Why Hire A Property Manager?
Hey, guys, it’s Amar from Black & White Real Estate again and welcome back to All Things Real Estate. So today we’re going to talk about property management so listen up if you are a property investor or are looking to get into the investment property cycle in the near future.
The topic today will cover – why hire a property manager? Yes, I do understand that as an investor you can manage your own properties but I wanted to touch on a few things that I believe are important as to why you should hire a professional to do that for you.
Benefits of hiring a property manager
Firstly, it’s ensuring that you are getting the right return on investment. The whole purpose of having an investment property is hoping to have the right return on investment. As a property manager, their job is to ensure that they get you the right amount of rent and make it competitive enough that you get slightly above what the market rate is. It’s similar to sort-of in many ways selling a property. Yes, you can do it on your own and you can select any sort of agent or the cheapest possible agent. However, a good agent will fight for you and make sure that you get the best return on investment.
Secondly, it’s securing the right tenants. Now over and over again, I’m sure we’ve heard horror stories of having the wrong tenant in who has completely destroyed your investment property or someone that you know that has been through something similar. Yes in many cases you might even say that it was being managed professionally, however, as a professional property manager, their job is to ensure that they minimize as much as possible the risk of having the wrong tenant in your house. There are checks such as employment checks, previous landlord verification’s, credit checks, bankruptcy, there’s a whole range of things that property manager will go through to ensure that they have the right person to the best of their abilities and use of resources to have in your investment property. So that’s a big one for me.
Other things I’m going to quickly touch on are things like marketing, managing tenants, now obviously looking for an investment property there will be issues that come up from time to time and it is the property managers’ job to ensure that they are to the best of the abilities managing with those issues without having to bother you every single time. So that’s something you know in terms of being stress-free and utilizing your time to the best.
Finally, one of the most important things I feel we all need to consider is changing housing laws and regulations. It is difficult enough for a real estate agency and a property manager to stay up to date with new laws and regulations so I would imagine it’d be far far more difficult for you to do that yourself. As a property manager, their role is to ensure that you are covered in every aspect if there is something that needs to be brought to your attention it is to keep you compliant and mitigate any future liabilities.
That’s it for me today, hopefully you got some golden nuggets in there and yes Black &White Real Estate does offer property management services so if you’re not happy with your existing property manager, give us a call or if you are looking to buy a new one and would like to discuss how we do what we do and our fees and charges feel free to get in touch and we can walk you through them.
Thank you again for tuning in and I will see you guys next time.
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