Gilbert, AZ (PressExposure) October 08, 2009 -- The Tucson rental market and how it has changed over the last year. In speaking to several rental agencies in the Tucson Metro area the rental market has been a roller coaster ride, the market seems to be up then down. Rentals are in abundance all over Tucson. However the newly investor who either decided to rent out their second home because it would not sell or decided to invest in an investment property seem to need knowledge of the best way to manage it. Investors who try to take this on themselves usually fail especially if they are living out of state.
Most out of state investors know very little about the rental market and what a home their size would rent for, so many times it will be advertised way under market or way over market, this hurts everyone. Rentals being to low or to high, and over saturated makes the rental market soft. In addition, once a tenant is in place if there are ever any legal issues most investors do not know the state laws regarding tenant issues. This is where a good management company will take over the property and do a rental market analysis to get the right amount of rent for the particular property. Property management companies also have been trained in the legal aspects of tenant issues, why take on the headache of trying to manage long distance when a good management company will not only manage for you but will keep your investment on a cash flow or at least close to it.
Now to find a good management company you want to do some research, I would suggest the internet, BBB, or Arizona dept of real estate. Either one would be able to help find a reputable company. You also should find a good management company's that will educate you as a new investor on your property and teach you about investing and how to not only keep your property as a good investment, but also invest in more property. Now is the best time to add to that portfolio. Real Estate is a wonderful market for looking to your future retirement.
Do your research and find a good rental location, make sure your investment is a desirable find. Too many investors want to invest, but do not want to do more then they have to financially to make the investment rent ready. You may need to spend a little to get a good investment. Upgrade the blinds and fans. Add a refrigerator and washer/dryer Make your investment something you and a good tenant will be proud of, Also always keep an emergency fund set aside for repairs or in case the tenant has left or been evicted. This does not always happen, but on occasion, it can happen. Remember with any investment there are always risks to be taken, but if you have done your homework, you will be prepared for most problems that arise.