What The Wise Do Early, The Foolish Do Late
As you know, we are currently in a time of high prices, but how long will it last? Just recently we have seen interest rates rising and properties taking a bit longer to sell. Looking at market indicators like these can tell you when and if you should sell your rental property.
Properties Sold In April
Management Tip of the Month
Choosing A Managmnet Company
If you decide that managing your properties yourself is not something you want to keep doing, then your next step would be to hire a management company. There are a lot of companies out there and it might be overwhelming trying to find one that you would want to hire. A great place to start is by going online and reading their reviews and testimonials, specifically those that are from owners that use their services.
Once you find a few that have caught your eye, the next step is to interview them. Similar to hiring an employee, you are hiring someone to look after and take care of your properties. Some questions to ask are:
-How many properties do you currently manage?
-What are your management fees?
-How do you market vacant units?
-How are my statements sent to me?
-What is your termination policy?
Once you hire a company, I would suggest keeping an eye on them and going over everything with them to make sure things are being done the way you want them to be done. Find a good management company in the beginning and it’ll save a lot of hassle later on.
I give a lot of information about this process in my book: