Phoenix property management and real estate is experiencing a renaissance from some difficult times and has emerged a stronger and more prosperous market than anyone could have ever imagined. Leading the way is Kevin Kirkwood of KRK Realty & Management.
KRK Realty never lost sight of its vision to provide their clients the best service through solid leadership and personal values. They continue to be a leader in the Phoenix realty and property management industry, with Kevin Kirkwood at the helm. We had a chance to sit down with Kevin to find out what sets him apart in these unpredictable times. Here’s what he had to say in Part One of a Two Part Blog:
Why did Kevin Kirkwood get into property management?
Kevin: I have always believed in the value of real estate. It is an excellent investment vehicle and because everyone needs a place to live, it is an industry that will continue for years to come.
How did you get your start?
Kevin: I bought my first rental house in 1997, then my second in 1998 and on from there.
What types of properties have you managed?
Kevin: I have spent most of my real estate career managing and purchasing single family rentals. I have owned and managed 2-4 unit dwellings, land, and office space. I have always gravitated back to single family rentals.
How does each of these dwellings differ in the way they are managed, or do you run them all the same?
Kevin: Property management is a balance of factors. While the general principles hold for all types of property, compromises are inevitable. In property management, collection of rent is vital, without rental income there is not a business. With that in mind all compromises are aimed toward the collection of rent. Owners and tenants each have individual personalities, our job as the property manager is to balance their individual needs.
What do you attribute to your success in the Phoenix Market?
Kevin: I have always aimed to succeed in everything I do. Success is defined as a happy owner and a happy tenant. One of our most successful niche markets is renting to ASU students. This niche has some challenges and we have created a structure that best manages the rental income while minimizing expenses. One example is providing pool and lawn services in the rent. Over time, we discovered providing these services and increasing the rent was more cost effective than leaving the tasks to the tenants. Because we have several different types of tenant profiles, we are constantly adjusting our management of those properties to meet the individual needs of the tenant and owner.
What are some of the biggest challenges you face in this ever-changing market and how do you resolve those challenges?
Kevin: The biggest challenge in property management is minimizing vacancy. This is done several ways. First: Be prepared to list a property as soon as possible, this may be before the property is vacant. Second: Understand the market. If the home is listed too high or the house is not presentable, the home will not rent and the result may be lowering the rent price – that is not something we like to do! The goal is to maximize highest rent for the market place. Third: Turn homes over as soon as possible, sometimes we move new tenants within 3-5 days!
We will continue our in-depth look at Kevin Kirkwood in the next Blog.
KRK Realty is committed to providing the highest quality service to each and every one of their clients. Contact one of their Phoenix property managers today for all your real estate and property management needs today.