Finding a good and honest manager is the key for success in Detroit. Otherwise, don't invest here at all.
The number one question to ask them is:
1) How many properties do they personally own and how long have they owned them.
There is a difference in property managing for profit and property managing from an investors point of view to preserve assets, and maximize sustainable cash flow. Only someone who personally owns multiple properties over a period of time can truly add value in the later scenario. The scenario you are looking for.
All to often folks don't understand the difference and don't differentiate the pool of potential property managers by asking the correct questions.
Yes most are in the cashflow maximization business. But it's not your cashflow they are looking to maximize.
My name is Charlene and I am a licensed Realtor that have worked with Investors globally.Your question is the first step in protecting your greatest asset - Your Money. So many Investors have been taken advantage of because they did not do their "Due Diligence"
The internet is a powerful tool if you know how to use it and it is quite easy. Once you start inquiring about getting an agent to assist you, you will start hearing from agents saying they can help you. You should be able to Google that persons name and read information about them, good or bad. You also need to have a list of questions to ask them.
Normally an experienced agent will have at their access contractors and property management companies and you will want to do the same thing, Google Everybody!!!!!! The Internet will tell you things they wont.
If I can be of additional assistance to you, please feel free to contact me, I don't mind answering your questions.Good Luck
Charlene Johnson, Realtor
18481 W Ten Mile Rd., Suite 201
Southfield, MI 48075
(313) 574-7633 - Cell
888.501.7085 Ext. 109 - Toll Free
(248) 595-8966 - Fax
If you are prone to amnesia, trust will prove to be a FOREVER issue.
As an investor who intends to RENT or LEASE real estate, you need to be fully knowledgeable of the complexities involved. These complexities can be related to the real estate, the community, the insurer, the renter and in some cases non-performing tenants. In each and every event the owner, that means you, will pay a marked up fee for services used.
That is simply the reality.
How should you proceed.
#1. Don't get the bums rush. Property management people are very busy, but this is simply too important to not spend the required time, or hire someone who knows the business.
#2. Ask specific questions regarding fees, finding tenants, refurbishing, evictions, screening and renewals. and property management company revenue streams.
#3. Read the contract and understand it so you can explain it correctly to a friend.
#4. Understand and have an exit startegy
Start with a multi-dimensional real estate professional in the location of the property.
Or just ask them, "Can I trust you?" Yeah, that should work.