Hiring a Property Management Firm for Your Investment

Posted on by leeescobar in Real Estate | Leave a comment

Property management companies are now a ubiquitous feature in real estate and though many investors still want to shield and nurture their investments, the role played by these companies cannot be gainsaid. It is one thing to create a portfolio in real estate but when it comes to management, you will find that this is a different kettle of corn altogether. In fact, most real estate investors who have found themselves in trouble started out well but ignored the crucial role of property management. To avoid this pitfall, you need to observe some of these crucial aspects;

Basic Service Provided by Property Managers

As a property owner, catering for your property might appear a walk in the park. However, the services provided by managers form a complex spectrum which would definitely need your full time attention. Some of these services include;

  • Rent collection; this is the most crucial role a manager brings to the table. They will not only collect and bank rent but also keep updated records on delinquency rates and other cash flow reports on your behalf.
  • Maintenance; your property has to stay in tip top condition and the manager thus evaluates vendors, suppliers, equipment and all services provided. This in turn ensures the safety of the tenants is guaranteed hence improving their satisfaction.
  • Bill payments; you are assured that no supplier will wake you from bed due to unpaid bills and even mortgages are paid through a monthly check registration.
  • Personnel supervision; all employees on your property are answerable to the manager and hence, hiring, firing and supervision becomes the duty of the manager.

Other crucial roles include maintaining good tenant relations through 24/7 response service, rental analysis and recommendations, and also provision of financial reports as agreed in the contract.

Choosing a Property Management Company

There is a plethora of companies in the industry and you need to select and work with only the right one. Some of the things to consider include the experience of the company in the local market to ensure any rental issues or recommendations must be based on market realities. Additionally, check how long the company has been in the property management business before investing your money in their services.

It is also critical to ask for referrals from the company in order to evaluate the quality of their work and also to assess their reputation among past clients. One of the other important things is the company’s insurance to ensure they can handle your kind of property sufficiently and without any downtimes. Check the licensing of the company in your state and this is very easy to authenticate especially with online sources. Finally, check the company’s affiliation in the industry and its associations to bodies such as CPM, CSM among others. In simple terms, it is advisable to work with a company that is already tested and which has something to show for its work. Integrity is the key here and hence, be on the lookout for a company that comes across as committed and dedicated.

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How to Choose a Realtor

Posted on by Jim in Real Estate | Leave a comment

Choose-a-RealtorWhether you are looking to buy or sell land, no doubt you need to choose a good realtor to work with. There could be so many realtors marketing their services to you, but like any other service provider, you need to pick the one that understands your target location extremely well. Of course you should consider all service providers at your disposal in your local area, but ensure you make a wise decision since your choice will ultimately help you save or lose money, depending on your choice. Read more

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General Guidelines on Selling Real Estate Notes For Top Dollar

Posted on by Jim in Real Estate | Leave a comment

real-estate-notesThe main reason why people sell real estate notes is so they can raise money quickly. A note is simply a loan document that was created when you paid for your investment property or house. A real estate note could be a contact-for-sale, a land-contract, or simply a mortgage note. The main thing here is that the buyer of the note would be making payments directly to you, so you might as well cash in big on it. Read more

Earning Extra Income Rehabbing Properties

Posted on by Jim in Real Estate | Leave a comment

rehabbing propertyThe real estate industry is extensive and consists of numerous income generating avenues that one can venture in. One such method of earning extra income, while putting your creativity into use, is rehabbing properties. Basically, this is a process which entails the purchase of old homes, at lower prices of course, and then conducting the required repairs so that you can finally sell at a profit. Read more

The Process of Remodelling Old Mobile Homes

Posted on by Jim in Real Estate | Leave a comment

before_afterPeople with limited budgets have no choice but to buy mobile homes. An older model is more economical. Many of those who don’t appreciate these homes fail to realize that simple remodelling is sufficient for the trick. There are intricate tasks that will demand professionalism thus require outsourcing. Read more

Lee Escobar 's blog on real estate investing.