Residential Property Management: How to Protect Your Real Estate Investment
A professional residential property management firm has the resources and the skills to provide high quality management to a real estate investor. A real estate investor needs current updates to protect their real estate investments, whether the owner is local or a great distance from their investment purchase. A residential property manager can provide reassurance that the property is being well maintained as well as quickly being able to intervene and confront a tenant that may be negligent with the property care. Essentially, the residential property manager can be the eyes and ears for an investor, ultimately guarding the investment.
A property owner has the ability to establish any number of restrictions on a tenant as far as property reviews. A consistent residential property management company will review the exterior as well as the interior of a real estate investment. This includes a pre-rental inspection to advise the property owner of any potential rental code violations, a walk through with potential tenants and additional reviews at designated intervals such as every 90-180 days of the rental contract. These inspections help to ensure contract compliance of the tenant and also help to mitigate any potential repair issues. A property owner is consequently more capable of being able to focus on the financing of the home care and maintenance costs.
Residential property management companies are also able to visually survey the neighborhood for additional competing rentals, area home sale prices and changes that may impact the overall value of the home. For example, a change in road patterns that will increase traffic in the area of the rental property or the construction of a new commercial zone could change the rental charge amount significantly, as well as the long term property value. Being advised of these issues in a timely manner could be invaluable to a property owner.
For property owner's wishing to ensure their investment is optimized, contracting with a residential property management firm will help to relieve unnecessary uncertainty about real estate investments. Additionally, a property management firm can help to monitor the care of the property and intervene prior to an issue becoming more extensive.
As with any investment once you have bought a property and spent a lot on money in some cases it is very important that you manage that investment to achieve your financial goals. There is no question that the cost of a property manager is a minor cost compared to the benefits they bring to the average real estate investor.
Mike Lautensack is the owner of Del Val Property Management LLC, a FULL service residential property management company located in Philadelphia, PA.
Mike advises real estate investors how to build wealth and financial security through hassle-free ownership of investment real estate with their "Total Property Management Program". This proven management system allows owners to enjoy the financial benefits of cash flow, tax savings, and wealth creation while it GUARANTEES you will never receive a late night emergency call, deal with a lengthy eviction proceeding or ever have to interact with an irate tenant. To inquire about our services, or get a FREE estimate, please visit http://www.delvalproperty.com/ .
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