Archive for the ‘Property Management’ Category
Property Management – the Key to Increasing Your Real Estate Brokerage’s Income
Property management allows a real estate broker to:
1. Even out the rough spots The real estate broker profession is a profession in which its participants will go six months without making a dime and then the stars align and $40,000 falls into the brokers lap. The exhilaration of a large bank balance is soon forgotten as office overhead and overdue personal bills are paid and the roller coaster repeats itself. In the feast-or-famine world of real estate sales, the management fees collected from real estate investment properties provide a stabilizer effect to help even out the peaks and valleys of 100% commission income. Through the use of a property management business, the 10% management fees from collected rents can easily provide a broker with an ongoing income stream with which to pay office overhead. This stream of income can turn into a full-fledged river after several large properties have been placed under management; enough money to pay a salary in order to even out the ebbs and flows of real estate markets.
2. Crack the often elusive trusted advisor circle Property management not only provides extra income through management fees, but also provides brokers opportunity through getting on the inside of a tough, but lucrative market – a real estate investors inner circle of trusted advisors. Many agents do not realize that the best deals never make it to the MLS. When it comes time for an investor to sell a real estate investment, they will work with an agent they feel is the most competent agent for marketing the investment and representing the investor. This may be a broker who manages the property or it may be a broker they have had success with in the past, but the property manager certainly has had plenty of opportunity to demonstrate levels of knowledge, skills, and competence.
3. Provide an endless supply of would-be homeowners Eventually most renters will leave the rental market and enter into the world of owner-occupancy. Who do you think a renter turned would-be owner will look to when they are ready to purchase? An agent whose face and phone number have faded off the bench at the corner bus stop or their broker/property manager who was willing to work with them on their late rent while their baby was in the hospital? Starting a property management business is not only a great way to increase income to offset sagging sales, but also help build a loyal clientele of investors and homeowners for the future.
Ryan Windley coauthored The Property Management Start-Up Guide “How to Start a Property Management Business and Still Keep Your Life” in order to introduce entrepreneurs to property management as a viable business.
If you would like to know more about starting your own property management company you can purchase the book @ http://www.propertyprof.info
Building a Successful Foundation in Property Management
Take a stroll through any city, and you’ll see them: lovely brick condos, inviting apartment buildings, gleaming tall skyscrapers, and even historic mill buildings and churches converted into contemporary living spaces. Today’s real estate market is constantly evolving and changing, and as this dynamic streetscape alters, behind the scenes is the invaluable and skilled player: the property manager.
One of the fastest-growing careers of the next decade, employment of property, real estate, and community association managers is projected to increase by 15 percent by 2016, according to the U.S. Department of Labor. As the mortgage market compels many Americans to rent instead of purchase homes, and baby boomers move into housing and healthcare units, property management professionals will be in high demand. There will also be opportunities with real estate development companies, commercial property corporations, and government agencies that manage public buildings. If you see a well-run, profitable establishment with satisfied tenants, chances are there is a talented property manager handling the day-to-day logistics of that community.
One successful California property management developer, Andrew Gross, vice president at Thomas Safran and Associates, an affordable housing development firm, says his profession has taught him not to be afraid “to dream big.” “Business development is a challenging process, and a developer must possess the creative know-how to put out fires and overcome hurdles.” Gross is a member of the Advisory Board at Fremont College, a premiere degree and career college in Southern California. He says that developing affordable housing has been personally fulfilling, allowing him to change entire areas and “see people truly enjoy their new situations.”
Property management holds the most potential for people like Gross who enjoy blending knowledge of real estate with customer service and sales skills. Being a property manager is like being the mayor of a small city-you manage revenues, make important decisions about management, oversee contractors, oversee residents, and more. “Attention to detail is crucial,” says Gross, who constantly finds himself drawing parallels between work and life in his daily challenges.
Property managers need to have a broad knowledge of business, finance, accounting, and real estate, as well as practical skills such as math, writing, computer, and oral communication. A business administration degree with a concentration in property management will equip you with knowledge of financial and expense control, customer service and marketing, leasing basics, and more. Various professional and trade associations also allow you to expand your knowledge of specialized subjects, such as insurance and risk management, personnel management, and reserve funding. Many fields overlap, says Gross, such as the constant intertwining of property management and real estate.
