Remote real estate investing can be fun and rewarding, especially when you hire the right property manager. If you live outside of the area, there are a few things to think about when you’re looking for outstanding property management in St. Joseph.
Interview a Property Manager
Many people think that managing property is easy. It can be easy when it’s done right, but there are a lot of things property managers have to do, and hiring the right company is critical when you don’t live in the same area as your investment property. While there are a lot of good property managers out there, some of them aren’t that good. If your property manager isn’t organized, being an absentee landlord will only be stressful for you. Make sure you interview property managers until you find a manager you are comfortable with and can answer all your questions.
Questions for a Property Manager
If you’re going to be a remote landlord, there are a few questions that are especially important to you, including:
- Will the property manager monitor the property?
- Will they rent to bad tenants?
- Will they send my money in a timely manner?
- Will I get financial statements?
These are the things property managers do every day, and it requires a systematic, well thought out and consistent procedure for bookkeeping, documentation, and management. You want to be sure you’ll get your money and your statements on a regular basis.
Make sure you’re working with a company that values strong ethics. Everything your company does on your behalf should be legal and compliant with all state, federal, and local codes. The person managing your investment property must be honest and transparent.
Hiring the wrong property manager can lead to a nightmare. People who hire a good property manager can have a great experience even when they live out of state or out of the country. Good property management is one of the best investments you can make.
If you have any questions about remote property management or how to be a successful absentee owner, please contact us at Real Property Management Southwest Michigan. We work with investors like you all the time, and we’d be happy to tell you more about our St. Joseph property management services.