Assessing Your Property Management Needs___________________________________< Back
When buying an investment property, it’s important to understand all the pluses and minuses that are associated with managing it. There are three main questions you need to ask yourself:
Firstly, are you fully confident you understand what it takes to make a property investment a successful one?
Secondly, do you understand what is involved in effectively operating your investment on a daily basis?
Thirdly, how much is your time worth? You’re probably working full-time; maybe have a family and children that expect you to be home, can you afford to invest your time to look after your property investment? Events take place without regard to your own personal schedule. A property manager needs to be ready to deal with what happens, when it happens.
The title of property manager comes with many responsibilities attached to it. This is because you are now managing the housing of other people. It’s important that you have the necessary knowledge and skills to manage this responsibility. Before deciding to manage a property yourself, ask yourself if you have the skills that will help you be a success:
Emotions can run high when you’re dealing with something as personal as someone’s home. You must be comfortable handling emotional discussions in a professional manner.
When it comes to someone else’s living space, the little things do matter. That’s why a property manager needs to be ready to pay close attention to details.
Sales ability is an essential skill. The ability of knowing how to stress on which points of your investment property to potential renters is a key talent that is required.
Rental Law Knowledge
Do you fully understand the legal requirements of a rental property owner? Are you aware how to handle a situation where your tenant doesn’t pay the rent? How do you determine what the rental increase will be? How do you settle a dispute between yourself, the owner, and your tenant? These are just a sample of questions you need to be able to answer in order to avoid making a bad situation worse. Not having to deal with these issues and peace of mind are worth hiring a property manager for.
Property management often requires review and follow-up on a variety of issues. Having the proper organizational skills definitely helps in keeping everything under control and on schedule. Lack of organization can lead to chaotic situations.
Being analytical is a strength that every property manager must have. Every problem, once correctly evaluated and logically reviewed, has a simple answer.
There is a lot of paperwork involved with property management. Someone who has difficulty carefully documenting everything has a bigger chance of struggling as a property manager.
A lot of a property manager’s work is repetitious and must meet timelines. Daily, weekly, and monthly timetables must be set so that basic duties are completed.
Hesitation to respond to an issue can often have much greater consequences later on. Being proactive can not only prevent a much more serious problem, but can also potentially mean large cost avoidances.
Although property managers are not experts on every mechanical problem, basic abilities are an advantage. General mechanical know-how can help in understanding what the issues at hand are, help set priorities, and potentially save money by knowing what a contractor must do.
Probably one of the most important parts of being a property manager is knowing your weaknesses. This is the key to success! Since you’ll be dealing with such a wide variety of issues, determining where your expertise ends is important. Many property owners make the mistake of going it alone and end up paying financially for not understanding the depth of the problem. Keep in mind that even the most practiced property manager sometimes needs to hire experts to deal with certain issues.
So, it’s important that you begin by being honest with yourself. For example, if this is your first time investing in real estate, it’s more than likely that your property is smaller in nature and that you have a full-time job. Are you in a position to make the time commitment required in maintaining an investment property? Do you possess the necessary skills to do it effectively and efficiently? Is the uncertainty of events something that you will be able to deal with and manage? Events take place without regard to your own personal schedule. A property manager needs to be ready to deal with what happens, when it happens. Perhaps you currently reside a considerable distance from your investment property. How then will you be able to handle issues that require you to be on-site? These are some of the things that need to be considered.
This is where a company, such as APEX Management Group, can step in and take care of your property management needs. We provide you with all the essential financial and accounting service, general maintenance services, legal services, and electronic data services that are needed to effectively run your investment property and keep yourself updated at the same time.
Our mission is to provide our customers with a complete and worry free experience. We strive for the highest customer satisfaction by delivering quality, dependable, professional property management services that are cost competitive.
So, before deciding whether to go solo or go pro, it’s important to weigh the pros and cons of doing so. You’ll often see, that hiring a professional makes a lot more sense!
Call or e-mail one of APEX Management Group’s property management professionals: