If you’re ready to hire a professional, here’s how we recommend you do it (and some questions to ask and what you can expect to pay)
I think it’s a great idea to manage your first investment property for a while, so you can get a solid understanding of what’s involved. You’ll know what makes a great property manager and have a better appreciation for how challenging the job can be. That said; managing your own properties may not be the right thing for you.
To find out if you could handle the pressures and challenges of property management, you’ll want to do a bit of a self-assessment. Are you a reasonably tolerant person? Do you have any knowledge and experience with doing minor maintenance and repairs? Or, do you at least know who to call for what issue? Can you visit the property on a regular basis? Are you capable of keeping good records? This is not usually an enjoyable part of the job, but it is absolutely necessary!
There is so much involved in managing properties … the best thing I can suggest to you is that you imagine the busiest possible day, and then imagine having to handle a call from one of your tenants about a frozen pipe or a broken door lock. Are you going to be able to handle that situation?
If you answer “no” or “I don’t know” to three or more of these questions, you should seriously consider hiring someone to help with your property management.
So if you know you need a hire a property manager, you’re probably wondering how you can find a good one to work with.
Most importantly, when you’re considering hiring a property manager, read the contract before you sign it! I’ve had a few too many coaching calls with people who actually have no idea what the property manager services they’ve signed on for actually include.
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