These Days, investors are hitting every low marketing town across the country.
Buying, fixing up, and renting out homes! If you are an investor and you are purchasing homes in a different state than you live in, you will find it kind of difficult to manage these properties on your own, especially if you have more than one investment property.
You will want to hire a responsible Property Management company! Here at Black and Cherry Real Estate, we manage over a THOUSAND properties for owners who not only live in Las Vegas but who live all over the world. You will want to find a company who will not only collect rent, but also handle all repairs, and all problems the tenant might run into while living in your home!
When you are looking for a property management company, you are going to start with the basics. Get Referrals. The best way to find a trust worthy company is to ask around and do your research. Speak with the agent who helped you buy your home, ask if they have heard of the company, and what other licensed agents are saying about the company.
After you ask around, check into the companies commission, and talk to the Better Business Bureau to make sure the property management company is not only real and licensed, but also that they do not have any complaints or law suits pending against them. Once you have made a short list of companies you are interested in, start interviewing them. This is where “first impressions” are the most important.
If possible, try and meet each company in person. Is the manager on time, educated on their business, and just all together put together? Think about if YOU would want to rent from the company you are signing with. Not only talk about business try and get to know them a little bit. Not get their whole life story, but ask about the business and how long they have been doing property management, and why they started it.
You can usually tell by your gut feeling if someone is the real deal. Next you are going to want to find out how the company does their advertising and vacancies. Look at their website and find out the websites they post on. After you have found out all you want to know about renting the property out, you are going to read the contract MORE THAN once! High light the things you want to ask questions about, and try and negotiate everything you are not willing to do with your property.
See if they are willing to work with you on the contract. If they are not, it is not the company you want to be in contract with. Look at things like how they handle move ins-outs, repairs, paying you as the owner, and how they handle deposits. Finding the right property manager is not an easy task, but going the extra mile to sign with someone who is going to help you as the owner will be worth it in the long run in not getting scammed.
