Thinking about managing your own rental? Are you comfortable with the 60+ statutes that apply to owners of rental units? Do you know how to properly qualify and screen prospective tenants? How would you handle determining what the optimal rental rate is for your home since most of the data you need is not public? Have you ever had to track down a tenant two weeks late paying rent? What about filing an eviction? Ever dealt with a house fire resulting from a lightning strike while you’re 1,500 miles away? What about the roof damage from a hail storm you didn’t know happened?
Still thinking about doing it yourself after reading that? Let’s look at setting the rental rate, how would you go about it? The most common response we get when speaking with prospective clients that are debating between hiring a professional and doing it themselves is this: “The neighbors down the street are renting their house for $2000.” Are you sure it really rented for that much? The MLS system allows REALTORS® to see what another REALTOR® rented a property for. It is a crucial tool for determining what rents the market of a particular area will support. We look at successful rentals, what they actually rented for, how long they sat on the market before being rented, and several other details. This is just part of what goes into setting a competitive rental rate. What about all the other items for consideration above? Property management is a real estate specialization, just like the many different specializations for doctors.
We Are Professionals
We work for you, the client. We won’t ever forget that. We’re in business to take care of your home, your asset. We’ve had many of our clients since the 1980s. Why? They trust us. We give them honest feedback and they trust that when we say we’re going to do something, we do it.
We are members of:
- National Association of REALTORS® (NAR)
- Texas Association of REALTORS® (TAR)
- San Antonio Board of REALTORS® (SABOR)
- Multiple Listing Service (MLS)
- National Apartment Association (NAA)
- Texas Apartment Association (TAA)
- San Antonio Apartment Association (SAAA)
- National Association of Residential Property Managers (NARPM)
- Institute of Real Estate Management (IREM)
What does that mean to you, though? For all of those organizations, it means we’re held to a higher standard. Those organizations have strict codes of ethics that we are required to follow. They also provide education and support to member organizations.
Why are we members of the apartment associations? Two very big reasons, they support the residential rental part of the real estate industry and they have the best legal support and documents for leasing and property management available.
NARPM is the organization for residential property managers and they have a fantastic set of education programs and support for our industry. IREM is the ultimate organization for anyone in property management, commercial or residential. They also issue the prestigious CPM® designation that our president holds. IREM is also the organization NARPM was born from.
All REALTORS® are not Created Equal
Many agents don’t know what to look for in a rental property. Most don’t know how to perform a cash flow analysis for a rental home. How is that person going to help you locate an investment property? On multiple occasions, we have been approached by a new prospective client while they’re in the process of purchasing a home with the intent of renting it out. Imagine their surprise when we’ve had to tell them their rental rate is below their mortgage payment. Their agent was selling them on a house that would not make an effective rental property. Investment property is our business, it’s what we do. We know how to locate homes in order to maximize return as rental properties. We have licensed Texas REALTORS® trained to help investors locate properties that will bring them consistently qualified renters, resulting in consistent positive cash flow. We even have lenders ready to work with investors.
The Bottom Line
Place your trust in a company with a proven track record of not only catering to investors but also to the homeowner. We have the experience to effectively manage your property in San Antonio and get it rented quickly at the optimal rate, with quality tenants. Get started with Pyramis today.