Your career opportunities may abound as a property manager-you can work for real estate agents and brokers, lessors of real estate, or any other real estate company. Just as an example, top U.S. and trade associations, such as the Building Owners and Managers Association and the National Association of Industrial and Office Properties all offer job postings and networking opportunities. Booming overseas expansions are also opening up international property management positions. At Thomas Safran and Associates, which owns and manages over 3,200 units of affordable rental housing in the Greater Los Angeles area, Gross says that the company is looking to hire skilled professionals who are able to communicate with clients.
So move aside, Donald Trump. The commercial and residential real estate industry is attracting talented young professionals with a strong educational background that equips them with a diverse skill set, talent, and experience. As a property manager, you can make a positive, sustainable impact on the environment and the economy, build lifelong relationships, and make a difference in the lives of hundreds of people. The welcome mat is out for a satisfying and rewarding career in property management. You just need to open the door. “It’s important to find life’s work that is fulfilling,” says Gross, who says it was serendipitous that he ended up in such a rewarding field.
For more information about a degree in business administration or career opportunities in property management, visit www.fremont.edu, or call 877-344-2345. Fremont College is a Southern California-based college dedicated to offering hands-on, career-focused accelerated degree programs that close the gap between the classroom and the workplace.
Are Property Management Companies any good for individual Condominium owners?
Are Property Management Companies any good for individual Condo owners to hire. I know Property Management Companies handle whole complexes and apartment houses, but are they any good for an individual who wants a Property Management Company to manage one single family house, condominium or town house.
Property Managers: Leverage Rental Property to Generate Property Management Business
Consider expanding your service offerings to include mortgage services. Mortgage services are extremely profitable. Many states only require one or two courses to get licensed, and you may be able to use the loan officer course to get MCE credit for your real estate license.
You probably have a large pool of prospective investors with adjustable rate mortgages who need to refinance their mortgage. Why refer this business, when you can easily provide this service. You already have an established relationship with each owner. If you own your office, you may even consider subleasing space and partner with a mortgage broker. Our in house mortgage broker pays us rent and refers real estate and property management business to us. This drastically lowers the overhead cost for both companies.
In my last article, I discussed how 2008 will be a great opportunity to purchase rental property from motivated landlords with negative cash flow properties. As property managers, we can easily achieve instant equity by purchasing property below market and earning a commission at closing. We can increase our return on investment with monthly cash flow, appreciation, principle reduction, and tax savings by depreciating rental property. However, only licensed real estate professionals can use rental property to generate business income.
No other investment can potentially offer a greater return for a property manager than investing in rental property. Our company provides maintenance, sales, leasing, property management, and mortgage services. We leverage all of our services to generate as much revenue per client as possible. We offer a one stop shop for all our customers.
As a licensed real estate broker and loan officer, we generate thousands of dollars each year by assisting tenants living in rental properties I own to purchase homes. We assist tenants in repairing their credit, obtaining a mortgage, representing them as a buyer’s agent, and utilizing our in house maintenance company to help them fix up the property or make any necessary repairs. Not only are tenants happy to utilize our services, but they refer business to us as well.
In our market, there is a huge demand for home buyers who just sold their home and need a place to park while they build a new home. Yet few property managers offer lease terms less than six month, because short term leases are not profitable for the owner. I fill this market demand with properties I personally own and network with Realtors and builders and offer short term leases for their clients and customers. In return, I ask them to refer my company future property management business. We will refer the owner back to the Realtor if they decide to sell the property in the future. This makes the sales transaction go very smoothly, and Realtors are thankful for us providing this service. We have obtained many property management referrals because of this service offering. Even the short term tenants have referred property management business to us.
The more properties you purchase, the more you can leverage your company’s services to generate business income. You will save thousands of dollars in income taxes each year by depreciating each rental property. Owning rental property can lower your income tax liability to low single digit percentages. Some landlords with a large rental property portfolio pay no income taxes, because their depreciation expense exceeds their taxable income.
I encourage property managers to take advantage of near record low interest rates and purchase as many rental properties as possible. Leverage your rental properties to generate incremental business income.
In my next article, I will discuss how licensed real estate agents can leverage rental property to generate additional business and tax savings.
Thirty Questions to Ask your Property Manager
Finding a good property manager is like any other vendor search – it’s worth your time up front to make the best possible choice. That’s because a bad manager can cost you a lot of money, up to the entire value of your rental property investment. Consider:
• Your property manager will be receiving rent and fees on your behalf. A crooked manager could steal you blind.
