We’re talking property management this month on The Investor Insights, and our focus is using a property manager to take care of the day-to-day details of managing properties.
I don’t manage any of my own properties because I’m into having time for investing or sharing knowledge with you to grow your investment business. I’m not into dealing with clogged toilets and late rents.
That’s what a property manager is for, and today I’m giving you my top 10 list of things a property manager must do.
1. Develop the optimum pricing strategy for your rentals.
2. Screen and match tenants with vacancies as quickly as possible.
3. Collect rent from tenants in a timely fashion.
4. Handle the tenant drama and disputes with professionalism.
5. Inspect your properties for wear on a semi-annual basis.
6. Handle property insurance purchases.
7. Deal with maintenance issues in a cost-effective, efficient manner.
8. Market your rental properties effectively and efficiently.
9. Communicate effectively with you on how your properties are performing.
10. Supply monthly reports on cash flow and vacancies (and their plan to handle them).
These are just some of the things I expect from a professional property manager. Stay tuned to The Investor Insights this month for more on how to hire the right property management company.