We help real estate investors unlock free time and peace of mind by correctly managing their property, transforming their investment into true passive income.
What this means in practice:
- We manage properties for the long term. Our decisions are made assuming the current owner will be holding onto the property for 10 years or longer.
- We believe in using high-quality materials at every opportunity.
- We believe in fixing it correctly the first time, regardless of the cost.
- We believe in paying contractors and vendors fair market prices and not wasting their time with competitive bids or multiple quotes (unless appropriate).
- We empower our employees to make decisions, and trust them implicitly.
- We believe incentives are powerful. We are careful about what we incentivize and have structured our business to align our incentives with the best interest of the property owner.
- Tenant turnover (turns) are expensive and destructive, and should be avoided as much as possible. The goal is LOW tenant turnover; under 30% annually.
- The market (and no one else) determines the rent amount that a property will lease for.
- Setting rents at market or slightly below will attract high-quality tenants who are well qualified.
- Strict and fair tenant screening is integral to keeping turnover rates low.
- It is better to let a property sit vacant than to lease it to bad tenant.
- It is better to lower the asking rent than to let a property sit vacant for an extended period of time.
- Even the best tenant screening is not perfect; bad tenants are an inherent risk of owning rental property.
- Capital expenses are a normal and expected part of owning rental property. Property owners should be well-capitalized and mentally and financially ready to spend large amounts of money to keep their property in excellent condition.
- We do not manage vacant units unless they are actively being turned over and made ready to rent.
- Tenants should be held financially accountable for issues at the property, which are their responsibility per the lease.
- Strict enforcement of lease terms and company policy, with no exceptions or negotiation, sets the correct tone for a successful tenant relationship.
- We believe correcting all functional items at a rental property before advertising it for rent is the best way to control long-term costs.
- We believe attractive and up-to-date finishes are important to today’s renter and necessary to secure high quality tenants.
- Prevention is cheaper than the cure. Proactive property maintenance is a must.
- We do not provide play-by-play status updates to property owners; instead we outline our approach and let the system work.
- Property becomes an “Asset” when leased; emotional attachment and high expectations should be removed from the situation.
If you are looking for a property management team that has several decades of experience dealing with nothing but property management including the issues described above, do not hesitate to reach out to RL Property Management Group. Contact Us Here. RL Property Management Group, the only property management company in Columbus started and run by engineers. Our clients enjoy a premium property management experience without paying a premium price. RL Property Management is designed to provide our clients reliability and performance.