Request references from the management firm in which you are considering doing business. I believe you can aim for 5 to 10 references from former clients as well as current clients who have been with the management firm for more than a year. Move on them if they won’t supply you with any previous clients. CALL THE REFERENCES WHEN YOU RECEIVE THEM. Ask them the same questions about their favourite and least favourite items.Do you want to learn more? Visit Polaris Property Management, LLC
Hiring a property management firm to maintain and protect the owner’s investment, as well as optimise the return on investment, is a sure-fire way to avoid this potential problem. Another solution is to require any property owner to take a property management course and learn the profession from the ground up without having to deal with tenant issues first-hand.
Finally, an owner might employ a property management firm that, in addition to all of the usual personnel, has a real estate lawyer on board that can resolve and answer all of the legal issues that inevitably arise. This will be a well-informed and simple choice for the owner to make.
Many people have asked me over the years what the most important aspect of real estate investment is in my view. Everyone assumes that the market’s price, position, and timing are all right. I can tell without a doubt that property management is the single most important piece of the investing puzzle after over 1300 real estate transactions mainly to investors around the world. You may make a price error, choose a risky neighbourhood, or employ a poor contractor and still make a profit in real estate. If you hire the wrong property manager, you might lose your shirt in an instant! Don’t get me wrong: place, price, and rehab are all important factors in real estate investing. You may make a mistake or experience a downturn in a market or community with the right property management company in place, and still get a decent return on your investment through positive cash flow. Long-term, a successful property manager protects your investment.