Rental Home Management in Kansas City – Guidelines for Rental Property Success
For many residential property owners, being a successful landlord is something of a mystery. Even for seasoned real estate investors, misconceptions and misunderstandings can reduce the return on investment for the properties they own. Fortunately, hiring a professional property management company is the key to understanding how proper management helps you achieve maximum return from your rental property. Whether you own a single property or a large portfolio of investment properties, professional property management is the solution. Many factors are part of successful property management, and each factor can increase or decrease your return, sometimes in subtle ways. Here are some guidelines:
- Property Value Assessment – Before you do anything else, you should assess your residential property on several levels. Location, size, condition, and local conditions all influence the property’s attractiveness to tenants and the proper rental price. At 33rd Company, our intimate knowledge of the Kansas City metro area lets us make these assessments with expertise. If you price your rental property right, it will rent quickly and retain tenants, providing excellent ROI.
- Property Condition – For residential rental properties, the condition of your property is a key factor in attracting reliable, qualified tenants. If your property has deficiencies in exterior or interior appearance, issues with included appliances and fixtures, or any other problems, it may remain vacant for longer periods or have to be rented at a lower price. At a free consultation with a 33rd Company property manager, we’ll point out any deficiencies that could cause problems and suggest ways to improve the rentability of your property. We also have a network of licensed and insured repair companies and contractors who can make repairs and improvements at our volume discounted rates.
- Marketing & Advertising Your Property – How well your rental property is advertised can influence how quickly it is rented by reliable, qualified tenants, and what the rental price can be. All too often, property owners advertise only locally, reducing the number of potential tenants who learn about the property. At 33rd Company, we advertise properties we manage on hundreds of websites both local and national, and present them to relocation services. We also do local advertising, using signs and brochures, where appropriate. That increases the number of potential tenants and can dramatically shorten vacancy periods, the largest cost most property owners face have.
- Presenting Your Property – As with real estate sales, showing your rental property to prospective tenants is a crucial step. 33rd Company property managers are skilled at presenting your property in its best light and can answer all questions from prospective tenants.
- Understanding Landlord / Tenant Laws – The laws that regulate the landlord / tenant relationship and control how residential rentals are handled can be very complex. From selecting tenants to dealing with late rent payments and other problems, failures to follow the letter and intent of all applicable laws can prove very costly. At 33rd Company, we understand and follow all laws that affect rental properties, including federal fair housing laws and the laws of Kansas and Missouri. Our rental documents are in full compliance with all laws, and we can deal properly and quickly with all issues of delinquent renters.
- Maintenance & Repairs – These issues are among the most troublesome for rental property owners who manage their own properties. Tenants may call at all hours with problems, ranging from simple issues that can be handled over the phone, to emergency problems such as a furnace failing in the winter. They expect problems to be taken care of quickly. 33rd Company has a network of proven repair companies and contractors under our HandyQuick® service umbrella. They are all licensed and insured, and can handle any repairs quickly and at low rates, thanks to our volume discounts. In addition, we provide tenants a number they can call 24/7 for any issue. We handle the situation, so you don’t have to.
- Financial & Tax Issues – Handling rental income, maintenance costs, security deposits and more, along with keeping the detailed records needed for tax purposes, can take up far too much time for most property owners. We collect and disburse rental income through ACH / EFT automatic debits and credits, simplifying your bookkeeping. We can handle all payments to repair services, as well. We manage tenant security deposits according to exacting legal standards. We keep meticulous records, with your account statements always available online. At the end of the year, we supply you with all documents needed by your tax professional.
Working for Kansas City Home & Property Owners with Great Management for Best Results
Managing residential rental properties in Kansas and Missouri can be complicated and time-consuming. Handling all of the issues involved can lead to costly mistakes, extended vacancy times, and even serious legal issues. That’s why more and more rental property owners are turning to our expert professional services. Our rental management fees are among the lowest in the area and we offer the highest quality services for our clients. Our 15+ years of experience, our highly trained staff, and our finely tuned management methods let you forget about the problems of managing your rental homes, while you maximize your returns. Contact us soon to discuss our property management services in KS and MO. Whether you own just one property or dozens, we’ll help you get the most from them.