If you are a property investor, you will probably want to hire a property manager to take care of that property for you and when you do, you will have plenty to choose from. In order to try and get the best, most professional property manager you can, you will want to interview or at least talk to several in the area where the property is located. During this meeting there are several questions you should ask the manager and to learn more about management options and the questions you need to ask, go online where there is plenty of websites that offer advice.
The main concern you should have is will the manager ensure that only reliable tenants are accepted. It will be the manager’s job to advertise the property as being available to rent and the better they advertise it, the more applications they will have to choose from. The manager should look for a tenant that is currently employed, have a good credit rating and have no history of non-payment of rent to previous landlords. It is not only in the investor’s interest that the manager does a good job of this as it will be the manager’s responsibility to collect that rent each month and so the more reliable the tenant, the less hassle the manager will have.
It is the manager that tenants will call if they have any problems with the maintenance of the property and so the manager is the one that will oversee any maintenance work. To ensure that the property maintains its best value, a manager may organize a routine maintenance check from time to time and if they do; that too is in the investor’s best interests. Any costs for maintenance however, will be passed onto the owner by the manager and they will be on top of the manager’s fee which is usually around 10% of the rent collected. Most owner/investors are happy with this arrangement as it means they have no hassles with their investment and yet it is maintained to a good standard and they also receive a steady income from it.
Why investing in properties is so good is because an investor can receive rent to help them pay a mortgage if necessary and yet when the mortgage is paid, they can either keep collecting rent, all of which will be profit for them or, they can opt to sell the property which, having been kept in good condition by the property manager, should fetch more than the investor paid for it, once again providing them with a profit. In some instances, where the income from the rent is more than a mortgage payment, the investor is making a profit from the start and yet still makes the additional profit when they sell the property. All of these profits do depend though on the property being properly managed and maintained in good condition, the decision on which property manager to hire is therefore of paramount importance.