Tuesday, October 02 2012
Whether you are in the process of buying anincome property thisfall or are already an owner, your decision about whether to work with a localproperty manager is pivotal. When you lack the time or capacity to effectively manage your investment, hiring a professional property manager is certainly the right business move. But suppose you have already decided that you will use a pro – does that solve all management issues for your investment? If you have chosen well, the answer may be almost ‘yes’ – but not quite. As you would with any service provider, keeping tabs on their performance is simply prudent.
The happy truth is that managing yourEvansville property manager will not command a large amount of your attention: a little will go a long way. And some areas to monitor are more obvious than others.
Rent collection is one process that almost monitors itself. When the checks are slow in coming, you’ll know it soon enough. If a regular pattern seems to be developing, discuss your manager’s strategy to improve the tenant’s compliance. Good property management pros have proven strategies for timely rent collection.
Maintenance is one main reason a property manager is invaluable. When a repair issue arises, take a look at the invoices: not only at the cost, but also the time it took to solve the problem. Your manager should have contracts in place with competent maintenance and repair companies, so complaints from the tenant should not be a regular occurrence. You can also ask for vendor references from anyone who performs services for the property. After all, they are really working for you.
If part of your property manager’s job is to act as a leasing agent (or to oversee one), be certain that he or she emphasizes the importance of ensuring that tenants thoroughly read and understand the lease terms. Ask how your manager would handle any tenant non-compliance if that occurs. Situations that could cause sleepless nights for you should be ho-hum affairs for your pro!
Buying an investment property in Evansville can be exciting and profitable, but it’s not usually fully exploited on autopilot. I strive to help my clients find and identify the right investment properties for long-term profitability. If you are considering buying property, contact me anytime to go over your options. You will find that good ones are out there! You can reach me at on my cell phone at 812-499-9234 Comments:
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