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Why Property Management is Important & How To Find a Best One

In this article, you will understand the importance of hiring a property management company and how to choose the excellent one.

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Why Property Management is Important & How To Find a Best One

Property management can handle all the business operations of any rental property. Learn the importance of property management and tips to find the best one.

Having a rental property can be a great investment for investors as it offers a steady income or profit throughout the agreement period. As much as renting a property sounds easy, the process can be daunting and complicated.

In this article, you will understand the importance of hiring a property management company and how to choose the excellent one.

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Why Property Management Is Important?

As a property owner, you have to handle and manage all rental tasks alone – from collecting rent online, maintaining communication with tenants, keeping tabs on the maintenance and repairs, supervising property, checking renters law to managing budget management and taxes. While you can try to handle all of the rental tasks alone, managing them can be cumbersome and overly complicated. Therefore, it is highly recommended that you use a property management company.

Why Property Management Is Important?

There are five reasons to hire a property management company, and they are:

1. To Get High-Quality Clients

  • Searching, screening, filtering, and choosing a tenant can be a complex task for property owners. If you are not experienced in the real estate industry, chances are you might end up choosing a terrible tenant. Hiring a property management company will ensure that the screening process of choosing a tenant will be smooth and less complicated. Besides, you will be able to select tenants who will rent long-term, pay rent on time, minimise the wear and tear, and cause fewer problems on your property.

2. For A Complete Legal Coverage

  • Property management companies are well versed in handling or even avoiding lawsuits. They use their expertise to ensure all the rental aspects abide by the law. Additionally, you may enjoy the legal coverage of tenant screening, property safety, evictions, unit or building inspections, lease signing, collections and handling of rent and security deposits.

Also Read: How to Start a Real Estate Startup?

3. To Have More Efficient Rent Collection

  • As a property owner, it is important to have a consistent and reliable cash flow from your tenants. Property management companies are well equipped with managing actual or late rent collection. They will guide you with handling tenant’s excuses, collecting rent payments, and even handle the eviction process if necessary.

4. For Lower Repair and Maintenance Costs

  • By hiring property management, you gain access to professional maintenance and repair services from experienced contractors for your rental property. They will ensure you receive quality maintenance work with good pricing. By determining and repairing any maintenance issues early on, you will avoid paying for any exorbitant fees. A well-maintained property will keep your tenants happy and also increase the value of your unit or building.

5. Increase The Value of Your Rental Property

  • A property management company will share with you quality tips for maintaining and increasing the value of your property. They can also perform regular maintenance checks and inspections to help you maintain the curb appeal of your rental property.
Increase The Value of Your Rental Property

5 Tips on How to Find The Best Property Management

1. Check Their Experience

  • The entire process of selecting a property management company is complex. You would want to hire a property management company that is not only well versed with current federal, state, and local laws but also has a proven record of providing reliable property management services. Having an experienced property manager to oversee all the operations will ensure your property is in safe hands.

2. Verify Their Licenses and Certifications

  • One of the best ways of finding competent property managers and management companies is by verifying their licenses and related certification. Reliable property management companies backup their expertise with proper licensing and professional certifications. Work with only professional and licensed property management.

3. Check Previous Reviews and References

  • Before fixing a face to face meet up with the property management. Check the reviews and references of their previous clients. Checking reviews and references is one of the best ways to assess whether or not you will have a positive relationship with the property management company.

Also Read: How to Be a Competitive Real Estate Agent in 2021

4. Check Vacancy Rates

  • Make sure you avoid hiring a company with long vacancy times in between tenants as it shows their lack of attention to tiny details and leaving tenants unsatisfied. One of the best ways to check the company’s vacancy rate is by asking them the minimum time taken to get properties on the market. A company having a great vacancy rate will be open to sharing this information with you.

5. Check Policies

  • Working with a property management company that shares similar morals and values as you is imperative as it shows they are professional, ethical, and trustable. A professional company will have great processes, policies, and efficient systems in place. By checking their policies and systems, you will be able to make informed hiring decisions.

Ultimately, the decision of choosing a property management company depends on your lifestyle and your needs. However, if you choose to hire a property management company, know that there will be some potential positive impact on your investment.

Net Worth

Stephen M. Ross Net Worth 2024: How Much is the Chairperson of The Related Companies Worth?

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Stephen M. Ross Net Worth 2024: How Much is the Chairperson of The Related Companies Worth?

Who is Stephen M. Ross?

Stephen M. Ross, the Chairperson of The Related Companies, is a distinguished figure in the real estate sector, renowned for his significant contributions and profound impact. Born on May 10th, 1940, in Detroit, Michigan, Ross embarked on his journey into real estate at a young age, demonstrating remarkable diligence and entrepreneurial spirit. Despite initially pursuing a career as a tax attorney, Ross soon discovered his genuine passion for real estate investment, laying the foundation for his illustrious career.

Stephen M. Ross Career

Ross’s career trajectory is marked by pioneering ventures and transformative projects. In 1972, he founded The Related Companies, which initially focused on subsidized low and moderate-income apartments. Over the years, Ross transitioned to higher-profile projects, including the iconic Hudson Yards development, valued at over $7 billion. His visionary approach and strategic partnerships have cemented his reputation as a prominent figure within the real estate industry.

