Flip Tip Summary
Do you know what to look for in a good property manager? Jean Jensen does…and she’s sharing it with us in this FlipNerd.com Flip Tip…check it out!
Flip Tip Transcript:
Mike Hambright: Hey. It’s Mike Hambright from FlipNerd.com, and we have a quick VIP tip to share with you from Jean Jensen who leads the Property Management Division of Gentry Real Estate Group. She’s going to share a tip on what to look for in a good property manager.
Jean Jensen: Well, you really want to be careful when you’re looking for property management. You want to make sure that you choose the right company for you and your investments. You want to look for somebody who’s going to work for their clients first and their tenants as customers. You also want to look for occupancy rate. Over 90 percent of occupancy rate is a really good sign that you’re not going to have issues with vacancy because that’s really your biggest expense as a landlord. Somebody that has a great network of vendors. You want to make sure that they’re licensed, bonded, and insured, and a third party so that your property management company isn’t taking advantage of you as far as repairs go. You want to make sure that they screen their tenants with at least two checks. A rental history and a background check are really important, and somebody that will qualify their income as well.
You also want to make sure that they have a team. Going with a single person is great, and they have fantastic relationships, but if something happens to that single person, you want to make sure that you and your property are protected as well. Someone that has a legal team because, unfortunately, things do happen in this business. So you want to make sure that somebody has a lawyer on staff or at least a third party that they use regularly in order to handle anything that may come up such as landlord-tenant violations or evictions. Lastly, somebody that’s responsive will save your hair and let you sleep better at night if you can always get a hold of your property management company. So happy investing and good luck.
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