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.