Stephen M. Ross Net Worth

As of 2024, according to Celebrity Net Worth, Stephen M. Ross’s net worth stands at an impressive $10 billion, solidifying his status as one of the wealthiest individuals globally. Ross’s wealth accumulation is attributed to his unparalleled success as a real estate mogul, with an estimated annual income of nearly $700 million derived from royalties on his diverse property holdings. His continued involvement in the real estate sector, with ongoing projects in New Jersey and Florida, further contributes to his substantial net worth.

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Stephen M. Ross Age

Currently, Stephen M. Ross is 83 years old, born on May 10th, 1940. Despite his age, Ross remains actively engaged in his professional pursuits, demonstrating resilience and dedication to his craft.

Stephen M. Ross Family: Wife and Children

Ross’s personal life is characterized by familial bonds and enduring relationships. He is happily married to Kara Ross and is the proud father of four children. Ross’s commitment to family values underscores his holistic approach to life and business.

Stephen M. Ross Height and Weight

Physically, Stephen M. Ross stands at a height of 6 feet 2 inches (1.88m) and maintains a healthy body weight of around 72 kg. Despite his busy schedule, Ross prioritizes his health and well-being, engaging in activities such as volleyball and tennis.

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Net Worth

Mike Markkula Net Worth 2024: How Much is the Former CEO of Apple Worth?

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Mike Markkula Net Worth 2024: How Much is the Former CEO of Apple Worth?

Who is Mike Markkula?

Mike Markkula, born Armas Clifford “Mike” Markkula Jr. on February 11, 1942, in Los Angeles, California, is an American entrepreneur renowned for his pivotal role in the early days of Apple Inc. After graduating from the University of Southern California with degrees in electrical engineering, Markkula amassed considerable wealth through stock options while working at Fairchild Semiconductor and Intel.

Mike Markkula Career

Markkula’s career trajectory took a significant turn in 1977 when he was introduced to Steve Jobs by Venture Capitalist Don Valentine. Recognizing the immense potential of the Apple II computer, Markkula became the company’s first major angel investor, providing $250,000 in funding. He subsequently served as Apple’s CEO from 1981 to 1983, overseeing critical phases in the company’s growth and development.

Mike Markkula’s Net Worth

As of 2024, according to Celebrity Net Worth, Mike Markkula boasts an estimated net worth of $1.2 billion. His wealth stems from astute investments, particularly in Apple Inc., where he played a foundational role as an early investor and executive.

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Mike Markkula Age

Born on February 11, 1942, Mike Markkula is currently [age] years old.

Mike Markkula Family: Wife and Children

Markkula is married to Linda, and together they have made significant real estate investments, including properties in Carmel Valley, Woodside, and Hawaii. They have engaged in philanthropy, with notable donations to Santa Clara University’s Markkula Center for Applied Ethics.

Mike Markkula Height and Weight

Unfortunately, information regarding Mike Markkula’s height and weight is not readily available.

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Business

Sundar Pichai Net Worth 2024: How Much is the CEO of Google Worth?

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Sundar Pichai Net Worth 2024: How Much is the CEO of Google Worth?

Who is Sundar Pichai?

Sundar Pichai, born on June 10, 1972, in Madurai, India, is a prominent figure in the tech industry, renowned as the CEO of Alphabet Inc. and its subsidiary Google LLC. With an educational background in materials science and engineering, Sundar’s journey from humble beginnings in Chennai to the helm of one of the world’s leading multinational companies is an inspiration to many.

Sundar Pichai Career

Sundar’s career trajectory is marked by notable achievements and leadership roles. Beginning as a materials engineer, he gained experience in product management at Applied Materials and management consulting at McKinsey & Company. In 2004, Sundar joined Google, where his strategic insights and innovative contributions led to significant advancements, including the development of Google Chrome, Android, and Google Drive. His ascent within the company culminated in his appointment as CEO in 2015, overseeing Google’s transition into Alphabet Inc.

Sundar Pichai’s Net Worth

As of 2024, Sundar Pichai’s net worth is estimated to exceed $1.66 Billion, primarily attributed to his role as CEO of Alphabet Inc. and his ownership of approximately 520,668 shares of Alphabet Inc. stock. His remarkable leadership and strategic vision have propelled Google’s growth and innovation, contributing to his substantial financial success.

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Sundar Pichai Age

As of 2023, Sundar Pichai is 50 years old, having been born on June 10, 1972.

Sundar Pichai Family: Wife and Children

Sundar Pichai is married to Anjali Pichai, whom he met during his college years at the Indian Institute of Technology (IIT), Kharagpur. They share a deep bond, enduring a period of long distance before marrying and relocating to the United States. Together, they have two children, Kavya and Kiran, and prioritize maintaining a balanced family life despite Sundar’s demanding career.

Sundar Pichai Height and Weight

Sundar Pichai stands at a height of 5 feet 8 inches and weighs approximately 68 kilograms.

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