Every property owner who considers leasing wants to feel confident about the management process. That path begins with the property management company you choose to protect your investment. Jennifer Wilmoth, co-owner of WILMOTH Group, shares two primary strategies that are essential to successful management of your property.
Announcer: I’m here with Jennifer Wilmoth of Wilmoth group today asking the big question: What do you think of the two most important aspects of managing investment property in order to manage investor expectations?
Jennifer: Probably the first is putting a good tenant in their property, and we do a very thorough underwriting process of the tenants. We screen their criminal background, their credit background as well as we verify their rental history their employment history. Every tenant must make three times the gross monthly rent in order to qualify. No evictions in the past three years, and that putting in a good tenant will not only provide steady income but also provide a tenant that will maintain the property as a owner would like.
Announcer: So, what’s the second one?
Jennifer: The second one would be managing the repairs and maintenance of the property. Many property management companies use repairs as one of their main revenue streams. We do not. We simply manage the repairs for you. We do not mark them up. We do not get kickbacks from our vendors. Our vendors are well-vetted and are always licensed, bonded, and insured and you will see the actual invoices in estimates when repairs are needed.
Announcer: Great. Thank you so much for your time today. As always, we really appreciate it.