With depressed real estate markets and harsh economic conditions, property investors are doing everything they possibly can to increase their revenues and build their reputation for providing prime property in ideal neighborhoods and locations. While they typically place a lot of trust in their property management companies, they need to check up on them frequently to ensure the management company is satisfactorily doing what they are paid to do. Bad management could really hurt a property investor.
Initiative and Fast Reporting
After you have hired a management company, your manager should have plenty of ideas for improvement to get the results you want. A manager has to be proactive in order for this to happen. If they do not approach you with fresh ideas within the first couple of weeks, then you need to seriously question whether or not they are up to the task of managing your properties. If you have a manager who seems upbeat but provides reports that are difficult to decipher or irregular, then you need to question why. There is absolutely no excuse for this, and you always need to be kept in the loop when your real estate holdings are concerned. Do not become complacent just because you have hired a management company. You still need to be aware of things that are going on.
Signs of Being Present
When you hire a real estate asset management Lombard agency, you may have chosen the particular company because you are happy with the services of a specific property manager. If you never see them after the initial interview and it seems like a trainee or someone else is in charge of your real estate assets, then it is time to start asking questions. To prevent this, put a clause in your contract that states third parties are not allowed to handle your properties. This will give you peace of mind. Also, check with your tenants occasionally to see if they have noticed the property manager inspecting rental units or being available to help tenants who are having issues. Absolutely nothing can replace site visits for inspection purposes, so you need to ensure your management company is staying on top of things. If routine inspections are not completed, then you could potentially fail to pass local codes and regulations. This could do serious damage to your reputation.
RPM DuPage County offers full-service real estate asset management Lombard services. They have skilled managers who are experienced with the local area. Contact them today at (630) 427-2200.
