Purchasing property as an investment is back in fashion again after a long, hard and quite frankly scary time here in Arizona. There were lessons to be learned during the “housing crisis” and investors were no exception. Phoenix/Scottsdale Real Estate Investors are more cautious now more than ever and the crazed buying frenzy is a thing of the past. More importantly as the market is being flooded with a new and very different pool of renters, investors need to be even more stringent in their screening practices. Long distance investors from Canada, California, Nevada and the Midwest face an even greater degree of uncertainty with their properties. This is why investing in a quality property management firm is more crucial than ever before.
As a real estate investor, finding the right investment property management firm in Scottsdale/Phoenix takes a lot more diligence and patience than what you might think especially since the investor is not typically located locally to their property. There are the obvious things to look for when searching out a property management company, like do they have a positive reputation in the area and do they have a proven track record. Here are a few things that might get overlooked in the process of finding the right property management firm:
This is one question that rarely gets any attention because it’s kind of like insurance; you never know how important it is until you need it. Living in one city or state and having property in another requires a thorough knowledge of the local laws and ordinances. A good and reputable property manager will have a full understanding of local, state and federal housing laws and will work to protect your interests and the interests of your tenants. Countless investment owners have tried to navigate the process on their own when they had an issue and, after discovering they handled it wrong, found it cost them an extreme amount of money unnecessarily if they had a good property management firm to handle it for them. The property rental market is one of the highest government regulated industries in this country and it is fast becoming even more regulated in other countries. Owning investment property opens you up to all sorts of legal concerns so make sure the property management company you choose is wise to local laws.
As a long distance investment property owner, if a pipe bursts at 1am would you know who to call? Reputable property managers have long-standing relationships with local repair companies they have come to rely on. Often times, these repair companies will go above and beyond the call of duty to make sure the work is done quickly and correctly, simply because they want to maintain that relationship with the property manager. As an investor, you want this kind of service because it not only protects you and your rental property, but it also protects your tenants. And after all, your tenants’ happiness and safety is the best way to ensure your income flow for the future.
Investing in property to be rented out is a risky business. The expectation is always there to find someone that will treat the property the same way you would, however, that may not always be the case. Hiring the right investment property management firm can greatly reduce the risk of some of the pitfalls of renting out your property. Diligent property managers know what to look for when screening potential tenants and they have the tools available to them to assist you in creating the right fit for you and your tenant. They should always have your best interest as their priority and you should be left feeling confident and secure with your property in their hands.
The professionals at KRK Realty and Management in Scottsdale have years of experience and expertise providing quality service for investors. Give them a call today and let them show you how they can protect your dream and take away the nightmares!
