Managing Income Properties
Real estate investors have expectations when it comes to capital preservation and growth enhancement. You’ve done the best job you could in choosing real estate to invest in. The next step is to find the right team to help you maintain your property and enhance its value.
The property manager you choose will be responsible for maintenance, including performing regular inspections, repairs and renovations as needed. For income-generating properties, the bigger task is minimizing vacancy because a few weeks of downtime due to repairs, cleanup and tenant turnovers could mean loss of income for the owners. The property manager oversees day-to-day functions and prepares marketing and operational strategies to take advantage of income opportunities.
The property manager’s functions will focus on all aspects of maintenance, marketing and lease administration, and financial management. Some of the tasks will have a substantial impact on how viable the property is as a long-term investment. These tasks include tenant screening, efficient rent collections and asset marketing.
You can be your own property manager if you have the time and the patience to put into it. However, having professional managers for your property is recommended because they have the experience to deal with minor and major crises that come with property ownership.