3 Things Real Estate Investors Need to Know About Property Managers
Real estate investors are often focused on their bottom line when shopping for potentially lucrative properties, especially when it comes to apartment complexes, deed restricted communities, and the like; however, many investors fail to appreciate the value of the property managers that help make these neighborhoods attractive to prospective buyers and renters.
As Tampa homeowners association management professionals, the experienced team at Wise Property Management has seen firsthand how a neighborhood with a lackluster property management team can cause residents to flee for greener pastures. On more than one occasion, we’ve had to step in and right the ship for neighborhoods that were left floundering after the wrong team was selected to assist with services like association management, bookkeeping, meeting services, records retention, administrative support, and rental management (where applicable).
If you’re looking to invest in real estate, make sure the property is being managed by a competent Tampa homeowners association management team to ensure that your investment maintains profitability for the long run.
1. Property Managers Can Help Before You Buy
Before you decide where your hard-earned dollars will be invested, a property owner can consult a property manager to help get a better look at the local housing market. Whether you’re shopping for apartment buildings or looking to purchase a few standalone units in a deed restricted community, a property manager who has been working in the area for years can provide helpful insight on where you can achieve the highest return on your investment. Property managers can also help you assess the local rental market and select competitive rates that put money in your pocket while attracting more residents.
2. Communication is Integral to Keeping Residents Happy
Real estate investors don’t typically engage in direct contact with residents, that’s better left to the property manager who has experience communicating touchy subjects like changes in rental rates, alterations to the lease agreement, enforcement of new policies, and addressing complaints. Having a professional to manage these issues while balancing resident satisfaction and the enforcement of neighborhood policies is vital to keeping units filled and maintaining the profitability of your investment. Even if residents aren’t happy about changes being instituted in their neighborhood, clear communication gives them time to adapt to these necessary changes.
3. Managing Your Money
As a real estate investor, you want to make sure that you’ve helped foster a situation for your investment to thrive in. Therefore, it’s imperative that you have an efficient method for collecting payments. If you’ve invested in an apartment building with dozens of units, dealing with each and every resident can be extremely time consuming. You’ll also be responsible for keeping records to ensure that your residents are paying you the correct amounts. On top of that, there’s other things to contend with like late fees and safety deposits. Tampa HOA property management professionals can handle these tasks and assist you with managing your money.