Professional Property Management
I recently read an article posted on bigger pockets (a well known blogging forum for real estate investors) which explained, from the client perspective, why professional property management is a crucial part of his business strategy. His closing paragraph is a great summation of how, and why he feels the way he does:
“In closing, let me be clear that no one will care as much about your properties as you will. HOWEVER, hiring a management company doesn’t mean you stop caring about your business – it just frees you up to focus on other aspects of the business. I’m not saying that this is the best option for everyone, but if you don’t have the desire or time to directly manage your properties, this could be a great option for you.”
Arthur goes on to explain how a professional property management company will take care of:
- Tenant turnovers
- walkthroughs
- Funneling of information
- Eviction and court
- Problems and solutions
He is correct that the person who cares most about a particular property is going to be the owner. However, if that individual lacks the knowledge, experience, or motivation to properly care for the investment; it’s a moot point. I base my Professional Property Management company around efficiency – that means letting the best people for the job handle it. When a property has a HVAC issue, I don’t send my handyman over. True, he would probably solve the issue BUT would also take 4 times as long as the qualified HVAC tech. The same theory should be applied to all veins of business.
Take a look at the Arthur’s original blog post here.
