Property Search Results

In the last few days I have been receiving calls and e-mails request property management quotes in the Akron Ohio area. Normally that would not be an unusual event. But this time was different. Each was telling me the same story. They had just received an email stating that their property would no longer be managed by the company they hired. There was no explanation given in the e-mail. After some investigation it was determined that the management company had filed for bankruptcy.

Lack of Specific Information

The property owners have some general knowledge of what is going on at their property but no specifics. No tenant names, no leases, no keys, no idea whether their tenants have paid the current month’s rent to the now demised management company. We were able to go to each of the properties determine if it was occupied or vacant and in some cases speak with the tenant. In the case of the property being vacant we will need to drill out the locks and rekey the unit. Where tenants were available we got copies of their leases.

How to Protect Yourself as and Owner

Look for the warning signs that there might be an issue. Are your financial statements not coming on time? Is there an issue with your bills being paid when you have sent money to pay them? Are the phones being answered? Get copies of all documents related to your properties. You should request copies of lease, tenant contact information, and copies of the keys to your properties. Also request information on the company’s bonding and insurance.

Recovering Funds That Are Owed to You

The State of Ohio has a recovery fund available to clients that have been damaged by a real estate brokerage. It requires you to get a judgment in court. If you are unable to collect the judgment from the brokerage then you can file a claim with the State of Ohio. There is a limit of $40,000 per claim.

If you’ve recently purchased a rental property, you are probably looking for ways to maximize your profit and increase the value of your recent investment. Hiring a property management company can help save you time and relieve the stress that goes along with managing your own property.

Here are four of the main ways property management companies can help benefit investment property owners:

Fill Vacancies

Our state of the art management software allows us to reach the largest pool of available tenants and screen them quickly and efficiently, so you are able to generate rental income.

Save Time

Property managers collect bills, conduct inspections, maintain properties and repair damages, so you don’t have to. Having a professional property management company on call saves you time and offers peace of mind.

Handle Difficult Tenants

When you hire a property management company to handle the day-to-day operations of your investment property, you are able to maintain a professional distance from your tenants, and call in a professional when problems arise.

Prevent Legal Hassles

Property management companies know all of the local, state and federal laws associated with property ownership, so they can help you prevent legal hassles. And when evictions are necessary, property managers step in to make sure the process is carried out legally.

Contact REM Commercial and discover how our property management professionals can help you manage your investment property.

After almost two years of evaluating the current management software on the market we have finally landed on Appfolio. Appfolio is a totally internet based application that will allow REM Commercial to be on the cutting edge of property management in Northeast Ohio. It will allow us to provide real time access to our Client, Customers, and Vendors. We are receiving positive feedback from tenants that like the ease of paying their rent online.

What is in it for Tenants?

Like I said earlier tenants have real time access to their account. They can see all the charges and payments on their account as well as an account balance. Within their login portal they will be able to pay rent by check or credit card. E-Checks are free and there is a small charge for debit and credit card payments. Also if you pay with a money order every month and bring it to our office you can save yourself time and money by paying cash at convenient location near where you live. The cash payment sites eliminate the need for money orders and an extra trip to the office or mailing of your money order. Contact our office if you are interested in this form of payment. Additionally, from your login portal you can submit maintenance request. Whether it is during regular business hours or late night you have access to submit a work order online. You will be able to monitor the progress of your work order as it moves throughout the process. Please continue to call the emergency phone number for emergencies.

What is in it for Property Owner’s?

First and foremost tenant retention. Tenant’s that are able to resolve their issues with their landlord easily and smoothly are more likely to stay long term. In addition, property owners have the same real time access to their accounts. You will be able to login to your account 24/7/365 and see the information you are looking for without waiting for your monthly financial statement. Monthly statements will be published to the owner portal along with the copies of your bills saving you the postage and office charges that come with mailing your financial statement to you each month. We will also be able to deposit your monthly income check directly to your checking or savings account. Please contact the office to set this service up. Normally, mailed checks reach our clients around the 15th of the month. With direct deposit they will be in your account around the 5th of the month giving you access to your money sooner and without a trip to the bank to deposit it. We can also customize each client’s reports. If you like to see a rent roll each month we can do that. We can set up each client to receive a different set of reports based on their preferences.

What is in it for REM Commercial?

Happier Clients. Happier Customers. More time to be the best property managers we can be. Every time a tenant pays through the tenant portal it is one less transaction we need to touch. The tenant payment is completely transacted between the tenant’s bank and our bank. The Appfolio software posts the payment to the tenants account and enters it into the properties cash account. Posting owner statements to the owner portal allows us to customize the experience our owners have with us and reduces paper/ ink usage resulting in less expense to our clients.

Many times property owners will call for a management fee quote on a single family home and ask why we charge a $100/ month flat rate instead of a 10% fee like our competitors. On the surface it looks like the percentage fee would be a better deal if your rent is under $1000 per month. That is not always the case. Many of the management companies charge a full month’s rent for leasing. REM Commercial charges ½ of one months rent. The table below can be used for comparison to show the flat rate fee is better in this scenario.

	10%	Flat Rate
$800/Month x 12= $9600	$960	$1200
Leasing Fee	$800	$400
Total Annual Fee	$1760	$1600

Be careful when comparing percentage fees to flat rate fees. Make sure you know the annual cost to manage your property. The monthly management fee is only a part of the equation and ALL costs should be considered in your decision.

On February 26, 2014 All Property Management, a national lead generation company, named its top 300 property management companies in America. REM Commercial was one of only three named in Northeast Ohio. The information was gathered from over 2 million viewers that visit their site annually.

All Property Management promotes best practices for managing rental properties and associations, and strives to help rental property owners find the right resources to run their businesses. They think that professional property managers bring a wide range of expertise and efficiencies to this process that benefits property owners and tenants alike.

This award solidifies REM Commercial’s position as an expert in property management for Akron, Canton, Warren, Youngstown areas.