Foreclosure Home Property Management
Managing your foreclosure home as rental property: Do-it-yourself or assign it to a professional?
Methods of marketing your foreclosure home rental real estate property
- Offer referral fee to existing tenants
- Open house signs around the property
- Ads in newspapers and magazines
- Register with rental agencies
Tip: Don't get too friendly with your tenants as they may become more demanding. Don't give your home telephone and address. Keep your home property management relationship on business level.
Non-profit organization on home property management is National Property Management Association. Another organization on "residential" property management is The National Association of Residential Property Managers and their web site contains useful information on home property management.
What to expect from professional property management company?
- Finding tenants, showing rentals, and negotiating contracts
- Collecting rents
- Paying bills and expenses
- Preparing monthly statements for collected rents and expenses
- Maintaining premises, making repairs, and inspecting property