Have you been considering working with a property manager to manage your investment properties? It may seem a little overwhelming to get established with a property manager. But getting started with one couldn’t be easier. Here are some tips to help you on your way with a property manager who will make the upkeep on your investments a piece of cake.
As you begin the process you will want to do your research. It is vitally important to know your local property management options.
Familiarity with the local market is key, not only for an investor but for a property manager as well. The first step in getting started with a property manager is ensuring that he or she is knowledgeable about the area in which your property sits. Working with a property manager who is not as familiar with your local market can hurt an investor's bottom line. Mispricing of rentals, fewer contacts with reputable, well priced maintenance contractors and ignorance of local laws and regulations can cause investors to lose big.
Next, be sure to check out a prospective property manager’s qualifications. Being a part of the National Association of Residential Property Managers (NARPM) is a good place to start. But also look for additional qualifications and experiences that might make them more desireable, like an association with the local chapter of NARPM.
Another qualification to consider is the property manager’s access to legal counsel. At Park Avenue Properties for instance, we have a full time attorney on staff to advise property managers of local and federal fair housing laws and of the correct, legal course of action for eviction, if needed. Noncompliance with laws and regulations can cause an investor great sums, even if they are not at fault for the infraction. Choosing to work with a property manager that has access to proper legal counsel may keep you out of legal trouble and, ultimately, help you keep your money in your pocket.
As you begin your journey towards becoming established with a property manager, you will want to decide what services in particular you need. At Park Avenue Properties, we offer full service property management and tenant procurement only. Having a clear idea of what services you need will help make the process of starting with a property manager much smoother.
The tenant procurement option allows investors to obtain assistance on the front end of the rental process. In this option we advertise, take care of showings, screen applicants, and draft the lease paperwork. Tenant procurement is ideal for investors who are looking to be more hands on and are prepared to face the challenges associated with maintaining a tenant occupied property.
For those investors who are looking for a little more freedom, choosing to go with full property management services can be the best thing. Not only will we take care of tenant procurement, we will be there every step of the way, overseeing everything from maintenance to rent collection and beyond. This is a great option for those who are unable, for whatever reason, to fully invest their time and resources to maintaining the occupied rental. Investors who do not live near their investment property and those who have several properties in their portfolio will find a lot of value in full property management services.
Whichever option you choose, knowing what your needs are will help any property manager better serve you and get you on the right track quickly and seamlessly.
At Park Avenue Properties, we make it as easy as possible for investors to begin service with a property manager. Our knowledgeable property managers and staff will give you first class service as we earn your business. We use straightforward pricing, with no hidden fees, and keep the process of working with us as simple and convenient as possible. We’ll perform a thorough market evaluation and work with you and your concerns as we prepare your investment for the rental market.
At Park Avenue Properties, you will always be a priority!