Far West Realty - Rentals and Propery Management in Prescott
 

Why you need proper property management for your multiple income properties

Trust Far West Realty to manage your rental properties in Prescott Proper management will be the link to having lucrative investment properties. So much is at play when it comes to investment properties such as: collecting the rent on time, maintaining the property, advertising, keeping up on the laws, finding the right renters and making sure positive cash flow is generated. Having several investment properties multiplies the opportunity for success or failure. Having a solid property management firm like Far West Realty to manage your Prescott properties is paramount to success.

There are two ways to go about managing your rental properties: do it yourself or hire a property management firm. Managing a single property, may not be as challenging, since you may have found the perfect tenant who pays on time, performs upkeep on your property, and stays a long time. However, when managing multiple properties, the work can get out of hand if you are not an expert and the cash flow can turn negative fast.

Here are some property management tips that will help with managing that single property, but will be essential to your success when multiple properties are involved:

Organization - You need to be organized to manage the multiple properties. Collecting rent, signing leases, paying taxes, maintenance, advertising and adhering to the law, all have time deadlines. Not keeping up with these deadlines can get you into trouble. And, your properties may not all be on the same time schedule. Documentation needs to be thorough and correct.

Marketing and market value - Setting the right price for your investment property(s) requires knowing your market. The expenses of the home do not dictate the rental price, the market does. Do not lose money by simply guessing. There are many factors to look at such as location, size, neighborhood, condition and more. Advertising and marketing the property will keep it occupied if done correctly. Proper marketing and advertising can result in quality tenants and positive cash flow.

Proper Screening - In a rental climate like Prescott, finding tenants is not hard, but finding the right tenants is a different story. Experience over time will most definitely hone the skill of recognizing what “right”
looks like with renters. Are you prepared to do a criminal background search, credit check, sex offender check, past rental history, income stability and reference checking? What about roommates and pets? All of these aspects must be considered when screening potential tenants. Not adhering to proper screening will negatively impact your investment opportunity.

Having one bad renter may be manageable, but you do not want the headaches and income losses associated with bad screening on several properties. Eviction is a topic all in itself. This is something you do not want to tackle without knowing the law, your rights, tenant rights and timeframes.

Going at it alone is possible, but very risky if you are without experience. Managing that one rental property may be rewarding and perhaps even easy if you have found the right tenant and all is going well. Good can turn bad quickly, especially when you have multiple properties. Don’t risk losing significant cash flow by not investing in a property management firm to manage your properties. Trust the experts at Far West Realty to handle your investment properties in  Prescott. Call for an appointment at 928-772-9400 and learn more about us.

 

Posted to: Far West Realty’s Property Management Division

 

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Review:
"We have very much enjoyed our apartment as renters with Far West Realty for several years now, and are happily satisfied in our dealings with Dave Hamill and his staff...." read more
- Tammy and Jim
 
Review:
"Working with Far West has been a pleasure. Dave and his office were responsive to questions and needs throughout my three years leasing from them. ..." read more
- Jim Bogner
 
Review:
"Dave Hamill at Far West Realty was my property manager on a single family house for several years. As an out-of-state owner, I relied on Dave for everything: tenant..." read more
- Kent
 
Review:
"I have been using Far West to manage my rental in Prescott Valley for approximately 7 years. I live out of the area know that things are being taken care..." read more
- Korina Elliott
 
Review:
"Dave Hamill and his team at Far West Realty have managed our property in Prescott Valley for the past five years. It has been an all around pleasant and worry..." read more
- Terry & Carol Bourque
 
Review:
"Dave Hamill and his team at Far West Realty have managed our property in Prescott Valley for the past five years. It has been an all around pleasant and worry..." read more
- Terry and Carol Bourque
 
Review:
"Dave, Re: Our Experience with Far West Realty We have had an excellent experience with David Hamill and his staff at Far West Realty. The goals of the owners and..." read more
- Ken & Diana Turner
 
Review:
"We originally contracted with another Property Management house in Prescott, but they proved that they were incapable of doing even the most basic of jobs (like keeping the power turned..." read more
- David Hresko
 
Review:
"I was a commercial property manager/leasing agent for 26 years in Newport Beach and I well know that it takes some very special skills and abilities in order to manager..." read more
- Cathy M. Prescott, AZ
 
Review:
"I\'ve had Far West for my property management for several years. They take care of everything and send me a check! They schedule regular inspections so that I..." read more
- Theresa Williams
 
Review:
"I have been associated with Far West Realty since it opened. Dave has handled my properties and he is excellent. This is the third property management company I have dealt..." read more
- Jane Deleeuw
 
Review:
"Great, dependable, and honest people that meet the needs of their customers..." read more
- Alex Spence
 
Review:
"Prior to using Dave Hamill at FarWest, I went thru so many management companies. I have been with Far West for many years now! When Dave says he..." read more
- Bernadette Lafferty
 
Review:
"My wife and I have used Dave's services since we bought our property in 2011. As absentee owners, we were concerned about managing our rental property and Dave and..." read more
- Larry Blachut
 
Review:
"Best property manager in Prescott area. Dave handled all aspects of the Leasing and managing of our single family home As an out of state owner,..." read more
- Judy Rosenberg
 
Review:
"Far West Realty has been my property manager in Prescott for the last six years. Dave Hamill and his crew have done a good job for me. They..." read more
- Jim F. Austin TX
 
Review:
"David Hamill is very conscientious and professional. If you are considering Far West Realty for property management services, you will be pleased with their expertise, care, and attention.  Your financial..." read more
- Kent K. Newport Beach, CA
 
Far West Property Management 5 out of 5 based on 17 ratings.
Far West Realty in Prescott AZ - Homes for Sale | Buy Land | Property Management
5 out of 5 stars We have very much enjoyed our apartment as renters with Far West Realty for several years now, and are happily satisfied in our dealings with Dave Hamill and his staff. The very few concerns or problems we have had with our unit have always been met with real consideration and responsiveness. Further, Dave and his staff are readily accessible and always courteous. Tammy and Jim
Far West Realty in Prescott AZ - Homes for Sale | Buy Land | Property Management
5 out of 5 stars Working with Far West has been a pleasure. Dave and his office were responsive to questions and needs throughout my three years leasing from them.
Far West Realty in Prescott AZ - Homes for Sale | Buy Land | Property Management
5 out of 5 stars Dave Hamill at Far West Realty was my property manager on a single family house for several years. As an out-of-state owner, I relied on Dave for everything: tenant selection, lease negotiation, recovery when a former tenant didn't pay the last month's rent, cleaning, maintenance, marketing, managing repair work, etc. Dave and his team were always professional, courteous, competent, and just nice people. I wholeheartedly recommend them!
Far West Realty in Prescott AZ - Homes for Sale | Buy Land | Property Management
5 out of 5 stars I have been using Far West to manage my rental in Prescott Valley for approximately 7 years. I live out of the area know that things are being taken care of. I have complete faith in Dave and his team in the oversight of my property. They are thorough and very prompt in any given situation. I love the fact that I know that the house is being taken care of with TLC. You can't put a price on piece of mind and that is exactly how I benefit from using them. I would strongly recommend using Far West for your management needs. You will not be disappointed.