Three Things That Can Turn Your Investment Sour

Your investment property is just that– an INVESTMENT. If you want your investment performing well, there is one thing you should do– hire a reputable property management company. Likewise, there are things that can turn your investment sour. Here’s our top three things that can hurt your real estate investment:

– Untrustworthy Property Management: The point of hiring a property manager is to do exactly that, manage your property. A strong property management company should act as a one-stop shop for all things related to your property as an investment. Hiring a strong property management company is like hiring an insurance agent, attorney, accountant, handy-man and more, all in one!

– Maintenance Issues: It’s not a matter of if; it’s a matter of when. Sure, there will be small repairs here and there. But don’t forget the big ones, too. Recognition of issues is one thing; having a trusted and qualified tech to perform repairs on those issues is another. You’ll want a property manager reviewing major home appliances and upkeep on a regular basis– before problems get bigger and more expensive. Having a proactive approach can really save an investment when balance sheets are tight.

– Bad Tenants: Think of your tenants as business partners. Make sure you have reputable “partners” in your property, then do everything in your power to keep them staying and paying. If that means getting details about their anniversary and sending them a little gift, or providing a Christmas gift card, do whatever it takes to keep them happy! A little bit goes a long way!

Wasatch Homes and Land Property Management can help ensure your investment is performing well. Give us a call for a free initial consultation.