In order to be successful in real estate investing, you will need every possible advantage in managing your real estate investments. If you have income properties or cash flow real estate investments and don’t want to manage them an investor friendly property manager would be vital to your real estate investing business.
As a real estate investor, you should learn to leverage your time by carefully selecting qualified people to work with on your real estate deals or to help you maintain your investments. A key person that should be on your “Power Team” is a specialized Property Manager for investors.
Investors can learn a lot from investor friendly property managers, such as vacancy rates for the area and what the going rents are for specific types of properties. Sometimes, they will alert you when an investor they are managing properties for is thinking of selling or looking for a partner. They may also be able to give you a referral to a good handyman – a good investor friendly property manager can be invaluable.
5 Benefits of Investor Friendly Property Managers
#1 – They will meet you at your Investment Property
- They will provide you with sale and rental comparables
- Written presentation and contract for their services given
- Property will be Assessed & Rental Property Marketed
- A property assessor will be sent to your home to take a detailed assessment of the interior and exterior condition of your property along with photos. Items for repair report will be sent to you.
- A Lockbox will be placed at entrance of the property for licensed real estate professionals and servicemen to use for gaining access to the property for showings &repairs before the property is leased.
#2 Rental Marketed
- Your rental or income producing real estate investment will likely be placed on several real estate websites: Zillow, MLS, Craigslist, etc.
- For Lease or Rent sign will be placed in front yard
#3 Tenant Screening
- Potential renters and tenants are thoroughly screened: employment, credit, rental history, and criminal checks are performed.
- Usually all acceptable applicants are only then sent to you for approval.
#4 Lease Signing & Initial Move-In:
- Property Managers will confirm that all utilities have been transferred from your name to the new renter’s name(s).
- First month’s rent & the security deposit will be collected.
- Property manager will go over to your property and take video/photos and fill out a final walk thru report to have documented the condition of the home prior to the new renter(s) moving in. They will also remove all lock boxes from the property at that time.
- The new renters are given a copy of all keys; and copy of lease.
#5 Services Performed By Property Managers for Investors
- A property manager and sometimes with a handyman visits your property and ensure that the property is in good condition every quarter.
- Any and all items that need repairs are attended to in a quick and efficient manner. They work with trusted servicemen you can trust to enter your property. Many have 24hr -emergency service response. Even after business hours the office line can be called, and will be answered.
- Timely rent collections and distribution of funds to owners. Some even offer you a monthly statement via email and a direct deposit of rents.
- Any tenant postings that may be needed due to late or non-payment, these are sent with a certificate of mailing.
- You also will receive a year end itemized statement and a 1099.
Choosing a Property Manager for Investors
Look for a investor friendly property manager that works with rentals or cash flow properties. Ideally you would want someone who is creative, hard working, aggressive, knows your target area well, performs tenants screenings, has the ability to collect rent and enforce fines, has connections to handymen, service repair men, and up-to-date on current market conditions and rents and of course has experience in rental property management and dealing with investors.
Finding Investor Friendly Property Managers
Most real estate full service agencies or realtors often offer property management services for investors. Often times they are real estate agents or real estate assistants to brokers who specialize in managing commercial and residential investments for real estate investors.
Working with investor friendly property managers may be as simple as calling up your realtor and asking them do they also manage properties or can they give you a referral to an investor friendly property manager.
And then there are full-service property management companies that 100% of their business consists of grounds keeping, managing tenant occupancy and leasing, handling residents that are part of a HOA, maintenance of common areas and responding & fixing tenant repairs.
There are many real estate agents who advertise online as “investor friendly property managers” and they at times specialize in income properties like duplexes and understand how to work with tenants, repairmen, and long distance owners. Lastly, ask for referrals from other investors in your REIA or local real estate clubs for Investor Friendly Property Managers or do an online search for “Property managers for investors”.
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