• Your manager will be in charge of finding new tenants. A naïve or slipshod manager could bring in bad tenants who trash your building.
• Your manager will handle maintenance. A greedy manager could charge a fortune for simple repair jobs.
Here’s a thirty-question checklist for interviewing prospective property managers. The answers you get will provide a very solid understanding of each manager’s qualifications. You can also get an impression of a prospective manager from other cues – I’ll explain those at the end.
Finally, remember that you have to compare managers to others within an area. It’s possible that none of the prospective managers in one city will match the high standard of your terrific manager in another. On the other hand, if you can’t find a good manager in a city where you plan to invest in real estate, maybe you shouldn’t invest there.
The first questions have to do with finding good tenants, which I think is the key to a happy building. A building with good tenants tends to have fewer maintenance and other issues.
• How many vacancies do you have right now? Out of how many total units that you manage?
• What is the average length of time it takes to fill a vacancy?
• Is that average time getting longer or shorter?
• How do you market your rental units?
• Do you require an exclusive arrangement for marketing to new tenants?
• How does your web site look?
• What factors would make you reject a prospect?
• Would you accept a tenant who met your qualifications in some areas, but not others? Which qualifications are most important to you?
• What screening methods do you use?
You want a manager who finds good tenants reasonably quickly. He should use a variety of methods to find prospective tenants, such as a web site, Craigslist postings, newspaper ads, signs, flyers and more. Your manager should follow an extensive screening process, but be willing to accept a “maybe” tenant if the situation is right. You want a look at the web site to make sure that is inviting to prospective tenants, and constantly updated.
As for the exclusive arrangement, property managers never mind when you or somebody else finds prospects for them. However, in almost all cases, they will still want a rental fee for moving the prospect into your rental unit. Make sure you have a clause that if the unit hasn’t been rented for some time, and you or someone else you find brings in a new tenant, the rental fee is cut in half. You don’t want it cut to $0 because the manager will still have to screen prospects.
The next questions relate to tenant management. It’s just as important to keep good tenants as it is to find them.
• What does your lease look like?
• What is your late rent policy?
• What other rules do you set for tenants?
• What percentage of tenants do you have to evict?
• How does the eviction process work here?
• How do your tenants contact you?
I recommend sticking with the manager’s preferred lease, late rent policy, and rules unless you have a really major objection. If the manager is really experienced, chances are they’ve developed smart rules and policies over time. Tenants should be able to contact the manager through a variety of ways during the day, and have an emergency number for off hours. If the manager is always evicting tenants, he’s bringing in bad tenants.
The next questions relate to maintenance.
• Which kinds of maintenance jobs are handled in-house?
• Which ones do you use an outside handyman for?
• Which ones do you use professional contractors for?
• How many quotes do you get for jobs?
• How expensive does a job have to be for you to contact me before doing it?
• What are your rules for contractors being inside occupied rental units?
• Who are your preferred contractors?
Managers should have a well-thought-out system for assigning jobs to different parties – in-house employees, handyman and professional contractors. Almost any plumbing, heating, or electrical job should be handled by a professional. Other jobs, such as paving a parking lot, require special equipment that usually only professionals have. But most small jobs can be done by handymen who will cost you less.
You want multiple quotes for major jobs – say, anything over $500. You should also have a rule that contractors can never enter an occupied unit –even if the tenant is not home at the time – without a manager’s representative being there. Finally, you want the names of preferred contractors so you can run a quick check on them.
The last group of questions relates to experience. You want managers to know the local real estate world inside and out.
• How long have you been a property manager?
• How long have you been a manager in this area?
• Can I see some of the other properties you manage?
• Do you personally invest in real estate in this area?
Finally, you need to understand your arrangement with the property manager.
• What is your fee structure?
• How will I get reports?
• Do you require an exclusive arrangement to broker the property?
• How much notice will you give before terminating a contract?
The manager’s fees aren’t really important unless they are much higher than everybody else’s, or are so high that you really can’t afford them. Reports are very important because they are your only window into how your investments are performing. The best way is to get them on your own computer, on your time – as may be the case if they use on-line property management software.
You should not accept any exclusive arrangement to broker properties unless they have a limited term. In other words, if the properties don’t sell after a certain time, you can re-list with a different broker for no penalty.
Also, you should require good notice for the contract to be terminated – at least 30 days. That gives you time to find another manager.
