Real estate is no doubt a very lucrative business path but with returns comes an enormous amount of work and not to mention a demand for time and knowledge. It’s not easy and this is why even with its promises, not everyone dives into the opportunity. So it’s no longer surprising that many investors seek the services of an investment property manager.
Now the roles that an investment property manager plays is quite diverse. In fact, they juggle a number of them and with great precision. After all, we can’t call then qualified if they can’t. They’re a master of many skills. But if we were to single out those to look out for the most, they’d include the following.
Role #1: Caretaker
They take care of inspection, monitoring and assessment to ensure that damages are fixed as soon as possible and the necessary repair and maintenance procedures are carried on as scheduled and needed.
Role #2: Marketer
A common issue that investors face is regarding the profitable and timely sale or lease of the assets under their portfolio. A manager is an expert in marketing and advertising these assets. Not only do they know how to make a property great but they too have the skills in terms of targeting audience, choosing efficient marketing methods and making messages go across. For investors, this constitutes to faster sales and lesser tenant vacancies.
Role #3: Finance Manager
Real estate is an already complex industry. Now add in the factor of accounting and taxes. These make it even harder for investors to manage everything all on their own. Plus, a wrong move will always spiral into financial and legal consequences. Then there are payment collections too. Managers can take the burden from here on forward.
Role #4: Legal Advisor
Because contracts, documents and legal papers are not only complex but also sensitive in nature, it requires someone who knows the rules and procedures to make them binding and accurate. This is one of the many things that an investment property manager can do for investors which not only lifts off burden but also acts as a precautionary measure from possible headache. They shall also take care of the management and preservation of these documents.
Role #5: Mediator
In cases of landlord and tenant disputes, issues and misunderstandings as with regard to the investment property, they shall serve as the mediator among the parties and ensure that the matter at hand is discussed and resolved. This helps prevent issues from getting worse and escalating into court battles that is both costly and troublesome for everyone.
A new investment property feels like a shiny new toy. You’re excited about it and we can’t argue why. Moving into a new home is such a thrill. Of course, we can’t deny the fact that it’s one that comes with a lot of work too. One never comes without the other.
Sometimes too, homeowners get so excited about their new investment property that they unconsciously let go of logic and do things that harm their house. Do you think you’ve committed the same crimes? Find out with our list below.
- Not Understanding the Blueprint
Sure you may not be some engineer, architect or even a handyman but it’s important to understand the structure’s floor plan or more specifically its blueprint. The written and visual layout that holds information on dimensions and other pertinent details will serve as a literal map for when you plan to decorate, update or renovate the space.
- Getting Furniture that Doesn’t Complement the Space
Speaking of dimensions, see to it that the furniture you put into the space fits. Plus, it should still allow for complete ergonomics and mobility. Never cramp it or it will feel less functional and breathable. Avoid placing bulky furniture in narrow rooms. To maximize space, make use of lighter elements such as glass or those furniture with hairpin legs.
- Investing in Form and Forgetting Function
We all love a house that’s easy on the eyes but as much as decorating is a fun aspect never forget to uphold the functionality of the space too. The two should come hand in hand all the time.
- Spending Beyond What Budget Would Allow
Always keep your expenses on track be it with regards to something as simple as a paint job to something pretty massive as a full-on renovation. Know how much you can and are willing to spend. Keep your investment property valuable and not the other way around.
- Unpacking Everything All at Once
Moving into a new investment property will come with a series of unpacking but don’t start just yet! It’s best to start it off one room at a time especially those that will have to be used immediately such as the kitchen and the bathroom. This way, there are less unnecessary items lying around. Those off-season items can stay in their boxes a little longer.