Having a good property manager can go a long way in helping become a successful real estate investor. Along with tapping into their expertise surrounding real estate, investors with property managers can allow their managers to resolve issues that they as non professionals can’t deal with. Recent personal experience helped me see that.
For a number of years I’ve owned a single family home that I’ve rented out and use the services of a property manager.
The reasons I choose to have a manager are twofold. One has to do with the fact that the property is located in another state other than the one I live in. The second has to do with my day to day responsibilities and my level of real estate management expertise. I provide financial advice and don’t know the first thing about plumbing, electrical or other repair work. For me a manager makes sense.
The ironic part about my realization is that I was temporarily living in the state I own the property in when I saw the true value of a property manager.
Since purchasing the property, the need for a property manager had not been a big consideration I thought too much about on a daily basis. For 7% of the monthly rent, they collected the payments for me and deposited them into my checking account through direct deposit. Besides that and checking in on the tenants every so often, that was it.
Then one Sunday afternoon after church, my property manager called me to let me know that something happened at the property and we needed to resolve it. This is where their expertise came into play. The reason, again, my background is in financial services and providing advice to people and companies. Not responding to property damage. » Read more: The Benefits of a Good Property Manager