What is the importance of a good Property Manager?

Every real estate investor asks themselves this question at some point. There are couple of factors that usually push investors one way or the other. Here are some of the pointers which you might take into consideration:

Portfolio Size – The number of properties you own. The larger the number the more difficult it becomes to manage. If you cannot devote increasing amounts of time to manage your properties, and do not want your investment options to be restricted to what you can personally manage then you might want to consider using a property management company.

Property Location – The location of your property is another big task to deal with. If it is located at longer distance from your place than it surly is going to make you travel more in order to keep an eye on it, and in today’s scenario it is difficult to travel so much due to the time constraints. Additionally, if you have considered buying property in other parts of the country, or other countries, it would be better if you hire a property manager in that area else it will be hell of a task to mange those properties.

Experience – Land lording requires a number of distinct skills that you may or may not have experienced. Things like maintenance and repairs, understanding of landlord tenant law, book keeping, marketing, etc. If you have previous experience in any of these areas you will have a leg up, if all these things are new to you it can be a lot to take on at the same time. While many landlords learn these skills and self manage, but the reality is that a professional be able to handle numerous kinds of deals with tenants. You may consider yourself a tolerant or thick manager will always have the advantage over part time landlords because they have years of experience performing such tasks on a daily basis.

Stress management/ patience – Some say good landlords are born others say they are made. Either way it takes a special kind of person to skinned person, here is a check list which will help you rate yourself:
* Domestic disputes
* Tenants damaging your unit
* Getting sued by your tenant
* Habitual late payment of rent
* Tenants disturbing or getting in fights with the neighbours
* Dealing with a professional tenant
* Overzealous maintenance requests
* Dealing with someone who is angry or just being difficult

Does this stuff happen all the time? No, but when it does, it has to be dealt with an efficient and professional manner. If you feel like you can handle the stress these situations would raise, and you think doing so is worth saving on the management fees then it may be in your best interest to manage your own properties. Otherwise, please do ask us for a FREE no-obligation quote for your services.