Hiring a property management company is crucial to your success as a real estate investor. A property management company is an indispensable part of your team. Especially when you’re thousands of miles away from your property, you’ll need someone on site to take care of things. Managing a property, especially multiple properties, is a full time job!
I highly suggest putting this important job into the hands of professionals. Assign this role to someone who knows what they’re doing. A professional holds expertise about vacancies, rental prices, finding the right tenant, and more.
However, not just any company will do! It’s important that you identify a team whose goals align with yours. Remember, you have to assemble the right team in order for your experience to be passive.
Specifically, I like my property management companies to be focused on cash flow. My property management teams might not have the newest software. They might not have the best, most up-to-date websites, or convenient portals for me to view my information.
In fact, one company that I work with doesn’t even do direct deposit! They send me a paper check via snail mail every single month. But that’s okay with me, because that check is always on time. My teams are focused on collecting rent in a timely matter, and that’s what is important.
For more about hiring the right team for the job, check out this list of five questions you should ask a property management company!