There are many decisions that you will need to make when investing in real estate. One of those decisions, for those handling rental properties is whether or not you need a property manager. Hiring a property manager is a valuable proposition more so for those who have many properties to handle and wish to have a life away from their real estate investments.
A property manager can be the buffer between your tenants and your family. The benefits of a good property management service are quite many. To begin with, you will find that they eliminate the need for tenants to have direct access to you. If you’ve dealt with rental properties before without the buffer of a property manager, you are acutely aware of the bug that is a tenant calling in the middle of the night because something went wrong that needs an immediate fix. A property management service helps you deal with the mess that may be so occasioned without it ever getting to disrupt your cool.
Property management services also often happen to have a qualified staff of maintenance people who can handle many of the things that go wrong with rental properties. For instance your property manager is often the best person when trying to find good contractors to handle the repairs that may arise from time to time. It’s comforting to know that your search for a plumber, electrician and other technicians wont be the reason you get up early on an exceptionally cold day.
Another important reason to seek the services of a property management service is that they are qualified to handle the legalities of taking care of tenants who cannot meet the rent for months on end. This is after all a business and while you can relate to the circumstances that leave some people unable to pay their rent you need the income from their property in order to make your bills. It’s much easier to offload much of the emotional draw-downs on the decks of someone with experience in dealing with them. This can prevent you from running down the business particularly if you are the sympathizer type investor.
Property managers also handle the marketing of your property, the cleaning ups and retouches that are necessary between tenants. They also allow you to take vacations with the confidence that your investment is safe from any potential risk. Finding a reliable property manager can be the great helping hand that your property business badly needs. The costs notwithstanding, the balance of benefits is largely tilted in favour of the property owner.
If you are going to invest in real estate, this is one of the most worry-free ways to manage your investment. The more properties you have, the more sense it makes to utilize the services of a reliable property management team.
The Author is a Valuer & Registered Estate Agent and runs an investor education & coaching program at www.investorclinics.com