When is the right time to hire a Dallas property management company?
I don’t think there is a definite answer as it depends on what your plans and goals are. If you do not have a business plan or goals but just keep on buying properties, maybe it is time to sit back and analyze what you are doing and why you are doing it. A good property management company will be able to have a conversation with you about these things.
I self-managed my investment properties and got to a point where I was not doing a good job. I was in over my head. I did not realize all the laws and regulations that restricted me in being an owner, and I did not realize that the landlords are the highest sued people in real estate. When I tried to look for a property management company, I could not find one that aligned with my goals. So, I ended up creating one. I built my own company, and that is what we are also doing in Dallas.
Your Dallas property management company is your team.
They are on your side. They should help you build and strategize what your goals are. If you do not have clearly defined goals, that may be a challenge for you because you cannot look at deals objectively to see if they match and align with what you want accomplish – because you don’t even know what you want.
Define what kind of properties are good properties
Determine if those properties align with your future goals. This is a good time to bring a property management company into the mix and have a conversation with them about good and bad deals. This conversation will make clear whether they align with your goals.
Define Your Goals
If you’re looking to hire a property management company, ask them to describe their goals and business model, and make sure they align with yours. The relationship should be a partnership and not transactional where they just collect the rent and you just get a statement from them every month. As with our clients, I like for them to be able to call me and say, “Hey, Steve, I’m thinking of buying this deal. Should I or shouldn’t I? What am I not looking at? Where am I missing these points?” Because that is when we know there is no playbook when it comes to buying investment properties.
You need to look at all the factors that come into play when you’re buying properties.
We tend to have “tunnel vision” when we are looking at deals, and we just focus on the numbers and not on how to get a return out of it for the long term. Sometimes, the property management company can help you look at things objectively; make you take a step back and look at things. That’s what a good Dallas property management company can do, and that’s an invaluable thing to have in a partnership. They are basically making you wealthy if you have the right partnership.
Looking to buy investment property in Dallas? We can help. Feel free to give us a call at 214-499-9813.