Working With Real Estate Investors in Arlington
When real estate investors initially look into purchasing property, they may assume that they will self-manage their properties. Inexperience doesn’t prepare the investor for all of the details involved with Arlington property management. As a close partner with these investors, the real estate agent can offer direction that can help investors avoid lasting pitfalls, including potential legal issues.
Looking for the Investment Property
As a real estate agent, finding a property for your client is your strong suit; however, once the investor purchases a property, understanding the time and skills necessary to manage that specific property may not be something you can confidently advise on. Enlisting the help of professional Arlington property managers as early in the process as the property selection itself is vital to ensure your investor has information on the possible pitfalls, estimated workload, and even the legal issues surrounding each unique property. You can either look for this information from Arlington property managers as you vet properties before showing them to the investor, or you can allow the investor to follow up directly for more detailed information on properties in which he or she is already interested.
Mistakes with Self-Managing
The skill-set required for Arlington property management is different than skill-set associated with other roles in the property industry. Investors and real estate agents may be very experienced in their roles, but venturing into the world of Arlington property managers requires a knowledge of market rental rates, property inspections, repairs, rental codes and regulations, and all of the liabilities and regulations surrounding these aspects. Mistakes on any or all of these facets are far too easy to make for someone who is not properly trained as Arlington property managers.
Looking for the Tenants
Vacancies take a real hit to the pocketbook because investors won’t see a return on their investment without consistently paying renters. Searching for and vetting potential renters can be very time consuming. Professional Arlington property managers have experience with ensuring a property is prepared for tenant showings and immediate move-in, advertising, screening applicants, and ultimately reducing the number of days the property sits vacant.
A Smart Way to Manage
Arlington property management teams must be prepared for the midnight maintenance calls, high-level understanding of laws and regulations, and low-level willingness to get dirty and handle the ‘grunt’ work. Real estate agents are experts at buying and selling the properties. A partnership between an experienced real estate agent and a professional property manager makes an unstoppable team!