best course of action… especially in Southwest Florida and Naples in particular. There’s a lot to consider when deciding to rent or continue owning a home. If you’ve decided that it’s time to downsize and move into a rental home that suits your needs, contact Reed Property Management! We have a firm grasp on rental and real estate trends, allowing us to put you in the rental home that suits your needs in a timely manner!

 

The Importance of Submitting Maintenance Requests When Needed

The Importance of Submitting Maintenance Requests When Needed
As a tenant, part of your responsibility is to be vigilant enough to recognize when repairs are needed and submitting maintenance requests on time. This might sound easy enough. But sometimes, the repair might not seem like a big deal at the moment so submitting a request gets put on the back-burner. The next thing you know, a small problem has become a huge inconvenience.

In this blog, we’ll discuss why submitting maintenance requests on time is so important and how Reed Property Management can make the process easier.

Property Damage
Failing to submit a maintenance request for needed repairs on:

  • Sinks
  • Toilets
  • Washing machine
  • Dishwasher
  • Roof
  • Cracks in the foundation

among many other things, could result in severe property damage. While it’s not the tenant’s responsibility to fix these damages, it is their responsibility to inform the property manager so further damage is prevented.

Without Utilities
Property damage or damage to any utilities isn’t just an inconvenience for the property owner, it’s an inconvenience for you, the tenant, as well. Depending on how long it took to submit a request and having the issue repaired, could make a difference in how long you’re without that feature. For example, submitting a maintenance request as soon as you notice something is wrong with the washing machine, compared to waiting a week to submit one, could be the difference between having it repaired in 30 minutes, or needing a new utility altogether and being without it for a week or two. Prolonging the submission of maintenance request is never a good idea.

Health Risks
Noticing a leak in your rental home shouldn’t be a big deal. Most of the time it’s an easy fix. But it can become a problem if you neglect to contact the property management company. Leaks lead to sitting water, and sitting water eventually becomes mold if ignored.

A few long-term health problems associated with mold are:

  • Asthma
  • Headaches
  • Lung problems
  • Fatigue

If you believe you might be living with mold, immediately contact your property manager.

Reed Property Management
Submitting a maintenance request when you notice anything in need of repair is critical. Failing to do so doesn’t just affect the property owner, but it affects you (the tenant) as well.

Fortunately, Reed Property Management makes submitting maintenance requests easy for everyone. You can either submit the request online or give us a call and we will have a maintenance worker come to your rental home.

For any of your investment property needs, think Reed Property Management!

4 Questions to Ask a Property Management Company Before Hiring Them

4 Questions to Ask a Property Management Company Before Hiring Them
On the surface, all property management companies might look the same, but in reality, that’s far from the truth. It’s important to get a feel for the people you will be working with and their track record managing rental homes. The best property management companies communicate effectively and put the best interest of both the property owner and tenant at the forefront. This can be done by offering honest and reliable services while disclosing details that will help the property owner feel at ease.

In the is blog, we’ll discuss four questions you need to ask a property management company before hiring them.

What Services do you Offer?
The very first question you should ask a property management company is “what services do you offer?” If they don’t offer needed services, you know you can move on right then and there. If they do offer everything you need, ask specific questions about their services to see if you’re still on the same page. The property management company should handle:

  • Maintenance requests
  • Rent collection
  • Background checks
  • Property inspections
  • Accounting services
  • Leasing
  • Security deposits
  • Mortgage and utility payments

If these services aren’t included, you will find yourself hiring someone else to take care of them. In that circumstance, communication can dwindle between parties. Keeping all of these services under one company will make the process much smoother.

How Much Experience do you Have?
Experience isn’t the end all be all for being a successful property manager. But it helps. Experience helps a property manager handle situations that they have learned from in the past. Whether it’s something they did wrong and would like to change, or if the circumstance went seamlessly and they would do it the same exact way, only years of experience can help guide an individual through certain happenings. If something goes wrong with a property, knowing exactly how to handle the problem will most likely come from years and years of industry knowledge and experience.

What Types of Properties do you Manage?
The property management company you are interviewing might only have experience managing apartments, condos, single-family homes or a combination of all properties. It’s important to make sure their expertise lines up with the property you want them to manage.

