Buying an investment property is an important step forward in your financial future.
It also represents a major outlay that needs to be managed carefully. The right management helps to minimise the risks and maximise the returns associated with your new ownership.
One of the best ways to do this is to employ a property manager to help you.
The right property manager can take most of the work and worry out of owning and running an investment property, leaving you free to enjoy the financial benefits. Some of the tasks a property manager can take off your hands include finding and screening suitable tenants, conducting regular inspections, advising you when maintenance and repairs are needed and organising that work on your behalf.
So far so good. But how do you choose the right property manager?
First, make sure you select a property manager who is a licensed real estate agent. This should ensure that your manager understands real estate law as it applies to rental property.
This right manager will know the importance of keeping your property tenanted so it continues to generate income for you.
When deciding on a property manager, you should check that they have experience in screening, interviewing and choosing tenants.
A property manager who understands this process will have the ability to assess prospective tenants and check their references before entrusting them with your property.
It’s also important to feel confident that you will be able to communicate with the property manager you choose. A manager should be prepared to keep you fully up to date in relation to matters affecting your investment property.
In turn, you should know that your property manager will be easy to contact and approachable whenever you want to discuss anything about your property and tenants.
Don’t be afraid to ask questions when you are assessing the person who will be managing your investment property.
In this way you’ll both know where you stand and can work together to make a success of your investment.
BY JASON KOUNNAS