Here are some other things to watch out for:
• A manager with a messy office or personal appearance. Chances are he doesn’t much care about the condition of the properties either.
• A manager you have a hard time reaching by phone or email. If he won’t return your messages now when he’s trying to get your business, what are the chances that he’ll do better later?
• A manager whom you sense is trying to intimidate you with knowledge. The “don’t ask stupid questions, I know all about this” approach is often a cover for not really knowing much at all.
Property Management Software – What to Look for
While many property managers still use Excel spreadsheets or a pencil and paper to manage their investments, there are much better tools available. The property management software you choose should be flexible, inexpensive and easy to use.
You need a really flexible rental property program because, as a property manager, you never know what tomorrow may bring. You might need to get details about a property or tenant at home, in the office or even out at a property. You might need to have other members of your company get records themselves, from their own computers. Your business might double, and you don’t want a tool that won’t server your needs any more.
The most flexible property management programs are those running over the Internet. Because the records are kept on a Web server, you – or anyone else you authorize – can get to them from any Internet-connected computer. And unlike Windows property management programs, on-line property management software doesn’t limit the number of units (doors) you can manage.
Surprisingly, you don’t give up any security features when using the right on-line property management software. True, the records aren’t on your computer. Instead, they’re maintained on a computer that typically has much better protection than your own. It’ll be kept in a locked room, fire-safe room, with daily backups and multiple storage devices. The best on-line rental property programs also use SSL security so that all of your work is encrypted – and therefore completely off-limits to hackers.
All on-line rental property programs are sold by subscription. Look for one that doesn’t require a long-term commitment or a single annual payment. You want to be able to cancel without any penalties.
Because property management programs can be complex, look for one where support and training are included in the subscription fee. You want a company that looks to maintain a healthy long-term relationship with its customers. This is actually another advantage of on-line tools; they have to keep you satisfied for a long time, not just for the first 30 or 60 days.
Support and training should be offered on your schedule. Make sure your software vendor has extended support hours, especially if your office is on one coast and theirs is on another.
It goes without saying that the best property management software is developed by actual property managers. However, some developers rely on their own very limited experience. For example, they may know all about single-family houses, but have no clue about the special needs of commercial property investing or multifamily units. Make sure the company you choose relies on a wide variety of property managers, landlords and other experts to get product design tips.
In addition, you want your property management software to be responsive to your specific needs. Companies making Windows property management software can never be that responsive to customers, because upgrading the software is such a hassle. Such companies often only release upgrades every year or two, and when they do, their customers have to go through what may be a very messy upgrade process. On the other hand, on-line property management software can be upgraded whenever the company has a new feature that has been fully tested. The next time customers log in, the new features are ready for them to use.
Here are some of the features that you will absolutely want in your property management program.
• A full accounting package. Your program should support whichever accounting method you prefer, cash (simpler) or accrual (more detailed and preferred by most property managers). It should include a number of accounting reports that you can run at any time and for any period. You should be able to calculate late fees and discounts automatically
• Check writing. When you have to write a lot of checks for your business, it’s great to be able to just print them off on your computer. Your software vendor will put you in touch with at least one company that makes the kind of check forms you will need.
One word of caution: to print checks with blank check stock, you will need a laser printer and a special magnetic ink cartridge. The laser printer probably won’t be an issue, but the magnetic ink cartridge may be. A simpler solution is just to order preprinted check forms. These forms will have the basic information such as MICR numbers (the numbers at the bottom of the check, which are always printed in magnetic ink). You’ll still print checks, but just the amount, payee, date and other fields that don’t have to be in magnetic ink.
• Reminders. You should be able to set up reminders for appointments, projects, and other tasks. You should also get automatic reminders for the two things every property manager wants to be aware of: late rent payments and expiring leases.
• Many different data fields to let you store all the information you want, but not that many mandatory data fields. You should be able to use your software for as little or as much work as you like.
• Fast and easy data management. You’ll spend a lot of time entering records and finding what you need in your property management software. You don’t want something that will make it complicated and difficult to handle these tasks. Look for wizards and maybe even a “Quick Start” feature to make loading fast, and fast searching and sorting to let you very easily find what you need.
What if you find a property management program that is great, but not perfect? Many property managers will quit using a program because it doesn’t have the one specific report or calculation they really like. They then have a choice; they can keep on going with Excel or written ledgers, or they can continue on an endless search for the perfect program that simply doesn’t exist.
