I just returned from the 23rd Annual Convention of NARPM which was held in Dallas, Texas, October 18-21, 2011. The association celebrated their 23rd convention anniversary during the event while various general sessions emphasized professionalism. Workshops offered current attendees information to help residential property managers keep abrest of the latest developments in the industry. Suppliers and vendors were also present with samples of goods and services for improving the management of property.
The NARPM Annual Convention is a great way to keep up with current trends and changes in our industry and to locate products helpful for efficient property management and professional development. Workshop topics ranged from the latest trends in social networking to ethics to managing effective and profitable teams. As always, there was a strong emphasis on the NARPM designation program.
Over 500 of the best property managers in the industry were at the annual event. NARPM has over 3,000 members and is the nation's only professional organization dedicated exclusively to enhancing the professionalism and ethics of those managing single family dwellings for their clients.
Not much has changed in the rental real estate market in the last six months. Rentals are in demand, but single family rents are only inching upward. High unemployment and foreclosure activity has reduced investor confidence as well as demand for rentals. When it all gets better is up for speculation, but it does not seem to be getting worse, and that is good news. We continue to see enough people renting to keep our vacancy rate at or below 4%.
There are many factors to consider when looking for a professional property management company. I believe the first method to use to narrow your search is to see which of the various property management companies show up on the major search engines. I would not be too concerned if they show up using search terms like: property manager, or property management, or professional property manager in (your city). What I would care about is if the vacancies they have show up under searches like rentals in (your city), or houses for rent in (your city), or homes for rent in (your city). Think of search terms a prospective renter might use and see what vacancies show up. Note that the company's own web site may or may not show up. It is their listings that you want to see. They may show up in rentals.com, craigslist.net, vast.com, or oodle.com to name a few of the sites that carry property for rent. For my money I want a property management company that is all over the internet with listings, getting me the widest possible exposure. That will help keep my home rented, rented for more money, and hopefully to a better tenant.
Find a property manager that answers the phone during working hours. Some property managers have no provisions to handle problems while they are out of the office. What if you need an answer to your pressing question and no one is there to give you an answer? The important point is that your renter may need a water heater fixed on a weekday, at night, or a weekend. What does your property manager have set to handle such events? A good way to check is this out is to call after hours and hear what the procedure is. I would also suggest calling the property management company during the day to hear what the response time is. It may not be immediate, but is should be reasonable.
Does the property manager's website have a method for residents to report maintenance problems? As I mentioned in earlier, web presence is very important. 80% of renters are now using the web to locate rentals and they will continue to use the website if the property manager has an accommodation for them.
Another element in communication is the distance your property is to the property management company's office. The fact is, the farther your rental property home is from the property management office, the less likely your property will be shown to prospects and the less likely your tenant will receive great service. I suggest that you make sure that your rental house, duplex, condominium, or apartment is within 30 minutes drive time to the property management office, and the closer the better. More than this will most likely result in diminished service.
HomePointe current vacancy rate is 3.5%. This is a landlords market with some cautions. With high unemployment, rents have not been able to rise up as one would expect with a low vacancy rate. But it does mean that landlords can expect to rent their property quicker.
It is also a sign of the times that applicants credit reports often have a foreclosure or short sale on them. This is to be expected with the mortgage crises fallout in full swing.
Visit our website for our most current and past rent surveys covering the entire Sacramento Region at www.HomePointe.com and click on Owner Services.
HomePointe Property Management has partnered with the Sacramento Kings for the 2011 season. As part of the program HomePointe will be able to market its services to other Kings businesses and HomePointe will be displayed on the Kings website at www.Kings.com.
This partnership effort is a part HomePointe's effort to support the local communities we serve and therefore a way to give back to our community. HomePointe supports the effort to build a downtown arena which could serve as a centerpiece for regional entertainment for Sacramento and the surrounding population, whether they are interested in basketball or not.
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Property Management Rentals and Maintenance in Sacramento, Yolo, Placer, and El Dorado Counties from offices located in Sacramento, Roseville, and Orangevale, CA We manage residential and commercial.
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