TOP COMMON Q&A
Do I Need a Property Management Company?
If you have purchased an investment property and are planning to rent it for commercial or residential purposes, you might consider a property manager. If you're a first time investor, you may not realize how time consuming effectively managing a property can be, you may become overwhelmed in no time at all. Even if you're a veteran investor, you may think you have the experience to forget the expense and manage things on your own, only to find out you're completely in over your head. Both scenarios are fairly common, and a property manager can help you with operations of your property.
Property Requires Commitment
Think about the long-term commitment required of your property management doesn't stop with collecting rent. In fact the investment can prove a headache you do not have the patience to deal with. A property manager can help you deal with the routine managing an maintenance issues that will surface quite frequently, especially depending on the size and number of your investment(s). Other aspects of the job that a property manager can help you with are the back end of operations, bookkeeping, document filing, forms, and portfolio management.
The Value of Your Time
If it's true that time is money, a property manager can be invaluable. Most likely, you know better than anyone just how true this statement is. The majority of investors have more than one investment opportunities going at the same time, or are working a full time job during the day. How in the world will you be able to be in two places at once? If this is the case, having a dedicated property manager that will free up your time to pursue your money making opportunities is not only a benefit, but a necessity!
Location of Your Property
You should also consider the geographic location of your investment property compared to where you spend most of your time. Your property manager may be more accessible or location allows. Even if you live in the same city, your property manager may be more accessible than your schedule or location allows. Even if you live in the same city, your property may be on the complete opposite side of town than your office or home, requiring a minimum of a 1/2 hour commute round trip on the other hand you may have invested in a property in another city or state. In both of these situations, it is practically impossible to effectively manage the property(s) in a long-distance capacity. A property manager can be available to the tenant(s) 24/7, and quicker access to resources for emergency maintenance situations.
One Thing to Keep in Mind
The cost for a Property Manager is tax deductible.