Why It's Important to Get a Property Manager - Real Estate - Property ManagementWhy It�s Important to Get a Property Manager by Robin Wright
in Real Estate / Property Management (submitted 2011-04-07)
It's inevitable that sometimes, we're bound to make a choice of keeping something or letting it go. Let's say for example, a house. If it has all your childhood memories, it would be pretty difficult to sell it. However, a house left unoccupied is a liability. You will have to pay for maintenance and it's not even earning. You have to set your mind and put your sentiments aside so you won't lose the property for good. The best way to keep it running in good shape without selling it is to have it rented.
Running a rental property requires time and skill. Pretty much like a doctor, not everybody is knowledgeable enough to get himself around property management without anyone else's help, or even if he can, doesn't have the luxury of time to do so. This is where you will need a property manager to run the business for you.
Generally speaking, the advantage of having a property manager is that you'll never have to worry about anything again. You own the property and you'll get your money every month clean and accurate. Property managers know what to do, how to do them, and have them done in a timely manner. They know exactly what you need. They have full knowledge of the legalities of renting a property and they know where to get tenants. They will advertise, arouse interest, assess a tenant and get your place relentlessly occupied every month. They also know everything about inspections and when to do it, as well as collect rent from tenants when it's due. I can only imagine how daunting it is for someone not specializing in property management to do of all of these.
Now if you think you can pull it off yourself, you're welcome to try. I'm not saying you can't, however, if you're doing something else, this whole property management thing will dramatically slow you down. You will be compromising both endeavors as you try to be a super hero and do them at once. Whereas if you hire a property manager, he will ensure that your place is running perfectly round the clock. Property management can be quite painstaking for it rips off a lot of your time-I need to inspection this, I have to maintain that, I have to collect rent next week, occupant X has not paid his dues for three months now and I have to give him an ultimatum, I have to get rid of this tenants because he just lost his job which means he's incapable of paying the rent etc. Doing this on top of something else, or doing this while you permanently reside in another area (geologically impractical) means you cannot run your property all out and is prone to suffering from months of vacancy.
Moreover, tenants will want to constantly see the person running their community in order for them to trust this person. It would be awkward to call or approach someone you've never met, or rarely meet for concerns and what not. A property manager will manage your property full-time, and will dwell in the community which will eventually make him visible to the neighborhood.
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