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Your clock registered 3:15 a.m. The phone is ringing and you scramble to wakefulness desperately searching blindly for the receiver. Surely, it is something terrible for anyone to call at this late hour. The voice on the other end of the phone is your tenant complaining, no whining, and no squeaking about a possible home invasion by something big, furry, and possibly canine in origin. Then again, it might just be the rental property settling on a windy night. She's not sure. She has barricaded herself in her bathroom, dragging the cordless phone with her, and she has called you. You begin to question the value of buying real estate rental properties. If you are a landlord, this scenario probably seems familiar. Thousands of people across the country get involved with real estate and choose to manage it themselves only to find they burn out very quickly. Many of those eager property buyers had no idea the amount of time and expertise that it takes to efficiently manage a property. Unexpected problems arise that new property owners have no idea how to handle, and all the glossy brochures about making money in real estate failed to mention the night calls, sudden disasters and lousy tenants who destroy hard won investments. At this point, investing in the stock market doesn't sound that bad. What a property owner generally discovers is that many of their problems will disappear with the addition of a good property manager. If they can figure that out before they give up, they have made the first step to an easier existence. A good property manager has the knowledge and skill to ask the right questions, fill out forms and solicit as much information from a prospective tenant as possible prior to renting to them. Avoiding just these mistakes can save a landlord literally thousands of dollars per year. Good property managers know the right questions to ask, forms to fill out and information to glean from the prospective tenant. Mistakes in this area cost the average landlord thousands of dollars every year. Good communication is the second most important facet of managing rental properties. Good communication keeps tenants happy and eliminates misunderstandings that grow to big problems if left unattended. In order to prevent a high rate of turnover and keep the best tenants it is important that you stay in contact and maintain a scheduled visitation for upkeep. When a sudden disaster strikes at the property that may require a landlord's personal attention, it very rarely happens at a convenient time. Hands-on property owners tend to invest their money and not plan out their resources effectively. This upsets the balance because they remain torn between having an income producing property versus a house that is always in need of repair. As a result, vacations and time off becomes something just wished for because something is always happening at the property. Beyond the inconvenience of tenants calling in the middle of the night, with a property manager, there is a scheduled, regular maintenance schedule and checks are delivered to the property owner on a regular basis. Alleviation of the annoyance of tenant phone calls at all hours of the day and night only comes when there is a property manager to field communications and establish regular, scheduled visits and upkeep which takes care of many disasters prior to them happening. Property managers also have the skill to see major problems in the making because of their experience in dealing with properties. Many people realise after a few bad experiences that the knowledge of a good property manager gets rid of the bulk of their frustrations and will save them a significant amount of money in the long run. Property managers who plan, execute and maintain a building, communicate on a regular basis with the tenants and provide lower upkeep costs and a better selection of tenants. Good property managers will take a proactive approach to maintaining and dealing with problems which reduces costs overall. When a landlord relinquishes control into the hands of a person skilled in property management, record keeping is no longer an issue and the property owner can get on with his life confident that problems and decisions will be solved in a timely manner. There are qualities to look for when you hire a property manager. The seasoned property manager understands all the changes and interpretation of the complex rental laws. They communicate on a regular basis with both you and the tenants. Property managers know who to contact for those sudden repairs and provide preventive maintenance so fewer occur. A scheduled maintenance inspection often eliminates the need for high repair cost later. Good managers return phone calls promptly. A proficient property manager handles arrearage with expertise and professional demeanor in a timely fashion. Property managers, like any other professional, operate at peak efficiency when they maintain a comfortable workload. Many times a heavy workload produces unacceptable results. Efficiency levels diminish after the property manager assumes responsibility for more than 85-110 properties. It's important to find out the ratio of managers to property before you contract with a firm.
Article Source: http://www.rightarticle.com
About the author: Paul T. Robertson highlights the benefits of property management to protect your most important asset. Take a look at the "InHousePropertyManagement" website for more information on how to efficiently and effectively manage your property and save your valuable time and resources.
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