Difficulties of Out-of-State Residential Property Management – A Dallas/Ft. Worth Real Estate Expert Explains
When it comes to real estate investing, somebody out of state needs a property manager for several important reasons. As you know, the Dallas/Ft. Worth market is insane right now. I’m approached by a lot of out of state investors who want to add properties in this market to their investment portfolios. That’s a great idea, but with that being said, it’s so challenging to be out of state and not have boots on the ground where you’re investing.
Working with Property Management Companies in Dallas
It’s important that you find a residential property manager who can help you with your investment. Interview potential property managers and ask a ton of questions. Make sure you choose someone competent because those will be your eyes and ears in this market.
Property Managers Dallas: Understand the Market
Do your research on the area you’re investing. The property managers you interview should provide a lot of tips on where to invest and which areas will generate the highest ROI for you. You’ll need to understand the neighborhoods, the rental rates, and the local real estate trends.
Management Companies and Maintenance
Having someone on the ground in the local market is also important from a property maintenance perspective. Anything and everything can come up when it comes to repairs and preventative maintenance. You may have a leaking hot water heater or damage from a storm that needs immediate attention. Someone in the local market will have the contacts and the relationships with reputable contractors to protect your property. When you’re out of state, you want to know that these maintenance issues are being handled in a timely manner. You don’t want your investment left exposed to further damage.
You can try managing your own property from out of state, but we highly recommend you contact a local property management company and assemble a team. It will make your investment more successful and help you earn a higher ROI.