Not only is it important to find out what types of properties they manage, but how many properties they manage at one time. If they manage a small number of properties, is it because they have trouble retaining clients? If they manage a lot of properties, will your investment get the care it deserves? Asking these questions can unveil a company’s shortcomings that you shouldn’t have to deal with.

What is the Fee Structure?
There are many different ways a property management company can structure their fees. You have to determine if what they offer suits your needs. Make sure they are being upfront with their base rates and extra fees so there aren’t any unexpected charges to your account.

Reed Property Management
At Reed Property Management, we bring over 30 years of industry experience to the table and offer all of the services listed above. Our clients own everything from condos to single-family homes, so our knowledge and expertise cover a vast array of property types.

Whether you’re searching for a home or you need an experienced property management company to manage your investment, contact us today and schedule a consultation!

5 Signs You Need To Hire A Property Management Company

5 Signs You Need To Hire A Property Management Company
Are you a rental property owner in Southwest Florida? At times, it can be extremely demanding, even to the point where the negatives outweigh the positives. Even if you only have one tenant that requires constant attention, whether it’s their own doing or not, can be very taxing. It might seem like you can’t go anywhere or do anything because you are always on call. Luckily, there’s a solution! Reed Property Management is here to take the load off of your shoulders!

In this blog, we’ll discuss 5 common signs that it’s time to hire a reputable property management company to manage your investment!

You Are Managing Several Properties

Managing several rental properties is definitely a full-time job. Handling tasks such as:

  • Tenant requests
  • Maintenance
  • Property inspections
  • Background checks
  • Payment issues
  • Marketing

Can easily leave you feeling burnt out and overwhelmed. When you hire a reputable property management company, it leaves you with some free time to do things you enjoy!

You Don’t Live Near Your Rental Property
Do you live in a different region of the country than your rental property? Handling maintenance issues or late rental payments when you’re hours away can be very difficult to deal with. If your presence is required, driving or flying to your investment property is both costly and time-consuming.

Fortunately, a property manager will take charge of these situations. It will save you the hassle of an unwanted road trip while keeping you stress-free!

Being a Landlord is Overwhelming
If you’re a routine-oriented individual that enjoys a 9-to-5 job, managing a rental home probably isn’t for you. It’s essential to be available 24/7 to deal with tenant emergencies and other responsibilities. This can be extremely stressful and start to affect your happiness if you don’t enjoy being on-call all day every day.

This doesn’t mean you shouldn’t own an investment property, it simply means you should hire a property management company to help take the load off of your shoulders. We will handle all of the stressful tasks so you don’t have to.

You Don’t Have Time
Being a good landlord requires lots of devoted time to the properties. Many people underestimate the amount of work that goes into managing a property. If you’re not focused on things such as screening tenants or scheduled property inspections because you have another job or prior engagements, it could spell disaster and become a big problem.

Instead of rushing through your tasks as a landlord, consider hiring the services of a property management company. This way, the risk of potential errors decreases significantly, ensuring both you and the tenant are happy.

You Are Struggling To Get Rent On Time
Dealing with tenants who consistently pay rent after the due date can be challenging. It can be uncomfortable and force you to follow up time after time to ask for the payment.

Experienced property management companies know how to handle this very common issue. It requires excellent communication skills and a firm hand if need be. A good property manager does everything possible to receive rent payments as soon as possible.

Reed Property Management
Are you a property manager dealing with any of these 5 things? If so, contact Reed Property Management to make your life much easier and stress-free!

Check out our services and see how we can help maximize the ROI of your property.

Do You Have Concerns Renting To College Students? We Have Solutions!

Do You Have Concerns Renting To College Students? We Have Solutions!
If you own an investment property in Southwest Florida, there’s a chance that college students might be interested in your rental. Nearby Universities such as FGCU, FSW (Collier and Lee Campus), Hodges, Keiser among others reside right here in Southwest Florida. That means thousands of students are looking for a rental home. Understandably, you might have some concerns about renting out your investment home to college students.

