Property Management in Tempe AZ
Property Management in Tempe, AZ can be challenging for real estate investors in both the single family residential and multifamily residential investment space. Many individual real estate investors don’t understand the underlying challenges of investing in the lucrative Tempe, AZ market and this challenge can lead to frustrations and even the ultimate failure of the investment.
It is often time a good idea to engage with a property management firm with experience in versatile markets where real estate investments aren’t one-size-fits-all and different target tenants can be very diverse. For instance, around ASU there are many opportunities to invest if your target is student tenants. However, many investors fail to understand the significant diversity of the student tenant classification.
Are these students from well off families who will be paying the rent for the student? Is the student tenant a foreign national on a special program that pays the rent and what might be their special needs or culturally different assumptions about the space they are renting? What if the student is a self-pay customer who is working their way through college and paying their own way? …and more!
One must understand the extreme diversity of customers in this space and how their specific investment will appeal or interact with each customer. Some investments around ASU are very narrow in scope and while hard to fill, the tenant that takes on the space will be long-term, year-round and have a high financial qualification. Yet, Other tenants will be those that pay on time but only occupy the home 9-months out the year and may be more transient.
The questions a property manager or property management firm would ask in these situations is; a.) what type of property is that we are renting? b.) who is the target customer for this property? c.) what type of lease structure should be created in order to protect the property and keep it rented consistently?
We’ve just tapped the surface of this diverse market. There’s Tempe Town Lake, upwardly mobile and young professional; South Scottsdale (really Tempe north), industrial and family and a market that is in the process of gentrifying, South and Southeast Tempe near Chandler, stable and family oriented…
Tempe, AZ is a great place to invest in real estate and with the right property management professional at one’s side, the investment is sure to succeed. For more information on real estate investments and property management in Tempe, AZ contact the experts at EnTrust Realty. Making Real Estate Investing Easy with their unique suite of services through EZRE.us.