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When you own rental homes or apartments, you have a choice to make.
When you own rental homes or apartments, you have a choice to make. Do you self-manage these rentals yourself or do you hire a property management company to manage these rentals for you?
Hiring a property manager costs money (usually 6 to 10% of the collected rent). You need to decide how involved you want to be in managing your rentals and how much value a property manager can bring to the table before deciding which way to go.
In some cases, self-managing your rentals is a really good idea. However, managing rental properties is a time-consuming activity. Finding and screening tenants, dealing with tenants and repair/maintenance requests, and many other issues can be very time-consuming, especially if you have several rental properties.
If a property owner wants help taking care of the daily responsibilities at their rental property, he or she can hire a property manager. A property manager can be completely responsible for the operations at the rental property or can be hired for some tasks. Below are the important roles a property manager can take on for you:
- Manage the rent which includes setting rent, collecting rent, adjusting rent over time, and working with tenants that pay late/do not pay to optimize cash flow.
- Manage tenants which includes finding/screening/retaining tenants, handling leases, managing daily complaints/emergencies/maintenance issues, and handling tenant move outs and evictions.
- Maintenance and repair roles to keep the property in a safe and habitable condition to attract new tenants and keep satisfied tenants.
- Manage the budget and provide you reports to optimize your investment rental property.
- Maintain knowledge of landlord-tenant laws and comply with these laws.
- Pay property taxes, utilities, mortgage, and other expenses from available funds.
- Leverage access to the company’s exclusive master policy insurance program if the property owner wants to participate in the program.
- Take advantage of the company’s vendor buying power.
In some cases, self-managing rental properties can be a smart idea. However, below are some questions to ask yourself before you decide to self-manage a rental property or hire a property manager to handle the ongoing operations:
Is owning rental properties an investment activity for you or is it a job? Managing rental properties is a time-consuming business activity, especially when it comes to handling tenant complaints/issues and making necessary repairs.
Do you want to maximize profitability? The major downside to hiring a property manager is the cost for their services but they can help you optimize your investment over the long run. Property managers have marketing know-how, rental market knowledge, and they can help you effectively deal with late paying, non-paying, and troublemaking tenants.
Do you need to be in control? Property managers know what they’re doing and don’t need your input with day-to-day issues. If you want total control of your property when it comes to choosing tenants, performing maintenance tasks, and more, you might be a good candidate for self-management.
Do you really want to deal with tenants? Screening tenants can be a hassle, especially if you do it right (credit and criminal background checks, calling landlord references, etc.). Plus, there’s a good chance you’ll eventually have to deal with an unreasonable tenant, late rent, or an eviction. If you feel like you’re well equipped to deal with these things, great. If not, a property manager can be worth every penny.
Young America can partner with you to manage your rental properties. Below are some of the advantages of using Young America to manage your rental properties:
Young America has developed a strong team of experienced property managers, leasing agents, maintenance technicians, and marketing professionals to work closely with you to obtain top rental income and the best possible renters for your units/homes.
Young America’s primary objective is to achieve maximum property value and income for our property owners as well as provide excellent service to residents of our rental properties. We work hard to steward your assets and provide the residents an excellent housing experience.
Young America ranks 4.4 out of 5.0 stars with respect to Google reviews compared to much lower stars for many of our competitors in Bloomington-Normal.
Young America’s property management company is the leading provider of student and residential housing in Bloomington-Normal. Our residential division offers far more personalized services than our competitors (24/7 maintenance team; highly qualified leasing team; refreshed Young America website; ongoing placements in digital, print, outdoor, and social media; easy-to-use portal for residents to submit payments and manage their account; collection services; and detailed reporting for property owners).
For more information about Young America's property management services, click the link below.
Our office will be closed Saturday, 31, 2022 through Monday, January 2, 2023.
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1505 Ensign | 2 bedroom 1 bathroom | $610/month
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Only 10 days left! Renew your lease now through Sept. 24 to get up to $400!
YA offices will be closed today, December 23rd through December 26th. Please stay home and stay safe!
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$18.00 per hour
We will be closing our offices at 3:30 PM on Thursday, July 21st. We will reopen at 8:30 AM on Friday, July 22nd!
YA Student Department is fully Pre-Leased for the 2022-23 school year. Please contact us for sublease opportunities. Open Leasing for 2023-2024 school year will be October 5th, 2022.
Our student office will be closed Saturday, July 30th due to the parking lot being resurfaced. We will re-open Monday, August 1st at 8:30 AM.
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Tuesday, August 30th from 11am-3pm
216 W. Mulberry (Kensington Suites)
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Our student office will be closed to the public on Tuesday, August 30th for Festival YA!
Please contact our office by phone at 309-454-2338.
Come join us at 216 W. Mulberry! (Kensington Suites)
Today is the last day to exclusively renew your unit for the 2023-24 school year. After today, your unit could be signed for by others!
Come in today to renew your apartment, PLUS receive your choice of renewal incentive!*
*offer valid for student properties only
Contact us at 309-454-2338, or [email protected], for more information.
Through Tuesday, October 4th, current YA residents have the exclusive opportunity to transfer to another YA property for the 2023-24 school year!*
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Leasing is now open to the general public!
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309-454-2338 or [email protected]
Get $200 off your security deposit!* (Residential units only)
*offer valid for approved applicants who move in prior to 12/22/2022
Harvest View Apartment Community
2 Bedroom/2 Bathroom Units with internet included!
Call 309-454-2338 for more information,
or visit the community page at yarealty.com/residential/community/harvest-view