In this blog, we’ll discuss five common concerns investment property owners have about college students renting their property and provide solutions to each concern!

Concerns and Solutions
– No Rental, Credit or Employment History: Most college students don’t have any real experience with rentals or paying debt, so screening them might be a challenge. However, you can get an idea of their character by calling their references. If they have been kicked out of student housing, this can be viewed as the same as an eviction.

Solution: Something you can do is require a consigner if the student has an insufficient credit history. This will make them responsible for paying rent and covering any damages. Be sure to screen the cosigner as well to help ensure he/she is a credible person who will be true to their lease.

– Inexperience Maintaining a Property: When you have a young, inexperienced tenant in your investment property, there’s a chance they will be dirty and messy, which could attract rodents and pests. They might not prioritize reporting minor maintenance issues, which could turn into major problems.

Solution: This is where it’s important to use the security deposit to your advantage to protect yourself against any damages. Verbiage that requires the tenants to report damage immediately can help. Easy access portals where they can submit maintenance requests and pay rent will make this easy for them. Also, conduct an initial walk-through and conduct an inspection every 4-6 months giving the tenant 24 hours advanced notice (Note this in the lease).

– No Rental Payment Experience: Part of the college experience is learning how to manage money. That being said, most students still have a lot to learn. They might not save enough to put towards rent or simply forget to pay. Even if the parents are sending money for rent, there’s no guarantee the student will pay rent in a timely manner.

Solution: An electronic payment system, in addition to sending a payment reminder can help the student stay on top of things. Adding a clause that states everyone on the lease is held “jointly and severally liable” for paying rent will prevent one roommate from prioritizing something else ahead of rental payments. Charging the maximum security deposit can help protect your bottom line as well.

– Noise Complaints: Fortunately, most college students aren’t as loud and rambunctious as you might think. You might even luck out and never have to deal with a noise complaint from your student tenants. But there are some instances where college students can get loud, especially when you are renting to a bunch of roommates.

Solution: Make sure you add a clause to your lease that enforces quiet hours to keep your neighbors happy. Also, anything you can think of that might seem obvious, but not uncommon for college student behavior, such as jumping out of windows/balconies or lighting fireworks should be added to the lease to ensure you are covered in case things get out of hand.

– Frequent Turnover and Summer Vacancies: Since the majority of college courses are held in the spring and fall semesters, that leaves a big vacancy in the summer months. There isn’t a guarantee that housing plans and funding will be the same from year to year.

Solution: If filling your rental in summer months is an issue, offer perks for repeat tenants or referrals. You can also try offering year-long leases with discounts in the summer months.

Reed Property Management
By becoming your investment property manager, we can help ensure your rental is in good hands. We will be conducting the background search, initial walk-through of the property, and property inspections, which will take a tremendous load off of your shoulders.

If you have any additional questions or concerns about renting to college students, don’t hesitate to contact Reed Property Management!

 

Things To Consider When Buying Your First Investment Property

Things To Consider When Buying Your First Investment Property
Are you ready to leap into the world of investment property ownership? An investment property is one of the largest assets you will probably ever buy. With enough effort, funds and the right people around you, this can be an excellent way to generate passive income.

Many people like the idea of owning an investment property, without understanding all of the in’s and out’s it comes with and what it takes to find the right investment. In this blog, we’ll discuss what you’ll need to know when purchasing your first investment property along with some of the challenges that you may encounter.

Obtaining a Mortgage
Whether you’re looking to purchase a primary residence or an investment property, one of the first questions most people ask is, “How much can I afford?” Using a mortgage calculator to get an idea of rates and payments will get you headed in the right direction. Next, you will need to be preapproved for the amount you qualify for. Make it clear to the loan expert that you are buying an investment property.

Getting preapproved first allows you to jump on an opportunity at a moment’s notice. For example, if you find a perfect deal, but you’re not preapproved, someone who is preapproved can get the home under contract before you do. Also, if you aren’t preapproved, you might find the home of your dreams only to discover you don’t qualify for it. Getting preapproved helps you stay on-track and take advantage of the best deals.

