San Antonio remains one of the best places to live in the United States. The weather is great, the neighborhoods are diverse and interesting, there are plenty of job opportunities, and best of all – the prices are still affordable.
If you live in Texas already, you might consider moving to San Antonio or managing property there. But what if you live hours away from the city?
You might be surprised to learn that it’s not only possible, but relatively easy to invest in San Antonio real estate without living there.
Hiring a Property Management Company
The simple answer is that you’ll need to hire a property management company. Property management companies exist to take the hassle out of buying and managing rental properties. They’ll help you with every step of the process, from finding properties to add to your portfolio to dealing with tenant screening, rent collection, and repairs. It’s the only way you can manage a property completely hands-free – which means, you can manage a San Antonio property without actually needing to live there.
Obviously, the property management company collects a fee for their work. Generally, this is a fixed percentage of the gross rent you collect from the property – and low enough to allow you to remain profitable. Additional expenses, like if your property needs a major repair, will be deducted from tenant rent before it’s forwarded to you.
And of course, at any time, you can break your property management agreement or sell the property.
How a Property Management Company Can Help
So what are the ways a property management company can help you manage property in San Antonio?
- Reviewing properties. The right property management company will work with you in an advisory capacity, potentially serving as a buying agent when you’re looking for additions to your portfolio. This is incredibly helpful when reviewing potential properties and looking for the most profitable investments.
- Managing purchases. You’ll also have help when it comes to making offers and managing the purchase of these properties. Much, if not all of the paperwork can be managed remotely.
- Preparing properties. After the purchase, your property managers will help you prepare the properties in question. That means conducting an inspection, taking care of any necessary repairs, adding a fresh coat of paint, and giving the property a deep cleaning. By the end of this round of effort, the property will be ready to house tenants – and will look more attractive when marketed.
- Marketing properties. Speaking of marketing, your property management company in San Antonio will also take care of marketing and advertising on your behalf. They’ll do whatever it takes to make sure you get qualified tenants moved in and paying rent as quickly as possible.
- Screening tenants. They’ll also take care of screening tenants on your behalf. Finding tenants fast is a good thing, but you also need to make sure these tenants are reliable. Your property management company will investigate each applicant’s credit history, criminal history, current job status, and more to ensure you don’t get burned.
- Collecting rent. It’s a basic and mundane responsibility, but a vital one if you want your property management strategy to work. Your managers will take care of collecting rent from tenants and following up in case of late payments.
- Dealing with complaints. Occasionally, you’ll have tenants complain about various issues – but with a property management company, you won’t have to hear them. Your company will hear and handle these complaints as necessary to keep your tenants happy and keep the property generating income.
- Issuing maintenance and repairs. Even the newest, most solidly built homes are occasionally going to require maintenance and repairs, whether it’s patching a hole in the wall or replacing the roof. If you have a property management company in San Antonio, you won’t have to worry about it.
- Handling problematic tenants. Tenant screening will help you ensure that all your tenants are reliable. But you may still suffer from problematic tenants – they may be noisy, destructive, or incapable of paying rent. In any case, your property management company can step in to resolve the situation – including eviction, if necessary.
- Managing vacancies. A vacant property is a property no longer generating income – it’s purely an expense. Your company will help you make the most of this time (with repairs and renovations) and work to fill the vacancy as quickly as possible.
The Risks of Managing Property in Another City
Of course, there are risks to managing property in another city. When buying property, you may not be able to see it in person – meaning you’ll be trusting photos, videos, and other people’s judgments when making these major financial transactions. If you’re working with a good property management company, you’ll have nothing to be especially concerned about. But some property investors still like to get their own eyes and hands-on real estate before taking the plunge.
If you’re the type who likes to make their own repairs and conduct their own maintenance, managing a property in another city may not be for you; you’ll have to (nearly) completely trust the company you’re working with to do what’s necessary.
Is It Worth It?
So is it worth using a property management company to invest in San Antonio real estate?
For starters, the management fee is low enough that it’s a non-issue. Your profitability won’t be significantly impacted, and you’ll have a qualified representative taking care of just about everything associated with the property. This is a truly hands-free arrangement, and one that typically makes a lot of financial sense.
If you like the San Antonio area and you have no intentions of physically moving there, working with a property management company is practically your only option. Otherwise, you’ll either need to focus on investment properties in your city or consider moving to San Antonio to be closer to the properties you want to buy.
Are you interested in investing in property in the San Antonio area? Or are you already a real estate investor in need of property management services? Green Residential can help. Contact us today to learn more!