A couple with an investment portfolio of four single-family homes in Wilmington, NC, had gone through negative experiences with two local management companies. Their frustrations with prior management partners centered around a lack of communication and unfulfilled contractual obligations. Upon partnering with Sweyer Property Management, they were introduced to proven processes and a trustworthy management team that has greatly improved their rental property investment experience.
SITUATION
The investors had worked with two local property management companies in the past and in both instances found themselves constantly running into issues with communication and the services provided by the companies.
- Communication was lacking with both companies. The investors were never able to reach a person who could answer their questions or give them updates on their properties.
- When they would leave messages, they rarely had their calls returned.
- The previous management companies did not take initiative and the owners often had to take care of maintenance issues themselves.
- The property owners were unable to get basic information on their tenants or rental income.
- The terms of their management contract included property inspections that they were being charged for but were not being performed.
- The investors felt as if they were paying the management companies for nothing.
SOLUTION
As expected, these investors were skeptical when signing on with a third company. They initially committed only two of their investment properties to Sweyer as a test run to see how their experience would go. With Sweyer’s proven processes and one-point-of-contact setup, the property owners immediately felt at ease with their decision.
- The investors were extremely pleased with having one point of contact. This alleviated their concerns surrounding communication as they were able to easily contact their designated property manager for all questions regarding their properties.
- They have formed a trusting relationship with their property manager, allowing them to worry less about the upkeep of their properties.
- Sweyer’s property review program has given them peace of mind in that a professional property inspector visits their properties twice per year to check the condition and report any maintenance issues or potential lease violations.
- Systems are in place for tenants to report maintenance issues and Sweyer handles them promptly and professionally.
- Tenants are required to participate in a preventative maintenance program for HVAC systems that includes regular changing of air filters.
- The local market expertise of Sweyer’s team has allowed the investors to bring in much higher rental rates than they expected to get for their rental properties, thus earning them a higher rate of return.
OUTCOME
- After the trial run with two of their investment properties, the investors were pleased with Sweyer’s services and brought their two additional properties to management.
- The investors have since purchased four additional properties, bringing their total to eight properties under Sweyer’s management.
- They now plan to continue purchasing investment properties in the Wilmington area as they have a trusted management partner.
- If issues arise with their properties, the investors are now much more at ease versus in their previous experiences as they are confident things will be handled quickly and professionally with their best interest in mind.
Choosing to invest in rental properties is a big decision and, without the right management partner by your side, can become quite stressful. However, by partnering with local experts who have proven processes in place, investing in real estate can be a worry-free experience, allowing property owners to focus their attention on other areas of their lives while industry experts care for their biggest investments.
Would you like to learn more about how we could put our services to use for you? Reach out to the experts at Sweyer Property Management for a free quote through our website or give us a call at 910.239.1338.