PROPERTY MANAGEMENT FAQs
Nebraska Lifestyles receives a lot of questions about property management services in the Omaha area. Here are some of the most common questions to help you navigate and determine if property management is the right option for you and your lifestyle. As always, if you have any questions, please call us at 402-342-0556.
Q: What is property management?
A: Property management is the operation, control, and oversight of real estate as used in its most broad terms. Management indicates a need to be cared for, monitored and accountability given for its useful life and condition. This is much like the role of management in any business. Property management companies deal with the day to day work involved with a rental property. They take all calls related to the renting of the property, rent collection, interior and exterior maintenance as well as all accounting.
Q: Why should I consider hiring a property management company?
A: Not everybody has the stomach or patience to self manage properties. Dealing with phone calls, property showings at night and on weekends, managing sometimes difficult tenants, and arranging for repairs and upkeep after a tenant moves out keep many people from self managing their investment properties.
Management companies deal directly with prospects and tenants, saving you time and worry over marketing your rentals. They also collect rent, handle maintenance and repair issues, respond to tenant complaints, and even pursue evictions when necessary. Finally, a property management company is an independent contractor, so you avoid the hassles of being an employer. A good management company brings its know-how and experience to your property, giving you peace of mind knowing your investment is in reliable hands.
Q: What should I look for in a property management company?
A: Finding an experienced property management company is important. They will know how to market your investment to potential renters, increase your chances of placing the right tenant and maintain the property so your investment maintains its value.
It’s important to know the property management company you hire have these qualities:
- Knowledge of the rental market
- Can solve problems without drama
- Strong marketing
- People oriented
- General knowledge of infrastructure repair and maintenance
- Tough decision maker
- Experienced and fair resolutions to conflicts
- Adheres to high ethical standards
- Reliable, ethical and trustworthy
Q: This all sounds great. Why wouldn’t someone hire a property management company?
A: As with any professional service, there is a monthly fee for the convenience of having a property management company. Fees can vary greatly within property management companies in Omaha so be sure to do your research and know that cheapest does not always equate to the best solution. An experienced property management company typically work with painters, electricians and handymen they know and trust to get the job done right, at a price that’s less than what you might pay, and passes that savings onto you.
Q: What does Nebraska Lifestyles look for in a property owner?
A: Nebraska Lifestyles maintains a strong reputation in the Omaha area. We work best with those investors who understand that their investment is providing a home for another family. As such, it’s critical that the safety and well being of the tenants we serve and the neighborhoods within which the property resides are taken into consideration when maintenance decisions need to be made.