We know exactly how it feels to have an extended vacancy or damage done in one of our homes.
Commonly property managers are responsible for more than 100 homes each and have never had to spend their own money on an income property. We don't want our clients to feel like just another address
We are a boutique property management company with only 50 properties per manager.
The best way to find great tenants is to have an Upscale, Clean, and Safe home.
Tony does most of the maintenance and repairs. When you hire Avail Properties as your property manager you benefit from his more than 20 years experience in the residential construction industry. Investment partners and clients trust Tony's knowledge to help avoid the lemons and recognize value when purchasing investment properties.
The best way to avoid deadbeat tenants who don't pay and destroy your house is to never give them the keys.
Protecting our client's properties starts with a tenant phone interview, followed by an in-person interview when we show them the home. We call employment references and their past landlords, check bad tenant lists and perform a credit check to approve a prospective tenant. We even have a personality survey that tenants are encouraged to take especially when their credit is less than ideal.
We focus on tenant satisfaction and retention to lower vacancy time and move out damage.
Quarterly inspections, a monthly newsletter, an online maintenance request form, and birthday and Christmas gifts help us to be the landlords they hate to disappoint.
Property Management Interview
Q. How long have you been in business?
11 years as a contractor and 5 years as a property management company
Q. Do they manage their own properties?
Yes, we currently have 7 cash-flowing doors in new condition
Q. Do they have any professional designations?
Yes Certified Real Estate Investment Advisor and currently enrolled with RECA for the Accredited Residential Manager Designation
Q. How much does it cost to cut the lawn?
For our management client,s Snow Removal, lawn maintenance, and cleaning is $45 per hour.
Q. Where will the company advertise my units?
Our website syncs with 10 other for rent websites. Plus 7 pay per lead websites 2400 social media followers and a network of more than 83,500. We mobilize Geomarketing techniques. We run referral programs, and network with schools, hospitals, military housing, and home service business. We can employ local methods such as our "choose your neighbor" program, flyers and A-frame signs.
Q. Do they use outside contractors?
With 20 years in construction, we have a long list of trusted tradespeople. Generally, all maintenance and repair is done by Tony at the rate of $70/hour. Contracted Trades are cost plus 10%
Q. How Is the rent collected?
Only our Joint Venture partners get full financial management. Most of our property management clients prefer to maintain a separate account for each property and we forward the E-transfers and our monthly invoice.
Please Tell Us About Your Portfolio
Rent rates are affected by many factors such as vacancy and employment rates, the location, quality of the finishes, the features of the home, etc.
Calling a few property managers to get their opinion on rent rates are based on many assumptions and are very inaccurate. We evaluate rent rates based on 5 criteria.
The Financial Comparison – Not all houses are meant to be rental properties. Especially if less than 20% equity is invested. Most will have a negative cash flow. (Money left after all monthly expenses) Many houses won't fetch a positive cash flow if you include a vacancy and maintenance budget. We really want a house to break even in the current market condition. Rent rates are at a 13 year low and the future is bright if you have a break-even home now. If you're getting cash flow with 80% loan to value that is a gem that is most commonly found using unconventional methods and not on the MLS.
Comparable Market Listings – Searching the local market for comparable properties available for rent. By tracking the various features and adjusting the value accordingly. Sometimes it is necessary to secret shop these and tours the area looking for black swans. (an unpredictable or unforeseen event, typically one with extreme consequences)
Average Incomes – We never want to make a tenant "House Poor" (a person that spends more than 40% of their income on housing including utilities) At some point the chances of us collecting rent from someone in this situation is going to be a problem and they likely won't stay long.
Pricing Ahead of the Market – Demand for rental properties fluctuates seasonally in addition to the effect that the real estate cycle or current market condition has on rent rates. If demand is expected to go down i.e. Vacancies up we want to make sure we fill vacancies very quickly. If demand is high we like to pull out the Black Pearl price list for new and renovated properties. (see our blog for the story of the Black Pearl)
Average Rent Rates – We are proud to provide safe affordable homes. When we have a new home at just above average rates it attracts a tenant that shops more for value than price. Much like trying to sell the most expensive house in the neighborhood is challenging. Renting the most expensive rental available means it can take longer than average to find a resident. As much as providing low-income housing is needed in the community the downside is renting the cheapest house attracts a tenant that moves more often and tends to neglect their maintenance responsibilities.
The rent you can collect can have less to do with the property and more to do with the marketing of it. One Kijiji ad on page 30 with poor pictures is going to get very few responses and influence your decision to lower the rent.
The only real way to answer the question "What is the market rate of my property?" is to analyze the data. Data such as how many people saw the ad. How many inquired and how many applications were submitted.
Good marketing not only lowers vacancy times and increases the chances of finding great residents. It gets more people interested in your property. In other words, a good property manager increases the demand for your property. Its basic economics, Increased Demand equals a higher rent rate!
There really are only 3 choices:
Let your Tenants Teach you How to be a Landlord (this is painful and expensive)
Do It Yourself (get an Education in Real Estate Investment, Property Management, and Contracting)
Or Hire a Property Manager
Savvy investors know that you can be rich but not wealthy.
Money has not fulfilled its purpose if you don't have time to enjoy it