Property Management

Nothing is more important in the success of your investment in real estate than the Property Management. Real Estate vales are based on performance so make sure to do some due diligence in this regards when it comes to choosing your property management.
There are 3 key general areas in which a property manager should know in how to improved the value of your property. These are the income (that is generated by the rent, the occupancy and other revenue opportunities) the expenses and systems.
It is common for a property management to skip the step of running a criminal background check. This mistake can be a quite costy one, a bad tenant not only will increase the cost of eviction an court but also will increase your vacancy rates and maintenance of the property.  The credit checks are always paid for by the potential renter so there is no excuse to skip such a key step.
While you have little control in the expenses of your property you can find out if your management company has a better purchasing power when it comes to insurance premiums. They will also have good leads for accountants and other related professionals.

So how do you choose a good properly manager?

Here are some tips:

Verify every information you get, get a client list and get in touch with existing clients to see what they say about the company.
Ask other professional in the industry if they know the property management company you are intending to use and what is their opinion on them.
Find a management company that understand your type of property. They can be specialise in different type of properties such as commercial or apartment. It will pay off to get a company that understands the type of asset that you hold and knows how to manage it.
This is not an area where you can save.  Make sure that you get what you pay for and you understand and are clearly explained all the fees upfront.
Make sure that your property management has a very good accountant as part of their team so they understand not only what is going on with your property's operations side but also with the financial part of it.


Here are a couple of good web pages where you can learn more about property managers:
www.irem.org
www. naahq.org