When things are going right, it may start to think it’s 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 believe managing your own property would be easy, and even enjoyable. However, what happens when things go wrong?
Having a professional property manager with the experience, legal knowledge and ability to manage tenancy problems as they arise is a good idea. Their are horror stories of bad tenants that stop paying rent on time and cause problems from day one, and sometimes the best long term tenants can change quickly for unexpected reasons – such as divorce, medical issues or sudden unemployment.
A good property manager has compassion and understanding while protecting your investment. When you manage your own investment property, you should be 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 service that protects you and your property should 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…..