A vacant property is costing the owner money.
So getting it occupied by reliable tenants is at the top of our list.
Our 30-day occupancy goal
On average, homes in the Phoenix market take 56 days to be rented out and can even take much longer if the rental rate is higher than the usual for comparable properties. Our aim is to work with you to get the best possible rate in the shortest amount of time. We strive for 30 days to rent your property.
Ready for move-in
Good tenants are looking for clean, ready-to-occupy property that reflects the values of the property owner. For that reason, we see that carpets and floors are professionally cleaned and sanitized and all minor repairs and touch-ups are done before we even show the property.
Rental rates for the property
Unfortunately, rental rates cannot always be set according to the mortgage payment on the property. The fact to remember in setting the rate is that a vacant property is not only bringing in no income, it is actually costing money for the owner. Utilities left on in order to show the property must be paid by the owner until tenants take possession.
To calculate the loss incurred by letting a property sit vacant for 2 months, multiply the rate you settle on with your tenant times 12 and then divide by 14. The resulting figure lets you know how much money was lost per month while the property sat unoccupied. What we strive to do is help you come up with a rental rate that will see your property rented, thus saving you money that would otherwise be lost.
Valley Executives Real Estate & Property Management
On Top of Property Management Needs
Valley Executives Real Estate & Property Management professionally manages rental properties with the highest level of satisfaction for owners who come to us for assistance. We understand that your rental property is an investment that must be looked after with care. Owner/investors seldom have the time to devote to the round-the-clock attention rental property requires. That's where VEPM comes into play. It's our full-time job to see that all concerns about the property are met expediently and professionally.
You see, our experience in property management keeps us constantly aware that situations arise requiring immediate attention. From A/C problems to water heater malfunctions, VEPM experts know the local professionals to make the necessary repairs expeditiously and at the best possible cost to the owner. We take the stress out of the situation by keeping you informed with photographic records and even working with your property insurance company. Plus, we know the ins-and-outs of finding the right tenants, filling vacancies fast, and dealing with potential problems as they may arise.
Costs for repairs comes with the territory
In most cases the landlord is responsible for repairs on the property. With any house, especially older ones, things can go wrong. It is a good rule of thumb to set aside the sum of 1.5 of a month's rent on the property for those unexpected repairs and/or replacements. Also, remember that the amount set aside for repairs does not include make-ready in between tenants.
What you need to know about upkeep on your rental income property:
It pays to know the law
Today renting property falls under certain legal guidelines. With repairs, for example, laws frequently require certain building code standards with the work done by a specified technician. The courts do not accept the excuse of not knowing the law. Legal expenses for a disputed claim can run anywhere from a half-million to over one-million dollars.
One of the best ways to avoid costly repairs is to find and retain conscientious tenants. You want good renters who will take care of your property, and when you find them you want to keep them for as long as possible. With your VEPM team ready to respond quickly to problems reported by your tenants, you will get high marks for service and are much more likely to retain those happy tenants for years to come.
New tenant preparation
There are times, of course, when even happy tenants need to move away. Once they're out, it's time to get the property ready for new tenants. Depending on the amount of preparation needed, this could cost between $500 and $1,000 or more. And that doesn't include the income lost by having the property sit vacant. Like the money set aside of miscellaneous repair and replacement on the property, it is a good idea to have turnover maintenance set aside as well.