Your Property Manager Should Manage Property (only)
When you are looking for an Investment Property Management company, our top tip is that your property manager should manage property only. Seasoned investors all know that the key to a successful and profitable investment lies within the quality of the property manager. To be a property manager in the US you are required to hold a real estate license. This makes great sense as there are many fair housing laws, etc they should know about to make sure people are being taken care of fairly. As I have great insight into the world of investment property, and I am also a licensed Real Estate Broker, I am often asked to manage property for people. They are stunned to learn that I do not do property management (I used to manage my own properties and I no longer do that either).
The real estate industry has many, many moving pieces to it and is changing very often. Selling real estate, or doing real estate consulting, or doing property management is an extremely busy and detailed job. It requires your undivided attention. To do any one of them effectively you must focus your attention on it. A gentleman whom I have come to highly respect by the name of Skip (who mentored me, years ago) stated to me, “To succeed you need a team of professionals working with you on you on your behalf. Make sure they know your goals and vision and treat them well. When you do, they will reward you with big success.” I never forgot this statement.
Investment Property Management Case Study
Investment property management is the exact conversation we were having at the time. This was about 15 years ago when I first got my real estate license. I owned lots of properties which I was managing for myself. Now that I was licensed and helping him to buy and sell his investment property, I thought he would also want to hire me to manage his property. He shared this concept with me; that I cannot possibly give his properties the attention needed to succeed if I am also busy selling real estate. Additionally you cannot give my purchase and sales proper attention if you are handling tenant issues.
Lesson well learned. What I do instead is to find the right minded property management. Management that has great systems in place & can give me the cash flow I seek while taking care of my properties to generate the capital growth that I want.