At Roofstock, we give our investors choices. You can elect to manage the property yourself, which can be a time-intensive proposition that may not be feasible for some investors. As an alternative, Roofstock has established a network of highly skilled property managers.
These managers are skilled at operating a property as an investment and have in-depth local market knowledge that can be especially helpful for investors who invest from afar. They will handle many administrative and operational responsibilities, which typically include marketing, tenant relations, leasing, repairs, maintenance, bookkeeping and tax reporting. Be sure to check with your property manager on specific responsibilities. The ability to hire a professional property manager based in the same market as your property allows you to take advantage of well-performing markets nationwide with confidence.
One of the advantages of the Roofstock Marketplace is that tenants can remain in place under terms of an existing lease during and after the sale of the property. When a home is occupied at closing, both the tenant and you (as the new owner) are subject to the existing lease. This means that, as a new owner, your cash flow starts as soon as the deal closes. A summary of important lease terms, if available, can be found in the Diligence Documents. You will also receive a hard copy of the existing lease for your records.
Part of our certification process for Roofstock Exclusive listings is reviewing the payment history and selection criteria for each tenant. While we can’t guarantee that a tenant will never miss a payment, Roofstock will not list Roofstock Exclusive properties where the tenant has an outstanding balance equal to more than 125% of the monthly rent at the time of the listing is first posted.
Please check with the property manager that you select. Typically, property managers are responsible for the day-to-day oversight of your property. Your property manager will be responsible for updating you on the status of your property, so be sure to understand your property manager’s availability and communication preferences.
Repair and maintenance expenses are always the responsibility of the owner.
However, for professionally managed properties, the Property Manager is typically responsible for managing the repair and maintenance work that needs to be completed on any property. The Property Manager can withhold the cost of the repairs from the monthly rent, by applying the funds in the security deposit account (if applicable) or by invoicing you directly. The Property Management Agreement will describe the process of approving expenses.
If you elect to self-manage your property, you are responsible for performing the repair and maintenance of the property.