3 Reasons It Pays To Have An Expert In Your Corner If You Want To Invest in Real Estate:
The study of history allows us to learn so much from those that came before us and success comes when we figure out how to apply those lessons to our own lives. If you’re interested in real estate investment there’s a lesson that is clear by looking at the past, as well as in pop culture and the sports world: IF YOU’RE GOING TO GO BIG, DON’T GO IT ALONE. If you are comfortable owning and managing just one property, by all means, do it yourself and learn as you go. But if your ambitions (and opportunities) are greater and your goal is to create substantial income for yourself and your family, then you need someone in your corner to provide advice and maintain your preferred level of comfort and financial return.
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From Greek mythology (think Charon leading the dead across the River Styx) to U.S. history and Sacagawea’s notable guidance for the Lewis and Clark expedition, our past is littered with examples where the ambitious have received invaluable contributions from those who were most familiar with the territory. Whether it be world class climbers who rely on Tibetan Sherpas, an exiled Lion King who counts on an eccentric baboon to take his place on Pride Rock, or the likes of Michael Jordan and Kobe Bryant taking cues from “The Zen Master”, coach Phil Jackson, our culture repeatedly points toward the importance and success that comes from working closely with a knowledgeable adviser.
TOP 3 BENEFITS OF HIRING A PROPERTY MANAGER:
The reason Sir Edmund Hillary and his team relied on Tenzing Norgay (along with 19 other Sherpas) when trying to become the first to summit Mt. Everest in 1953 was because Tenzing had been up the mountain six previous times and was believed to have spent more time on the mountain than any person alive. His experience and knowledge helped him in saving Hillary’s life in the same way a property management company can protect and improve your real estate assets. It’s what they know. It’s what they do. It’s what they’re good at.
Nexus Property Management® has been sharpening best practices for almost a decade and manages over 1000 units throughout Southern New England. As the largest residential property manager in the region, we’ve seen just about everything that real estate can throw your way and our clients rely on our guidance when something unexpected arises [ i.e. What To Do When A Tenant Dies In Your Property ]. In addition, you also have a management, leasing, and maintenance team at your disposal to assist with services and any resources you might need. You can climb that mountain alone if you’d prefer...or you could have an entire team of experts right beside you.
By its nature, investment of any kind involves risk. A property manager worth their management fee will work toward decreasing clients’ risks wherever possible. Nexus creates assurance for clients in several ways:
Nexus’ maintenance teams are available 24/7/365. Issues and inconveniences do not wait for the workday to begin...so ours never ends. With an in-house maintenance team (which means you consistently pay less than industry averages), clients can rely on emergency services to protect their properties while they continue to sleep comfortably or are sitting around the turkey, stuffing, and cranberry sauce. Still thinking that DIY is best for you..wait until you get that “burst pipe and ankle deep water in the basement” phone call one frigid February day...hopefully not Superbowl Sunday.
Nexus’ leasing teams are also available 24/7/365, although most issues can typically wait until morning. Having a leasing professional in your corner is essential when it comes to renting units because there are legal standards that you need to meet and legal steps you want to take to best protect your assets. Whether you’re a client or not, Nexus is happy to offer free access to our Lease Generator. Our leasing professionals also advertise units (with video walkthroughs) and provide prospective renter screening services. Screening can include financial, criminal, and legal records as well as credit, employment, and rental history.
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Nexus also offers two TENANT PLACEMENT GUARANTEES to help clients feel more comfortable with opening their properties to strangers. Our Leasing Departments take great pride in our successful screening process and we expect the vast majority of our tenants to be reliable and to stay for the long-term. In the interest of protecting our clients, we waive the leasing fee if one of the following situations should occur:
- A Nexus-placed tenant is ever evicted
- A Nexus-placed tenant decides to leave the unit within 90 days of signing a lease
We are so confident in our process that we’ll happily waive the cost of replacing tenants for the sake of clients’ comfort. Our goal is to add value and like an insurer we’re transferring the risk away from the homeowner. There’s never a 100% guarantee that a tenant will be the right fit, but we’ll take that worry off your shoulders and place it on ours. This alignment of incentives is a critical piece to the Nexus model.
[Learn More: Three Tips To Minimize Losses and Risk During an Eviction ]
ABILITY TO SCALE:
Think of rental units as fishing poles. Most of us can handle one pole ourselves: in other words, we can take care of our own home. Some experienced fishermen might learn to handle up to three poles at once and that’s great. But if you’re trying to maximize returns through the lens of a real estate investor, you’re much better off with a team to help you trawl. In fact, it’s impossible to efficiently and effectively manage multiple buildings well unless you dedicate all of your time to that (a.k.a. full time job). Property management companies allow for scalability and are a pain-free and time-saving way to get the most out of the real estate market.
If you’re happy with your real estate portfolio and the day-to-day that comes with owning property, (obviously) don’t change a thing. Working with a property manager is not for everyone. There are certainly plenty of people who take less challenging hikes and have no need to consult a guide (or a Sherpa). But if you’re looking to grow your assets and take the next steps in real estate investment, reach out to Nexus for further advice or to gather more information. The whole team is here working tirelessly to add value for our clients and thanks to the systems in place that provide for that scalability mentioned above, we’re ready to work for you too.
[ Learn More: Last Month’s Property Management Articles ]
Mick Lefort is the Vice President of Operations for Nexus Property Management®. A National Property Management Franchise that manages all types of rental property from single family homes or condos to large apartment buildings and complexes.
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