Are you thinking of investing in an income property ? Thinking it’s an easy way to make money.Have you done any research to make sure everything that is involved? Maybe you just want a new hobby or love real estate and helping others. No matter what the reason is you may want to consider a property manager.Read below to see why.
Here are some things you may want to consider or ask yourself:
- Do I know the tenancy act
- Do I know how to own a home
- Am I comfortable finding a tenant
- Am I comfortable evicting someone
- Am I comfortable arranging repairs
- Am I comfortable asking for rent when it’s late
- What work is involved in managing a property
- Most importantly do I have the time to manage a property
If you are unsure about any of the above you will want to look into a Property Manager and see what they offer. A piece of advise don’t just google and choose the first one you see, interview them. An investment property is a big investment and you want to make sure you protect it.
A good property manager will be there to walk you through the whole process so you understand what to expect and what they offer. If you find the right manager they will have a list of trades people on hand, knowledge of the area, have a system in place to manage the inevitable issues that come up. Plus much much more.
As a manager they will have a system on how to choose the right tenant and have a guaranteed time limit per tenant. (ie. they guarantee a tenant for 12 months or they place someone else for free) They collect rent and know what to do when renters don’t pay. They should be well versed of the tenancy act to protect you, this would include the rights of eviction and the proper steps to take.
There should be a policy in place for every tenant applicant: an application, credit check with reference checks. Plus the ultimate thing is a manager should listen to you and your wants and needs as a landlord and be able to tell you if your wants are reasonable in the renting world. Sometimes people have a preconceived notion that you can just choose whoever you rent to. For example: someone may say I am not renting to anyone with kids, boyfriends/husbands or animals narrowing things to just females. This is prejudice and against the law which is why a manager will help you understand why.
A manager will have a marketing and advertising method to get a place rented that is more effective then the average joe. They are also there as a middle man if there is a conflict with the tenant.
These are only the big things a manager can help with in protecting your investment. They help you sleep at night knowing you made the right decision to invest and protected.
So what are you waiting for?