Getting into the world of investment properties can be a great asset to your portfolio and financial health. Owning real estate property allows you to collect a reliable income without having to necessarily invest a lot of time and commitment on your part. As a property investor, you’ll have two main options to consider when it comes to the operations of your property. You can choose to take care of the property yourself.
This is ideal for investors who don’t plan on taking on too many properties. This also means that as an investor, you are responsible for the day-to-day operations of securing tenants, scheduling maintenance, handling marketing, and all the other aspects that go into operating a rental property.
Your other option is to take advantage of a property management service. A property management service takes care of all the different aspects of operating and maintaining your property. A property management service handles several different responsibilities such as advertising and marketing, screening applicants, adhering to city and state laws and regulations, collecting rent, and working with vendors for maintenance, repair, and remodeling needs.
To put it simply, hiring a property management service makes it easy to expand your portfolio by allowing you to focus on acquiring more real estate versus putting all your time and energy into just one. When it comes to hiring a property management service, there are a few different signs to look out for.
A property management service can do a wide variety of services depending on your needs as a real estate investor. What a property management service does largely depends on the role you want to take. A property management service is there to fill in gaps or provide complete operation services for your property.
A property management service can focus on certain aspects of your property such as applicant screening, rent collecting, and unit cleanings and repairs. A property management service can also handle all aspects of operating the property. One option allows you to continue to play a more active role in the operations of your property and the other option allows you to relinquish control to a property management service that has the experience and expertise to meet the demands of your property.
A property management service provides a range of operational duties. Using a property management service is ideal for those who own multiple properties or own a property of a larger size. It is much more involved to operate an apartment complex than a single-family home. When looking for signs of a great property management service, you’ll want to explore service providers who provide quality operational duties for a range of different property sizes. Operation duties include:
Investors and tenants alike prefer to work with companies who make it easy to communicate, find information, make payments, and schedule necessary repairs. A sign to look for is the willingness to adapt to new methods to improve the efficiency of operating an investment property. A great property management service should use:
Another important sign to look for is the overall satisfaction of tenants, investors, and vendors that the property management service has. This involves taking the time to carefully research your different options before hiring a property management service. You want to see signs that the company is committed to the satisfaction of both the tenants and other investors who have worked with them. This could be exploring reviews left on their website, and reviews on Google, Yelp, and social media platforms. A quality property management service should have evidence that it can provide quality and professional services that meet the needs of both tenant and investor.
Level of experience, licensing, and certifications are signs of a great property management service. You want to make sure that your investment property is in qualified hands. It is beneficial to look for a property management service that is well-established and recognized. This shows that they have the experience necessary to handle different investment properties of various sizes.
Many well-established property management service companies can handle all aspects of operating your property. This includes a marketing department, accounting, and property managers who have the required licensing and certifications to operate in your state. It is beneficial to have a clear understanding of their certification requirements. This shows their commitment to property management service.
As a property investor, you want to look for key signs that indicate a great property management service. You want to find a property management service that has the experience, licensing, and certifications that are required in your specific area. You also want to make sure there is clear evidence when it comes to satisfaction from previous or current investors or tenants. You also want to make sure that your property management service can handle all the operational duties to ensure your rental property operates at its best consistently. Home365 is committed to providing exceptional property management services for a wide variety of investment properties.