Most investors manage their own properties. And if you ask them why they manage their own properties, they will tell you it?s because they want to save the money that would be paid to a property manager. While you may never get tired of owning rental property because of the added income, you will definitely get tired of the constant phone calls at all hours of the day and night with problems and mr. fixit issues.
Your sanity is worth more to you than a few hundred or even thousand dollars a month. Burnt out landlords are tired of managing crazy tenants, fixing toilets, chasing down rental payments, evictions and so on. They are almost desperate to sell their property.
Additionally, if you have moved to a different area, property managers are an excellent choice for your rental property as you will have someone in the same location to look out for your property. It is very hard to try to manage a property from a distance. You may end up getting a tenant that you think is good because they pay on time every month, only to find out six months later when you decide to visit the location that it has been damaged and the yard is a junk pile.
The best choice is to hire a qualified property manager. There is typically an upfront commission to rent the property and then 10% per month to collect the rent. Most will also handle any and all maintenance requests and bill the service to you at the end of the month. This is a great way to be a ?hands off? owner which allows you the time to focus on your full time career and also allows you to focus on the real goal of most investors which is to acquire solid, cash flowing rental properties.
When selecting a property manager, find out exactly what they charge for renting and managing the property. Make sure you understand what means they use to identify good, paying tenants and what their policy is for evictions. Meet the leasing agent that will be assigned to your property. Do something kind for them. Send her flowers if she?s a girl. Send him baseball tickets if he?s a guy. Make them your best friend! Send the owner of the company a letter acknowledging your leasing agent?s hard work. You need these people to look out for your investment. A little praise and acknowledgment will go a long way in securing good tenant placement for your investment property.
Related posts:
- Property Tax: A Necessary Evil
- Should You Sell Or Hold Your Property?
- How Do You Know What Your Property Is Worth
- Whether Or Not To Buy Or Sell Tenanted Property In Washington, DC
- Buying A Foreclosed Property
Source: http://www.realestatebriefings.com/renting-leasing/do-you-need-a-property-manager/
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