Almost everyone and their cousins have opinions when it comes to Property Management and that is not necessarily a bad thing, but you cannot listen or even consider everyone’s views. There are, however, those who have spent a lot of time and energy to develop their skills and knowledge on the subject. There are many experts and market leaders who have taken and elevated the concept of property management from just having someone collect rent to a full fledged service. Here are some statements and excerpts from interviews from the best in the property management business.
Hire a Property Management Company. – Do you really want to be a landlord?
This question was posed by one of the leading property managers in the country, and he went on to ask if all you want is the money. More often than not, people, or maybe even you look forward to reaping the cash inflow more than anything else. He went on to say that landlording is tough and that every action you take and every expenditure you make should lead to a positive cash flow.
You need money
You need money to make money. It need not be your own money, but making enough rent from the property to build up a small reserve of cash that you can depend on for emergencies? If the heating fails or if the plumbing gets backed up, you should be able to manage it without it eating into your personal savings.
No one can do a job as good as you expect
By saying this, he means that you see your property in a very close, personal way. You worked hard for it and it is probably your most valuable asset or investment, but for the property management company, you are a client. So do not feel let down if your property management company does not see it that way and always remember that what you have is a business and treat it like one.