Seven Answered Demands of Property Management
Alright, so you are buying an investment property located in Lancaster County, PA, and its time to think through the property management of this rental. We’re here to help!
First off, anytime someone wants to venture into the real estate world, there must be some understanding of risk and reward. The role of a good property manager is to help mitigate risk while maximizing returns. Property management that provides both factors will excel at listening to your needs and goals.
Since you are reading this article, you’re likely interested in the basics of property management, so read on to see how an effective and efficient property management company will meet the demands of the process and provide maximized investment while mitigating risk.
Introduction to property management
Property management is the practice of a manager overseeing your real estate investments.
Like any other investment, you want to maximize return on investment. That is where a property manager comes into play. The right manager will seek to understand your needs and goals for returns of investment.
Questions such as:
What is the ideal tenant we are searching for?
What should the screening process look like, and how exhaustive should it be?
These are just a few to start.
Asking the right questions
From condos to apartments, single-family homes to office parks and retail establishments, all can be leveraged to produce an efficient return while your property manager mitigates risk.
How will the property manager help mitigate risk and increase leverage?
Let’s look at the questions you should ask your property management partners:
How long have you worked in property management?
How many properties are you now managing?
How do you decide who is in charge of what process?
Is there a centralized point of contact?
What is the procedure for reporting?
Are the Maintenance Requests In-house or Outsourced?
Do you benefit from maintenance and repairs?
Please clarify the eviction procedure.
The right manager will be able to listen to your questions and define answers clearly with reasonable timelines for how you plan to partner to achieve your investment goals.
Supply and demand
Now that we have examined the right introductory questions, let’s look at the services that best fit these needs.
Protection of your investment – With every application processed, an appropriate screening process should ensure the right resident for your property.
Headache prevention – Management also means oversight, so providing maintenance, repairs, and remodeling to ensure residents’ comfort will help achieve positive returns. Being ready to provide quick support for issues with the rental and having to dispatch the appropriate workforce to resolve the problems will eliminate stress and worry.
Calculation – Using extensive knowledge from market numbers and experience, the manager should be able to state in clear terms the value of your property based on its specifications in the local rental market.
Advertising and Marketing – Using a proven formula of Traditional and online digital advertising will maximize visibility and put your property in front of the ideal resident for your home.
Due diligence – Regular inspection of the property will ensure peace of mind for the client. If something isn’t working, inspections provide security to fix any issues and mitigate risk.
Crossed T’s and dotted I’s – The best manager can mitigate any tax issues thanks to a detailed process that covers financial reporting to the appropriate sources. Access to this process will also provide a “peace of mind” aspect that is priceless.
Hellos and goodbyes – How the management company handles move-ins and move-outs is vital to the process. The walk-through inspection at the beginning of the move-in is critical for setting up both the tenant’s and Investor’s long-term returns. In the move-out process, having a trustworthy manager access any changes to conditions is vital to the investment's long-term success.
Set up for Success
Now that we have discussed how the right property management company will supply these demands if you want to leverage your investment to produce income, higher quality of life, and increased options, you will be better prepared to face the tasks ahead.
Property management's “One-two” punch is maximized returns and decreased risks. If property management shows itself to be up to provide answers to these non-negotiables, then you are on the path to success.
Wrapping up?
Is property management for your rental property in Lancaster County, PA the right next step for you?
If so, our team is ready to serve your business goals. Let’s talk!
