Our new “Ask a Professional” column is designed to provide some helpful hints and tips for you, as an apartment community member or one interested in the property management world—and who better to ask than one of our own, highly qualified Regional Community Managers?
For this first installment, Justin Hammer, IRET Properties’ Minot Regional Community Manager offers his advice.
Q: I own a home, and I am thinking of having it as a rental property. I will not be living in the community, what do I need to do to have a company manage my property?
A: The first thing you will want to do is evaluate your goals and objectives for your rental property. Is your goal to have a monthly source of income, or to just be able to maintain your property for a future sale to produce the profit?
Some things to consider before turning your home into a rental unit are: what can I rent my home for versus what is my current mortgage payment? Will the income produced be able to sustain that payment? What will my insurance premium be—take into consideration that insurance rates tend to be higher for rental homes than traditional homes.
Next you will want to meet with area property management firms to decide who you feel best fits your needs and objectives. You will want to check any references that company may have as well as ensure that they have proper insurance to protect you as
an owner. Unfortunately IRET Properties currently only manages property we own, but Minot does have some very well qualified management companies to choose from.
IRET 