Far West Realty - Rentals and Propery Management in Prescott
 

Never Settle

Property Managment in Prescott ArizonaThe place is finally ready.  You’ve painted, re-carpeted, repaired, mowed and spit-shined. Your investment rental property in Prescott is now ready to rent.  You’ve taken a host of professional-looking photographs, put them in various ads, and are excited to find a good tenant to start the cash flowing.  And, in the current landlord’s market, the phone start’s ringing almost immediately.  A sizeable share of the callers are “really in a bind” and need to get into a place “yesterday.”  They pressure you to see it as soon as possible.  In fact, they are willing to fill out an application and move forward as quickly as you’ll allow, without even seeing the place at all.  They’ve “driven by it” and “really want it.”

Hmm…  OK.  Far West Realty in Prescott takes a look at these prospects.  You overcome the temptation to just get ‘em in there and start the money flowing, and you do some digging.  Based on comparables, the rent on your unit should be $1000 per month.  This couple earns a total gross monthly income of $3200.  Their collective credit score is 605, and together, they have 14 collection accounts, and total monthly car and credit card payments of $1063.  What do you think?  Still tempted?  Well, maybe they’ve been good tenants for someone else.  Let’s call and find out.

You call their current and previous landlords and find out that over the last 3 years, they’ve been late with their rent 8 times and didn’t get any of their security deposit back from either landlord.  Disappointed, you reluctantly inform the prospects that you won’t be able to rent to them.  They’re offended and freak out on you a bit, but you shake it off and move on.  You’ve had a dozen calls and are anxious to find an acceptable tenant start the return on your sizeable investment of time, sweat and money.  So, you show the home to all of them and get three more prospects that put in applications.

You screen all three and the very best of them is still marginal (and that’s generously stated).  She has a 612 credit score, has only been with any given employer for a maximum of 7 months in her life and, since she’s been living with her parents from high school up to the present date,  she has no real rental history.  But, by now you’re getting anxious about the lack of cash flow.  Should you take a risk?  You can.  Do you really want to?

You decide to hold the line a while longer.  Two weeks later, you’ve shown the unit to umpteen different prospects and screened several of them.  Still nothing from any of them that just knocks your socks off.  You’re now officially stressed, and thoroughly bummed.  You really need that money coming in.  Should you have taken an earlier candidate?  How long will it take to find the right one?  Can you afford to wait any longer?  You ask, “What am I doing wrong?”

Very likely, you’ve done nothing wrong to this point.  The truth is that, while this sort of thing can happen, it’s unlikely in the current market.  While, probably the majority of applicants will not rise to your standards, there will nearly always be someone who does.   The reason for the rehearsal of this scenario is, not only to highlight the possibility, but to get you in the right mindset in advance of such a situation.  The fact is, most landlords faced with this dilemma, would simply settle for the best prospect they find, whether or not that prospect is actually qualified for their property.

It’s really important to establish a set of standards in advance, based on what you want to accomplish with your investment, (and on what landlord nightmares you want to avoid).  For example, what’s the minimum income someone would need in order to comfortably make the rent payments?  What’s the highest debt-to-income ratio that would safely allow that?  Will you require a solid rental history?  If so, how long?  If rental history is not an absolute requirement, what criteria will you use to measure how trustworthy and responsible they are?  What sort of other references might you require?  Will you accept someone with a criminal record?  Will you accept pets? (Remember, under the law, service animals are not pets.)

You wouldn’t want your son or daughter to just settle for the first suitor that comes along.  You’ve taught them to have a set of standards commensurate with their life’s goals, and to then stand firmly by those standards.  It’s no different with a rental investment into which you pour your hard-earned money and sweat.  Decide what standards will provide the level of protection and peace of mind that you want, and then stand by them.  Don’t be intimidated by circumstances, into settling for less than the standards you have already set.  The cost of doing that can be, and often is, far higher than losing a month’s rent – or even two if necessary – while you firmly and patiently wait for someone who truly rises to, or even above your predetermined bar.

And, as always, if you decide, anywhere along the way, that you just don’t want, or feel equal to the responsibilities of a do-it-yourself landlord, you can always call Dave at Far West Realty, and we’ll be happy to show you what we can do for you in managing and preserving your rental property. Contact Far West Realty in Pescott at (928) 772-9400.

 

Posted to: Helpful Property Management Articles

 

All Blog Posts

 

Do you own rental properties? Learn the processes for property management in Prescott by Far West AZ

Far West Property Management on facebook
Far West Property Management on googleplus
Far West Property Management on youtube
Far West Property Management on tumblr
Far West Property Management on blogger
Far West Property Management on yelp
Far West Property Management on facebook Far West Property Management on google+ Far West Property Management on youtube Far West Property Management on tumblr Far West Property Management on blogger 
© Far West Property Management | Photo Credits | Privacy Policy
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.