Is a Property Management Company Right for Me?
Is a Property Management Company Right for Me?
Investing in a rental property is a great way to earn cash and to grow your personal wealth. What many people don’t realize when they buy a property is that they will not only have to invest money into the property. But they also need to invest their time as well. Working a regular job and trying to keep your rental property and your tenants happy can be a bit overwhelming. If you need help managing things, consider working with a Phoenix property management company like Great Homes to take some stress off of you.
What to Look For in a Property Management Company?
If you decide to work with a property management company in Phoenix you should find a company that is stable and has shown that they are in the business for the long haul. It is very easy for a real estate agent to start a property management company; many do so to supplement their income when sales decline due to economic difficulties in the country. However, once the market picks up again, these people tend to go back to selling real estate. And close their companies, leaving their clients in a bind. When deciding on a company, do an extensive interview with them in order to find out if they are experts in the industry, if they have a long and successful track record as well as a good customer service and marketing department.
What Challenges do Property Managers Face?
The biggest challenge faced by property managers is gaining the trust of the client. Some clients have a difficult time giving someone else permission to handle the day-to-day decisions involved in property ownership. They often find it hard to follow the property managers’ recommendations on rent or marketing and may not feel comfortable in allowing the manager to take control of important things. The property manager is there to help save time and make the best of your investment, but if you don’t think that you can let someone else make those important decisions, a property management company might not be right for you.
Why Invest in a Phoenix Property?
The primary reason many people choose to invest in rental properties in Phoenix is the weather. It is normally sunny and warm all year round and that summer climate appeals to people of all ages including the ever-growing baby-boomer population. Also, Phoenix is not prone to natural disasters like tornado’s, earthquakes, and hurricanes. And most importantly, for those wanting to escape the cold winters, there is never any snow to shovel. That alone is often a strong selling point for potential tenants and investors.
Finding the Right Property Management Company
Once you have purchased an investment property and have found a tenant your next step should be focusing on how to properly maintain and manage the property. If you are like many investors, you probably have a full-time job that occupies most of your time leaving you with little or no time left over to spend on your property. One solution to this problem is to find a great property management company. A property management company will maintain and manage the property and help take care of the needs of the tenant. Dave Zundel of Great Homes is familiar with property management in Phoenix Arizona. He has a few questions you should ask when looking to find the right property management company for you.
What Do You Look For in a Property Management Company?
Almost anyone who has a real estate license can manage a property. It’s not uncommon for real estate agents to turn to property management to supplement their income when their business slows down. Unfortunately, many real estate agents do not have the skill set required to successfully manage investment properties. And they tend to leave the property management market once real estate sales pick up. Expertise and stability are two of the main qualities that you should look for in a company. Choose a property management company that has been in the industry for a long time. And has a proven track record. Find someone who is reliable and dependable. And who has shown that they are going to work hard and do a good job for you.
Does the Property Management Company Own Real Estate?
Choosing a property management company looking for one that has experience in owning their own investment real estate properties. It can be difficult for someone who has not had renters to understand how to handle any difficulties that occur. Dealing with renters their problems that arise with them helps the company understand any challenges that you may face with your tenants. They will be able to assist you and your tenants if they have previous experience in working with renters in the past.
What Does a Good Property Management Company Do For You?
Companies like Great Homes, who are investors themselves, focus on providing good customer service that gives clients a good experience. Marketing plays a large part in allowing investors to maximize their investment. The goal of the company is to limit the number of days vacant. And to help the investor make as much money as possible from their property.