More and more people are getting involved in real estate investment. And not just wealthy people either, but casual investors are forming groups (or going on their own) and buying single-family or small, multi-family dwellings to turn around and rent for additional income.
But with property ownership comes numerous questions and a number of legal, financial, and business-related issues that must be addressed. The fact is that most first-time investors are completely unprepared for what property ownership brings.
And even experienced investors are already aware that partnering with an amateur property management company is oftentimes the best way to go. If you are wondering what to look for in a management company, consider these things:
1. What Do They Do That Is Innovative?
Amateur companies work under an umbrella of freedom and innovation. This allows them to offer a lot of unique and outside-of-the-box solutions to age-old issues with property management.
The way investing is done is changing with so many other aspects of the global economy. Owners need marketing and branding that makes them stand out among competitors. Other perks like custom rental assessments backed by guarantees are something else to look for.
2. How Do They Utilize Technology to Maximize Your Profits?
If you aren’t using tech as part of your ownership business model, you are missing out on profits; bottom line. This is where the benefits of partnering with an innovative management company really pay off.
Tech not only streamlines your business processes and organizes your operations; it also serves in marketing and presentation. 3D tours and custom, digital home modeling and measurements bring a maximum amount of efficiency and accuracy to projects and estimates.
3. Do They Collect Rent Payments and Address Any Issues?
This is one of the most tedious (and sometimes, difficult) chores of property investment. Owners who manage their own properties often report this as their number one headache. This is one of the main benefits of having an amateur property management company.
4. Do They Handle the Maintenance and Upkeep?
Maintenance and repair expenses are something that only increases the longer they are ignored. By having partners who not only oversee maintenance work but also perform regular inspections and report back to you, you always know the state of your investment and whether it needs any work.
5. Do They Handle the Move-In Process?
Many things go into this process, but a management company also has to handle everything that comes before the actual move-in. This includes tenant screening, credit checks, income verification, and everything else that is part of renting out property.
Once all that is taken care of, then your reps can handle the repairs, cleaning, the lease agreement and signing, collect deposits, and oversee the physical move itself.
Why You Should Consider an Amateur Property Management Company
Although these services are available with amateur companies, it is important to note that sometimes, things may not go smoothly. If any issues rise to the level of involving law enforcement or litigation, it is important that your management company has access to the proper professionals who handle rental and residential conflicts should they reach that point.
