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Real estate management is when a third party handles and oversees a real estate investment. Professional property managers deal with all the tasks associated with a rental investment on a day-to-day basis; this includes sorting out repairs, ensuring regular maintenance, screening new tenants, collecting rent, marketing properties and helping to present the best property possible for a viewing. The owner and property manager form a kind of partnership, where a fee (generated by the rent) is paid to carry out these services. For someone who doesn’t have the expertise or time to do all these jobs, this can be a great help. Even in a fantastic location showing great returns (like Rochester, NY, for example), the choice of property manager is crucial, and their expertise and reputation should be considered before making a decision. Read on for other aspects you should consider when it comes to picking one. Experience Asking some questions to gauge the depth of a real estate manager’s experience can help you make an informed decision. The industry is all about experience, communication, and understanding of the market – and the more someone has (of all those aspects), the better they will be at their job. Someone who has been working in the industry for many years will know how to deal with the vast range of issues that crop up in real estate management. Credentials Although real estate licensing requirements vary by state, most (if not all) will require companies and/or individuals to be licensed through a local board. Ensure that the company you choose has the right licenses and credentials before you begin working with them. Reviews and Recommendations In this industry, word of mouth recommendations and reviews are often more helpful in determining a company’s reputation than simply speaking to the person in question. Company reviews online or on their website can help to determine whether they will be the best choice for you. Reading first hand accounts from previous clients can offer valuable insight into their work ethic and practices, and help you decide whether you would be happy to enlist their services. Relationships with Clients and Tenants Great communication between all parties is essential for any partnership, and real estate management is no different. Ensuring that your future partner has a good relationship with their other clients and tenants can predict what their potential bond with you will be. Experience as a Local A firm with thorough experience and knowledge of the local market can benefit you and your investment property immensely. Having local connections within the community can be helpful, particularly vendors, handymen, and tradesmen. Whilst real estate management can be a tricky business venture for those looking to go it alone, enlisting the help of a reputable, professional and knowledgeable property manager can ease the burden. Vetting them properly, however, is essential to ensure that you are confident in their ability to handle whatever duties are required of them. Author Plate Danny Torres is from Torres Turn Key, a property management company in Rochester NY with more than ten years’ experience dealing with both domestic and international investors. Providing a holistic real estate management service for both commercial and residential properties, the company brings together a host of experience and specialist knowledge to build long-term relationships and create maximum value and benefit for their customers.
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