After A Short Sale or Foreclosure: Renting Again

Many people across the US have been homeowners for years – until recently. In the most recent downturn of the housing bust, I have spoken to more people that I can count who say something similar to: I have owned a home for 20 years and now due to my foreclosure/short sale, I am going to be a renter again. What is the best way to find a home? And I usually just point them to Craigslist.
Silly me.
Chances are that I could have helped more than just a few people by pointing them in the direction of a qualified property management firm. I was reminded of this when I was laughing about some of the changes in the Las Vegas market for foreclosure investors by a friend who has a Las Vegas Property Management company and he asked me: Who do you refer people to when they ask you who can help them find a rental? And when I said "Craigslist", I could tell by his silence that my intelligence meter went down at least a few notches in his mind.
Then he spoke and gave me a few good benefits to working with a property management company — whether you are looking for somewhere to rent or if you are a landlord looking for someone to help you manage your tenants.
And since this was new information to me, I thought I would pass them on.

Benefits To Working With The Right Property Management Company For Investors

When you work with a quality property management company, they take care of all of the accounting. Don’t under-estimate this! Things like rent collection, deposits and pretty much all-things accounting.

Finding tenants. Many times finding tenants can be painful. Finding the "right" tenants is what you really want – and a property management company takes care of this.

Managing the maintenance. Broken toilet at 2am? If you have a property management company in place, they are taking care of it – not you. If you don’t have a property management company in place, be ready for that call because it will come sooner or later.

Benefits To Working With The Right Property Management Company For Renters

Most of the time, if you work with a property management company, they will be local. Which means that even if the landlord lives out-of-state, you will still have someone who can respond in person when needed.

A property management company has experience – they are not someone who has just bought their first investment property and is making-it-up-as-they-go-along.

Are there advantages to working with the Right property management company?
Yes.
Regardless whether you are an investor or a tenant.