A property manager is a third party who is hired by a landlord or property investor to manage the day-to-day operations at the investment property. Their exact responsibilities will vary based on the type of property they are managing, the amount they are getting paid and the terms of the management contract.
Now, as someone who does property management as well as the investing, what advice would you give someone who is looking at getting into real estate investing?
Hire a property manager!
No, but seriously, there’s a feeling that you need to do it all, and I think that when you’re just getting into investing, It’s hard enough to figure out your strategy and do what you’re going to do as well as manage your properties. I self-managed my properties when we first started and I had horrible tenants. I had damage, I had really nasty stuff happen. I’ve learned over the years how to properly screen people, how to deal with difficult situations and how to make my properties more profitable by not making those mistakes that new investors make and that what I made early on.
So, even though I know that there’s a huge need to feel like you have to do everything, I think that it is really valuable to get somebody to help you out on a number of things even if it’s just tenant placement you manage on your own. Finding the right tenants is the biggest thing that you should really be focusing on and if it’s not your area of expertise you should hire somebody whose is.