Instead, why not contact the company you are interested in and see if they can add the feature you want? You might learn that they’re already working on it. If not, they may be happy to add it to keep you satisfied.
Probing the Pros of Hiring a Barbados Property Management Firm
Barbados Property Management is basically a service by which your Barbados property will be managed completely on your behalf. The best Barbados Property Management offers personalized services for your convenience. Considering your options, a good Barbados Property management company could offer a one-size-fits-all cookie- cutter approach for your business. The goal of your Barbados Property Management services company is to bring out the best potential of your Barbados property, lessening running costs, while allowing both potential tenants and the owners alike to get the best out of the property.
What exactly is this management service need to do on your behalf? Your Barbados Property Management service could start the process of management by conducting an in-depth analysis of the type of property you have and what its needs are. Examples of specific needs are what kind of septic system would be best for your property, as well as how your garden should look like. For some Barbados Property Management service companies, this is a free part of their service so you may want to consider that, though free does not automatically mean better or best service.
Further, the Barbados Property Management service could prepare a detailed proposal concerning how property management should be done for your property, what requirements you have, and how much the property management package should it cost. For instance, if your property management plan involves hiring gardeners to maintain the grounds of your property so the Barbados Property Management company has to come up with an estimate of how much periodic gardening would cost and how long this would take to be completed.
Hiring a Barbados Financial Management services involves managing the insurance and the accounting services. Therefore, it’s important for you to consider such features or services of the Barbados Financial Management company you’ll hire.
Getting appropriate Barbados Property Management services is sometimes very important for those property owners who may be shuttling from the Caribbean to other countries often, or may be absent for long periods of time from their Barbados property. It is also important for your property to be managed appropriately so that you are able to optimize the value of your property. Some properties also have high maintenance amenities like swimming pools, tennis courts, and gardens which need constant attention. If you cannot be around to manage your property, then Barbados Property Management may be best the solutions for you.
To track down which Barbados Property Management companies are reputable and deliver on their promises, asking around is one of your best ways of researching for the reputable management company. Check for online information or try to ask around in Barbados personally. Maybe you have run into some Barbados property owners at some community event so you can always probe who does their property management. This is a good way to get referrals to a short list of Barbados Property Management companies that others have already tried out. Remember, word of mouth through referral is sometimes the most effective and cheap ways of looking around. You can think of your predecessor clients who have done the initial testing for you. Realize the results of predecessors’ experience before you approve or hire the property management company.
Five Considerations of Hiring Property Managers
Five Considerations of Hiring Property Managers
1. Management Fee
The property owner needs to understand the purpose of the management fee (typically 10%). The percentage management fee pays for the property manager’s time. The 10% allows someone else to help shoulder the burden of owning the property. The owner is paying for someone else to field 2:00 am calls. It is important to remember that the property manager cannot take all of the responsibility and burden off the owner. In the end, it is the owner’s property and the owner’s responsibility.
2. Interview
When hiring any professional, an interview will be conducted to hire the correct candidate and then the professional is left to alone to do their job. Working with a property manager is no different. During the interview process ask good questions; require forthright answers, hire the right candidate, and then get out of their way. If an owner is a high micromanager then they should hire a certain type property manager (see Property Manager categories below).
3. Personality fit
The owner’s personality has to fit the property manager’s systems and procedures. Sometimes owners will have difficulty with a property managers systems and procedures. If a property management company sets office hours between 9-5 Monday through Friday and owner wants an update on their property @ 6:00pm on a Friday evening they will have to wait until 9:00 am Monday. This may drive some owners crazy who want to be very involved in the day-to-day management. If this is the case they probably should hire a manager who will be more responsive to the owner’s needs.
4. Communication
Communication is a two-way street. It is not only the property manager’s responsibility to communicate effectively. Owners should understand they have to lead the property manager in how they expect the manager to manage the property.
Here’s an example: My wife is a director of marketing for a company. She has to be the leader in guiding and directing the advertising agency as to what she wants for the project. She cannot expect the advertising agency to try to guess what she wants in the project.
If your property manager is slow in returning your phone calls explain to them the level of communication you expect. In return, ask them how much communication they expect from you.
Many property managers would rather only communicate with you on as needed basis. Much more than this level of communication from the owner is overkill.
5. Property Manager Categories
While Property managers fall into three categories, the size of the property management company is neither better nor worse than the others. Choosing the size of property manager has more to do with the level of owner pampering and paperwork provided rather than a property manager being good or bad.
