Managing investment property is challenging no matter how skillful you are. Every individual has their own limit of what they are capable of. There are some fields where you have no idea what you are going to do or what you should do.
Therefore, as smart investor you should be willing to realize that you can’t work everything yourself.
Sometimes you need the other’s skills to do a better job.
As for handling property business, you can rely on property manager. However, you can’t just hire a property manager you encounter first. Being selective is what you need to do to find capable and skillful people to help you.
Tasks of property manager
More experienced investors know the importance of working with property manager when it comes to handling rental property investment.
You see, managing rental property requires time and energy to do lots of works including finance, maintenance, tenancy, property market, and many more. To find the best property manager you should know what their tasks first are.
Property manager has task to find tenants for you.
Thus, they will have to arrange then advertise and supervise prospective tenants to occupy your property.
They can attend the arrangement on your behalf to select prospective tenants through enquiries to thorough inspections. Those are necessary because you don’t want to deal with dangerous tenants.
Thus, they will do some background checks so that they can present you the best candidates of tenants you are willing to occupy your property.
Maintenance and repairs are also part of tasks for your property manager should handle. Owning property means you need to be prepared dealing with leaked pipes, broken knob, etc.
Hiring property manager means you have a clause for urgent repairs. Therefore, your tenants don’t have to seek you out if there is urgent repairs because it is your property manager task to attend to it immediately.
Next thing property manager should do for you is regular inspection.
Even though your property have scored good tenants doesn’t means you don’t need further inspection. Instead, regular inspection is important to make sure that your property is in good condition and your tenants take good care of it like it is theirs.
Every property manager may have different policy about the period of regular inspection. However, most of them come up with one or twice routine inspection in a year.
Through this regular inspection, costly problems can be prevented.
Property manage should also develops good rapport with your tenants as well, as a part of their task. If your property is vacant for too long, your property manager didn’t make good job then.
And, your property manager should also make sure that the tenants are happy and content with living condition in your property.
They also need to placate tenant’s request to keep them stay. When tenants are happy and satisfied, they are unlikely to move out anytime soon. Thus, make sure that your property manager know what you and your tenants want.
Thus, you and your property manager can come up with win-win solution.