be selective when choosing a property manager to manage your investment properties...
Hey there Detroit Real Estate Investors and welcome back to the Buy Homes In Detroit blog.? Your Property Management Team is crucial for your Success as a Detroit Real Estate Investor!
Here are just a few reasons why you need to be super selective when choosing a property management team for your Detroit Real Estate Investments:
- Whether you live here in Detroit or not, you do not want to spend your time being a landlord (unless you are super passionate about dealing with tenants and toilets).? By outsourcing the management portion of your property to a professional team, you are saving yourself a lot of time and headaches.
- Be sure to interview many property managers in the area in which you are purchasing and holding your properties.? Get referrals and contact other customers that use these property managers.? Compare their rates against all the others in the area (they are typically the same or very competitive pricing).? Our property managers usually charge about 10% of the monthly rents to provide their managing services on a particular property.? Considering that typical rents in Detroit are $800, that would be $80/month that the propety management team collects.? You might be thinking ?Why the heck do I want to pay out $80/month?.? Once again, unless you enjoy being a landlord, it?s best to leave this part to the professional property management team and be happy with the $80 charge every month.
- When you choose the right management team, they will end up saving you so much more money than you ever thought!? By keeping close tabs on the propety and tenant, the manager keeps you up to date on all aspects of your property so you can take appropriate action if needed.? They help determine when or if certain repairs and maintanence is needed on your property and if your tenant decides to stop paying, your property manager will notify you and will also handle eviction process if the tenant decides to not respond to late notices.
All in all, having the right property management team in place is crucial for your success as a Detroit Real Estate Investor.? Take your time and interview multiple property managers.? That way you can have 2 or 3 great managers available when you have a property and you can determine who will best fit as a property manager for this property.? Speaking from experience, do not just settle for the 1st property manager you run across.? Always do your due diligence and ask for referrals to speak to about their services.
If you would like more info on how property managers work and why they are so important to your Detroit Real Estate Investing business, email: Ryan@InTheNowInvestments.com and request a 30 minute strategy call regarding the role of property managers as a part of your real estate investing power team.?
Ryan and In The Now Investments have been in the Detroit area for about 4 years now and has completed over 320 deals in that time.? If you ever have any questions about Detroit Real Estate Investing, don?t hesitate to contact us at any time.? Happy Investing folks!
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