Small 1-50 units
Property managers in the small category are usually unlicensed with no training in property management. These managers will have more time for the property owner. This type of property manager is usually not much more than a handyman who will show and rent apartments. If a property owner wants to be hands on and needs to be updated on every specific action of the property this is the manager they should hire.
Pros:
These property managers have the time to cuddle and coddle the owner. They will provide the owner with receipts for repairs and nothing else in documentation.
Cons:
These managers will have no systems in place to and will not be able to negotiate vendor discounts. No 1099s and no accounting documents prepared for your accountant.
Medium 50-150 units
Pros:
These managers have more of a professional approach with the use of some systems. They have the purchase power to negotiate some vendor discounts.
Cons:
The paperwork may be enough for the owner to understand the numbers, but may not be enough information to submit to an accountant or to the IRS.
Large 150+
Pros:
Large companies have invested a lot of money in their systems procedures. They will have an in-house maintenance staff. Their accounting reports can be submitted to an accountant or the IRS.
Cons:
No time with the owner. Communication is very professional, but impersonal, done mostly through email and voicemail. Large management companies offer very little owner pampering and handholding. The downside: even owners who have been in real estate for many years still need some positive reinforcement once in a while.
Ryan Windley coauthored The Property Management Start-Up Guide – How to Start a Property Management Business and Still Keep Your Life in order to introduce entrepreneurs to property management as a viable business.
If you would like to know more about starting your own property management company you can purchase the book @ http://www.propertyprof.info
What are the benefits of using a “Property Management Company”?
I would like some info on what a Property Management company does exactly. I understand this is kind of a broad question but if you can explain the roll of a Property Manager that would be great! Thanks.
For Property Management Jobs How Do You Pick the Best Manager?
Are you a rental property owner who is worn down by your property management jobs? Then read on to find out how to pick your perfect property manager who can help you manage both your tenants and real estate today.
What Can a Property Manager Help You with?
The following are the more crucial property management jobs that a property manager can do for you:
- Find new tenants for your rental property if it is unoccupied and screen any potential tenants by interviewing them and running credit checks.
- Help you maintain your property in habitable condition according to the local health and safety codes. This will include making any property repairs if necessary.
- Collect rent from your tenants and prepare an income statement of your rental property so that you can monitor how well your property is doing financially.
- Attend to any requests and complaints that your tenants may have.
- Handle any problems that are caused by nightmare tenants and evict them if needed.
How do You Pick Your Perfect Property Manager?
The first rule in hiring a property manager is to make sure that he is licensed by your local housing authorities. This is one way of picking someone who has at least gone through some formal basic training to watch over your rental property.
Just like any other employer, you should always interview your property manager before hiring them. During the interview, take the chance to ask him for his past experience and references for the properties that he has managed before. You should also give his past employers a call to ask them for their opinions on his skills as a manager.
Ideally your manager should have at least 3 years of experience in handling property types that are similar to yours. If you have a residential townhouse, his experience in managing commercial shop fronts may not be helpful because the difference in the laws and tenant’s needs.
Some real estate agents manage properties and tenants for their client part time. While their services may be cheaper, I will highly recommend that you choose a professional property manager because running a rental property demands quite a lot of skill and attention.
Should You Hire a Manager for Your Property?
If you own rental properties, you will know that being a landlord can be a full time job. While some landlords actually enjoy dealing with their tenants and property management jobs, others dread every moment of it.
If you enjoy dealing with people or is handy with property repairs, then you may want to try your hand at managing the property yourself first. That way you can see if property management jobs are your cup of tea and you can also save money at the same time.
Being a landlord is something that becomes easier with experience so if you have been managing rental properties for a period of time you can consider just hiring a property manager just to handle certain property management jobs. For example you can choose to handle any property repairs yourself while your manager takes care of the tenants.
On the other hand, some landlords see their rental properties purely as investments and do not want have anything to do with their day to day maintenance. If you are willing to give up about 5 to 10 percent of your monthly rent, then it makes sense for you to hire a property manager.
Hiring a property manager is highly recommended as well if you own rental properties overseas. Just the amount of money and time that you save on air travel will make it worth your while to hire a manager.
Teo Zhenjie has been showing landlords how to manage their tenants and rental properties effectively on Propertydo http://www.propertydo.com/ – To learn more important tips on property management jobs, visit his website today for step-by-step real estate guides, free resources and forms.