Single family home property management is also known as “scatter-site” property management. This term refers to having rental properties all over a geographic region versus being concentrated in a central location as you would have in commercial and multifamily property management. Ashoka Lion’s historical roots lie in this kind of "scatter-site" property management, as our managing director and team have built their experience from personal investing of real estate in the single family home market in the Houston and Dallas markets.
Single family home management requires systems and processes to deal with the fact that you are dealing with a variety of locations, multiple owners, sporadic maintenance projects, and multiple rental ranges due to property location. In fact, there are additional time requirements having to procure multiple owner signatures for contract and estimate approvals, provide owner updates, produce financial reporting all for varying portfolios. Ashoka Lion has developed property management processes and procedures tailored to handle these demands. Our property management systems and processes are built to increase our transparency, increase our access, and reduce time spent to provide these services by carefully integrating technology to overcome these issues. These property management solutions include our online owner portals that provide copies of important documents like leases, property management contracts, invoices, and financial reporting.
Single family homes are more in demand from tenants due to the privacy that the properties afford the tenants. These properties tend to have a higher rental rate then their apartment or multifamily property counterparts. However, the cost of the property is higher per door than a similar situated multifamily property. Therefore, these investments require a solid team that can provide full service management that includes systems for:
1) Marketing Vacancies
2) Screening Applicants
3) Preparing Leases
4) Collecting Rent
5) Coordinating with vendors
6) Evicting Tenants if needed
7) Providing Financial Reports that include Income and expenses.
Our firm is committed to providing quality property management services to our clients. Our managing director is a member of the National Association of Residential Property Managers (NARPM), which is a national association dedicated to property managers and property management companies who provide services for single family home owners.
Since many of our property management clients are out of state owners, our property management firm has written and developed several procedures to help us insure that owners are appropriately informed. These procedures include:
1) Ledger that tracks owner’s contribution and payments
2) Balance Sheets
3) Tenant Rent Roll
4) During vacancies, we send showing reports from realtors along with any feedback they have
5) Email notification of money being sent to owners
6) Digital approval from owners for repairs of an emergency nature, estimates of repairs that are higher than the delegated authority to spend, or maintenance of a contractual nature.
Moreover, we know many owners become “accidental landlords” due to the inability to sell a home that they lived in or bought to sell as a quick investment. We understand that this is an increasing reality in today’s difficult real estate market, and we will try to help owners navigate these difficult issues. However, our firm has developed a survey to help owners and our firm gauge whether renting a home is the solution. If the survey scores in an area that indicates that the owner may not be prepared to take on the duties of being a landlord, then we will provide links and documents that explain various aspects of being a landlord and having a property managed. After reading these documents or reviewing the links, we can discuss various solutions including limited scope property service agreements to assist the owners based on their financial abilities. These limited service property service arrangements can be marketing and leasing agreements, screening of tenants and preparing leases, re-key and make-ready services, eviction services, and other limited service agreements based on the owner’s unique situations.
On the left side of this web page, we have several tabs to help real estate investors learn about how we manage rental properties and also educate property owners of issues relevant to property management. We have included a FAQ to discuss several questions that owners have regarding rental property management. In addition, we have our property management blog that we provide stories of various property management issues that we come across every month. Also, we have a monthly property management related newsletter that real estate investor can sign up for which will discuss prevalent issues or topics related to property management. Additionally, we have included a page that includes coupons for vendors or affiliated firms that may be of assistance to owners. We also provide links to various sites under the “Tools and Important Links” page that will assist owners with their properties.
In 2010, we developed a "Request for Proposal Form" for owners to fill out about their property. The goal of this proposal form is to avoid our property management firm and rental property owners from having differing expectations. Ashoka Lion prefers to work with rental owners who will be happy with our service platform. If an owner and our property management company have differing expectations, then we would rather decline these property management agreements at the onset to avoid contentious management agreements.
Additionally, our pricing is usually based on a flat fee arrangement while the property is occupied versus a percentage of gross collected rent agreement. This allows owners to build a consistent expectation of Ashoka Lion’s property management fees. However, if the owner desires, we can also setup an agreement as a percentage of owner’s gross collected rent as long as it is greater than our flat fee minimums for property management portfolios. For some owners, it is more desirable to align the property management company’s fee structure with the owner’s profitability.
Fill out our “Request a Proposal” form, and we will contact you regarding your property management request and go over pricing. For all your rental property management needs for your single family home investments, “Follow the Lion!”
Click here to go to our REQUEST FOR PROPOSAL.