Most real estate investors know they’ll have a better and more profitable experience renting out their property with the help of an experienced Grand Rapids property management company.
That doesn’t mean you should wait to talk to a property manager until you’re ready to find a tenant. Instead, enlist the help of a local management company early, even before you acquire your next investment property. The advice a property manager provides can help you make smarter decisions and enter into the deal with a more accurate understanding of what you’ll earn and spend.
Real Estate Agents and Property Managers
Most investors work with a Realtor when they’re searching for a property they’d like to buy and rent out. Real estate agents can help you locate available homes in your desired neighborhoods and negotiate the best deal and terms. They’ll assist with your closing requirements and all the communication back and forth between you and the seller.
Property managers have a different role in the acquisition process. We can help you understand how much rent you’re likely to earn on a potential property. We can complete a comparative market analysis to tell you what similar homes in the neighborhood have rented for. Our data is up to date and reliable. We’ll also know how long it takes a home to rent, on average, and whether tenants are demanding anything in particular, such as included water and Wi-Fi or other amenities and conveniences.
We can also help you understand whether the property is ready for the rental market or will require some work. If work is needed, we’ll have the contacts and referrals that can ensure repairs and replacements are performed quickly so your home can get onto the market as quickly as possible.
Continuity of Service with Grand Rapids Rental Homes
Another good reason to work with a property manager before you buy an investment property is that you’ll have a professional partner who already knows your home and its unique needs before a tenant is even in place. Trying to find a good management company can be challenging. It becomes even more stressful if you already have a tenant in place or you have no idea how to go about finding a tenant.
When you enlist the help of a property manager in the buying process, everything will already be in place when it’s time to prepare your property for the rental market, take good advertising photos, and write a listing. Your property manager will know how to talk about the property with prospective tenants and answer questions. Your starting point is a lot stronger than it is for the owner who doesn’t call a property manager until something is going wrong.
We specialize in leasing, managing, and maintaining rental homes in Grand Rapids and the surrounding areas. When you’re thinking about investing in your first property or in a new rental home that will grow your existing portfolio, contact us at Short South Realty Group. We can bring additional resources and knowledge to those already provided by your real estate agent.