This is important because this determines who is running their property management company like a business and who is doing it part-time to make some extra money while they are being a realtor buying and selling homes. You want a professional management company that specializes in property management.
At Empire we are not just licensed real estate agents, we are members of the National Association of Residential Property Managers (NARPM) who have served on the board of directors and we hold the Certified Property Manager designation from IREM. Pete Neubig is the President of the Houston Chapter of NARPM.
Do you want to work with someone who does not know what it is like to be an investor? You want to work with someone who understands investing and has built their company with the investor in mind, not themselves. Most management companies are built by agents not investors.
The owners of Empire Industries have owned apartment complexes and have owned over 50 homes in the greater Houston area. Empire was built out of a need, see “Our Story”. Empire was built “By Investors for Investors”.
Some management companies may charge a lower management fee but they charge a setup fee, they upcharge on maintenance, charge for sending you money, going to the house, etc. Make sure you understand all of the charges.
Empire does not charge a setup fee. Empire charges the owner a management fee, leasing fee and lease renewal fee. Empire does not charge for sending money, does not charge for administration fees such as sending letters, going to the property, etc.
What is the company guarantee? What happens if they do not live up to the guarantee?
Empire 7-Point Guarantee
Empire pays owners starting on the 10th of the month - 10th, 15th and 20th.. We send an owner report with each payment.
Technology is very important. Property managers that do not invest in technology have a more difficult time keeping a good account of their records, including payments from tenants and payments to owners, do not respond to owner and tenant questions in a timely fashion, and do not have invoices available for the owner.
Empire Industries has both an owner and resident portal. Payments can be distributed and can be taken in through the portal. All documents are uploaded to the portal. Access to reports and work orders are through the portal and conversation’s with our property management team is made through the portal.
Does the management company show before and after photos on all work orders and make readies? Does the owner have access to the utility bills, work orders, home depot invoices and maintenance invoices?
Just a few key indicators that any management company should track:
Does your management company truly act like a business and know their numbers or are they a mom and pop shop that fly by the seat of their pants.
Not only does Empire know their numbers, but we publish the numbers on our website, Empire by the numbers.
Ask about the marketing strategy and what they do to ensure your home is leased quickly.
Your property management company should have the following insurance, Error and Omission Insurance (E&O), General Liability Insurance (minimum of $1,000,000 policy) and Workers Compensation (real important for management companies with on staff maintenance).
Empire Industries carries all three of these insurances.
In conclusion, hiring the right property manager is paramount to your success. The right property manager will save you time and money. The few dollars per day to hire a professional manager will ensure you do not make a mistake with paperwork or putting in the wrong tenant. They will save you money on maintenance with volume discounts and will save you money on rent by setting the rent correctly and marketing the property efficiently. They will hold more of the security deposit from a resident because of good record keeping, which is more money in the owner’s pocket. They will keep great records to give to your accountant. They can save you money on your insurance. Some insurance companies give a discount to properties managed by management companies with a CPM designation. Most importantly, the right property manager will keep you out of the court system.
Good luck in finding the right partner. We hope that you would consider Empire Industries Property Management.