Hiring the Right Property Management Company
Some real estate investors will manage their properties. Some truly enjoy the task of maintaining the property and working with tenants, and for others, the rental is located in their hometown, and it’s simply convenient. I managed my first rental myself for six months, but I discovered that my time was more valuable to focus on my mortgage company. I hired a property management company at the typical 7-12% range and haven't looked back. Now I could better leverage my time and strength in acquiring new investments to cover the cost of a property manager.
DIY Property Management
If you are planning on managing your rental, there are three main skill sets that you need to master:
- Finding the right tenants
- Learning the local landlord rules and regulations
- Creating a network of services to respond to tenant requests within 24-28 hours
If you are working a full-time job to support your business or simply don’t enjoy property management, you will be best served by hiring a seasoned professional. Hiring the right professional property manager will free your time to build your business. As a result you will have the time to do what you truly enjoy.
Tips on Hiring Property a good Property Management Company
There are so many property management companies out there charging the standard 7-12% management service fee; it’s hard to know what is best. When you hire the right property management company, they can put their exceptional knowledge to work for your business.
They must be a rental property owner themselves, so they will stand by your side to know what is best to take of you, the investor. A property manager who is also an owner will know how to wear the investor hat to minimize the expenses and maximize the real estate investments for you.
Hiring the right professional will allow you to expand your business while keeping your tenants happy and maintaining a good monthly cash flow.
Expand your Passive Real Estate Income
All my rentals now are managed by local property managers. My role is still buying a right rental project below market value that will cover all the expenses and still have good monthly cash flow. The day to day operations of each of my properties handed by my trusted property management professionals. I am free to work on increasing my passive income through growing my real estate portfolio.
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