Far West Realty - Rentals and Propery Management in Prescott
 

Never Settle - a Few Tips

Far West Realty manages investment properties in Prescott so that you can enjoy your passive incomeYour investment property in Prescott is ready. It has a fresh coat of paint, new carpeting and everything is in working order. The rental looks better than most of the properties listed for rent in the online classifieds, and you’re excited about starting over with a new tenant. The phone rings immediately and most of the callers want to move in ASAP, sight unseen. Now the pressure is on to show the property and the tenants want to move in before the utilities are switched to their name. Let’s look at a few of the tenants together. Far West Realty in Prescott has a little experience to share in a situation like this.

Based on what the current market will bear, let’s say a fair price for your rental should be $1000.00 per month. Your first candidates have a monthly gross income of $3200.00, they have a credit score of 605, and they have other obligations totaling $1063.00. According to their past and current landlords, in the last three years they have been late 8 times with their rent and didn’t get their security deposit returned. Even though this couple feels offended when you turn them down, you move on and screen three more.

The best candidate has a 612 credit score and has little work history; she’s been with her current employer only 7 months. She’s making about $3300.00 per month, and until now she’s lived with her parents. At this point you’re anxious about getting cash flow. Should you take a risk, but do you want to?

You decide to wait a little longer and two weeks later the property has been shown to several more prospects. None of them have screened well and you still don’t have the cash flow you’d hoped for. Now the stress is on you. Should you have taken that first candidate? How long will it take to find a good tenant and can you wait any longer?

While most candidates who come along are not going to meet your standards, someone probably will. Is it better to settle for the best prospect you find, whether or not the prospect is actually qualified for the property?

•    It’s important to set some standards ahead of time.
•    What do you want to accomplish with your investment?
•    Which nightmares do you want to avoid?
•    What is the minimum income required to easily make the rent payments?
•    What is the highest debt-to-income ratio that would allow that?
•    How much rental history do you need?
•    What is your set of criteria for measuring how trustworthy and responsible the tenants will be?
•    Which types of other references do you need?
•    Will you require a criminal background check?

Far West Property Management would like to remind you to set your standards and stay with them. Don’t allow a set of circumstances whether they are yours or your prospective tenants to sway your decision. Find someone who meets your standards, even if you are forfeiting a month or two in income. Be patient! It will pay off in the end.  If you don’t have that type of patience, you can always call Far West Property Management to handle these situations for you. Call 928-772-9400and find out how they can make renting hassle free.


 

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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.