With its rapid job growth and economic expansion, Arizona is becoming a top market for real estate investment.? While there are numerous reasons to buy property in the state, if you plan to rent it out, it’s crucial to protect your investment. ?A critical part of safeguarding your Arizona rental property is getting the right company involved in its care and maintenance.? Here are some considerations about finding the right property manager for your rental property.
Ask for Referrals and Shop Around
Not all property management companies are created equal, and selecting the wrong one could have a negative impact on your investment.? It can be challenging to find a reputable property manager, especially if you don’t live in the community where your property is located. An excellent place to start is through referrals.? You could ask your realtor or real estate attorney whom they recommend.? Once you have compiled a list of a few suggested management companies, it would be best to personally interview all of them before making your decision.
Ask How They Select Tenants and Advertise
It?s important to assess how the company evaluates and attracts prospective tenants.? They should have a system which can be easily explained and includes screening mechanisms.? Upon visiting the company?s website, note the quality of content and its navigability and how property vacancies are advertised.? If you find the website lacking, ask the company questions about your concerns.? You want to keep your rental property occupied, and it’s essential to feel that the company you choose is dedicated to finding good tenants, keeping your property rented, and presenting your investment in the best light possible.
Consider How Maintenance is Handled
When you select a property management company, you are entrusting that entity to tend to your rental, and to use quality professionals for its upkeep and repair. Some companies will cut corners on these expenses while charging you excessive fees. Find out whom the company plans on using and exactly what your maintenance costs payments are buying.? If you are met with resistance, there may be cause for concern.? You want to deal with a company that is completely transparent in how it will charge you fees to pay for these expenses.
Follow the Money
Property management companies are going to make money off your arrangement.? While there is nothing wrong with that, it’s vital that you ask questions about their charges and consider if their schedule and way of dividing certain sums matches up with your interests.? For instance, you could ask if the company keeps all of a tenant?s late fee or shares some of the amount with the owner.? If the company gets to keep all late fees, it may have an incentive to choose tenants whom it expects will miss payments more often.? The property management company?s way of making money should not be contrary to your interests.
Know How Inspections Will Work
Property inspections are a vital part of protecting your investment.? Getting them done frequently, and by quality inspectors, is in the best interests of owners and property management companies alike.? It would be a good idea to ask the property management company how and when inspections will be arranged and to identify who will be used to perform them.
Laura B. Bramnick is an experienced Arizona real estate attorney who has the skills and expertise to help you protect your Arizona real estate investment.? If you are seeking an exceptional, client-driven real estate lawyer in Scottsdale, Phoenix, Sedona and throughout the state of Arizona, contact Laura B. Bramnick to schedule your consultation.