Credit Score Requirements
The minimum credit score requirement on a single-unit investment property is 620 and it will require a 20% down payment. If you have a credit score of 720 or higher, you’re only required to put down 15%.

For an adjustable-rate mortgage, the minimum credit score of 620 requires a 15% down payment on a single-family property.

It’s important to communicate with your loan expert to clarify any confusion about what you do and don’t qualify for.

Other requirements include two years of tax returns, two years of W-2s and two months of bank statements to your mortgage company. Think of it as the 2/2/2 rule. Your mortgage company will also want six months of mortgage payments in reserve in the event of financial hardship.

Determining The Potential ROI
The ROI can be calculated by first finding the net annual income of the property (rent money left over after taxes, insurance, fees, HOA, repairs, etc.). Take the net annual income and divide it by the amount you spend on the property.

Example: Net Annual Income is $8,000 / $100,000 You Spent = 8% ROI

This is a good way to determine which investment property meets your financial expectations.

What Makes a Good Investment Property
If you’re scouting the area for a perfect rental property, look for a home with low maintenance and minimal vacancies.

Unless you have extensive handyman skills or have completed meticulous planning about a fixer-upper, we strongly suggest you stray from this “opportunity”. This will help prevent your investment from becoming a money pit.

If your property is vacant, it isn’t much of an investment… is it? But this doesn’t mean open your home up to any potential tenant. Make your property attractive to GOOD tenants. One’s that will pay rent on time and take care of the home. To do this, you can put specific lease agreements in the contract that a quality tenant won’t have a problem signing.

Reed Property Management
When you pile all of the aforementioned tasks listed above on top of everyday life, it can become quite overwhelming. At Reed Property Management, we have the connections and experience to help you find an investment home. We will maximize the ROI of your home by performing background checks on potential tenants, property inspections to ensure your investment is being maintained, mortgage and utility payments, rent collection and much more.

We would love to help you find an investment home or locate a rental home for you to live in. Reed Property Management… Where Experience, Knowledge and Reliability Awaits!

 

Maintenance Responsibilities for Property Owners and Tenants

Maintenance Responsibilities for Property Owners and Tenants
Have you ever moved into a rental home and it seemed like things weren’t quite up to par with safety regulations? Or maybe you’re a property owner and you’ve had previous tenants that showed blatant disrespect towards your investment home. Neither situation is ideal if the goal is to have a seamless overall experience. Not only do these responsibilities protect both parties, but it’s the law tenant and property owner must comply with.

In this blog, we’ll discuss what these responsibilities are and how a reputable property management company can help.

Property Owner Responsibilities
Before a tenant moves into the rental home, the property owner (property manager) should inspect the home and property to make sure the home is safe and no repairs are necessary before move-in. Florida law specifies that the tenant can not move into a home with dangerous conditions. Oftentimes, the unsafe conditions aren’t apparent to the tenant, so that’s when the property manager provides a thorough inspection to ensure it is a safe living environment. For example, a working smoke detector must be installed prior to the tenancy.

During the tenancy, the property manager and owner must maintain the structural components of the home. Specifically the roof, windows, doors, floors, steps, exterior walls and foundation. Other responsibilities include ensuring the air conditioning, heating and plumbing are functioning properly, the extermination of insects is taken care of, and locks/keys are in working condition.

Tenant Responsibilities
Sometimes, first-time investment property owners are a little wary of letting strangers live in their home. Luckily, they can rely on Florida law to guide the tenant in their maintenance duties:

  • Keep the property clean and sanitary
  • Remove all garbage in a clean manner
  • Use electrical, plumbing, heating, air conditioning and other appliances in a reasonable manner
  • The tenants and guests must conduct themselves in a manner that does not disturb surrounding neighbors
  • Notify the property management company immediately of any defects, maintenance issues or dangerous conditions
  • It is always in the best interest of the tenant and property owner to go over these responsibilities prior to move-in.

Reed Property Management
To enhance the odds of the property owner and the tenant being happy throughout the duration of the lease, it’s important to demonstrate effective communication. Not only is it important for the property owner and tenant to communicate, but hiring a property management company that takes pride in this is essential. They can help solve issues, relay any messages from the property owner, and respond to tenants if there is anything that needs to be repaired in the rental home.

