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Whether you're new to the real estate game or you’ve owned rentals in the past, property can be an excellent investment for all kinds of people. But in order to see returns on such an investment, you’ll need to ensure that the right property management is in place. It might seem like an easy way to make a profit, but there’s more to renting out a house or apartment than just filling it with a tenant. Marketing your home, finding the right tenant, carrying out inspections, reacting to maintenance requests and many other administrative tasks are just a few of the important duties that will be taken care of by good property management. However, there are many agencies to choose from nowadays, which can make finding the right provider for you a little confusing. You’ll want to ensure you find someone experienced and with the credentials to back them up if you want to avoid any risk to your investment. Here are some of the problems that you might experience if you don’t find the right property management for you. 1. Poor communication When it comes to renting, a lot of the success rests on excellent communication skills. A good manager will know how to build rapport with tenants and will be efficient in relaying any problems to you. They should be proactive in ensuring that the needs of both the tenants and landlord are met. A breakdown of communication can lead to confusion, bad rapport and even losing tenants. 2. Neglecting maintenance You know what they say: prevention before treatment. In order to keep your investment in great condition for the long-term (and therefore attract the right tenant), routine inspections and maintenance are essential. Poor property management can neglect these more banal tasks, which may allow tenants to leave your home damaged and not in the best condition. It’s important to check your rental regularly so any problems can be identified and fixed quickly. 3. Rent stagnation Generally, over time the rent in a good area will increase. If you don’t see any change for a while, that’s the time to start asking your manager for some feedback. A knowledgeable agent will keep you up to date with data and statistics on vacancy rates in the local area. There are a few reasons why the rent won’t be increased, but you’ll want to get all the information from your management team to ensure that your rate is current and up to date. 4. Inexperience You definitely want to avoid any DIYers when it comes to hiring someone to manage your investment for you. Experience is everything when it comes to handling rental properties well and a good manager will be able to anticipate issues and deal with most things without bothering you. If your agent is lacking experience, however, they may not be able to get the most out of your investment. Using a property management agency is a no-brainer when it comes to handling your rental. But don’t underestimate the importance of finding the right service provider for you. 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 service for the property management of 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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