Houston asset manager – Work with an asset manager who is interested in your investment goals. Talk about whether cash flow or appreciation is more important to you. Review forced appreciation opportunities based on your neighborhood. Discuss your ability to manage risk. Are you happy renting out one or two properties or are you looking to grow your portfolio? Are you an out-of-state investor who is interested in the Houston market?
Hire Local Property and Asset Manager – Successful investors understand that they need more from a property manager than rent checks and rental listings. One of the reasons we started HNB Realty was the frustration we felt with the services provided by Houston property managers. We wanted something more comprehensive for our own investment properties; something that approached the entire asset and not just the current leasing period. In a nutshell, we needed an asset manager.
There are a lot of reasons to look for a local property manager. Self-management can be difficult. Make sure you’re partnering with a property management team that will do more than manage your property. Look for a company with personal investment experience as well as professional experience.
Here are the top 5 reasons you should work with a full-service, comprehensive, investment-minded asset management company like HNB Realty.
Expertise on How to Grow Wealth
You need to know why you are renting out property, and your asset manager needs to hear what your unique investment goals are. This will inform a customized and personalized management strategy that focuses on protecting your assets and setting you up for success.
Local Market Knowledge
A local asset manager will understand the neighborhood rental market trends. You need this expertise when you’re pricing your home, deciding what to buy, preparing the home for the rental market, and marketing to high-quality tenants.
A local expert can talk to you about average rental values, explain how long of a vacancy period you can expect, and make some recommendations on what will increase your rental value and earn you more income.
Tenant Relations Can be a Hassle
Dealing with tenants can be difficult, but those renters are paying off your house so you can have a successful investment experience. They need to be treated like valued customers.
One of the best reasons to work with a professional Houston property manager is that you want to attract, place, and retain great tenants. A good property manager will be responsive and respectful, keeping your tenants in place and avoiding expensive vacancies and turnovers.
High-Quality, Cost-Effective Maintenance
Unless you have a team of vendors already in place, you’re going to need the maintenance resources provided by a professional property manager. You’re looking for someone with the network of licensed and insured vendors and contractors who can protect the condition of your property and respond quickly to repair requests, whether they’re emergencies or routine issues.
Maintenance should also be cost-effective. Many management companies are able to get volume discounts from their best plumbers, roofers, electricians, and HVAC technicians. You’re able to leverage their relationships and maintenance systems when you hire a professional to manage your investment home.
Legal Mistakes are Easy to Make
Fair housing laws are complex and the Texas Property Code is pretty specific in what is required before you rent out a property. It’s easy to make a mistake, even if you’re an experienced investor. You have to make sure you’re not discriminating during the screening process, and it’s now necessary to know the difference between a service animal and a companion animal.
A Houston property manager can protect your asset and your reputation from expensive and messy legal problems. It reduces your risk and liability when you’re working with experts.
We’d love to talk about your investment goals and your rental property portfolio to find out if our asset management program is well suited to your needs. Contact our team at HNB Realty.