Hire an expert to manage your property
By Sadiya Anjum
Real Estate investing is serious business and if you have multiple properties to handle with problematic tenants not paying rent or growing marijuana in the backyard, having to take care of repairs, draw up leases etc., it could get a bit taxing. Even if you own just one or two rental properties, your own good property management system may not completely do the trick especially if you are looking to expand. Your answer is simple: hire a property manager.
All jobs related to your property that you may be doing part time will be a property managerís full time job. This means he will keep your property in good shape, find you good tenants with fat rents, keep those tenants around, deal with the legal aspects and do every other job related to your property. The gains from hiring a property manager are substantial.
Firstly, you will be allocating work. This translates to saving time and a lot of it. Everything from placing ads, finding and screening tenants, showing them the place, drawing up lease agreements to responding to requests for repairs, maintaining your property etc. is time consuming work. A good property manager will be able to handle all of this and save you considerable amount of time and energy.
Knowing your business and the tricks of the trade is really important if you want to succeed. May be you have a knack of spotting the right properties and acquiring them but can you maintain and get the best out of them? Your property manager knows his job. Screening tenants, buying you the best deals with tenants, handling the property and handling the legal issues: he knows how to do it all. You donít have to spend years trying to get the hang of it till you become an expert.
He also knows the real estate market. How much is your property actually worth? Who are the people who would want to rent it? Where to find these right tenants? They know the market and how to tap into it for the best possible results. He will be able to reach not just a large number of people but the right kind of people to rent your place.
Your property manager will also keep in constant touch with the legislation of the state with regard to rentals, landlords, tenants etc. He has studied his laws and he will be well-informed about the ones that have changed. Most importantly, he will know how to implement them and protect your rights as a landlord. In case of an eviction, he will know firstly to avoid the situation but if it does happen, then the procedure and how to go about it.
Most important of all, your manager will find you the right tenants. He will be able to screen and filter the good from the bad. More often than not good tenants contact a property manager. Its easier to get questions answered, forms filled out, property viewed etc. with a property manager. He will know how to negotiate with tenants and he will track down every single reference before he gives the all clear.
Not every real estate investor hires a property manager but not every real estate investor maximizes his opportunities. While you can handle all of this yourself, a property manager will do much more than handle Ė he will help you capitalize on your investment. So think again if saving those few bucks is worth it.
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