At Reed Property Management, we fully grasp the importance of following property owner and tenant responsibilities. Whether you’re looking for a home or for someone to manage your investment property, contact us today and we’d be more than happy to assist you!

How COVID-19 Has Impacted Residents, Small Landlords & Investors

How COVID-19 Has Impacted Residents, Small Landlords & Investors
It’s been a difficult year for rental owners. While the industry’s attention has been focused on rental payment rates in the properties where there’s a lot of data (large professionally managed apartment buildings), many owners of small rental properties have been quietly struggling.

We’re over a year into the COVID-19 pandemic and financial crisis, and finally, a clearer picture is emerging from the difficulties that property owners have weathered since March 2020. The resiliency of many property owners is truly inspiring. A new study shows that 2 in 5 investment property owners plan to add new properties to their portfolios in the near future. That being said, many rental owners are still facing the negative impact of COVID-19.

In this blog, we’ll discuss the struggles of both renters and owners over the past year, what property owners are saying about their experience, and how property management companies have helped rental owners get through these challenging times.

A Top Stressor For Property Owners
Vacancies are a consistent source of stress for 1 in 3 rental owners each year. This number is more significant than it might seem at first glance, considering that many owners of small rental properties may not have a single vacancy in any given year. However, 22% of rental owners report that the occupancy rate of their properties has suffered during COVID-19; and it’s this shift that we believe is responsible for an uptick in the number of owners who selected this as a top stressor in 2021.

What Are Property Owners Saying About The Matter?
“It is a rough time right now. We depend on these rentals for our retirement. They give tenants help with rent, but what about the owners? We still have expenses to pay.” (Pittsburgh, PA)

“My renters could not pay total rent for a while. Have reduced rent so they can make ends meet. Not generating revenue.” (Huntsville, AL)

“I am a retired nurse who is single; my units carry a mortgage, so if the laws don’t allow evictions of non-paying tenants, I will not be able to cover my mortgage with other funds.” (Albuquerque, NM)

Property owners all across the United States have been dealing with unprecedented issues during COVID-19. Hiring a reputable property management company during uncertain times can help.

Residents Living in Small Multi-Family Properties
31% of residents living in single-family rentals and 29% in small multifamily properties have seen a decrease in income during COVID-19. In comparison, this was the case for just 18% of residents of large apartment buildings—likely because so many of the properties in this category that were built over the previous decade were priced for higher-income renters.

Residents of small multifamily properties are also more likely to be living paycheck-to-paycheck. When they lose their source of income, they’re less likely than residents of larger properties to be able to gather the funds to pay their rent in full by 8 percentage points.

More than half of renters whose income has been threatened by the pandemic live in small rental properties. However, because they’re less likely to have federally backed mortgages, only 12% of units located in small rental properties were covered by the protections of the CARES Act, in comparison with half of apartment building units.

How Have Property Management Companies Helped Owners?
31% of rental owners reported that COVID-19 had a negative impact on their residents’ ability to pay rent, with 13% of owners having worked out a payment plan with at least one resident. All of a sudden, the number of rental owners who wanted an expert’s help in facilitating the collections process jumped from 78% in 2019 to 90% in 2020.

There’s clear evidence of the difference that property managers make on the collections process compared to property owners without the services of a property management company. Rental owners with property managers on their side had a 6% higher payment record during COVID-19 from their tenants than those who did not use the services of a property manager. Much of this has to do with the tenant screening process and the constant communication between tenant and property manager.

Property managers can make a big difference by implementing consistent processes and providing individual investors with clear, simple statements each month to help them understand where their money has been allocated. Which will help them keep track of missing payments, partial payments, rising property taxes, or maintenance expenses.

At Reed Property Management, we’re here to help investment property owners thrive in uncertain times such as COVID-19. Our goal is to ensure both the tenant and property owner are happy with the arrangement. If there are any payment or maintenance issues, we have the knowledge, experience, and communication skills to streamline an effective plan to resolve said problem.

Don’t wait until another unexpected crisis hits to hire a property management company, contact Reed Property Management today!

(239) 351-2880

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