What our clients have to say
The path to success often begins with a question. Find answers to the questions through our web resources and contact us for more detailed further sell, buy and rent of real estate industries information. Learn more →
Why hire our Milwaukee Property Management?
“I’ve been through many property management companies before using these guy. I live in El Paso TX and have 11 condo units. I have been with Milwaukee Property Management for 9 years now. I have had nothing but good luck with them. They are my eyes in Milwaukee and have helped me Tremendously!” Luis A Salazar Sr. More testimonials→
Looking to sell your investment property?
We area a full service real estate brokerage and we work with many investors that are always looking to add to or lessen their portfolio. Before you purchase or list the property with someone, ask us about our real estate services. There is no need to put your property on the market and wait for silly low-ball Learn more →
Best practices when hiring a PM company
There are a great many property management companies in Milwaukee, but how do you decide which one to choose? Many people are once again beginning to invest in real estate, especially rental apartments and condominiums, as a means of creating monthly cash flow and enhancing their retirement incomes. Choosing the wrong property management firm can actually cost you more money than you originally intended it you do not do your due diligence and research your options.
All that you have to do is go online, and you will find a great many horror stories of landlords who have received poor service from their hired managers. Perhaps maintenance issues were not properly addressed, or perhaps there was a disagreement about the proposed rental rates. But not every management company is going to be in line with your personal long-term investment strategies and expectations. Here are some factors to consider when interviewing prospective candidates for property management companies in Milwaukee.
Always remember that hiring a property management firm is strictly a business arrangement, pure and simple. If your primary residence is located a fair distance from Milwaukee, this company is going to be your “eyes and ears”. The last thing that you will be expecting is a lot of trips back and forth to the city. Do not let the overall price of the firm be your final determining factor.
The more reputable and experienced PM companies in Milwaukee may charge a bit more, but they most likely offer a wider range of more thorough services as well. When you take into account those costly traveling expenses, you might come out way ahead. Always ask for an itemized list of individual fees and charges before making your final decision.
Inspections, Repairs, and Maintenance
This is a very critical factor that can sometimes go overlooked by the first-time landlord. Maintenance and repairs can easily become the single highest yearly expense if not handled properly and timely. This means that units and condominiums should be regularly inspected to catch possible problems early.
Each issue and individual repair needs to be catalogued, monitored, and tracked by the property management firm based on date assessed, date repaired, and total cost including man-hours and supplies. Is this a service that your company offers? Does it cost an additional fee? You had better find out beforehand. This is where the truly professional PM companies in Milwaukee will stand out among the less experienced.
Tenant Retention and Marketing
First time landlords often overestimate how much money they will receive in rental payments every year. For example, if you have an apartment renting for $1000 per month, then you might assume that you will be receiving $12,000 per year in rent checks. This only works if you are able to keep your existing tenants in these units for very long periods of time.
Every time a renter vacates, you lose time and money. The property management firm will first have to market the empty apartment to the general public, the applying tenants will have to become qualified, and then a period of time will have to be given before the renters can move in. Tenants rarely walk into the clubhouse, sign a lease, and move in the same day. The highest rated property management companies in Milwaukee will have the best retention rates. Always ask for proof and documentation of other properties that are similar to yours.
Qualifying and Screening of Prospective Tenants
As the property owner, you probably do not want to rent to just anyone that walks through the door. You want renters who are going to take care of your units and condominiums as if they were their own. This is always a difficult challenge, even in the best of circumstances, but a reputable property manager will know the tricks of the trade.
As the landlord and property owner, you have a significant amount of influence in determining the individual qualifying and screening factors. This will depend on a number of issues, such as the property neighborhood, state of the local economy, and other issues, but these processes should be clearly defined before you sign a contract with any property management firm. Owners usually do not want to intervene in this process once the company has been hired. This can lead to issues of fair housing and discrimination lawsuits.
The final contract that is signed by both parties is going to be the sole, legal document that binds the two of you together. Ask for a copy of their standard management agreement in advance and review it thoroughly. Make your own notes and suggestions in the margins, and always be sure to ask for references and visit their other properties before you sign on the dotted line.
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