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How Should You Mange Your Rental Property?

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How Should You Mange Your Rental Property?

In this post, we are going to take a look at a brief overview of the ongoing management of your rental property.

When it comes to managing a rental property, there are two schools of thought.

There is one group of people who believe that it is a fairly easy task to manage a rental property, and choose to self-manage their property to avoid paying fees of between 6% and 10% of rental income to a property manager.

The second group believe that appointing a property manager frees up their time and allows the rental property to become a truly passive investment.

By having a property manager as a liaison between the owner and the tenant, it allows the landlord to avoid the inconvenience of issues like:

  • Locating, selecting and managing tenants
  • Collecting rental payments
  • Following up on late/missing payments
  • Dealing with requests for repairs/maintenance, especially calls for emergency repairs that can come at inconvenient times
  • Performing regular inspections of the property to ensure that the tenants are looking after the property
  • Appointing a property manager will also help with getting a landlord insurance policy. There are some insurers who require landlords to have a licensed property manager, and others that will provide a discount if the property is professionally managed.

Another advantage of having a property manager that is often overlooked is the ability for them to act as an independent third party in the tenant/landlord relationship. Due to their somewhat independent status in the relationship, they can act as a mediator when tenants make unrealistic requests for upgrades or requesting maintenance to be performed that is their responsibility.

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