Total Property Management Edgewood
Total Property Management Edgewood – Edgewood Management is the leading affordable property management company on the East Coast. While we are a highly successful organization and are committed to our continued growth and success, we are equally driven by a genuine desire to help people improve their lives. We care about our residents. We care about our customers and partners. And we care about our associates. Our culture thrives because our core values guide and maintain the moral compass of our organization at all levels.
Edgewood has deep roots in the DC metropolitan area and a history of innovative property management dating back to 1971. Founded by Eugene Ford Sr., a Washington native with a visionary approach to building high-quality multifamily apartments and communities, Edgewood Management is consistently ranked among the top 10 affordable housing managers by the National Affordable Housing Management Association (NAHMA) and among the top 50 apartment managers according to the National Multifamily Housing Council (NMHC).
Total Property Management Edgewood
Working with subsidiaries Vantage Management and MidCity, Edgewood leads the way in achieving asset goals and creating value for our clients while cultivating a lifestyle that best suits the needs of our residents.
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As Edgewood celebrates its 50th anniversary, we recognize that this is no small feat and is a testament to the great leadership and talent within our organization. Our decades of investment in building the infrastructure needed to manage all types of housing has resulted in a long list of satisfied customers. We are focused on building on this strong foundation and the reputation we have built to achieve even greater success in the future.
We pride ourselves on providing quality housing for our residents along with services that lead to real and positive impact. With decades of experience, unparalleled expertise and a proven track record of success, our approach is simple and our execution unmatched. When you’re buying your first rental property, it can be tempting to manage it yourself. At first glance, collecting rent and finding tenants may seem simple enough. However, managing a property yourself is demanding work and more complicated than many people think.
Depending on your lifestyle, it may be best to hire a property management company. There are pros and cons to both self-management and property management, and many factors you’ll want to consider before making your final decision.
Choosing between managing your property yourself or hiring a third party company to manage it can be difficult. The right choice depends on your situation and how well you can handle the needs of tenants on a day-to-day basis.
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Before deciding whether to do it yourself or hire a property manager, it’s important to understand both options. Thinking through the decision and considering the pros and cons from all angles will help you make the best choice.
Managing your own rental property means taking on all the responsibilities of a landlord yourself. You are responsible for the day-to-day running of your property and must ensure that it runs smoothly. You are also the point of contact for your tenants if they have any problems. Your responsibilities as a property manager will include:
First, we’ll talk about some of the benefits of a self-managed investment property. Acting as your own manager, you can:
While managing your own rental property has its benefits, it also comes with its share of risks, including:
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Property managers are responsible for collecting payments, responding to tenants, and handling other day-to-day operations of your property. For a fraction of your monthly rental income, they serve the needs of your business, big or small.
As long as you still own the property, the project manager will ensure that everything runs smoothly for you. While you can keep some of the responsibilities if you want, property managers typically handle most of the property’s operations.
The benefits of hiring a property manager are especially obvious for people who want to save the time it takes to rent. Read on to find out if it’s right for your business.
Saving you time: It’s always nice to check off tasks from your to-do list. However, sometimes it’s even better to hand over the responsibility entirely to someone else. One of the great benefits of property management is that you will save time that would otherwise be spent on maintenance checks, collecting payments, responding to tenant enquiries, or advertising your property. If you find these tasks routine, hiring a property manager may be a great option for you.
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Comes with experience: Good property managers are licensed and know the ins and outs of rental law, which can be a challenge for new property owners. Experienced property managers have also dealt with a variety of problems and will know what to do when you run into problems.
Has access to resources: Property managers have access to many useful resources. When you hire a property manager, it’s like hiring an entire team of professionals to take care of the details for you. A good property manager will have connections with realtors, plumbers, electricians and other professionals trained to assist with property matters. Also, property managers receive policy updates quickly and can let you know about them quickly.
Can deal with sensitive issues: A rent increase or eviction can be extremely difficult. With a good property manager, you’ll have someone to face these issues and make sure you both get them right.
Screen your tenants: The freedom to choose your own tenants can seem like a bonus of managing your property yourself. However, first-timers may not know what to look for in a potential tenant. Property managers know what to look for in potential tenants and can find reliable tenants for your property.
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Market your property: Getting the word out about your property can be a very time-consuming process. A property manager will find the best way to sell your property using techniques that will save you time and money.
Minimizes Your Stress: An expert third-party property manager makes running your business much easier. Help with property management will allow you to resolve tenant issues faster or ensure your property receives the care it deserves.
The most important details to consider are your budget constraints and the amount of time and flexibility in your daily schedule. In addition, you should consider where you live, your personal qualities and what is best for your tenants.
Your tenants and the amount of property you own can also help determine your best option. For example, you may have just one property that you rent out to a nice, low-maintenance family. In this case, rental property management can be a good opportunity. If you have one tenant whose payments are always on time, you may not need to pay your property manager a portion of the rent each month.
Self Management Vs. Property Management
However, if you own multiple properties, are looking to invest in more, or have tenants who are more demanding of your time, hiring a property manager can pay off. Property management may also be for you if you are currently living in or looking to move away from your property. With a property manager, you’ll still have someone there if your tenants need help.
A property manager can relieve stress if you’re still learning the necessary maintenance skills or if the idea of having complete control seems overwhelming. You can be sure that your property is being taken care of by having a qualified property manager.
You should also consider your tenants when choosing between self-management and a property management company. Tenants appreciate when managers respond quickly, efficiently and accurately to their needs. Consider whether your schedule will allow you to respond to their needs in the way they need to.
Many of the downsides to hiring a property manager stem from the fact that you are hiring someone who is less invested in your property than they should be. The lack of investment can be especially frustrating when you’re paying someone a monthly percentage to take care of things. Choosing the wrong property manager can lead to a lack of communication, ignoring recommendations and choosing unreliable tenants.
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A good property manager makes all the difference. Choosing the right one is the best way to make sure you get the most out of your monthly payments. When you’re looking for a qualified manager, ask questions like:
These questions will help you choose a property manager who is as invested in your property as you are.
Want to learn more about what a property management company can do for your business? The senior management team can help. We are a full service company serving areas of New Mexico including Albuquerque, Farmington, Rio Rancho and Bernalillo.
Our staff is licensed and ready to answer any property management questions you may have. We provide services for single-family homes, multiplexes, apartments and condominiums of 100 units or less. We are committed to helping you realize the full potential of your investment and can help you understand the ins and outs of owning a rental property. If you’re ready to learn more, contact us online today!
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