Managing a property is a complex task and it can take a lot of time. There are many real estate investors who are looking to grow their investments. There are many ways of managing the property and many choose to go with a property manager instead of managing it on your own.
When you are managing a property on your own, you can definitely save more money. But think about the amount of time it will take to carry out the duties that come with property management. There are routine repairs and maintenance procedures to take care of at the property and you will need to be available for tenant demands day and night. This can take a significant chunk of your time during the day and it can be a stressful job as well. Think about how much time it will leave you to focus on other investments. The question is not whether you can carry out these responsibilities. You need to consider if doing it hinders your other investment opportunities and brings down your income even though you are saving the fees for a property manager.
There are many skills you will need to become a proficient property manager. You need to multitask and juggle so many different tasks during the day. You will also need to plan for certain things. So the first thing you have to think about being your own property manager is whether you have enough time for everything. Some of the services provided by a property manager are finding suitable tenants, vetting prospective tenants, collecting rent, responding to requests for repairs and emergencies 24/7, inspecting the property regularly and keeping diligent records. There are many systems that will help you with some of the tasks such as record keeping, maintenance logs, tenant communication, bookkeeping etc. You will need to be tech savvy and stay up to date on easy to use applications and software that will help you improve efficiency of management.
Finding the right tenant is a big part of the process as this will make certain things simpler such as collecting rent on time. This ensures a reliable cash flow. But to get the right tenant, you will need to market your property, arrange meetings with prospective clients to see the property, carry out reference checks, financial checks etc. You should also have an understanding of what is included and what is excluded in landlord insurance policies. It is normal to have disputes once tenants move in but you should have an idea of how to deal with these professionally. And carrying out regular property inspections will ensure you are up to date on necessary repairs. Most of the time, delegating these tasks to a property manager will give you peace of mind and you will be able to focus on important matters that are more of a priority than day to day minutia of the property. A reliable and experienced property manager will make sure that all the hassles of real estate management are taken care of.
