Property management is not an alien term, in fact most of us who buy ‘investment’ property have been managing those white elephants on our own. Relatives, friends, and neighbours have pitched to ensure that the property is ‘managed’ & homeowners have ‘managed’ the little time they had into sprucing up or at least making the place inhabitable.
When investing in property, managing the whole show from afar seems simple enough but by the time the owner realizes what they’ve gotten themselves into, it’s too late.Come to think of it, after acquisition comes repair and renovation, looking for a tenant, negotiations year on year as the lease ends, property upkeep and maintenance and of course the monthly chase for rent.While self- management seems to be the way to go, it may not always be a walk in the park, here’s why:
1) Troublesome Tenants:Being a homeowner means dealing with a new challenge every day specifically if the tenant has been troublesome from the very beginning. A landlord may not always be skilled enough to handle tough negotiations & tricky situations. It is always best to involve professionals with a sound legal background from the very beginning to avoid hassles in future.
2) Management is Mandatory:Once bought, any property becomes a huge responsibility. Timely maintenance and upkeep are absolutely mandatory as no structure is immune to the perils of time. Keeping track and ensuring necessary measures are taken is where a professional comes in. Looking for skilled personnel,getting work done and negotiations is all taken care of without you moving an inch out of your comfort zone.
3)Keeping up to Date: It is safe to assume that a landlords industry know-how may not be perfect. You need a subject matter expert on your side to educate you and update your ‘software’ (knowledge) from time to time. Not everyone has a friend or relative who is well versed with the ins and outs of real estate and it’s recommended that you move with the times.
4) Marketing Maven: Among the various skill sets of a property manager, marketing is one skill that comes in handy the most.A property manager/management organisations links come in handy in marketing your owned property to the right set of people through the right set of channels. You may try to do so on your own but with a property manager you are effectively improving your hit ratio and are reaching out to a broader audience in comparison to the reach of traditional mediums such as word of mouth advertising.
Self- management is quite appealing in concept but in practise property management services make property management feel like less of a hassle & your property remains an asset instead of becoming a huge liability.
Tags: industry know how, investment, knowledge, landlord, maintenance, marketing, property management, property management service, property manager, redgirraffe, tenant, upkeep
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