How To Maximize the Return on Your Investment Property
“Choosing the right property management company from among the dozens in your area can seem like a daunting task. But with some careful planning and good interview techniques, you'll be well on your way to turning the complex, time-consuming job of managing your rental property into a passive (for you) revenue stream.” – allpropertymanagement.com
Choosing the Right Property Manager
So now that you have an investment property, you will want to ensure the satisfaction of your tenants by choosing the best property manager. You should try to choose someone that fits your property's needs and will successfully achieve all the goals you set for your property. You may consider whether you need a full-time manager that possibly lives on-site or if you need help with specific tasks like leasing.
Another aspect to consider is if you prefer working with a large company that many have many resources to satisfy your property's needs or would you rather work with a smaller business that might offer more customized and hands-on services.
So now that you have an investment property, you will want to ensure the satisfaction of your tenants by choosing the best property manager. You should try to choose someone that fits your property's needs and will successfully achieve all the goals you set for your property. You may consider whether you need a full-time manager that possibly lives on-site or if you need help with specific tasks like leasing.
Make the List, Cut it Twice
An excellent property manager will have no problems telling you how they resolve critical issues for tenants and clients, no matter how long they have been in business. It is very important that the property management company that you choose keeps their staff members up-to-date with legislation that pertains to property regulations to guarantee your property is compliant.
Consider the amount of experience the company has and the type of experience, as well as the customer reviews on their websites. The purpose of a property management company is to take the worry out of the investment property ownership and that is done when you find a company you can trust.
Cost Structure & Availability
Just like any other business expense, you are going to want to carefully analyze the details that are included in the contract regarding the services offered per month, hour, or project-based and look out for excessive charges that may be included. It may be beneficial to have an accountant review the contract with you so you ensure you understand it completely.
Ask the company that you choose for your property exactly how they will handle after-hour emergency calls as we all know issues arise 24/7. Observing the property management team in action for a few days is also a great way to see their standards and customer service.
Companies should....
Using contractors that have verifiable documentation
Have an Owner/Director that is involved in the day-to-day operations
Conduct regular rent reviews and stay current with market trends that affect your property and/or area
Include easily understood fees
Have an agent that will go to court to resolve tenancy issues
Conduct routine inspections on your property and document them
Screen all potential tenants
So now that you have an investment property, you will want to ensure the satisfaction of your tenants by choosing the best property manager. You should try to choose someone that fits your property's needs and will successfully achieve all the goals you set for your property. You may consider whether you need a full-time manager that possibly lives on-site or if you need help with specific tasks like leasing.
Maximizing Your ROI
Price, presentation, and promotion are three key components to include when advertising your property. A vacant property is not a good investment, so it is essential your property manager knows how to advertise effectively.
Are they property managers aware of current market conditions for the area?
Is your property listed on major online outlets using professional photography?
Presenting your investment property in a professional manner will likely attract higher quality tenants. In conjunction with effective marketing strategies, a rigorous yet speedy application processing system can be used to help find qualified tenants.
Blue Sapphire Homes provides commercial and residential income property owners with hands-on, professional management of their investments. We are committed to providing our customers professional property management service by setting higher standards and exceeding expectations. Learn how to Make the Customer Happy with Your Communication. BRE# 02019498
