Professional Property Management v Private Property Management
When things are going right, it may seem easy to manage your own investment property. If maintenance tasks are few and and far between, rent is paid on time and the tenants take care of the property, you may find that managing your own property is relatively easy and even fulfilling. However, what happens when things go wrong?
Having a professional property manager that has the experience, legal knowledge and ability to handle tenancy problems when they arise is a good idea. We have all heard the horror stories of bad tenants that stop paying rent on time and cause problems from day one. Sometimes the best long term tenants can change quickly for unexpected reasons – such as divorce, medical issues or sudden unemployment.
A good property manager will have compassion and understanding while protecting your investment. If you are managing your own investment property, are familiar with your state’s residential tenancies act when it comes to rent arrears, property damage or eviction? Do you have the time, knowledge and ability to represent yourself at a tribunal hearing and deal with the necessary steps to deal with issues & remove the emotion when problems arise while staying professional?
A good property manager provides a professional level of service to protect you and your property while acting on your behalf if/when problems arise. This is when a property manager really shines, and until a landlord has been through it, it’s hard to describe how invaluable this service really is. Compared to professional services in most other industries, employing a professional property manager is inexpensive (not to mention tax deductible) and is an extremely cost effective way to help protect your investment.
Food for thought…..