How soon should real estate investors contact a property manager when buying new property in Massachusetts?
Securing a property manager is often one of the last things that real estate investors get around to. If you are on your tenth rental property in close proximity in Mass. you might already have this down to a science. Yet, many who are still starting out, or who are buying their first investment properties in the northeast, or who may be expanding from expensive Boston, to more appetizing deals in Worcester County, MA this can be a critical factor. So do you wait until you’ve bought a property and an issue arises? Or do you get a professional local property management company in place long before you close and take control of the property?
Get the Real Scoop on the Property
Speaking to a local property management expert even before you ink a deal might be a smart move. Sellers will often notoriously oversell the appeal of the property. Sometimes they gloss over repairs, over exaggerate potential value and appreciation, and even misrepresent rents and renter performance. Talking to an independent local pros can help get a truer picture of value, potential income, occupancy rates, and maybe even unveil some property specific challenges or benefits. You might be kicking yourself pretty hard later if you don’t get this input upfront.
Seamless Transition & Optimizing Performance
Having a property management company on the job even before you take over a new rental home, apartment building, or commercial income property can make a huge difference. They can get in, accurately assess the situation, alert teams to upcoming vacancies and start lining up tenants, get crews ready for maintenance, and make sure the transition is smooth for existing tenants. If there is a lapse in management maintenance issues can grow out of control, and then costs money. Then there is the legal side. If heating and power isn’t performing, people get hurt, and there is no buffer, huge legal costs can mount fast. No one wants that.
Picking the Best Property Manager
If MA real estate investors wait until there is an issue to recruit a manager there is little time to make a good choice. A bad manager can make a delicate situation a lot worse. It’s smarter to take a little time to interview and screen different property management options so that you can choose the best in advance.