Looking into getting some real estate investment going and getting renters in the properties? If you are new to this arena then it would be wise to look at a reputable, and hopefully personally recommended, property management company to help you out. Starting something new is always difficult and having a safety net is preferable as it can prevent costly mistakes, and when dealing with large purchases such as real estate these mistakes can be in the thousands of dollars. Jason Hartman and his team is not here to tell you what to do and how to do it, we are merely here to provide information that you might need to make
the best decision for your investment.
Wondering what exactly a property management company does? They are in charge of screening applications, getting the best renters for your property and dealing with maintenance issues after agreeing on a budget with the property owner. Hiring them will give you more time to focus on family, hobbies or on your job while someone else worries about any property problems that may arise. Having a safety net is especially nice at the beginning when you are trying to get a handle on how property investment works. Although research and knowledge about what to expect is invaluable, and necessary, it is ideal to have an expert on your side. Later on you might feel comfortable not having the property manager, but at the beginning it is highly recommended to at least consider it.
Another instance in which hiring a property management company is best is when you know that you will be away from your property. Life throws curve balls your way and perhaps your job forces you to relocate. In this scenario having someone local who is looking after your property and making sure that the renters are not destroying the property becomes invaluable. Speaking of bad renters, property managers often deal with evictions and late payments. Having someone responsible for these actions is essential for those people who are known for being too lenient.
It is necessary to think of property managers as friends and not a hassle. You are their customer and therefore making you happy is their number one priority. Picking the right renters who will give the least amount of trouble is their main goal because it will protect your property and it will make their job a lot easier. As you gain more experience dealing with renters you can forego this safety net and increase your profit, but always remember that you have to start somewhere and it is not a bad idea to get help from professionals at first. (Top image: Flickr | USFWS/Southeast)
The Young Wealth Team