Teamwork makes it all happen - People and businesses essential for making an out of area rental a success

Your Personal Agent - This professional is your personal consultant who will guide and direct you to the best methods of acquiring investment real estate.

Investment Group - Brokerage company with representatives that help investors decide and buy investment properties.

Builder "Site Agent" - An agent who represents builders of new housing tracts and helps draw contracts, negotiates price and terms, keeps you up-to-date on the status of the home you are buying, performs or organizes inspections and repairs if needed.

"Out of Area" Agent - Local agent to the property, who performs inspections, walk-throughs, “Go between” the seller and you. Occasionally represents you via “Power of Attorney” to sign closing papers at the attorney’s office if you are personally unable to be present at the closing.

Management Company - This is usually a real estate company that is recommended by your personal agent or Investment group. This company will manage your property by advertising, screening, qualifying potential tenants, collecting rents, dispersing checks, hiring service professionals to perform maintenance and repairs.

Insurance Company - Property insurance for “Out of Area” rentals is sometimes hard to find and premiums can vary greatly. It’s a good idea to have an insurance agent chosen and ready to provide evidence of insurability prior to close of escrow, waiting till the last minute for this item often causes delays of escrow closures.

Title Company - A Title company is the entity that provides an insurance coverage to you and your lender so that you are protected from any other party making a hostile claim of ownership or vested interest of a subject property. Also if you live out of the area in which you are buying some larger title companies may have satellite offices in your hometown which have the personnel to help you sign and complete escrow closing papers.

Escrow Company - Is most easily described as “Go-between” or “3rd party” of a real estate transaction, this applies only to states that do not use attorneys as part of the closing process. The escrow personnel handle, paperwork, signature exchanges, money collection, dispersion of funds, and communication between all the parties involved. Escrow is also responsible to set-up and communicate to all parties that title insurance, termite clearance, appraisal, loan requirements need to be or have been completed so as to prepare for recording the sale with the County Recorder’s office.

Attorney/Lawfirm - Is the entity used in states in which escrows are not used, they perform similar duties as the escrow companies.

Lender/Loan Company - The all important entity which makes the purchase of real estate possible. Rates and terms vary sometimes greatly from one company to another. Your local agent or investment group should be able to direct you to several reputable lenders who offer favorable rates and terms.