Purchasing investment properties in Silver Spring, MD have many unique challenges that require a comprehensive understanding on behalf of both the investor and the Silver Spring Realtor, but buying a property is only half of the process. For many investors, the second half involves property management – an equally important, yet equally challenging component.
If you plan on using a professional property manager for your rental property, then here are some questions you need to ask when interviewing candidates:
An experienced property manager will know how to handle tenant issues, maintenance issues, minimize vacancy, etc. When interviewing candidates, find out exactly how long they have been in the business and ask for references.
Ask for a list of all services the company/individual provides and cross reference that list with what you need/want for your property.
- Customer Service
Not only will you expect good customer service as a client, but you will want to ensure that this level of service is extended to your tenants as well. You certainly don’t want to lose a responsible tenant because they had a bad experience with your property manager.
Property managers need a solid understanding of discrimination, fair housing and eviction laws. Don’t put yourself at risk by hiring someone who could create a liability for you by inadvertently doing something illegal.
- Tenant Screening
Are background checks and credit checks conducted when an application is made for your property, or just credit checks? If not both, ask why. What is the income to rent ratio they require? Do they verify employment and contact prior landlords?
Renters don’t always use Realtors to find rentals, so these properties often require more advertising avenues than homes for sale. Ask what else the management company does besides listing on the MLS.
If you are a real estate investor and would like to search homes in Silver Spring, MD, contact Emcee Arah of DeeCee Real Estate online or call 301.452.5252. Emcee is both a Certified Investor Agent Specialist (CIAS) and a Certified Distressed Property Expert (CDPE).
A CIAS is uniquely qualified to find, create, and close with residential real estate investors using the knowledge and innovative tools earned through comprehensive education and experience. CIAS-designated agents can streamline the process of real estate investment to increase returns for investor clients by helping real estate investors navigate:
- Investment Strategies
- Self-directed IRAs
- 1031 Exchange
- Leverage Options
- Key Calculations
- Capitalization Rate
- Average Returns
- Cash Flow
- And much more
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