If you have purchased an investment property and are planning to rent it for commercial or residential purposes, you might want to consider a property manager. If you?re a first time investor, you may not realize how time consuming effectively managing that property can be- you may become overwhelmed in no time at all. Even if you?re a veteran investor, you may think you have enough experience to forgo the expense and manage things on your own, only to find out you?re completely in over your head. Both of these scenarios are fairly common, and a property manager can help you with operations of your property.
Think about the long-term commitment required of your property- management doesn?t stop with collecting rent. In fact, that alone can prove a headache you do not have the patience to deal with. A property manager can help you deal with the routine management and maintenance issues that will surface quite frequently, especially depending on the size and number of your investment property(s). Other aspects of the job that a property manager can help you with are the back end of operations- book-keeping, documentation, filing, forms, and portfolio management.
If it?s true that time is money, a property manager can be invaluable. Most likely, you know better than anyone just how true this statement is. The majority of investors has more than one investment opportunities going at the same time, or are employing at a 9-5 job during the day. How in the world will you be able to be in two places at once? If this is the case, having a dedicated property manager that will free up your time to pursue your money making opportunities is not only a benefit, but a necessity!
You should also consider the geographic location of your investment property compared to where you spend most of your time- a property manager may be more accessible than your schedule or location allows. Even if you live in the same city, your property may be on the complete opposite side of town than your office or home, requiring a minimum of a 1-2 hour commute round trip. On the other hand, you may have invested in a property in another city or state. In both of these situations, it?s practically impossible to effectively manage the property(s) in a long-distance capacity. A property manager can be available to the tenant(s) 24/7, and will have quicker access to resources for emergency maintenance situations.