Why Property Management in Morgantown WV is so Important!

Real estate investors know that great property management is extremely important for the success of the investment and that is especially true in a college town like Morgantown WV. In this article we are going to go through what is important and what mistakes to avoid.

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Morgantown WV Demographics

To learn more about Morgantown WV visit their city website here

Morgantown WV (26505) is a very diverse place, especially when it comes to employment! Employment is one of the most important things when it comes to successful real estate investing because a prosperous employment area will lead to higher rental prices, better tenants, and appreciation. Everything a real estate investor loves. Morgantown WV is a place full of employment from hospitals to restaurants but, a wrench is thrown in the middle. Morgantown is mainly a college town full of students in the downtown area. This is important because a landlord will have to be a pro at not only how to vet tenants but also how to manage college students, if your rental becomes a home to a group of them. At Red Brick Properties in Morgantown WV we take pride in our investing background and we have been managing successful rental properties in the area for decades. Dealing with students takes an extra effort and through successful systems and efficient software we make it possible to manage rentals of any demographic with efficiency and accuracy. Now that we have grown to a scalable size we are now taking on other people units to manage and you do not want to miss out on the success.

How We Vet College Students in Morgantown WV

As mentioned it can be tricky, but there is one path that we have found leads to success on a regular basis. Co-Signers are the key! Most students do not pay rent on their own dime, their funds come from their parents. It is vital that the finances of the Co-Signer are strong and not so much the student. You will have cases were students do not have a co-signer that they can turn too. In this case we ask for pay stubs and bank account information to ensure that the student can consistently pay rent on time. In addition to this background checks are very important for non-student tenants living among predominately student rentals. In some cases we do not allow this and in some cases we vet the tenant for any criminal behavior. The last thing you want to do is have a violent criminal living among 18-21 year olds.

Why it is important to choose the right Property Management in Morgantown WV

There are only a few property managers to choose from in the Morgantown Area but there are vast differences. You see most property managers build their business around selling and buying, focusing most of their attention on getting clients to list properties for sale and assist buyers in finding their home. At Red Brick Properties we are a little different. We only focus on property management and that is where we give 100% of our effort. We want to perfect our craft and not just treat it as a side hustle, which is sadly how most property managers view their business. With the founders from Red Brick Properties being investors they knew that they needed to be investor oriented property managers and that is what we strive to do today. You cannot manage properties successfully as a part time job, it requires full time attention and detail And it is important to understand that buying and selling real estate as a property manager does not work. Both buying and selling real estate and property management require full-time attention so one of those things is going to take the brunt of work, and the property management side of an agents clientele is usually the thing that suffers.

Incorporating Technology is Vital to Property Management Success, Everywhere!

In today's day and age people have short attention spans, and if you are dealing with the younger generation forget about getting mailed checks, manually signed signatures, and hand collected rent payments. From collecting signatures to collecting security deposits our entire system is built with a focus on technology. This allows a property management firm to be efficient, swift, and concise with every move that is made. This allows us to fill more units in a shorter time frame, finish accounting on a timely and consistent schedule, and having maintenance jobs finished quickly. Having so much of the business automated gives us the ability to fully focus our energy on our clients bottom line, which no other property management service can say in the surrounding areas of Morgantown and Monongalia County.

Owner and Tenant Portals

Along with our incorporated technology comes with our owner and tenant portals. A lot of property management companies will claim to have owner and tenant portals but our software is on a different level! We have automated reporting at your finger tips at a 24/7 basis. This means any transaction from rent to maintenance is updated minute by minute if any transactions occur. This gives owners and tenants full transparency into their property around the clock. One of the things we have been disappointed with after experiencing other property management firms is the lack of transparency when requested. It seemed like every month there were surprise fees, things we were unaware of, and even questioning the morals of the companies we had employed under our own investments around the country. We wanted to ensure that every person we dealt with had an inside view at all times, and that is exactly what we bring to the table.

Secure Digital Signatures & Secure Payments

Scanning, signing, faxing/mailing is something of the past and owners and tenants know that. We noticed the old fashioned way of mailing things around, forging of signatures, and the sloppiness of the old signing world was over. With people so busy these days we noticed leads are lost a lot due to the time it takes just to get admin work. That is why everything we do regarding any signatures from leases to owner agreements is done electronically, which is more secure than manual signatures due to password requirements and personalized email addresses. We are a company striving for future!

We also knew that hand collected rent payments were something of the past and like many companies we have an incorporated online payment platform which is where all our payments and transactions are done.

More Technology

Our systems also include virtual listings, automated feeds to all listing sites includes www.apartments.com, www.zillow.com, www.realtor.com, www.hotpads.com, and all other major MLS platforms, maintenance portals, lawyer approved leasing templates, and much more.

Choose the right property management company to strive towards success!

You have worked hard for your money and your investments. You need to partner with someone you trust and has built a company from top to bottom to ensure your investment goes well. Do your homework, ask questions, and ensure to pick someone that is going to work for you!