Top 5 Tips for Annapolis Area Real Estate Investment Management
ANNAPOLIS, DAVIDSONVILLE, EDGEWATER, ARNOLD AND SEVERNA PARK REAL ESTATE
Much of the financial press has been sounding a recurrent theme for a while: the complaint that the interest rate slump has left growth-oriented investors with few choices other than a Wall Street gamble. Annapolis area investors may find that some degree of risk is tolerable when you have a lifetime of earning ahead of you, but it’s a lot less tempting when the savings from that lifetime of hard work is already in the bank…barely keeping pace with the real inflation rate.
Happily, one of those “few choices” is in our own backyard. A residential real estate investment in Annapolis area brings with it the built-in peace of mind that comes with an investment that is right here, where you can keep an eye on it. And it also has the additional appeal of offering flexibility in the degree of involvement and control you decide to exert. With a single- or multiple-family rental property as your Annapolis area real estate investment, you can either decide to be a property’s hands-on landlord, or choose to play a more passive role by letting one of the Annapolis area’s reliable property management companies handle the operational details.
If that is your choice, you can sit back and let the professionals do their job. All you need do is a bit of top-down managing of the managers. Every property has its own unique characteristics, but you will be able to rely on the best property managers to diligently accomplish these “Top 5” performance bench marks:
- Keeping in touch. Beyond simply answering your requests and questions, the best property managers report to you on a monthly basis.
- Finding quality tenants. Filling any vacancy in short order (and with good tenants) is one key way professional property managers make it financially worthwhile to employ them. Good tenants are valuable!
- Tenant-handling. You should not have to be involved directly with tenant concerns or complaints. An important part of your property manager’s responsibility is addressing repairs or problems rapidly and efficiently.
- Prevention. A stitch in time saves nine is especially apt when it comes to keeping your real estate investment in top shape. That translates into regular inspections, at least once a year, inside; more frequently, outside.
- Performance. The optimal result of a great Annapolis area real estate investment is both growth in its underlying value at the same time that positive cash flow is generated. Bottom line: the cost of property management should leave you smiling at the end of the year.
When your real estate investment is handled properly, each of the Top 5 performance bench marks will be met without fail. Of course, what makes it all possible is the sound investment that underlies the whole enterprise…which starts with a call to my office
DEBORAH LAGGINI, Long and Foster Real Estate, Annapolis, MD 21403
REALTOR, Annapolis, Davidsonville, Edgewater, and Surrounding Communities