Smart investors know that a trustworthy management company is critical in having a better and more profitable investment experience. This is especially important when you own a Winston-Salem investment property but you live out of state. You cannot drive over to the home when a tenant has an emergency, and you cannot post notices on the door when rent is late. You need a local property manager who can ensure your property performs the way you expect it will.
When you own a rental property in the Winston-Salem market and live outside of the area, there are few things to look for in a trusted property management company that will ensure your investment is protected.
Look for an Investment in Technology
As an out-of-state investor, it’s essential that you work with a Winston-Salem management company that invests heavily in technology. You’ll want access to all the available information pertaining to your property, including lease documents, maintenance invoices, accounting statements, and inspection reports.
Ask about an online platform that will help you stay informed. You want to be able to follow your financial performance and run reports. Good technology will also ensure your property is managed well. Your property manager will fill your vacancy quickly, screen tenants thoroughly, and document any maintenance requests that are made and completed. You can stay up to date wherever you happen to be.
Investigate Property Management Systems
It’s not a good idea to work with a property management company that’s still trying things out. You need a dedicated team of professionals who are experienced and capable. You’ll need access to resources that will protect your property and serve your tenants.
Look for a property manager that has experience working with investors from outside of the area. You’re looking for professionals who have seen and done it all and learned from earlier mistakes. An out-of-state investor needs to know there’s a system in place for tenant screening, rent collection, security deposits, maintenance, tenant disputes, late rent, pets, and lease enforcement. Ask what these processes are and why they work. A good property manager will be quick to tell you how things are done and why it helps your investment.
Preventative Maintenance and Thorough Inspections
Non-local property owners will need a management team that goes beyond simply responding to maintenance requests. You need a property manager who will take the initiative and ensure that all preventative maintenance is taken care of. You don’t want small problems to go ignored, because they only turn into big problems and more expensive problems.
Look for a management company that schedules annual HVAC inspections, gutter cleanings, landscaping, and plumbing check-ups. Make sure your property managers drive by the property once in a while and get inside at least once a year to make sure everything is in order.
These are just a few of the things your property manager should be doing to protect your home while you’re out of the area. If you have any questions about how we handle property management in Winston-Salem, please contact us at Capstone Realty.