Prescott is certainly a desirable place to own and rent property. If you live out of the area or out of state there are things you should know about managing property from afar. You already know that managing property and renters is a lot of work with unique challenges, but doing it from a distance brings a different set of challenges. Far West Realty explains the ups and downs of Prescott property management from out of town.
You may have come to own your Prescott property through inheritance or through a deliberate choice to own investment property in beautiful Prescott, AZ. Whatever the case, you manage renters and property in a different location than where you are located. Ideally, you know the Prescott market well enough to get maximum return on your investment. Knowing the market will allow you to set realistic financial expectations and properly marketing the home.
Start small
Just like anything else, it may be wise to start small in a market you are unfamiliar, but if you find yourself as an investment property owner out of town, hiring a property management firm may just be the best money you ever spent.
Managing local is much easier
There are some things that are just difficult to do from a distance. Two of the constants of owning investment property are maintenance and finding new tenants. Both are hard to do from a distance. Hiring local contractors that you trust to do maintenance and fix things that come up from time to time, can be a challenge, and it is nice to have trusted vendors.
As for bringing on new renters, face to face is the only way to go. You can avoid a lot of trouble by meeting your renters and letting them knowing you are local. Obviously, the solution to both of these issues is hiring a local, trusted property management firm.
It may just pay to hire a property management firm
It is natural for you to want to do it yourself, but it may actually save you money to hire a local firm. They will be able to stay on top of all maintenance issues with trusted and vetted vendors. Knowing the local market, they will be able to properly market your property and get the best rent, as well as screen and properly select the best tenants. All of these combined might just save you dollars and headaches in the end.
If you are out of town and/or state and would like to discuss the possibility of a reputable Prescott property management company to take over your investment, look no further than Far West Realty. You can trust the experts at Far West Realty to handle your investment properties in Prescott with care and quality