There are excellent reasons for all investors to hire a professional property management company to take care of their Arizona rental property. We’ve written about why it makes a difference, so check out that blog when you get a chance. Professional management is even more critical when you’re out of state and unable to keep a close eye on your investment.
Legal and Logistical Requirements for Out-of-State Owners
There is no legal requirement to use an in-state property management company when you have a rental property in Arizona, but you live somewhere else. All you need is an in-state statutory agent, who would be responsible for accepting service of any legal documents. For example, if you were going to be sued and the summons and complaint needed to be served to you but you live across the country or even across the world, your statutory agent would be the party designated as able to accept that service.
Benefits of Local Property Management –Expertise
While you’re not legally required to use an in-state property management company as a rental property owner, there are several advantages to having local experts protect your property. It’s a lot easier to lease out a vacant rental home when you have people in the area who can show the property, get it ready for the rental market, and manage applications and tenant screenings. When it’s time to price the property, you’ll want to rely on someone who knows the local market well and understands the demands of the tenant pool.
When it comes to conducting a move-in inspection or maintaining the property, a local management company is far more efficient. Your property manager can respond immediately to emergencies, develop great relationships with vendors, and follow up with tenants to make sure the work was done correctly. Local managers can also enforce the lease and collect your rent. You’ll be able to rely on the expertise that only comes with local knowledge. It’s invaluable to have someone who knows the local laws and requirements and has relationships throughout the community where your rental property is located.
Benefits of Local Property Management –Logistics
Your local property manager can take care of anything that needs to be done in-person, saving you from having to show up for legal or financial obligations. If you need to file for eviction, for example, your property manager will understand the local courts and how to handle the process. You won’t have to worry about finding someone to let the vendors into the property when work needs to be done during turnovers, and you’ll save yourself a lot of time and money.
We know that deciding to hire a professional property management company requires you to think about your budget and the expectations and needs you have for your property or your portfolio. We believe that using a local company is always best, and we’d be happy to share more about our experience and our process. Contact us at Rosenbaum Realty Group.