Who manages your investment properties is important to your insurance company. One of the first questions any real estate investor should be able to answer is, “How am I going to manage my property(ies)?” The answer is important for many reasons. It’s also important to someone you may not have thought of: your insurance company. Some investors handle their own property management and others hire a third-party company. The important
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How to work with your property manager on an “asset management” approach that drives overall value Entrusting the management of your investment portfolio to a property management company should take only a little work on your part, especially if you are looking for traditional basic services. Traditionally, a property manager focuses on maintaining the property, managing the terms of the lease, handling tenant issues and collecting the rent. Most investors
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Property managers may have local knowledge that can help you with your acquisition decisions. Many investors, especially new ones, are woefully unprepared for the road ahead of them once they purchase a property. And that’s almost always due to bad information. Where is this bad information coming from? Why are these investors taking bad advice over and over again? This bad information, more often than not, comes from out-of-area single-family
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Make sure you’re aware of all the resources available for property management. In an industry with an estimated 70% of investment property owners managing their own properties, and 36% of Americans living in rental properties, property management is here to stay. This industry, however, is not for the faint of heart. Although many resources are available for the DIY property manager, any investor considering the self-managed strategy needs to assess
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Hint: It’s all about the tech stack. In the five years leading up to the pandemic, property management firms began to realize the need for the right tech stack to keep their businesses competitive and, ultimately, successful. But in the last few months, in the wake of the COVID-19 crisis, moving processes online has become mandatory. To their surprise, property managers find the transition has not disrupted their businesses. Rather,
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A willingness to adapt processes, communicate clearly and seek opportunities are keys to remaining successful in the age of COVID-19. Investing in rental property is a great way to diversify your portfolio and build wealth. But, real estate investing is not for the faint of heart. This is especially true right now as we navigate the COVID pandemic. What has the pandemic changed about rental property management? One major area
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